Steakholder Foods Ltd. (Nasdaq: STKH) has published its financial results for the year ending December 31, 2024, alongside updates on key partnerships and commercial progress. The company, which specializes in 3D-printed and cultivated meat and seafood products, has made notable strides in its path to commercialization.
Commercial growth and partnerships
Steakholder Foods achieved its first commercial revenues in 2024, a significant milestone as it began executing its business model. The company signed agreements with Bondor Foods Ltd., for the sale of its SH™ – Fish premix blends, which will be used in Bondor’s new plant-based fish products.
Another important partnership was with Wyler Farm, which placed an order for SH™ – Beef premix blends to create plant-based meatballs, burgers, and minced beef. These deals represent the company’s growing presence in both seafood and meat alternatives.
Additionally, Steakholder strengthened its global operations by continuing its work with Taiwan’s Industrial Technology Research Institute (ITRI) and gourmet brand Sherry Herring Sandwiches Ltd. These partnerships tailor products to local markets while expanding the company’s portfolio of plant-based and cultivated offerings.
Steakholder also opened a new Demonstration Center, which allows potential clients and partners to observe its 3D-printing technology in action and witness the production of its alternative protein products.
Financial overview and strategic adjustments
The company’s financial position saw mixed results in 2024, as it focused on streamlining operations and reducing costs while continuing to invest in its technology. Research and development (R&D) expenses decreased significantly, driven by lower personnel costs and reduced materials spending. This reflects the company’s move from intensive product development to scaling production and commercialization.
Similarly, marketing and administrative costs were reduced, indicating the company’s efforts to economize and focus resources more efficiently on key growth areas. These reductions in operational expenses helped to lower overall losses compared to 2023.
While cash used in operations remained a challenge, Steakholder has managed to secure additional funding through a private placement agreement and an equity line of credit. These financial resources are expected to support its ongoing expansion efforts, particularly in the US market, and enable the company to continue developing its product portfolio.
CEO Arik Kaufman outlined a clear path for 2025, with a focus on increasing Steakholder’s presence in the US market while continuing to advance its research and development programs. With its solidifying commercial momentum and ongoing technological advancements, the company is poised to expand its reach in the growing alternative protein sector.
