Highlights

  • FY26 loss narrowed 47% to AUD 3.642 million
  • Eight customers and over 30 commercial launches were secured
  • Management identified around 90 potential contract manufacturers

Wide Open Agriculture Limited (ASX:WOA) shares were quoted at AUD 0.011, with a 0.00% movement. The company operates in the consumer and agriculture sector and reported financial results and operational developments for FY26. Its disclosures include figures for the financial year ended 30 June 2026 and, where specified, subsequent operating information. The business update covers its principal activities, financial results and management priorities.

Annual Results and Business Model

Wide Open Agriculture reported an after-tax loss of AUD 3.642 million for FY26, compared with an AUD 6.891 million loss in FY25, a reduction of approximately 47%. The group focuses on lupin-based food ingredients and intellectual property. It reviewed operating costs and future capacity during the financial year and disclosed a plan to transition away from owning and operating a manufacturing facility in Germany toward a contract-manufacturing model.

Customer and Product Development

The company reported eight customers and more than 30 commercial product launches by the end of FY26. Its commercial activities covered lupin protein applications in beverages, nutrition and food products. It progressed distributor engagement in China, including work with Univar Solutions China. Wide Open Agriculture also reported an initial small sale of lupin oil for cosmetics and continued development of lupin fibre as another potential ingredient stream.

Manufacturing Transition

Management reported that rising energy and labour costs, the fixed-cost structure and relatively low capacity of the German facility resulted in negative manufacturing margins. Following a production review, the board approved an orderly wind-down of the German operation on 2 July 2026. Approximately 90 prospective contract manufacturers had been identified, 12 confidentiality agreements had been signed, and non-binding terms were under discussion. Management identified a staged production objective of approximately 500 to 1,000 tonnes annually, subject to demand and agreements.

Research, Funding and Longer-Term Plans

The company filed a patent application relating to a lupin protein milk formulation and secured revised technology licence royalty terms with Curtin University. It received an approximately AUD 1.69 million research and development tax incentive rebate in April 2026. Longer-term planning included a pre-feasibility study for a proposed Western Australian facility with capacity above 10,000 tonnes annually; management said any investment would depend on demand, funding and approvals.