Noumi (NOU) Q1 2025 earnings summary

Executive summary

• Q1 FY25 consolidated revenue reached $149.1 million, up 2.6% year-over-year, driven by growth in plant-based milks and stable dairy and nutritionals performance.

• Plant-based Milks revenue rose 8.0% to $47.5 million, with strong domestic retail and export growth, while Dairy and Nutritionals revenue increased 0.2% to $101.6 million.

• Positive operating cash flow of $9.0 million was achieved, despite $4.2 million in legal expenses, partially offset by $1.7 million from a released term deposit.

• Unrestricted cash at quarter-end was $12.8 million, with $18.0 million in undrawn facilities, totaling $30.8 million in available liquidity.

Financial highlights

• Receipts from customers totaled $149.9 million for the quarter.

• Net cash from operating activities was $9.0 million for Q1 FY25.

• Capital expenditure on property, plant, and equipment was $0.8 million.

• Cash payments of $4.6 million were made on Convertible Notes, treated as debt repayments.

• Cash and cash equivalents at quarter-end stood at $12.8 million.

Outlook and guidance

• Global dairy market conditions remain challenging, with a 32.5% reduction in export sales for long-life dairy milk compared to Q1 FY24.

• Plant-based Milks segment expected to continue growth, led by domestic retail and export initiatives.

• Cautious stance maintained regarding macroeconomic environment and consumer spending in Australia.