How Did Sea Forest Limited (ASX:SEA) Scale SeaFeed Revenue in FY26?

Sonal Goyal

27 October 2026 05:08 PM AEDT

How Did Sea Forest Limited (ASX:SEA) Scale SeaFeed Revenue in FY26?

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Highlights

SeaFeed product revenue increased 486% YoY to approximately AUD 4.98mn in FY26.
Underlying EBITDA loss narrowed by 50% to AUD 3.1mn; statutory NPAT remained a loss of AUD 5.4mn.
The company reported AUD 27.8mn in combined cash and term deposits and agreements covering 131,000 feedlot cattle.

During the 27 October 2026 trading session, Sea Forest Limited (ASX:SEA) was quoted at AUD 1.57, up 2.61% . Sea Forest manufactures and commercialises SeaFeed, a seaweed-derived livestock feed supplement intended to reduce methane emissions from livestock. The business includes production, distribution partnerships and ongoing scientific evaluation. The share quotation is an intraday figure, not a closing price, and is not attributed to the earlier company release. The following developments come from the announcement dated 28 August 2026.

SeaFeed Revenue and Earnings

In its 28 August 2026 FY26 results presentation, Sea Forest reported preliminary, unaudited SeaFeed product revenue of approximately AUD 4.98mn versus AUD 0.85mn in FY25, representing growth of 486% YoY. Total income, including other income, was AUD 8.45mn compared with AUD 6.52mn. EBITDA loss narrowed to AUD 4.7mn, and underlying EBITDA loss, excluding specified non-recurring and other items, narrowed 50% to AUD 3.1mn. The statutory loss after tax was AUD 5.4mn, an improvement from the FY25 loss of approximately AUD 9.1mn. Production inputs and research costs increased as commercial deliveries expanded.

Livestock Agreements and Domestic Distribution

The company reported new agreements covering 131,000 feedlot cattle, with a separate pastoral operation covering a further 198,000 animals subject to negotiation of delivery and pricing. Sea Forest also described a multi-year commercial-scale trial using SeaFeed in Australian grass-fed systems. Commissioning was underway for a regional mixing and distribution centre in Newcastle, New South Wales, intended to provide capacity for a further 300,000 head of livestock. These are distinct from revenue recognised in FY26; the company explained that contracted animals contribute revenue as supplementation begins.

International Expansion and Product Trials

The presentation described a partnership in Brazil for SeaFeed market entry and an exclusive manufacturing and distribution relationship in Japan. It also outlined discussions involving potential South African customers. The company had commenced a commercial aquaculture trial involving barramundi feed formulations and reported trials of supplementation across different livestock production systems. These programmes remain subject to their stated technical and commercial stages. The company separately referred to customers joining a registered carbon project, with carbon trading described as a potential later revenue stream rather than FY26 recognised turnover.

Cash Flow and Funding Position

FY26 customer cash receipts were AUD 3.89mn versus AUD 1.08mn in FY25. Net operating cash outflow narrowed 22% YoY to AUD 4.64mn. The company disclosed AUD 12.64mn of cash and AUD 15.11mn of term deposits at 30 June 2026, producing total cash and deposit holdings of AUD 27.76mn. Its November 2025 initial public offering raised AUD 20.5mn before costs. Sea Forest described its FY26 financial data as preliminary and unaudited; that status applies to the financial figures in the presentation.

About the Company

Sea Forest manufactures and commercialises SeaFeed, a seaweed-derived livestock feed supplement intended to reduce methane emissions from livestock. The business includes production, distribution partnerships and ongoing scientific evaluation. The company’s financial, operational and commercial reporting should be read in the context of those activities and the reporting periods stated in its announcement.

Risks and Catalysts on Watch

The company identified commercial adoption, formulation testing, production capacity, operating costs and timing of animal supplementation as relevant factors. Execution of contracts and conversion of animal numbers into recognised sales are important reporting milestones; trials and overseas partnerships involve further commercial steps. Intraday trading activity is reported separately from these operational developments.

Key Developments to Follow

The August presentation recorded rapid growth from an early revenue base and a smaller operating loss, while the company continued to report negative operating cash flow. Further reporting will distinguish signed livestock arrangements from supplemented animals and revenue. Any subsequently announced results or milestones will provide the next company-reported comparison.

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