Revenue volatility remains high, with gross margins deteriorating to -25.5% in 2024Q2, reflecting the ongoing struggle to achieve profitability in the nascent molecular farming segment.
| Sales/Revenue | 7.83M | 333.61M | 5.63M | 905.05K | 0 | 0 |
| Revenue Growth % | 170.36% | 5830.74% | 521.53% | - | - | - |
| Cost of Goods Sold | 8.47M | 219.61M | 5.15M | 1.05M | 0 | 0 |
| COGS % of Revenue | - | 65.83% | 91.6% | 115.83% | - | - |
| Gross Profit | -639.5K | 114.01M | 472.58K | -143.31K | 0 | 0 |
| Gross Margin % | -8.16% | 34.17% | 8.4% | -15.83% | - | - |
| Gross Profit Growth % | - | 24023.99% | 429.77% | - | - | - |
| Operating Expenses | 8.5M | 124.48M | 9.52M | 6.51M | 3.65M | 13.8K |
| OpEx % of Revenue | - | 37.31% | 169.16% | 719.35% | - | - |
| Selling, General & Admin | 6.35M | 115.25M | 7.18M | 47.67M | 2.63M | 13.8K |
| SG&A % of Revenue | - | 34.55% | 127.62% | 5267.37% | - | - |
| Research & Development | 1.59M | 9.24M | 1.77M | 1.35M | 985.16K | 0 |
| R&D % of Revenue | - | 2.77% | 31.51% | 149.11% | - | - |
| Other Operating Expenses | 562.09K | 0 | 564.22K | -42.51M | 38.98K | 0 |
| Operating Income | -9.14M | -10.48M | -9.04M | -6.65M | -1.72M | -13.8K |
| Operating Margin % | -116.72% | -3.14% | -160.76% | -735.19% | - | - |
| Operating Income Growth % | - | -15.87% | -35.91% | -287.6% | -12339.56% | - |
| EBITDA | -7.95M | 11.78M | -8.03M | -6.53M | -1.71M | 192.5K |
| EBITDA Margin % | -101.45% | 3.53% | -142.73% | -721.7% | - | - |
| EBITDA Growth % | -69.74% | 246.66% | -22.92% | -280.87% | -990.9% | - |
| D&A (Non-Cash Add-back) | 1.2M | 22.25M | 1.01M | 122.02K | 1.7K | 206.3K |
| EBIT | -6.41M | -91.27M | -7.19M | -51.86M | -3.65M | -13.8K |
| Net Interest Income | -495.11K | -40.87M | 773.43K | 532.99K | 11.19K | 0 |
| Interest Income | 1.69M | 944.19K | 1.94M | 693.03K | 13.32K | 0 |
| Interest Expense | 2.18M | 41.81M | 1.17M | 160.03K | 2.13K | 0 |
| Other Income/Expense | 519.5K | -159.53M | 703.55K | -45.37M | 1.62M | 0 |
| Pretax Income | -8.62M | -170M | -8.34M | -52.02M | -93.81K | -13.8K |
| Pretax Margin % | -110.09% | -50.96% | -148.25% | -5748.13% | - | - |
| Income Tax | -342.8K | 6.64M | -1.05M | -234.54K | 0 | 0 |
| Effective Tax Rate % | 3.98% | -3.9% | 12.55% | 0.45% | 0% | 0% |
| Net Income | -8.28M | -111.46M | -7.31M | -51.79M | -4.53M | -13.8K |
| Net Margin % | -105.71% | -33.41% | -129.99% | -5722.22% | - | - |
| Net Income Growth % | -27.76% | -1424.3% | 85.88% | -1044.02% | -32698.91% | - |
| Net Income (Continuing) | -8.28M | -176.64M | -7.29M | -51.79M | -93.81K | -13.8K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | -16.9M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.19 | -258.75 | -2.85 | -22.50 | -1.80 | -0.01 |
| EPS Growth % | -27.02% | -8978.95% | 87.33% | -1150% | -14900% | - |
| EPS (Basic) | - | -258.75 | -2.85 | -22.50 | -1.80 | -0.01 |
| Diluted Shares Outstanding | 2.6M | 430.86K | 2.57M | 2.3M | 2.5M | 1.16M |
| Basic Shares Outstanding | 2.6M | 430.86K | 2.57M | 2.3M | 2.5M | 1.16M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Critical liquidity and dilution
As indicated by quarterly financial disclosures, Moolec's revenue trajectory remains highly erratic, with recent figures showing a 9.5% growth in 2024Q2 following a 10.5% contraction in 2024Q1, reflecting the inherent instability of transitioning from commodity-based soy processing to a nascent molecular farming business model.
The revenue profile appears heavily influenced by the legacy soy ingredient business, which lacks the consistent growth profile expected of a high-tech biotech firm. Investors should monitor whether the company can successfully pivot toward recurring IP-based revenue, as the current reliance on transactional commodity sales suggests limited visibility into long-term top-line durability.
Based on reported income statements, Moolec's gross margins have fluctuated significantly, swinging from a positive 12.7% in 2022Q1 to a negative 25.5% in 2024Q2, highlighting the company's struggle to maintain pricing power while managing the variable costs associated with its agricultural processing operations.
The inability to maintain consistent positive gross margins suggests that the company's current cost structure is highly sensitive to commodity price volatility. This margin compression indicates that the value-added component of their molecular farming pipeline has yet to achieve the scale necessary to offset the thin-margin nature of their legacy soy processing business.
According to the company's historical income statements, operating expenses consistently dwarf gross profits, with operating margins reaching as low as -193% in 2023Q4, demonstrating a lack of operational leverage as the firm continues to fund heavy R&D and administrative overhead through external financing.
The persistent gap between operating expenses and gross profit suggests that the company is currently in a high-burn phase where scaling revenue does not yet translate into improved operating efficiency. Without a significant reduction in SG&A or a massive expansion in high-margin IP revenue, the current operating structure appears unsustainable.
As reported in financial filings, Moolec's net income is consistently negative, with net margins reaching -91.8% in 2024Q2, a trend exacerbated by significant stock-based compensation and non-operating costs that obscure the underlying operational performance of the biotech research pipeline.
The frequent use of stock-based compensation, while common in early-stage biotech, appears to be a significant drag on shareholder value given the lack of a clear path to profitability. Investors should be wary of the non-cash charges and financing costs that continue to weigh on the bottom line, potentially masking the true cost of R&D activities.
Based on the most recent financial data, the company's reported cash position of less than $1 million against a recurring quarterly net loss suggests a precarious financial state that may necessitate further dilutive capital raises to sustain ongoing research and development efforts.
Short-sellers would likely focus on the disconnect between the company's ambitious molecular farming goals and its extremely limited liquidity. This financial vulnerability warrants further investigation into the company's ability to fund its operations without significantly impairing shareholder equity through future financing rounds.
Quick answers to the most common questions about buying MLEC stock.
For fiscal year 2024, Moolec Science S.A. (MLEC) reported total revenue of $333.6M.
Moolec Science S.A. (MLEC) reported a net loss of $111.5M for the fiscal year ending 2024.
Moolec Science S.A. (MLEC) reported an operating income of $-10.5M, resulting in an operating profit margin of -3.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Moolec Science S.A. (MLEC) generated $114.0M in gross profit for the year, representing a gross profit margin of 34.2%. This demonstrates the company's core pricing power and production efficiency.