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Analyst Comment

Ambrosia Collective brings Solein-based protein to US market

By Thomas WesterholmAnalyst
Solar Foods

Translation: Original published in Finnish on 1/13/2026 at 7:42 am EET.

The companies plan to launch a protein powder made from Solein in the first quarter of 2026. While this news aligns with the company's commercialization strategy, we do not expect a single batch to have a material impact on our estimates.

New opening in sports nutrition market

Solar Foods announced on Monday that it had received an order from Ambrosia Collective, a US-based manufacturer of sports nutrition products. The collaboration aims to launch a Solein-powered ready-to-mix protein powder under the Planta brand. A limited amount of products is intended to be available for consumers during the first quarter of 2026. Ambrosia is a company focused on sports nutrition and health supplements, with a product range that includes protein supplements and wellness products.

Step in line with the strategy

This announcement is an extension of Solar Foods' strategy to commercialize Solein in the US, initially focusing on the Health & Performance nutrition market. The company announced a similar development in November, when it revealed its collaboration with Fermenta on protein bars. We view this news as a positive sign of Solein's appeal in the sports nutrition market, where consumers are often eager to try new, innovative ingredients. The United States is a key market for Solar Foods, and launches like this are important steps in raising awareness of the product.

Economic impact likely to remain minor

According to the press release, this is a limited batch, so we do not expect the order to have a significant direct impact on Solar Foods' short-term figures. In the broader context of the investment story, the focus remains on advancing and financing the industrial-scale Factory 02 project, which is a prerequisite for significant future volume growth. The news does not impact our estimates or our view of the company.

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Solar Foods established in 2017 is a global leader in sustainable protein production, solving the global food production problem by offering a completely new alternative to existing animal and plant proteins. Solar Foods’ first product is the naturally occurring single-cell protein Solein®, which can be used as a food raw material with high protein content. In the long run, Solein production will improve global availability of protein and increase price and quality stability of food raw materials by disconnecting food production from agriculture.

Read more on company page

Key Estimate Figures15.08.2025

202425e26e
Revenue0.00.32.1
growth-%275.5 %1,642.7 %528.4 %
EBIT (adj.)-8.9-9.5-12.1
EBIT-% (adj.)-47,635.3 %-2,913.1 %-589.3 %
EPS (adj.)-0.45-0.45-0.52
Dividend0.000.000.00
Dividend %
P/E (adj.)neg.neg.neg.
EV/EBITDAneg.1,708.2neg.

Forum discussions

It hasn’t been obtained in the States either. In the United States, they have Self-GRAS, which is not a marketing authorization. The FDA has...
3/2/2026, 9:27 AM
by OsakasOssi
1
They probably haven’t sold more because they haven’t dared to promise delivery. Solein still hasn’t received marketing authorization in the ...
2/27/2026, 12:25 PM
by Buccaneer
2
Thomas has written a new company report on Solar Foods based on the H2 results In terms of the figures, Solar Foods’ earnings day did not offer...
2/27/2026, 6:20 AM
by Sijoittaja-alokas
1
Thomas interviewed Solar Foods CEO Rami Jokela following H2 Inderes Solar Foods H2'25: Teknologisesta innovaatiosta kohti kaupallistamista -...
2/26/2026, 4:45 PM
by Sijoittaja-alokas
2
In 2025, approx. 6 tons of Solein were sold. The capacity of the F01 factory is reported as 160t/year. So, approx. 4% of the capacity was sold...
2/26/2026, 1:02 PM
by Mika
1
Here are Thomas’s preview comments ahead of Solar Foods’ H2 results on Thursday, Feb 26. The company’s earnings release can be followed here...
2/19/2026, 6:31 AM
by Sijoittaja-alokas
0
Generally, I still assume that the main impact caused by iron will be restrictions on Solein concentrations and various use cases, such as foods...
2/11/2026, 12:39 PM
by Thomas Westerholm
8
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