Financial Performance - Sales revenue increased by AUD$0.6 million or 6.1% to AUD$10.3 million for the three-month period ended on 30 September 2024, compared to AUD$9.7 million for the same period in 2023, primarily due to increased demand for cold pressed canola oil [167]. - Cost of sales rose by AUD$2.2 million or 30.7% to AUD$9.5 million in Q3 2024, compared to AUD$7.3 million in Q3 2023, impacting gross profit which decreased by 66.4% to AUD$830,380 [166]. - Operating loss for the three months ended 30 September 2024 was AUD$166,997, a significant decline from a profit of AUD$1,519,759 in the same period of 2023, representing a 111.0% change [166]. - The total comprehensive loss for the year was AUD$646,333, a decrease of AUD$2,056,864 or 145.8% compared to a profit of AUD$1,410,531 in the previous year [166]. - The company incurred a loss after income tax of AUD$646,333 for the three months ended 30 September 2024, compared to a profit of AUD$1,410,531 in the same period in 2023 [177]. - Adjusted EBITDA for the three months ended 30 September 2024 was $(244,693), a significant decrease from $1,702,720 in the prior year [192]. - Revenue from product sales increased by AUD$0.5 million or 6.1% to AUD$10.3 million for the three months ended 30 September 2024, up from AUD$9.7 million in the same period of 2023 [199]. Expenses - General and administrative expenses decreased by AUD$55,397 or 6.3% to AUD$830,406 in Q3 2024, while selling and marketing expenses surged by 189.4% to AUD$199,345 [166]. - Selling and marketing expenses surged by AUD$199,345 or 189.4% to AUD$68,873, attributed to the establishment of the Good Earth Oils sales team and promotional costs [173]. - Finance expenses increased by AUD$370,108 or 338.8% to AUD$479,336 in Q3 2024, compared to AUD$109,228 in Q3 2023 [166]. - Finance expenses increased significantly by AUD$370,108 or 338.8% to AUD$479,336, mainly due to repayments on asset finance and interest accruals [175]. - Cost of sales increased by AUD$2,232,794 or 30.7% to AUD$9,498,485 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 AUD$588,341 for the three months ended 30 September 2024, a significant improvement from net outflows of AUD$1,537,163 in the prior year [177]. - The company had cash in hand and at bank of AUD$2,127,738 as of 30 September 2024, up from AUD$514,140 as of 30 June 2024 [178]. - The company has access to an unused facility loan of AUD$8,000,000 from Commonwealth Bank of Australia as of 30 September 2024, which supports its liquidity position [181]. - Cash and cash equivalents totaled AUD$2,127,738 as of 30 September 2024, an increase from AUD$514,140 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 AUD$10,328,865, an increase of AUD$590,393 or 6.1% compared to AUD$9,738,472 in the same period of 2023 [169]. - Retail oils revenue increased by AUD$2,137,438 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].
Australian Oilseeds Holdings Limited(COOT) - 2024 Q3 - Quarterly Report