Bubs Australia said net loss attributable to members for FY24 decreased 80%, settling at $21.3 million, down from FY23’s $108.4 million.
The company reported a 33% rise in revenue from ordinary activities, totalling $79.7 million, in contrast to last year’s $60.1 million.
Chairperson Katrina Rathie stated, "Bubs' performance this year demonstrates our strong strategic direction and growth in key markets, especially the USA and China, which has inspired optimism for future improvements."
A revenue driver was the USA market, delivering $35 million, reflecting a 46% increase year-on-year.
Similarly, China's market showed a robust performance with $17.3 million in revenue, marking a 27% hike compared to FY23.
The report also highlighted Bubs' success in Australia as the fastest-growing premium brand in the infant formula category, achieving $21.6 million in revenue, a 24% rise from the previous year.
The company's improved inventory management and focused strategies underpinned a gross profit margin increase of 49%.
Despite revenue growth, Bubs’ ability to sustain its operations remains under observation.
The directors have expressed a cautious outlook, acknowledging material uncertainties regarding the United States Food and Drug Administration approval and ongoing litigation costs.
Bubs Australia is a vertically integrated producer of goat milk formula. The company is engaged in providing a range of organic baby food, goat milk infant formula products, adult goat milk powder products and fresh dairy products. It also provides canning services for nutritional dairy products.
At the time of reporting, Bubs Australia’s share price was $0.1225.