Steakholder Foods reports 2023 financial results and provides business update



Rehovot, Israel, April 30, 2024 /PRNewswire/—— Steak House Food Ltd. (Nasdaq: STKH), a leading innovator in 3D printed meat and fish technologies and cultured cell innovations, is pleased to provide an annual business update through the end of the year December 31, 2023 and subsequent events. Demonstrate significant progress in technological advancement and market share, steak food continues to solidify its position as the future leader in alternative meat and fish production.

Steakhouse food CEO, Arik Kaufmanexplain: “As we look back on this year's accomplishments, I'm incredibly proud of our team's dedication and the milestones we've achieved together. From forming strategic partnerships to securing significant funding to making groundbreaking advances in technology and intellectual property, 2023 A year of huge progress steak food. I'm excited about the possibilities ahead and confident in our continued success as we lead the way in alternative meat and fish production.

2023 and Latest Business Highlights

Throughout 2023, steak food Achieved important milestones and business highlights, highlighting its leadership position in the alternative protein industry.

steak food Launched its 3D printing business model, offering 3D commercial-scale meat and fish printers, and offering SHMeat and SHFish plant-based premixes, taking a big step towards commercial readiness. The company also announced the optimization of capital and closure of its Belgian subsidiary, demonstrating strategic financial management and streamlining operations.

steak food The signing of a strategic agreement with a GCC government agency marks a major milestone in international partnership and expansion efforts.

In early 2024, steak food signed memorandum of understanding with wheeler farm, Israel The largest producer of tofu and one of its leading producers of alternative proteins. As part of the Memorandum of Understanding, steak food The goal is to sell and install a commercial-scale 3D meat printer between Q4'24 and Q1'25, with a plant-based steak production capacity of up to 500kg per hour.This is the first private sector deal steak food It is expected to be worth millions of dollars in the coming years.

Prime Minister Israel visited steak food Experience its cutting-edge 3D printing technology, underscoring the company's recognition at the highest levels of government and its technological leadership.

In 2023 and 2024, the company received confirmation from a highly regarded consultant regarding the use of SHMeat and SHFish blend ingredients in food products. USA and United Arab Emirates.

2023, steak food Approved 1,000,000 Funding from SIIRD (Singapore-Israel Industrial Research and Development Foundation), reflecting a vote of confidence from both parties Israel Innovation Authority Enterprise Singapore’s technical capabilities.exist March 2024the company received the first subsidy $220,000after achieving initial grant milestones.

Main technological progress:

steak food Significant progress has been made in the development and production of commercial-scale 3D meat and fish printing technologies and plant-based premixes:

Printing Technology:

  1. Drop Location in Space (DLS): DLS technology is the cornerstone of our seafood replication process, allowing the company to create textures that reflect the delicate structure of real seafood, from tenderness to flaky, delivering an authentic seafood dining experience without the bounty of the ocean.
  2. Molten Paste Layering (FPL): In our quest to recreate meat’s unique fibrous texture, FPL technology plays a key role, allowing companies to produce plant-based meats that rival animal meats in chewiness and texture, satisfying even For the tastes of the most discerning meat lovers.

plant premix:

The core of our product range is Shanghai meat and water fish The range offers a variety of plant-based alternatives designed to suit a wide range of culinary tastes and dietary preferences.

  1. SH meat mix: Our extensive SHMeat range offers a variety of meat alternatives in both printed and chopped formats. From the delicious SHMeat Steak Mix to the tender, juicy SHMeat Chicken, we offer an eclectic selection of pork, lamb and even exotic meats. Our SHMeat blends are carefully crafted to mimic the exact taste and texture of traditional meats, providing a truly authentic and enjoyable eating experience in a variety of cooking applications.
  2. SH fish mixture: The SHFish range is dedicated to providing real fish and seafood alternatives, both in printed and chopped product formats. Our range includes a sophisticated SHFish white fish blend, ideal for flaky, tender fillets, plus options for salmon, tuna and a variety of shellfish. Leveraging our advanced production techniques, each SHFish product captures the unique texture and flavor unique to each seafood, providing a sustainable and responsible choice without compromising the cooking experience. Perfect for a variety of dishes, from elegant sushi to hearty seafood tacos, our SHFish blends satisfy the expectations of seafood lovers and eco-conscious consumers alike.

2023 Financial Results Summary:

Research and development expenses increase to $7 million As of this year December 31, 2023compared to approx. $6.5 million end of year December 31, 2022. The increase was primarily due to payroll expenses, materials and professional services expenses related to our research and development operations.

Loss from continuing operations increase to $15.5 million As of this year December 31, 2023compared to approx. $14.5 million As of this year December 31, 2022.Excluding non-cash share-based compensation expense and net financial income and expenses, net loss decreased by approximately $1.4 millionprimarily due to a reduction in marketing expenses.

net loss Earnings per share from continuing operations fell to $0.07 per share of common stock, compared to $0.11 2022 per share of common stock.

cash flow – Net cash used in operating activities decreased to $12.7 million As of this year December 31, 2023compared to approx. $14.8 million As of this year December 31, 2022.

Net cash generated from financing activities increased by approximately $5.3 millionor 91%, $11.2 million As of this year December 31, 2023compared to $5.8 million As of this year December 31, 2022. The increase was driven by higher proceeds from the issuance of shares and warrants.

cash and equivalents The end of 2023 will be $4.2 millioncompared to $6.2 million By the end of 2022.

Non-current assets stand $5.8 million By the end of 2023, compared with $8.6 million As of the end of 2022, it was mainly due to the reduction of fixed assets and other investment losses due to the discontinuation of operations.

Total assets stand $10.8 million By the end of 2023, compared with $15.8 million By the end of 2022.

total capital stand $5.8 million By the end of 2023, compared with $9.4 million By the end of 2022.

about steak food

steak food is at the forefront of transforming the alternative protein industry through its advanced technology. Founded in 2019, steak food Specializing in the development and sale of 3D printing production machines, supported by proprietary pre-mixes formulated from the highest quality raw materials. These innovative tools are designed to help manufacturers of all sizes efficiently produce food that meets and exceeds consumer expectations for taste, texture and appearance, and provide safe, sustainable alternatives to industrial meat and seafood production.

Steakhouse food Expertise in creating alternative protein products that replicate the complex textures of traditional meats such as steak, white fish, shrimp and eel. The company is also exploring the integration of cultured cells to prepare for future advances in food technology.

forward-looking statements

This press release contains forward-looking statements regarding Steakhouse food business, operating and financial performance and condition and plans, goals and expectations Steakhouse food business operations and financial performance and condition. Any statements that are not historical facts may be deemed to be forward-looking statements.Forward-looking statements reflect Steakhouse food Current views of future events are based on assumptions and are subject to known and unknown risks and uncertainties that may change over time and may cause Steakhouse food Actual results, performance or achievements may differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements include, but are not limited to, any statements that may predict, anticipate, indicate or imply future results, performance or achievements, and are often identified by words such as “may”, “could”, “should”, “will” and other words.”will”, “believe”, “anticipate”, “estimate”, “expect”, “goal”, “intend”, “plan” or words or stages of similar meaning, including but not limited to Steakhouse food Expectations for the success of technology being developed, which may require significant additional work steak food Commercial sales may be initiated; Steakhouse food Research and development activities related to printing technology, including three-dimensional food printing, which involves a long and complex process; Steakhouse food the ability to acquire and enforce its intellectual property rights and operate its business without infringing, misappropriating or otherwise infringing upon the intellectual property rights and know-how of third parties; and other risks and uncertainties, including those arising from Steakhouse food Annual Report on Form 20-F for the Fiscal Year Ended December 31, 2023,submit to Securities and Exchange Commission exist April 30, 2024.New risks and uncertainties may arise from time to time and may not steak food predict their occurrence or how they will affect steak food.If one or more factors affect Steakhouse food Forward-looking information and statements prove to be incorrect, then Steakhouse food Actual results, performance or achievements may differ materially from those expressed or implied by the forward-looking information and statements in this press release. so, steak food You are cautioned not to place undue reliance on its forward-looking information and statements. steak food Except as expressly required by law, we undertake no obligation to revise or update forward-looking statements (whether written or oral) to reflect actual results or changes in factors affecting forward-looking statements.

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