Solar Foods (SFOODS) H1 2026 earnings summary

Executive summary

• Achieved first consumer product launch in the U.S. Health & Performance Nutrition market in May 2026, marking a major commercialization milestone and entry into the segment.

• Secured over €100 million in funding commitments, including €25 million equity, €39.6 million grant, and €38.1 million R&D loan, supporting Factory 02 development.

• Established strategic partnerships with GEA and Fortum for Factory 02, advancing to final design and investment decision phase.

• Developed more than 18 new product concepts and expanded Solein applications in health and performance segments.

• Solein is now commercially available in Singapore and the U.S., with European market entry pending regulatory approval.

Financial highlights

• Revenue for H1 2026 was €0.1 million, up 265% year-over-year, driven by U.S. and international deliveries.

• Operating loss widened to €6.8 million from €4.8 million year-over-year, mainly due to increased personnel and operating expenses.

• Net loss for the period was €7.4 million, compared to €5.4 million in H1 2025.

• Cash and cash equivalents at period end were €27.0 million, up from €12.7 million year-over-year.

• Net cash flow was positive at €19.1 million, driven by €23.9 million in financing activities.

Outlook and guidance

• Targeting final investment decision for Factory 02 within the year, contingent on binding customer agreements and regulatory milestones.

• Anticipates profitability after Factory 02 becomes operational.

• Focused on expanding U.S. launches, securing European regulatory approval, and converting LOIs to binding offtake agreements.