REHOVOT, Israel - Steakholder Foods Ltd. (NASDAQ:STKH), a food technology company, has unveiled its latest plant-based products, SHMeat and SHFish blends, designed for 3D food printing. The company announced that a recent feasibility report by a renowned consultant confirmed the legal status of the ingredients used in these blends for the United States market, indicating they have achieved Generally Recognized as Safe (GRAS) status.
The company's offerings include the SHMeat Beef Steak and SHFish White Fish blends, which aim to replicate the taste and texture of their animal-based counterparts. Steakholder Foods is also developing a variety of other blends, including SHMeat Beef Asado, SHMeat Beef Tenderloin, SHMeat Beef Flank, SHMeat Chicken Fillet, and SHFish Salmon, to cater to diverse culinary preferences.
Steakholder Foods employs two proprietary 3D printing technologies, Drop Location in Space (DLS) for fish and seafood, and Fused Paste Layering (FPL) for meat products, to achieve the desired textures. The production machines are designed to integrate into traditional food factories and meet the European Hygienic Engineering & Design Group (EHEDG) food safety standards.
The company is actively working to ensure that its production process complies with the Food Safety Modernization Act (FSMA), Good Manufacturing Practices (cGMPs), and other necessary regulations, as recommended by the consultant's report.
In addition to its technological advancements, Steakholder Foods is seeking partnerships with companies in the plant-based meat and fish alternatives sector, as well as traditional meat and fish producers. Arik Kaufman, CEO of Steakholder Foods, stated that the introduction of SHMeat and SHFish blends into the U.S. market represents a significant step towards sustainable and ethical food choices.
Steakholder Foods emphasizes its dedication to providing consumers with environmentally friendly alternatives that do not compromise on taste or texture. The company's commitment to innovation, sustainability, and health is reflected in its advanced 3D food printing technologies, which are now entering the U.S. market.
This news is based on a press release statement from Steakholder Foods Ltd.
InvestingPro Insights
As Steakholder Foods Ltd. (NASDAQ:STKH) continues to innovate in the realm of plant-based products with their recent developments in 3D food printing, the financial health and market performance of the company remain crucial for investors. According to InvestingPro data, Steakholder Foods holds a market capitalization of just $0.41 million, reflecting its status as a smaller player in the industry. The company's financials show significant challenges, with an operating income of approximately -$18.4 million over the last twelve months as of Q2 2023. This is mirrored in its EBITDA, which also indicates a loss of -$17.75 million in the same period.
InvestingPro Tips for Steakholder Foods reveal a complex picture. On the positive side, the company holds more cash than debt on its balance sheet, which can be a sign of financial prudence. However, other metrics suggest areas of concern: the company is rapidly burning through cash, and its stock has experienced high price volatility. Notably, the stock price has seen a significant decline over the last year, with a one-year price total return of -28.47%. This volatility and performance may be of interest to investors looking for potential high-risk, high-reward opportunities.
For those considering an investment in Steakholder Foods, it is important to note that the company does not pay a dividend to shareholders, which may influence the investment decision for income-focused investors. Additionally, with the next earnings date scheduled for April 18, 2024, potential investors should be prepared for updates that could impact the stock's performance.
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