Wide Open Agriculture - sales surge as customers seek healthy, ethical food
Wide Open Agriculture (ASX: WOA) and (FRA: 2WO) today announced its sixth consecutive quarter of revenue growth with a 29% quarter-on-quarter increase.
Wide Open Agriculture Ltd (WOA) is a Regenerative Food and Farming company based in Western Australia's Wheatbelt. The company is the only publicly-listed company seeking to deliver '4 Returns' - measurable outcomes on financial, natural, social and inspirational returns.
The company's purpose is to "build a new food and farming system to make a healthier world". In today's society most farming practices degrade the land and environment. In traditional agriculture, healthy soil is depleted, treated with chemicals and leached of nutrients. Food is less nutritious and farming communities are shrinking as jobs disappear. WOA chooses farmers who are committed to a regenerative journey to rehabilitate and enhance the entire ecosystem of the land. This means our customers can buy delicious, nutritious food from healthy land that’s getting healthier.
The company's regenerative practices not only ensure healthier plants and animals, they help fight the climate crisis by pulling carbon from the atmosphere and sequestering it in the ground where it belongs.
WOA announced Q2 FY2021 revenue of AUD $989,261 a 29% increase from Q1 FY 2021 results. And a huge 239% increase over the previous years sales for the same period.
The company is developing a significant online business with online sales of AUD $299,253 for thee period.
The company's regenerative oat milk launched in late December 2020 and is expected to add significant growth to revenue across 2021. OatUP has been certified "carbon neutral" by Climate Active and assists with the first-to-market opportunity targeting the growing AUD $2.8 billion plant-based milk category.
The company also announced signifiant progress with the development towards commercialisation of WOA's plant-based protein business using Australian sweet Lupin. The on-going collaboration with CSIRO progresses with opportunities for food-grade lupin protein to be included in a wide range of plant-based protein applications.
WOA has acquired the exclusive. global commercial licence for the proprietary modified lupin protein technology from Curtin University.
The company ended the December quarter with AUD $14.3 in cash and is adequtely funded to continue its current activities in uncertain times.
The company is in a very sweet spot with global recognition of the importance of regenerative agriculture. In Europe EIT-Food has stated that "regenerative agriculture offers one of the greatest opportunities to help Europe address human and climate health along with the financial well-being of farmers".
The company's December results can be downloaded here