Moolec Science S.A. Q4 FY2024 earnings call

• 2024 Milestones: Set up Moolabs in Texas, achieved animal protein expression stabilization in Piggy Sooy T3 events, received USDA approval for Piggy Sooy, conducted Glaso trial production, planted Glaso seeds on 600+ acres, and started Piggy Sooy field trials in multiple states.
• 2025 Plans: Expect commercialization of Glaso to begin, continue R&D collaboration with Bunge for safflower variety development, fine-tune operations for upstream and downstream yields, scale seed inventory, make progress on regulatory pathways, and consolidate the team with a new operational hub in the U.S. while expanding sales and marketing efforts.

During fiscal year 2024, normalized revenues increased from approximately $1 million in 2023 to $5.8 million in 2024, a $4.8 million year-over-year increase due to the consolidation of the soy product ingredient business. Cost of sales rose from close to $1 million in 2023 to $4.5 million in 2024. Cash utilization in operating activities increased to $9.3 million in 2024 from $7.5 million in 2023. Cash position as of Q4 2024 was approximately $5.4 million, and the company purchased 15,000 tons of HB4 soybean through a convertible note, which has strategic value for ESG alignment, traceability, and raw material procurement stability. Revenue contribution from the soy product ingredient business was a key part of the 2024 financials.

• Anticipate Glaso commercialization to drive new revenues in 2025, with Glaso expected to contribute around 15% to total revenue in 2025 and ramp up in subsequent years.
• Continue R&D and product development, with focus on regulatory approvals and scaling operations for Piggy Sooy towards commercialization in the mid-to-late 2020s.
• Plan to expand sales and marketing efforts, including attending industry shows and conferences to increase visibility.

• Forward-looking statements involve inherent risks and uncertainties, detailed in the company's Form 20-F filed with the SEC.
• Operational risks related to scaling production, securing additional commercial agreements, and regulatory approvals for Piggy Sooy and other products.
• Market risks associated with competition in the nutritional oil and ingredient markets, and adoption of molecular farming technology by potential customers.

Q: This quarter you highlighted an offtake agreement for Glaso with a major global CPG company. Can you provide more details on this collaboration? What efforts have both parties made, and what is the estimated scale and expected revenue generation in 2025?

A: Gaston Paladini mentioned it's a multi-year agreement (3 years with expansion possibility), Glaso targets applications like dietary supplements, pet food, etc. Martin Salinas noted 600+ acres planted in Idaho, expecting 50-60 tons of Glaso in 2025 for the offtake agreement. Jose Lopez Lecube indicated Glaso could contribute incrementally to revenues in 2025.

Q: You mentioned signing an R&D collaboration agreement with Bunge to develop safflower varieties. Can you share more details about this partnership and the business opportunities from this?

A: Gaston Paladini said Bunge is one of the major agriculture trading companies, the collaboration focuses on upstream efforts in safflower platform for Glaso improvements. Amit Dhingra discussed breeding and trait development to enhance safflower yields and agronomic performance for different geographies. Martin Salinas added focus on developing safflower varieties adapted to other territories for global scale-up potential.

Q: In terms of safflower oil products, how much revenue growth is expected in 2025, and can this be the main part of business in the future?

A: Jose Lopez Lecube stated Glaso could participate in around 15% of total revenue in 2025, with more significant growth expected in 2026 and beyond as operations scale up. Gaston Paladini emphasized the potential of safflower as a bioreactor platform and collaboration with Bunge for biofuel and other applications.