Wide Open Agriculture records 13th consecutive quarter of revenue growth
Wide Open Agriculture is planning to launch a burger and line of dips incorporating its regenerative Buntine Protein.
Regenerative food and farming company Wide Open Agriculture (ASX: WOA) has clocked its 13th consecutive quarter of revenue growth with a continued focus on launching Buntine Protein products and expanding the distribution of its oat milk across Asia.
First quarter revenue for the 2023 financial year reached almost $2.69 million, representing a slight increase over the previous quarter and a 60% rise on the same time last year.
September quarterly highlights included the launch of Buntine Protein in Asia, generating more than 20 high quality commercial leads including plant-based drinks, meats, noodles and eggs prospects.
The quarter saw an accelerated pipeline Dirty Clean Food Oat Milk with new active distribution prospects identified for Thailand, the Philippines, Vietnam, Indonesia, Malaysia, Korea and Japan.
The company also expanded its distribution agreement with Grow Hub Innovations to distribute oat milk in Indonesia and Malaysia.
In Australia, Dirty Clean Food was confirmed as direct supplier to Western Australia’s first Coles Local with 15 unique products in the range including oat-based ice cream, plant-based dips, oats, cookie dough and meat pies.
The company had $14.6 million cash on hand at the end of the quarter (30 September) and confirmed it is adequately funded to continue its current activities.
Buntine protein pilot production facility on track
Using its proprietary technology, Wide Open Agriculture has created Buntine Protein from regeneratively farmed sweet lupins to be used as a key ingredient in plant-based food and beverages.
A pilot production facility for manufacturing the protein was opened during the fourth quarter of FY2022.
During the last quarter, a second milling process was introduced to expand the range of product attributes offered to customers. Protein extraction equipment was also upgraded with the company reporting “good outcomes” on protein consistency and fibre extraction.
A large format dryer is expected to be installed in the third quarter of FY2023 to increase production up to 50 tonnes per annum. Production is expected to be expanded again in FY2024.
Growth focus
Dirty Clean Food’s Perth Retail Summit is being held this week to launch new products into grocery and introduce Western Australia’s “most environmentally friendly” meat packaging.
The company has also commenced operation of an in-house butchery and packaging expected to improve efficiency and margins.
Dirty Clean Food’s product pipeline for FY2023 will feature a burger and line of dips incorporating Buntine Protein.
The company is also in the final stages of investigation into meat export opportunities with a focus on Singapore as the initial market.