Sparks - Amoeba

Amoéba’s H126 results confirm the preliminary figures covered in our 19 October note. Revenue was €63k, while higher industrial deployment and R&D expenditure widened the recurring operating loss to €6.4m (H125: €3.1m). Net loss increased to €7.4m from €3.9m.

Since our October update note, Amoéba has completed its €9.7m rights issue, comprising €3.7m of gross cash subscriptions and €6.0m of Nice & Green debt conversion. Together with the September placing, the transactions provided €8.6m of gross cash proceeds and converted €9.0m of debt, reducing Nice & Green bond debt to €3.0m. Management expects funding through September 2027 and annual financing cost savings of c €0.5m.

Management is targeting revenue of €1.0–2.0m in 2027, the first full commercial season, rising to c €40.0m in 2030 with a recurring operating margin above 10%. Its longer-term ambition is revenue of €80.0m in 2032 and a margin approaching 20%. Beyond this, management expects the proposed Willa transaction to provide the funding required to reach financial self-sufficiency, targeted from 2029. This remains subject to agreeing and completing a transaction with an appropriate level and timing of proceeds, alongside delivery of the commercial plan.