Core Insights - Stockeld Dreamery, a Swedish dairy-free company, has ceased operations due to a significant decline in plant-based sales, which has made growth for independent cheese companies nearly impossible [1][2][3] - The company had recently secured listings in major retailers, including Whole Foods, but ultimately decided to shut down as it lacked the momentum to justify further fundraising [1][4] - Stockeld Dreamery's closure reflects broader challenges in the plant-based dairy sector, with other companies like Bel Group also announcing the discontinuation of their dairy-free products [5][6] Company Overview - Stockeld Dreamery was established in Stockholm in 2019, initially named Noquo Foods, and offered two dairy alternative products: Cultured Cream Cheese and Melt Cultured Slices [2] - The company had expanded its market presence in the US, selling products at over 500 locations across 30 states, including partnerships with Plantega and Apollo Bagels [4] Market Context - The plant-based dairy category has faced several setbacks this year, with notable companies like Bel Group planning to discontinue their dairy-free brands due to profitability challenges [5][6] - The decline in consumer interest in plant-based products has been a significant factor affecting the growth and sustainability of independent companies in this sector [2][3]

Financial Data and Key Metrics Changes - Revenue has grown by approximately $100 million, reaching an all-time high at the end of 2024 [19] - Gross margin expanded by 18 percentage points [19] - Adjusted EBITDA improved by over $230 million [19] - In Q1 2025, gross profit, gross margin, adjusted EBITDA, and free cash flow were the best since the IPO [19] Business Line Data and Key Metrics Changes - The company has significantly streamlined its supply chain and improved customer service levels [16] - Overhead structure has been simplified, focusing on profitable growth as a key objective [17] Market Data and Key Metrics Changes - The total plant-based dairy market is a small fraction of the overall dairy market, which is estimated to be nearly $600 billion [23] - The food service market adds a significant amount to the overall dairy market figure, indicating substantial growth potential [23] Company Strategy and Development Direction - The company has executed a significant transformation over the past two years, resulting in a healthier business with clear strategies and improved profitability [15] - The mission remains unchanged: to help people live healthier lives without recklessly taxing the planet's resources [20] - The company aims to convert consumers to plant-based products, expecting significant margin expansion and continued profit improvement [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the focused execution of the company's mission to create long-term value for shareholders [15] - The company acknowledges the need for ongoing work to achieve long-term sustainability goals while maintaining its mission [22] Other Important Information - The annual report and auditor's report for the financial year 2024 were approved by the required majority [12][28] - No dividend will be distributed for the financial year 2024, and the result will be carried forward [29] Q&A Session All Questions and Answers Question: Recognition of management's achievements - Management received recognition for the significant achievements and transformation of the business [25][26]