Workflow
Australian Oilseeds Holdings Limited(COOT) - 2024 Q3 - Quarterly Report
COOTAustralian Oilseeds Holdings Limited(COOT)2025-02-10 20:28

Financial Performance - Sales revenue increased by AUD0.6millionor6.10.6 million or 6.1% to AUD10.3 million for the three-month period ended on 30 September 2024, compared to AUD9.7millionforthesameperiodin2023,primarilyduetoincreaseddemandforcoldpressedcanolaoil[167].−CostofsalesrosebyAUD9.7 million for the same period in 2023, primarily due to increased demand for cold pressed canola oil [167]. - Cost of sales rose by AUD2.2 million or 30.7% to AUD9.5millioninQ32024,comparedtoAUD9.5 million in Q3 2024, compared to AUD7.3 million in Q3 2023, impacting gross profit which decreased by 66.4% to AUD830,380[166].−Operatinglossforthethreemonthsended30September2024wasAUD830,380 [166]. - Operating loss for the three months ended 30 September 2024 was AUD166,997, a significant decline from a profit of AUD1,519,759inthesameperiodof2023,representinga111.01,519,759 in the same period of 2023, representing a 111.0% change [166]. - The total comprehensive loss for the year was AUD646,333, a decrease of AUD2,056,864or145.82,056,864 or 145.8% compared to a profit of AUD1,410,531 in the previous year [166]. - The company incurred a loss after income tax of AUD646,333forthethreemonthsended30September2024,comparedtoaprofitofAUD646,333 for the three months ended 30 September 2024, compared to a profit of AUD1,410,531 in the same period in 2023 [177]. - Adjusted EBITDA for the three months ended 30 September 2024 was (244,693),asignificantdecreasefrom(244,693), a significant decrease from 1,702,720 in the prior year [192]. - Revenue from product sales increased by AUD0.5millionor6.10.5 million or 6.1% to AUD10.3 million for the three months ended 30 September 2024, up from AUD9.7millioninthesameperiodof2023[199].Expenses−GeneralandadministrativeexpensesdecreasedbyAUD9.7 million in the same period of 2023 [199]. Expenses - General and administrative expenses decreased by AUD55,397 or 6.3% to AUD830,406inQ32024,whilesellingandmarketingexpensessurgedby189.4830,406 in Q3 2024, while selling and marketing expenses surged by 189.4% to AUD199,345 [166]. - Selling and marketing expenses surged by AUD199,345or189.4199,345 or 189.4% to AUD68,873, attributed to the establishment of the Good Earth Oils sales team and promotional costs [173]. - Finance expenses increased by AUD370,108or338.8370,108 or 338.8% to AUD479,336 in Q3 2024, compared to AUD109,228inQ32023[166].−FinanceexpensesincreasedsignificantlybyAUD109,228 in Q3 2023 [166]. - Finance expenses increased significantly by AUD370,108 or 338.8% to AUD479,336,mainlyduetorepaymentsonassetfinanceandinterestaccruals[175].−CostofsalesincreasedbyAUD479,336, mainly due to repayments on asset finance and interest accruals [175]. - Cost of sales increased by AUD2,232,794 or 30.7% to AUD9,498,485forthethreemonthsended30September2024,primarilyduetorisingmaterialandlaborcosts[171].CashFlowandLiquidity−NetcashinflowsfromoperatingactivitieswereAUD9,498,485 for the three months ended 30 September 2024, primarily due to rising material and labor costs [171]. Cash Flow and Liquidity - Net cash inflows from operating activities were AUD588,341 for the three months ended 30 September 2024, a significant improvement from net outflows of AUD1,537,163intheprioryear[177].−ThecompanyhadcashinhandandatbankofAUD1,537,163 in the prior year [177]. - The company had cash in hand and at bank of AUD2,127,738 as of 30 September 2024, up from AUD514,140asof30June2024[178].−ThecompanyhasaccesstoanunusedfacilityloanofAUD514,140 as of 30 June 2024 [178]. - The company has access to an unused facility loan of AUD8,000,000 from Commonwealth Bank of Australia as of 30 September 2024, which supports its liquidity position [181]. - Cash and cash equivalents totaled AUD2,127,738asof30September2024,anincreasefromAUD2,127,738 as of 30 September 2024, an increase from AUD514,140 as of 30 June 2024 [209]. - The company has determined that its sources of liquidity will be sufficient to meet financing requirements for the next year, but long-term funding remains uncertain [193]. Business Developments - The business combination with EDOC Acquisition Corp. was completed on March 21, 2024, resulting in EDOC becoming a wholly-owned subsidiary of the Company [151]. - The Company issued an aggregate of 840,891 ordinary shares to vendors and service providers as part of the business combination transaction expenses [153]. - The Company commenced trading on the Nasdaq under the ticker symbols "COOT" and "COOTW" on March 22, 2024, following the completion of the business combination [156]. - The company has authorized 555,000,000 shares, including 500,000,000 Class A Ordinary Shares, reflecting its capital structure post-business combination [200]. Revenue Composition - Total revenues for the three months ended 30 September 2024 were AUD10,328,865,anincreaseofAUD10,328,865, an increase of AUD590,393 or 6.1% compared to AUD9,738,472inthesameperiodof2023[169].−RetailoilsrevenueincreasedbyAUD9,738,472 in the same period of 2023 [169]. - Retail oils revenue increased by AUD2,137,438 or 59.9%, representing 55.2% of total revenue for the three months ended 30 September 2024, compared to 36.6% in the prior year [169]. Risk and Concentration - Three customers accounted for 60.7% of the company's accounts receivable balance as of 30 June 2024, indicating a concentration of credit risk [214]. Future Projections - The company projects a net profit before tax of AUD$2.5 million for the year 2025, contingent on operational cash flows and additional long-term debt [193].