REG - MicroSalt PLC - Unaudited Half-yearly Report
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RNS Number : 2800B MicroSalt PLC 30 September 2025
30 September 2025
MicroSalt Plc
("MicroSalt", the "Company" or the "Group")
Unaudited Half-yearly Report for the period ending 30 June 2025
MicroSalt Plc, (AIM: SALT), a leading manufacturer of full-flavour natural
salt with approximately 50% less sodium, is pleased to announce its results
for the six-month period ended 30 June 2025.
Financial highlights:
· Record revenue of US$0.8m (H1 2024: US$0.2m) driven by the continued expansion
of bulk sales
· Reduced net loss of US$1.9m (H1 2024: US$2.8m) reflects the developing
economies of scale in both the Company's production and sales efforts
· Gross cash as at 30 June 2025 was US$0.9m (31 December 2024: US$0.3m)
following the fundraising of US$2.9m (before expenses) in February 2025
· $1.2m investment in inventory to meet expected much higher sales orders in H2
2025
· H2 2025 cash utilisation is expected to be lower than that incurred in H1 2025
MicroSalt's bulk sales in H1 2025 were dominated by repeat orders from
different entities and geographies from a Fast Moving Consumer Goods ("FMCG")
business MicroSalt describes as Customer 3, one of the world's largest food,
drink and snack manufacturers, and in particular:
o Customer 1 (Mexican division of Customer 3) purchased $0.6m for use in
three mainstream items with two more planned to begin in Q4 2025
o Customer 2 (North American division of Customer 3) purchased $0.2m for
one full brand (multiple items) with two or more items with the same brand
planned for Q4 2025
Operational Highlights
· Up to 471,848,208 servings made healthier with MicroSalt® so far in 2025
· Expanded sales of MicroSalt® to the UK and Belgium, while increasing sales in
existing markets in the US, Mexico and Canada
· Received the Low Sodium Salt Technology of the Year 2025 award from Food
Business Review
· Named in Fast Company's 2025 list of the World's most innovative companies
· Recognised by IFE: The International Food & Drink Event in London for its
groundbreaking contributions to the food industry
Post period end & Outlook:
· Received volume projections from Customer 3 for a single new item commencing
in Q2 2026 with expected sales exceeding $5.0m in 2026, growing to $11.0m in
2027
· Commenced commercialisation and consumer testing for bulk salt with several
multinational FMCG companies and food manufacturers
· Advanced discussions with major food manufacturers continue, with volume
commitments of approximately (includes a strong pipeline with significant
customer prospects at advanced stages):
o US$1.2m for the remainder of 2025
o US$6.7m for 2026
o US$13.0m-US$15.0m for 2027
· Successful launch of second major product line, MicroSalt® Premium, targeting
the Quick Service and Fast Service Restaurants ("QSR/FSR") market with a focus
on French fries; the product has been strongly received and is in final-stage
consideration for rollout with a leading global brand
· Gary Urmston, Non-Executive Director, appointed as part-time CFO until a new
external appointment has been made, following the departure of Konrad
Dabrowski in August 2025
Rick Guiney, CEO of MicroSalt commented: "H1 has been a very busy and exciting
time for MicroSalt, marked by its successful fundraise and clear evidence of
growth with some of the world's largest FMCG companies. We continue to execute
against our geographic expansion strategy, driven by our expanding our
portfolio of reference sales. This is providing international credibility to
our low sodium solutions with inroads into Asia, Australia, South Africa, the
UK, Germany, Canada and Latin America. This global traction continues to
strengthen our sales pipeline and reinforces the scale of opportunity ahead.
"Furthermore, our strategic focus on bulk ingredient sales has proven
successful, delivering economies of scale across operations and positioning us
for sustained improvements in financial performance. With accelerating
top-line momentum, we are confident in delivering impactful results that
underpin both the strength of our business model and the growing demand for
healthier, low-sodium alternatives globally."
Investor Presentation
Rick Guiney, CEO, and Gary Urmston, Interim CFO, will provide a live online
presentation for investors via Investor Meet Company on Thursday 2 October
2025 at 15.00 BST.
The presentation is open to all existing and potential
shareholders. Questions can be submitted pre-event via your Investor Meet
Company dashboard up until Wednesday 1 October 2025 at 09:00 BST, or at any
time during the live presentation.
Investors can sign up to Investor Meet Company for free and add to
meet MICROSALT PLC via:
https://www.investormeetcompany.com/microsalt-plc/register-investor
(https://www.investormeetcompany.com/microsalt-plc/register-investor)
Enquiries:
MicroSalt plc c/o +44 (0)20 4582 3500
Rick Guiney, CEO
Zeus (Nominated adviser and broker) +44 (0)20 3829 5000
David Foreman, James Edis (Investment Banking)
Gracechurch Group (Financial PR) +44 (0)20 4582 3500
Heather Armstrong, Alexis Gore, Rebecca Scott
About MicroSalt®
MicroSalt® is disrupting the global salt market with its patented,
full-flavour, low-sodium salt designed for both food manufacturers and
consumers. Using proprietary micron-sized particles, MicroSalt delivers the
same salty taste as traditional salt with approximately 50% less sodium,
offering a scalable solution to one of the world's most pressing health
challenges.
Excess sodium consumption is a leading contributor to cardiovascular disease,
the world's number one cause of death. The World Health Organisation has
targeted a 30% reduction in global sodium intake by 2025, a shift projected to
save seven million lives by 2030. The economic case is equally compelling: in
the UK alone, cardiovascular disease costs £19 billion annually, and reducing
average daily salt intake by just one gram could save over 4,000 lives and
£288 million each year.
Operational since 2018, MicroSalt has established a defensible IP portfolio,
holding a granted US patent and 14 pending applications worldwide. These
protections create significant barriers to entry in a market expected to grow
exponentially as regulation and consumer demand accelerate.
MicroSalt is ideally positioned for scale and market leadership, with clear
pathways into food manufacturing, consumer channels, and ultimately the
broader £10+ billion global salt market. MicroSalt® is more than a healthier
alternative-it is a disruptive, category-defining solution poised to deliver
significant commercial and societal impact.
For more information, please visit www.microsaltinc.co
(http://www.microsaltinc.co) or follow on X @microSaltPLC.
Chief Executive Officer's statement
Introduction
MicroSalt's mission is to reduce excess sodium consumption which significantly
contributes to hypertension and heart disease, by providing a full-flavour
salt with approximately 50% less sodium than traditional salt for food
manufacturers and consumers.
The Group has developed a patent protected, scalable manufacturing process
that produces a salt crystal that is approximately 100 times smaller than
traditional salt. Due to its micron-sized particles, MicroSalt has improved
adhesion to food (compared with traditional salt crystals) which dissolves
much faster on the tongue, thereby delivering the same sense of saltiness as
traditional snacks, using approximately only half the amount of sodium.
H1 of 2025 was a period of significant progress for MicroSalt, with bulk
revenue in H1 2025 representing 307% of the total bulk revenue for all of
2024. The Company also executed a successful second fundraise of US$3.1m.
Together, these supported investment in R&D efforts, drove infrastructure
and staffing improvements, and continued strategic growth. As the Company
continues to promote its vision of a healthier future through reduced sodium
in today's diets, it is uncovering an increasing range of possibilities and
attractive commercial opportunities. MicroSalt has established an active B2B
pipeline for future growth and it has created a groundbreaking product that is
already opening up significant additional revenue opportunities for 2026
within the foodservice, healthcare and single serve channels.
Geographical expansion initiatives have extended across several continents,
with inroads in Asia, Australia, South Africa, the UK, Germany, Canada and
Latin America, all of which have boosted the Company's sales pipeline. New
business development and customer relationships with some of the largest
global food manufacturers are strong, with discussions including production
execution timetables.
Financial summary
The Company's revenue of US$0.8m (H1 2024: US$0.2m) sets a new Company record
and demonstrates four consecutive quarters of sales growth. Importantly, bulk
revenue in H1 2025 represents 307% of the total bulk revenue for all of 2024
and includes shipments to existing markets of Canada, Mexico, the United
States and newly opened markets in the UK and Belgium.
Net loss improved to US$1.9m (H1 2024: US$2.8m), reflective of a continued
focus on B2B sales.
Inventories increased to US$0.9m (31 December 2024: US$0.7m), predominantly
due to an increase in finished goods, in preparation for the expected bulk
orders from the Company's major food manufacturing B2B customers in H2 2025.
Trade and other receivables increased to US$1.0m (31 December 2024: US$0.9m),
predominantly due to prepaid inventory for the production of MicroSalt.
Trade and other payables decreased to US$1.0m (31 December 2024: US$1.3m),
predominantly due to decreases in trade payables and amounts owed to related
parties.
Borrowings remained the same in both periods; US$2.7m, due to increases in the
convertible loan notes owed to a related party from interest charges that were
offset by a repayment of US$0.2m in June.
Operations summary
A key priority in H1 2025 was advancing MicroSalt's larger-volume B2B
opportunities with several multinational FMCG companies and food
manufacturers, supported by a significantly expanded R&D programme to
ensure the Company is positioned to rapidly capitalise on market demand. The
Company is now an approved supplier for one of the world's largest food
manufacturers across North and South America, as well as for one of the
largest global spice and ingredient suppliers in the US, Canada and the UK,
marking a major milestone in commercial traction.
Building on this continued commitment of innovation, MicroSalt successfully
delivered a patent pending production line extension, MicroSalt Premium,
specifically designed to address bulk density requirements of the QSR/ FSR
market. This product opens meaningful new sales channels, particularly, the
French fry category, which represents over 2 billion servings annually in the
US. Beyond this, it creates significant revenue opportunities in the food
service channel with restaurants, hospitals, hotels, heart care and single
serve packaging applications.
Sales and marketing
MicroSalt attended several trade shows and expos during the first half of the
year, both in the US and internationally, providing the opportunity to meet
potential customers, gain market insights and intelligence and to drive sales
and outreach efforts. The Company also hired a Quick Sales Restaurant ("QSR")
specialist to spearhead outreach for MicroSalt® Premium in the US market,
while actively investing in brand awareness and social media campaigns in
order to maximise exposure to potential customers seeking low sodium
solutions.
MicroSalt is very proud of the awards and accolades it won in the first half
of the year. The Company was delighted to win the Low Sodium Salt Technology
of the Year 2025 award from Food Business Review in recognition of its
reputation and trust among customers and industry peers. MicroSalt won this
award following stringent evaluation by an expert panel of C-level executives,
industry thought leaders and the editorial board.
The Company was also named in Fast Company's prestigious list of the World's
most innovative companies of 2025 in March 2025. The awards shine a spotlight
on businesses that are shaping industry and culture through innovation to set
new standards and achieve remarkable milestones in all sectors of the economy.
MicroSalt was named #9 in the Small but Mighty category (companies under 50
employees).
The Company also won the Innovative Solutions for Nutritious Foods at this
year's IFE Manufacturing Ingredients Awards which recognise excellence across
six categories, the awards showcase cutting-edge developments in ingredient
technology, sustainability, and clean-label solutions.
Political/regulatory update
The World Health Organisation ("WHO") has set a target of reducing global
sodium intake by 30% by 2025, which it estimates will save 7 million lives by
2030 1 (#_ftn1) . WHO research also found that every US$1 spent on sodium
reduction translates to US$12 in healthcare cost savings for treating
cardiovascular disease worldwide. Governmental pressure continues to
increase with new regulations in Canada for 2025. Additionally, local
dieticians and purchasing authorities are actively looking to lower sodium
consumption, regardless of any legal mandates.
Governmental pressures from the US Food and Drug Administration regarding the
use of petroleum-based colours and artificial flavours postponed several low
sodium reformulation efforts until H1 of 2026. Governmental pressures on
High Fat, Salt, and Sugar ("HFSS") food regulation in the UK are re-igniting
sales conversation for both bulk and private label. Additionally, the APAC
region is becoming much more active in its efforts to provide low sodium
options to its food manufacturing companies.
Changes to the Board
As announced on 1 September 2025, at the time of MicroSalt's admission to AIM,
the Company stated that Konrad Dabrowski would commit a minimum of 25 hours
per week to the Company as CFO. Following review, and given enhanced internal
accounting resource the Company now needs, together with the fact that Konrad
has considerable other business commitments, the Board and Konrad agreed that
he step down from the MicroSalt Board and his position as CFO. As MicroSalt
moves into its next phase of growth, the process of appointing a successor is
underway and in the interim, Gary Urmston, Non-Executive Director, has agreed
to serve as part-time CFO.
The Board would like to thank Konrad for his contribution not just over the
last 18 months but also over the period preceding this.
Current trading and outlook
Looking ahead, MicroSalt approaches the future with confidence and eagerly
anticipates the success that await. YTD through August 2025, there were up to
471,848,208 salt servings made healthier with MicroSalt, demonstrating that
the Company is fulfilling its mission and making food healthier for all.
MicroSalt's success is underscored by growing sales volume, increasing number
of applications, expanding sales channels as well as an ever-increasing
geographic reach. Continued regulatory support for lower sodium food products
acts as a catalyst for growth both in the US and across the globe, as well as
acting as a safeguard for the longevity of MicroSalt.
We expect full year revenue for 2025 to be approximately $2.0m. Based on the
current volume commitments and near-term volume projections provided to the
Company by customers, this will increase in 2026 to approximately $6.5m to
$7.0m and at least $13.0m in 2027. There is potential for further upside as
several of the Company's sales prospects (both large and small), are
graduating to execution and are not included in volume projections. For
context, MicroSalt's 2026 revenue estimates would equate to approximately 2.9
billion servings of healthier food.
Finally, I must recognise, on behalf of the Board, our sincere thanks to all
stakeholders in the business who have supported us and are making possible the
achievement of our mission and objectives.
Rick Guiney
Chief Executive Officer
Condensed consolidated statement of profit or loss and other comprehensive income
Note Six months ended Six months ended Year ended
30 June 2025 30 June 2024 31 Dec 2024
Unaudited Unaudited Audited
US$'000 US$'000 US$'000
Revenue 836 220 750
Cost of sales (830) (199) (1,188)
Gross (loss)/profit 6 21 (438)
Other operating income - 3 3
Administrative expenses (1,597) (1,790) (3,983)
IPO Costs - (641) (1,430)
Operating loss (1,591) (2,407) (5,848)
Finance income 7 - 6
Finance expense (137) (140) (289)
Loss before taxation (1,723) (2,547) (6,131)
Taxation - - -
Loss for the year (1,723) (2,547) (6,131)
Loss for the year attributable to:
Owners of the parent (1,723) (2,547) (6,131)
Non-controlling interests - - -
(1,723) (2,547) (6,131)
Other comprehensive income
Items that may or may not be recognised in profit or loss:
Foreign currency translation differences (188) (251) 89
Total comprehensive income (1,911) (2,798) (6,042)
Total comprehensive loss attributable to:
Owners of the parent (1,911) (2,798) (6,042)
Non-controlling interests - - -
(1,911) (2,798) (6,042)
Loss per share for loss attributable to the owners
Basic and diluted loss per share (US$) 5 (0.04) (0.22) (0.13)
Condensed consolidated statement of financial position
Company Number 10061337 Note As at As at
30 June 31 December 2024
2025 Audited
Unaudited
US$'000 US$'000
Assets
Current assets
Inventories 914 714
Trade and other receivables 1,001 872
Cash and cash equivalents 915 261
Total current assets 2,830 1,847
Non-current assets
Property, plant & equipment 271 200
Intangible assets 514 498
Total non-current assets 785 698
Total assets 3,615 2,545
Liabilities
Current liabilities
Trade and other payables 1,041 1,348
Total current liabilities 1,041 1,348
Non-current liabilities
Borrowings 2,733 2,746
Total non-current liabilities 2,733 2,746
Total liabilities 3,774 4,094
Net (liabilities)/assets (159) (1,549)
Equity
Share capital 6 106 99
Share premium 9,497 6,183
Share-based payment reserve 1,409 1,340
Capital contribution reserve 500 500
Accumulated losses (11,489) (9,766)
Translation reserve (182) 95
(159) (1,549)
Non-controlling interests - -
Total equity (159) (1,549)
Condensed consolidated statement of changes in equity
For the six months ended 30 June 2025
Note Share capital Share premium Share based payment reserve Capital contribution reserve Accumulated losses Translation reserve Total attributable to the company Non - controlling interests Total
equity
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Balance as at 31 December 2023 73 - 1,060 500 (3,635) 6 (1,996) - (1,996)
Loss for the year - - - - (2,547) - (2,547) - (2,547)
Other comprehensive income (257) (257) (257)
Transactions with owners
Issue of ordinary share capital 23 6,228 - - - - 6,251 - 6,251
Capital contribution from ultimate controlling party - (702) - - - - (702) - (702)
Share-based payments - - 125 - - - 125 - 125
At 30 June 2024 (unaudited) 96 5,526 1,185 500 (6,182) (251) 874 - (874)
Balance as at 31 December 2024 99 6,183 1,340 500 (9,766) 95 (1,549) - (1,549)
Loss for the year - - - - (1,723) - (1,723) - (1,723)
Other comprehensive income - - - - - (277) (277) - (277)
Transactions with owners
Issue of ordinary share capital 6 7 3,314 - - - - 3,321 - 3,321
Share-based payments - - 69 - - - 69 - 69
At 30 June 2025 (unaudited) 106 9,497 1,409 500 (11,489) (182) (159) - (159)
Condensed consolidated statement of cash flows
Six months ended Six months ended
30 June 2025 30 June 2024
Unaudited Unaudited
Note US$'000 US$'000
Cash flows from operating activities
Loss before income tax (1,723) (2,547)
Depreciation of property, plant and equipment 21 1
Amortisation of intangible assets 11 4
Share based payment expense 69 125
Finance income (7) -
Finance expense 137 140
(1,492) (2,277)
(Increase) / decrease in inventories (199) (257)
(Increase)/ decrease in trade and other receivables (129) 442
(Decrease) in trade and other payables (308) (1,097)
Net cash used in operating activities (2,128) (3,189)
Cash flows from investing activities
Purchase of intangible assets (29) (68)
Payments to acquire property, plant and equipment (91) -
Interest received 7 -
Net cash used in investing activities (113) (68)
Cash flows from financing activities
Issue of shares 3,322 6,251
Proceeds from/(payment of) borrowings (150) 267
Payment of share issue costs - (702)
Net cash from financing activities 3,172 5,816
Increase in cash and cash equivalents 931 2,559
Cash and cash equivalents at beginning of year 261 117
Effect of foreign exchange rate changes (277) (257)
Cash and cash equivalents at end of year 915 2,419
Notes to the consolidated financial statements
1. General information
MicroSalt Plc (the "Company") is a private company limited by shares and
registered and incorporated in England and Wales. The registered office is 12
New Fetter Lane, London, United Kingdom, EC4A 1JP. The Company is a public
limited company, which has been quoted on the AIM market of the London Stock
Exchange since 2024.
The principal activity of the Company together with its subsidiary undertaking
(the "Group") is that of the development and sale of low sodium salt and snack
foods.
2. Basis of preparation
The financial information for the six months ended 30 June 2025 set out in
this interim financial information is unaudited and does not constitute
statutory financial statements. The interim condensed financial information
has been presented in US Dollars ("$") and is rounded to the nearest dollar.
3. Accounting policies
3.1 Statement of compliance
The accounting policies applied by the Group and its subsidiaries in these
unaudited half year results are consistent with those applied in the annual
financial statements for the year ended 31 December 2024.
The financial statements of MicroSalt Plc Group have been prepared in
accordance with International Financial Reporting Standards (IFRS) and IFRS
Interpretations Committee (IFRS IC) as adopted by the United Kingdom and the
Companies Act 2006. The financial statements have been prepared under the
historical cost convention.
The preparation of financial statements in conformity with IFRS requires the
use of certain critical accounting estimates. It requires management to
exercise its judgement in the process of applying the Group's accounting
policies. The areas involving a higher degree of judgment or complexity, or
areas where assumptions and estimates are significant to the consolidated
financial statements are disclosed in note 2 of the FY 2023 accounts.
4. Going concern
The 2025 half year results have been prepared on a going concern basis.
The Group meets its day to day working capital requirements through financing
coming primarily via, cash raised after completing the IPO on the AIM Market
of London of London Stock Exchange plc and a subsequent fundraise in February
2025.
The Directors are satisfied that there are sufficient resources to continue in
business for the foreseeable futureFurthermore, the Directors are not aware of
any material uncertainties that may cast significant doubt upon the Group's
ability to continue as a going concern. They are mindful of the geo-political
environment, including rising inflation but are confident they have
appropriate plans in place to mitigate any such risk in relation to this.
Therefore, the financial statements continue to be prepared on the going
concern basis.
5. Basic and diluted loss per share
Basic and diluted loss per share is calculated by dividing the result
attributable to equity holders by the weighted average number of ordinary
shares in issue. Loss per share is presented based on the number of shares
outstanding in the Company.
30 June 31 December
2025 2024
Loss used in calculating basic and diluted loss per share (US$) (1,911,000) (6,042,000)
Weighted average number of shares 50,388,604 45,851,697
Basic and diluted loss per share (US$) (0.04) (0.13)
The diluted earnings per share is identical to the basic loss per share as the
exercise of warrants and options would be anti-dilutive.
6. Share capital
30 June 30 June 31 December 31 December
2025 2025 2024 2024
Shares US$ Shares US$
Allotted, called up and fully paid
Opening number of £0.001625 ordinary shares 48,217,134 98,897 35,245,729 72,926
Issue of ordinary shares 3,723,551 7,711 12,971,405 25,671
Closing number of £0.001625 ordinary shares 51,940,685 106,308 48,217,134 98,897
All issues are for cash unless otherwise stated.
1 (#_ftnref1) Massive efforts needed to reduce salt intake and protect lives
(https://www.who.int/news/item/09-03-2023-massive-efforts-needed-to-reduce-salt-intake-and-protect-lives)
, World Health Organisation, 2023
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