Highlights

  • Sea Forest (ASX:SEA) reported FY26 SeaFeed Revenue of $4.98 million, up 486% on FY25.
  • The company had 131,000 cattle committed under commercial agreements by 30 June 2026.
  • Sea Forest reported $27.76 million in cash and cash on deposit at the end of FY26.
  • Commissioning commenced for the first regional mixing and distribution centre in Newcastle, NSW.
  • Sea Forest traded at AUD 2.00, up 4.99% during the morning session on 28 August 2026.

Sea Forest Limited (ASX:SEA) has released its preliminary unaudited FY26 results, outlining growth in SeaFeed revenue, expansion of customer agreements and progress across its commercialisation initiatives. The company reported increased adoption of SeaFeed during the year while continuing to develop additional revenue pathways across livestock and aquaculture markets.

During the morning session on 28 August 2026, Sea Forest (ASX:SEA) was trading at AUD 2.00, up 4.99%. The stock remains down 11.11% over the past year, based on the provided market information.

Commercial Growth

Sea Forest reported SeaFeed revenue of $4.98 million for FY26, compared with $0.85 million in FY25, representing an increase of 486% on the prior corresponding period. The company said the increase reflected progress in the commercial rollout of SeaFeed and growing customer adoption.

During FY26, Sea Forest entered into new commercial agreements that increased the cumulative number of cattle under agreement to 131,000 as at 30 June 2026. The company said these cattle are progressively being inducted onto SeaFeed supplementation.

Sea Forest Chief Executive Officer and Co-Founder Sam Elsom said FY26 represented a key period for the company, with increasing Demand and adoption of SeaFeed, alongside the achievement of 131,000 cattle under agreement ahead of the threshold required for cashflow breakeven.

Financial Performance

Sea Forest reported underlying EBITDA of negative $3.09 million for FY26, compared with negative $6.21 million in FY25, representing a 50% improvement. The company said the result reflected higher revenue, partly offset by increased operating costs.

Statutory NPAT was negative $5.42 million, compared with negative $9.09 million in FY25, while net cash used in Operating Activities improved to $4.64 million from $5.94 million in the prior corresponding period.

Operating expenses increased during the year, excluding non-recurring IPO listing costs, due to higher Research and Development expenditure. Sea Forest said the additional Investment supported scientific programs, including domestic and international trials, new delivery formats and early-stage aquaculture research.

The company ended FY26 with $27.76 million in cash and cash on deposit, compared with $12.62 million in FY25.

Operational Progress

Sea Forest continued to expand its commercial network during FY26, including domestic agreements and new market opportunities. The company highlighted a multi-year trial involving Woolworths Group, DIT AgTech and Teys Australia, which provides a pathway into the Australian grazing market.

The company also progressed trials with Mainstream Aquaculture, expanding potential applications for SeaFeed beyond livestock markets.

Sea Forest commenced commissioning of its first regional mixing and distribution centre in Newcastle, NSW. The company also progressed its Verra-registered carbon project, which is expected to create an additional revenue pathway from certified methane emission reductions delivered by SeaFeed.

International Expansion

During FY26, Sea Forest expanded internationally through its Partnership with Belterra Agroflorestas in Brazil. Product was sent to Brazil for livestock trials, which have been completed, with the company awaiting regulatory approval before further trials or commercialisation activities commence.

The company also announced an exclusive Manufacturing and distribution partnership with Oisix Ra Daichi in Japan and continued discussions with potential customers in South Africa.

Sea Forest said it will continue progressing additional revenue pathways across grazing and aquaculture while developing further SeaFeed delivery formats, including blocks, loose licks and water delivery systems.

FY27 Focus

Sea Forest enters FY27 focused on strengthening production capability and distribution networks across domestic and international markets. The company said its research and development team will continue developing additional delivery formats to support broader adoption as the Business scales.

The company is also continuing discussions with potential customers in Australia’s grazing livestock market, supported by the multi-year trial with Woolworths Group, DIT AgTech and Teys Australia.

Investor Takeaway

Sea Forest’s FY26 update highlights increasing SeaFeed revenue, a growing customer base and continued investment in production, distribution and research capabilities. Investors may continue watching commercial adoption, regulatory progress across international markets, additional revenue pathways and the company’s ongoing expansion plans through FY27.