Analyst Comment

Solar Foods launches Solein in the US

Translation: Original published in Finnish on 11/20/2024 at 9:04 am EET.

Solar Foods announced in a press release this morning that it has begun marketing Solein in the United States. The company achieved self-affirmed GRAS (Generally recognized as safe) status for Solein in the US in September 2024. Since then, Solar Foods has registered its Factory 01 production facility in Vantaa, Finland, with the US Food and Drug Administration (FDA) and completed other requirements to commercialize Solein in the United States.

The US is only the second market in which Solein can be sold (Singapore is the first), so the launch significantly increases Solein's sales potential. The launch of Solein with Restaurant Olmsted is sure to generate positive media coverage for the company. However, in order to generate significant revenue, the company will need to secure collaborations with large food manufacturers or restaurant chains, and this area of the news flow is of particular interest to us.

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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.

Key Estimate Figures27.09.2024

	2023	24e	25e
Revenue	0.0	0.2	2.0
growth-%	49.8 %	2,937.2 %	990.5 %
EBIT (adj.)	-6.8	-6.1	-8.8
EBIT-% (adj.)	-113,419.2 %	-3,368.6 %	-442.2 %
EPS (adj.)	-0.37	-0.31	-0.39
Dividend	0.00	0.00	0.00
Dividend %
P/E (adj.)	-	neg.	neg.
EV/EBITDA	-	40.6	70.7