REHOVOT, Israel - Steakholder Foods Ltd. (NASDAQ:STKH), known for its alternative proteins and 3D printing technologies, announced a strategic partnership with gourmet brand Sherry Herring to launch a new vegan fish salad line. Utilizing Steakholder Foods' proprietary SHFISH™ premix blends, the new product aims to replicate the taste and texture of traditional fish salads sustainably.
The partnership leverages Sherry Herring's culinary expertise and distribution network to introduce plant-based salads across various delis and restaurants. This move is expected to broaden Steakholder Foods' market reach and align with the increasing consumer demand for plant-based alternatives.
Michal Ansky, Steakholder Foods' newly appointed Culinary Director and daughter of Sherry Herring's founder, will play a pivotal role in the collaboration. Her extensive background in gastronomy and her role as a former MasterChef Israel judge are anticipated to contribute significantly to the product's development and appeal.
Arik Kaufman, CEO of Steakholder Foods, expressed optimism about the collaboration's potential to create new market opportunities and meet the growing interest in sustainable food solutions. The company's advanced technology and Sherry Herring's brand reputation are seen as a strong combination for success in the alternative protein market.
Steakholder Foods has been at the forefront of the alternative protein industry since its founding in 2019. The company specializes in 3D-printing production machines and proprietary premix blends that enable the production of food that closely mimics the texture and appearance of traditional meat and seafood.
Sherry Herring, established by Sherry Ansky, has grown from a sandwich stand to a well-recognized brand in Israel, offering a variety of fish delicacies made from fresh, high-quality ingredients.
The information in this article is based on a press release.
In other recent news, Steakholder Foods Ltd. has made significant strides in its commercial journey.
The company has entered a partnership with Wyler Farm Ltd., marking a substantial move towards commercialization. This agreement involves royalties and raw materials supply, setting the stage for Steakholder Foods' transition from research and development to revenue generation. The collaboration will result in the production of a range of plant-based meat products, with revenues expected to start rolling in by the end of 2024.
In addition, Steakholder Foods has regained compliance with Nasdaq's minimum bid price requirement, rectifying previous non-compliance issues. This development reaffirms the company's adherence to Listing Rule 5550(a)(2), closing the matter effectively.
Moreover, Steakholder Foods has launched its latest plant-based products, SHMeat and SHFish blends, designed for 3D food printing. The ingredients used in these blends have been confirmed to have Generally Recognized as Safe (GRAS) status for the United States market. The company is also actively ensuring that its production process aligns with necessary regulations, including the Food Safety Modernization Act (FSMA) and Good Manufacturing Practices (cGMPs).
Finally, Steakholder Foods is in discussions about a follow-on agreement for the production of 3D-printed meat products, including its flagship Printed Beef Steak.
These recent developments underscore the company's ongoing efforts to innovate and expand in the alternative protein sector.
InvestingPro Insights
In the wake of Steakholder Foods Ltd.'s announcement of their strategic partnership with Sherry Herring, it's prudent to consider the financial health and market performance of the company. According to InvestingPro data, Steakholder Foods holds a Market Cap (Adjusted) of just 0.03M USD, reflecting its status as a relatively small player in the industry. The company's financials also show a challenging situation, with an Operating Income, Adjusted LTM as of Q4 2023 at a loss of -14.18M USD and a Return on Assets over the same period at -129.03%, highlighting the significant hurdles the company faces in achieving profitability.
InvestingPro Tips suggest that while Steakholder Foods is trading at a low Price / Book multiple, which could be attractive to value investors, the company is also quickly burning through cash and has not been profitable over the last twelve months. Additionally, the stock has experienced high price volatility and has seen a significant decline over various time frames, with a 1 Year Price Total Return as of mid-2024 at -51.62%. This suggests that investors have been cautious about the company's prospects despite its innovative endeavors in the alternative protein space.
For investors intrigued by Steakholder Foods' market potential and interested in a deeper analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/STKH. These insights could provide a more comprehensive understanding of the company's financial nuances and market position. To access these insights, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which includes a wealth of other valuable investment metrics and data.
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