Seafarms Group (SFG ) H1 2025 earnings summary

Executive summary

• Recorded a net loss of $6.67 million for H1 FY25, up 11.1% year-over-year, reflecting continued investment in Project Sea Dragon (PSD).

• Revenue from ordinary activities declined 44.5% to $11.27 million compared to the prior period.

• Production was deliberately reduced to 480 tonnes (from 697 tonnes) in anticipation of poor market conditions.

• Export sales of tiger prawns increased significantly, with 131 tonnes exported in CY2024 versus 76 tonnes in CY2023.

• Sale of Farm 1 and Farm 2 became unconditional, with $7.56 million received and $5.94 million due on completion in April 2025.

Financial highlights

• Net loss for the half-year was $6,672,701, compared to $6,003,711 in the prior year.

• Revenue dropped to $11,269,858 from $20,324,041 year-over-year.

• Net tangible assets per share fell to 0.17 cents from 0.31 cents at the previous period end.

• Cash and cash equivalents at period end were $3.18 million, up from $1.23 million at June 2024.

• No dividends were paid or declared for the period.

Outlook and guidance

• Ongoing focus on securing full project financing for PSD before commencing further development.

• Continued efforts to regain control of PSDPL and resolve legal disputes, with a Supreme Court hearing scheduled for March 2025.

• Anticipated completion of Farm 1 and 2 sale in April 2025 to provide additional liquidity.