Above Food Ingredients Inc. released its financial results for the six-month period ended July 31, 2024, on April 28, 2025. This filing brought the company back into compliance with Listing Rule 5250(c)(2) of the Nasdaq regulatory listing requirements.
For the six months ended July 31, 2024, the company reported revenue of US$65.2 million (CAD$90.0 million) and a net loss of US$25.9 million (CAD $35.8 million). The net loss included US$14.1 million (CAD$19.4 million) of non-recurring business combination transaction costs related to the merger with Bite Acquisition Corp. completed on June 28, 2024. The company noted these results primarily reflect operations of businesses that have since been discontinued.
Above Food's current ongoing operations, including the Stricks business acquired in August 2024, generated US$164 million in revenue for fiscal year 2023 and averaged approximately US$5.3 million in annual Adjusted EBITDA during fiscal years 2021-2023. The company is now moving towards break-even net income and generating positive adjusted EBITDA, with the acquisition of Palm Global Technologies Ltd. expected to further strengthen its revenue run-rate of approximately US$145 million (CAD$200 million) and substantially enhance profitability.
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