Wide Open Agriculture Ltd (ASX:WOA)

Wide Open Agriculture Limited’s Preliminary Final Report for the Australian financial year ended 30 June 2026 reports a strategically transitional year focused on commercialising its proprietary lupin ingredient platform while reshaping operations toward a more capital-efficient model. WOA recorded revenue including discontinued operations of $826,303, up 76% year on year, and reduced its loss after tax attributable to members by 47% to $3.642 million, with continuing operations contributing a much smaller loss of $729,816 after the German subsidiary’s operations were treated as discontinued following the decision to place Wide Open Agriculture Germany GmbH into administration. Operationally, the company advanced customer and distributor relationships, secured 8 customers and more than 30 commercial launches, expanded activity in China with Univar Solutions, and progressed its whole-of-seed strategy through initial lupin oil sales and development of lupin fibre. After reviewing manufacturing economics, WOA concluded that rising energy and labour costs and the fixed-cost structure of its German facility made owner-operated production uneconomic, leading post year-end to approval of a full wind-down of that operation and a transition to an asset-light contract manufacturing model. The company also strengthened its intellectual property with a new patent filing for a lupin protein milk formulation, improved Curtin University licence royalty terms, received significant R&D tax incentive refunds and grant income, and outlined a four-stage growth plan spanning wind-down of owned manufacturing, contract manufacturing rollout, broader whole-seed monetisation, and eventual consideration of a large-scale Western Australian facility subject to demand and funding. Cash at 30 June 2026 was $1.274 million, net assets were $2.865 million, no dividends were declared, and the report notes that the financial statements were still in the process of being audited.