**Summary of MicroSalt Plcs Unaudited Half-Yearly Report (H1 2025)**
**Financial Highlights**
**Record Revenue** US$0.8 million (H1 2024: US$0.2 million), driven by expanded bulk sales, particularly to major FMCG customers like Customer 3 (a global food, drink, and snack manufacturer).
**Reduced Net Loss** US$1.9 million (H1 2024: US$2.8 million), reflecting improved economies of scale in production and sales.
**Cash Position** Gross cash increased to US$0.9 million (31 Dec 2024: US$0.3 million) after a US$2.9 million fundraise in February 2025.
**Inventory Investment** US$1.2 million to meet higher sales demand in H2 2025.
**Cash Utilisation** Expected to be lower in H2 2025 compared to H1.
**Operational Highlights**
**Sales Growth** Bulk sales dominated by repeat orders from Customer 3, including
Customer 1 (Mexico)US$0.6 million for three mainstream items, with two more planned for Q4 2025.
Customer 2 (North America)US$0.2 million for one full brand, with additional items planned for Q4 2025.
**Geographic Expansion** Sales expanded to the UK and Belgium, with increased sales in the US, Mexico, and Canada.
**Awards & Recognition**
Low Sodium Salt Technology of the Year 2025 (Food Business Review).
Named in Fast Companys 2025 list of the Worlds Most Innovative Companies.
Recognised by IFE for groundbreaking contributions to the food industry.
**Product Innovation** Launched MicroSalt® Premium, targeting the QSR/FSR market, particularly for French fries, with strong reception from a leading global brand.
**Post-Period Highlights & Outlook**
**Customer 3 Projections** Expected sales of US$5.0 million in 2026 (single new item) and US$11.0 million in 2027.
**Commercialisation** Advanced discussions with major food manufacturers, with volume commitments of
US$1.2 million for H2 2025.
US$6.7 million for 2026.
US$13.0–15.0 million for 2027.
**Board Changes** Gary Urmston appointed as part-time CFO following Konrad Dabrowskis departure in August 2025.
**CEO Commentary (Rick Guiney)**
Highlighted successful fundraise and growth with major FMCG companies.
Emphasized geographic expansion and international credibility, with inroads into Asia, Australia, South Africa, Europe, and Latin America.
Stressed the success of the bulk ingredient sales strategy, delivering economies of scale and positioning for sustained financial improvement.
Confident in delivering impactful results and meeting growing demand for low-sodium alternatives globally.
**Financial Summary**
**Revenue** US$0.8 million (H1 2024: US$0.2 million), with bulk revenue representing 307% of 2024 total.
**Net Loss** Improved to US$1.9 million (H1 2024: US$2.8 million).
**Inventories** Increased to US$0.9 million to meet expected bulk orders in H2 2025.
**Trade Receivables** Increased to US$1.0 million due to prepaid inventory.
**Trade Payables** Decreased to US$1.0 million.
**Outlook**
Full-year 2025 revenue projected at US$2.0 million.
Revenue expected to grow to US$6.5–7.0 million in 2026 and at least US$13.0 million in 2027.
Potential for further upside from sales prospects not yet included in projections.
**Mission & Impact**
MicroSalt aims to reduce excess sodium consumption, a leading cause of cardiovascular disease, by providing full-flavour salt with 50% less sodium. The company’s patented technology and scalable manufacturing process position it for market leadership in the growing low-sodium salt market.
**Investor Engagement**
CEO Rick Guiney and Interim CFO Gary Urmston will host a live online presentation for investors on 2 October 2025 via Investor Meet Company.
**Conclusion**
MicroSalt Plc demonstrated significant progress in H1 2025, with record revenue, reduced losses, and expanded market presence. The company is well-positioned for future growth, driven by strong customer relationships, product innovation, and regulatory support for low-sodium solutions.