Q4 Revenue Growth and Strong Exit Run-Rate
Q4 FY25 revenue of $4.1M, up 9.5% quarter-on-quarter, delivering a strong exit run-rate into FY26 and demonstrating seasonal rebound in the business.
Full-Year Revenue and Stability
FY25 revenue of $15.5M, representing 3.6% year-over-year growth with quarterly revenue generally stable between ~$3M and $4M, indicating resilience while cost actions were implemented.
Shift to Higher-Margin Revenue Mix
E-commerce share increased from 21% of revenue in 2024 to 38% in 2025; lower-margin bulk ingredients reduced from 24% to 14%, improving the gross margin profile and predictability of cash generation.
Direct-to-Consumer Momentum
Healthy Chef e-commerce sales grew 42% year-over-year in Q4, showing strong D2C traction and derisking the business from reliance on a few large wholesalers/retailers.
Cost Reductions and Profitability Progress
Operating cost base reduced by approximately 30% in Q4 FY25 versus Q4 FY24 (described as structural), with the company achieving slightly positive EBITDA for Q4 and positive normalized operating cash flow for the quarter.
Balance Sheet Strengthening
Completed a two-tranche capital raise totaling $2.5M in H2 FY25, which the company says strengthens the balance sheet and provides flexibility for growth and M&A opportunities.
Product Innovation and New Launches
Multiple product initiatives positioned to capture market trends: Healthy Chef Metabolic Burn (targeting pre-GLP-1 consumers) launching month of call, Healthy Chef Protein Waters launched in 2025, and Mt Elephant new SKUs and world-first sustainable pancake shaker rolling out in Coles in May.
Hemp Platform Strength
Elixinol claims to be the largest hemp brand and ingredient supplier in Australia, with contracted hemp volumes for 2026 up on 2025, leveraging vertical integration and private-label supply relationships.
Organizational Reset and Governance
Leadership team rebuilt and organizational simplification completed (removed a layer of middle management), with renewed focus on financial/operational discipline and M&A capability to build a scaled premium wellness platform.