Wide Open Agriculture achieves record September quarter revenue
As it gears up for its official OatUP launch, Wide Open Agriculture (ASX: WOA) has achieved its fifth consecutive quarter-on-quarter growth for the September period.
For the three months ending September, Wide Open Agriculture’s revenue reached $764,807, which is 34% higher than the June quarter.
Compared to same quarter in 2019 which generated $199,937 in revenue, the latest result represents a whopping 282% increase.
Commenting on the results, Wide Open Agriculture managing director Dr Ben Cole said they were a credit to the company’s “creative and purpose-driven” board and team – alongside its regenerative farming community and fast-growing conscious food consumer base that is seeking regenerative and ethical food and drinks.
Dirty Clean Food brand
Wide Open Agriculture’s regeneratively farmed, sustainable and ethical products are sold via its Dirty Clean Food brand in Western Australia.
During the September quarter, the brand continued to cement its presence in the state – experiencing sequential growth and record sales in every customer segment.
However, one stand-out segment was the food service and café market, which accounted for $427,223 of all sales – up 59% on the previous June period.
This was attributed to venues reopening post-COVID across Perth and the state’s South West.
While food service sales increased, Dirty Clean Food’s retail sales rose 38% to $98,248 for the September quarter.
Wide Open Agriculture noted this was due to continued uptake of Dirty Clean Food’s regenerative beef and lamb across WA’s independent supermarkets.
Online sales for the period were also strong – rising 3% on the June quarter to $239,335 and reaching a new record.
Funded to accelerate growth
Throughout the remainder of the year, Wide Open Agriculture expects sales to continue growing across all its segments.
The company recently raised $7 million (before costs) via a placement and a further $1.5 million through a share purchase plan to existing shareholders.
These proceeds will be used to fast-track Wide Open Agriculture’s growth plans including boosting revenue, building and operating a commercial oat milk plant in WA and developing a pilot-scale manufacturing facility for its proposed lupin protein product.