Sea Forest has reported strong first-half revenue growth and accelerating commercial traction for its methane-reducing feed additive, SeaFeed, as the company builds scale following its ASX listing in November.
In 1H26, SeaFeed revenue increased 236 per cent to $796,000, reflecting progress in commercial rollout and growing customer adoption.
Cattle under agreement reached 118,000 head, ahead of the company’s breakeven target expectations, with livestock progressively inducted onto supplementation programs.
Underlying EBITDA was a loss of $2 million, compared with a $1.8 million loss in the prior corresponding period, as higher cost of sales and operating expenses supported the expansion phase. Statutory NPAT was a loss of $3.9 million.
Snapshot: 1H26
- SeaFeed revenue: $796k, +236%
- Underlying EBITDA: $(2.0)m
- Statutory NPAT: $(3.9)m
- Cattle under agreement: 118,000 head
- Cash and cash on deposit: $29.0m
Operating cash outflows improved 10 per cent to $(4.7) million, supported by increased customer receipts, while net cash outflows of $(2.8) million reflected a $19 million placement into term deposits.
Sea Forest ended the half with $29 million in cash and cash on deposit and net assets of $41 million, positioning the business to continue scaling production and distribution.
Commercial expansion across feedlot and grazing markets
- During the half, Sea Forest signed a commercial agreement with Providore Global, contributing to the 118,000 head under contract. The company also advanced its multi-year collaboration with Woolworths Group, Teys Australia and DIT AgTech, establishing a pathway into Australia’s grazing livestock segment, which represents more than 30 million cattle.
Construction commenced on the company’s first regional mixing and distribution centre in Newcastle, aimed at improving cost efficiency and supply chain capability as volumes increase.
Internationally, Sea Forest progressed entry into South America via a partnership with Belterra in Brazil and advanced an exclusive manufacturing and distribution agreement with Oisix Ra Daichi in Japan.
CEO and co-founder Sam Elsom said the combination of revenue growth, cattle commitments, and a strengthened post-IPO balance sheet provide “financial strength to continue scaling”.
R&D pipeline broadens applications
Beyond oil dosing, Sea Forest is developing additional delivery formats including blocks, loose licks and water-based systems to support broader adoption in grazing systems.
The company is also expanding into aquaculture, with SeaFeed fishfeed trials at Deakin University confirming a 30 per cent increase in growth rates. Further research commencing in May 2026 will assess heat resistance, immune response and time-on-farm benefits.
With regulatory approvals and international trials progressing, Sea Forest enters the second half of FY26 focused on converting commercial momentum into scaled production and deeper penetration across both domestic and global livestock markets.
