Else Nutrition has developed the world’s first globally patented, 100% plant-based dairy- and soy-free infant formula line, which offers a clean-label alternative for babies who are intolerant to dairy and soy and to families who are flexitarian or seeking more sustainable food options. It launched its toddler formula in August 2020 and successfully built sales infrastructure in the US during 2021, rolling out sales online and in-store. It has expanded by launching a nutritional drink for children and a line of baby cereal. Its infant formula is undergoing rigorous testing before launch, expected in FY25. Momentum is clearly building, with further geographic and product expansion into major markets such as China, Europe and Canada as catalysts for growth. In June, Else raised $7.35m through an equity offering, leaving the company well capitalised to fund its ambitious growth plans. We are reviewing our forecasts following Q3 results.