Q4 2024 Moolec Science SA Earnings Call Transcript
Key Points
- Moolec Science SA (MLEC) achieved significant scientific and regulatory milestones, including the first-ever USDA approval for their Piggy Sooy product.
- The company successfully set up a fully owned plant molecular biology lab in Texas, enhancing R&D capabilities and reducing costs.
- Moolec has entered into a three-year offtake agreement with a major global CPG company for their Glaso product, indicating strong commercial traction.
- Revenue increased significantly from $1 million in 2023 to $5.8 million in 2024, driven by the consolidation of the soy product ingredient business.
- The company is strategically expanding its operations and sales efforts, including establishing a new operational hub in the US to enhance team collaboration and efficiency.
- Despite revenue growth, Moolec's expenses also increased significantly, with SG&A and R&D expenses rising from $6.2 million in 2023 to $9.3 million in 2024.
- Cash utilization increased from $7.5 million in 2023 to $9.3 million in 2024, indicating higher operational costs.
- The company faces challenges in scaling up production, as seen in the need to reserve part of the current production for seed multiplication.
- Moolec's commercialization efforts are still in early stages, with the need to expand marketing and public relations to increase awareness and adoption of their products.
- The company is heavily reliant on regulatory approvals, which can be a lengthy and uncertain process, particularly for new products like Piggy Sooy.
Good morning, and welcome to Moolec Science's fourth-quarter and full fiscal year 2024 conference call. My name is Bill Zima of ICR Strategic Communications and Advisory. (Event Instructions) Please also note that today's session is being recorded.
Today, Moolec announced its fourth quarter and full fiscal year 2024 business highlights. The document is now available on the company's Investor Relations website at ir.moolecscience.com.
This morning, you will hear from Gastón Paladini, Chief Executive Officer and co-Founder of Moolec Science; together with José López Lecube, Chief Financial Officer; and Amit Dhingra Chief Science Officer. During the Q&A session, they will be joined by MartÃÂn Salinas, Chief Technology Officer.
In today's call, we will be referring to a presentation that will be later available on the company's Investor Relations website.
Moving to slide 2, this conference call is mainly for informational purposes. And during this call, the company will be making forward-looking
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