Kewdale-based Wide Open Agriculture posted a preliminary total comprehensive loss of $12.9 million for the 2024 financial year, down from $14.6 million during the prior corresponding period.
Revenue also regressed by 9 per cent from $11.4 million to $8.9 million.
These results, released on Monday within the company’s 2024 preliminary final report, comes amid Wide Open Agriculture’s desire to cut costs and preserve proceeds from its capital raising, which was launched on May 9.
Wide Open Agriculture intended to raise $10 million, comprised of both a $7 million two-tranche placement - $4.2 million of it guaranteed - at an issue price of 2 cents per share, along with a priority offer up to $3 million.
This market update also resulted in the company's share price falling by 65 per cent.
However, on July 15, it was confirmed the placement and priority offer raised a combined $7.1 million.
Initially, the placement generated $7 million and the priority offer $450,000. Given there was a shortfall in the priority offer, the placement amount was readjusted to $6.64 million, in order to adhere to guidelines under the Corporations Act 2001.
The company has also experienced wholesale changes at board and management level over the past two months.
On July 4, the plant-based protein ingredient aspirant announced Hannah Hudson had been appointed as chief financial officer.
By late August, Wide Open Agriculture told the market Ms Hudson had left the company with immediate effect, with Beverley Nichols appointed interim CFO.
Six days prior to Ms Nichols’ arrival, Yaxi Zhan replaced Anthony Maslin as independent non-executive chair, with Mr Maslin remaining as a non-executive director.
Matthew Skinner resigned as interim chief executive officer after stepping up on March 11 following Jay Albany relinquishing his position due to a significant transaction.
Wide Open Agriculture signed a binding, conditional, memorandum of understanding to divest Dirty Clean Food – its 100 per cent owned subsidiary – for $1.5 million, to Mr Albany’s holding company, DCF Global.
