Wide Open Agriculture Ltd. (WOA) AI Stock Analysis

• Market Cap: AU$11.13M
• Dividend Yield: N/A
• Average Volume (3M): 1.40M
• Price to Earnings (P/E): ―
• Beta (1Y): -2.77
• Revenue Growth: -94.79%
• EPS Growth: 82.57%
• Country: AU
• Employees: 65
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Agricultural Farm Products
• EPS (TTM): >-0.01
• Shares Outstanding: 654,446,900
• 10 Day Avg. Volume: 1,404,627
• 30 Day Avg. Volume: 1,396,062
• PEG Ratio: 0.02
• Price to Book (P/B): 1.58
• Price to Sales (P/S): 20.48
• P/FCF Ratio: -2.74
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 44 Neutral
• Price Target: AU$0.02 ▼(-20.00% Downside)
• Action: Reiterated Date: 11/12/25
• Date: Action: Reiterated 11/12/25

Wide Open Agriculture Ltd. has a low overall stock score due to significant financial performance challenges, including declining revenues and negative profitability. The technical analysis shows mild short-term momentum, but the valuation is unattractive with a negative P/E ratio. The absence of earnings call data and corporate events limits further insights.

Positive Factors

Improved leverage

A materially lower debt-to-equity ratio improves financial resilience and reduces interest burden, giving management more optionality to fund operations or product development without large incremental leverage. This enhances survivability and flexibility over the next several quarters.

Proprietary ingredient B2B model

A focused B2B ingredient business selling lupin-derived proteins gives structural advantages: repeatable commercial contracts, deeper formulation relationships, and potential scale benefits in manufacturing. That product-centric model supports sustainable revenue if demand recovers.

Demonstrated prior scale

Historic high growth indicates the company has achieved prior product-market fit and distribution lift. That track record signals capacity to scale volumes and customer adoption when operational issues are addressed, supporting potential recovery over a multi-month horizon.

Negative Factors

Revenue collapse & weak margins

A drastic revenue decline combined with deeply negative gross and net margins undermines the core economics of the business. Persistent negative unit economics and falling top line threaten long-term viability unless cost structure or pricing is fundamentally reset.

Poor cash conversion

Steep declines in free cash flow and an operating cash flow to net income ratio well below 1 indicate the business struggles to convert reported results into usable cash. This restricts reinvestment, increases reliance on external financing, and raises execution risk over coming quarters.

Negative return on equity

A deeply negative ROE signals sustained destruction of shareholder capital and ineffective deployment of equity. Without a credible path to positive returns, management must change operations or strategy to restore investor value over the medium term.

Wide Open Agriculture Ltd. Business Overview & Revenue Model

Company Description

Wide Open Agriculture Limited operates as a regenerative food and agriculture company in Australia, Singapore, and Hong Kong. It offers regenerative plant-based protein under the Buntine Protein brand; regenerative beef, lamb, and poultry products, as well as pantry staples under the Dirty Clean Food brand; and regenerative carbon-neutral oat milk under the Dirty Clean Food Oat Milk brand through retail and online stores, foodservices, and wholesale channels. The company serves restaurants and cafes. The company was incorporated in 2015 and is based in Kewdale, Australia.

How the Company Makes Money

WOA makes money primarily by selling plant-based food ingredients and related products. Its core revenue model has been business-to-business (B2B) sales of lupin-derived protein ingredients (e.g., concentrates/isolates and other functional ingredients) marketed as Buntine Protein to food manufacturers and formulators for use in plant-based foods. Where applicable, the company may also generate revenue through business-to-consumer (B2C) sales of branded packaged foods that incorporate its ingredients. Additional material details on the split of revenue by stream, pricing, margins, or any specific long-term offtake agreements/partnerships are null.

Wide Open Agriculture Ltd. Financial Statement Overview

Summary

Wide Open Agriculture Ltd. faces significant financial challenges, with declining revenues, negative profitability margins, and weak cash flow metrics. While there is some improvement in leverage, the company needs to address its profitability and cash flow issues to achieve financial stability.

Income Statement

Wide Open Agriculture Ltd. has experienced significant revenue volatility, with a drastic decline in revenue growth rate from 347.24% in 2024 to -86.94% in 2025. The company is struggling with negative margins across the board, including a net profit margin of -15.13% and a gross profit margin of -72.09% in 2025, indicating severe profitability challenges.

Balance Sheet

The company's debt-to-equity ratio improved to 0.14 in 2025 from 0.26 in 2024, reflecting better leverage management. However, the return on equity remains negative at -116.80%, highlighting ongoing profitability issues. The equity ratio is not provided, but the overall balance sheet shows a need for improved financial stability.

Cash Flow

Wide Open Agriculture Ltd. has a negative free cash flow growth rate of -60.92% in 2025, indicating deteriorating cash flow health. The operating cash flow to net income ratio is -2.01, suggesting inefficiencies in converting income into cash. Despite a free cash flow to net income ratio of 1.00, the overall cash flow position is weak.

Breakdown	TTM	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	580.53K	468.87K	73.13K	210.00	9.26M	4.32M
Gross Profit	-2.06M	-338.00K	-1.79M	-7.87M	-5.94M	-2.22M
EBITDA	-4.79M	-5.16M	-8.53M	-13.86M	-10.06M	-7.73M
Net Income	-4.84M	-7.09M	-13.25M	-14.66M	-10.79M	-7.53M
Balance Sheet
Total Assets	6.24M	8.38M	10.78M	15.40M	29.58M	17.49M
Cash, Cash Equivalents and Short-Term Investments	1.50M	3.39M	2.45M	5.87M	19.47M	12.98M
Total Debt	1.11M	846.98K	1.86M	2.71M	3.16M	2.14M
Total Liabilities	1.60M	2.31M	3.53M	5.29M	5.60M	3.37M
Stockholders Equity	4.65M	6.07M	7.25M	10.11M	23.98M	14.11M
Cash Flow
Free Cash Flow	-2.57M	-3.50M	-9.18M	-13.31M	-12.48M	-6.05M
Operating Cash Flow	-2.55M	-3.49M	-8.55M	-11.87M	-10.17M	-5.71M
Investing Cash Flow	72.14K	84.10K	-4.99M	-1.43M	-2.42M	-244.22K
Financing Cash Flow	1.85M	4.34M	10.15M	-319.08K	19.08M	14.50M

Wide Open Agriculture Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.02
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:WOA, the sentiment is Positive. The current price of 0.02 is above the 20-day moving average (MA) of 0.02, above the 50-day MA of 0.02, and above the 200-day MA of 0.02, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 53.45 is Neutral, neither overbought nor oversold. The STOCH value of 33.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:WOA.

Wide Open Agriculture Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FRM	74 Outperform	AU$50.77M	1.39	28.29%	―	2.63%	―
AAP	70 Neutral	AU$18.06M	-5.78	4.51%	―	18.35%	55.88%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
MCA	48 Neutral	AU$50.79M	-7.71	-0.43%	―	4.34%	―
DBF	45 Neutral	AU$74.99M	-1.37	-20.91%	29.49%	-16.73%	-343.82%
WOA	44 Neutral	AU$11.13M	-1.51	-90.33%	―	-94.79%	82.57%
WNR	37 Underperform	AU$1.23M	-0.83	-229.02%	―	17.85%	52.81%

Wide Open Agriculture Ltd. Corporate Events

Wide Open Agriculture Options Lapse Reduces Potential Dilution

Wide Open Agriculture has announced the cessation of several tranches of options after performance or vesting conditions for these securities were not satisfied. A total of 7.5 million options, with exercise prices ranging from $0.03 to $0.08 and expiring in August 2028, lapsed on 3 March 2026, resulting in a reduction of potential future dilution from these instruments.

The lapse of these conditional rights means that holders will no longer be able to convert these options into ordinary shares, slightly simplifying the company’s capital structure. While the announcement is largely administrative, it may be relevant for investors tracking potential share overhang and the evolution of the company’s incentive or financing arrangements.

The most recent analyst rating on (AU:WOA) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on Wide Open Agriculture Ltd. stock, see the AU:WOA Stock Forecast page.

Wide Open Agriculture appoints new director with equity-linked incentive package

Wide Open Agriculture has appointed Matthew Skinner as a non-executive director effective 3 March 2026, and disclosed his initial interests in the company’s securities. Skinner holds fully paid ordinary shares and a mix of listed and unlisted options, reflecting a significant equity-linked stake in the business.

As part of his appointment, the company has agreed to issue Skinner a further 4 million unlisted incentive options, subject to shareholder approval. These options vest on operational and market-based milestones, aligning his remuneration with product scale-up success and future share price performance on the ASX, which ties board incentives closely to shareholder outcomes.

The most recent analyst rating on (AU:WOA) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Wide Open Agriculture Ltd. stock, see the AU:WOA Stock Forecast page.

Wide Open Agriculture taps industry veteran as CEO to drive lupin protein scale-up

Wide Open Agriculture has appointed experienced food ingredients executive Craig Swan as chief executive officer, signalling a shift from technology development to commercial scale-up of its lupin protein platform. Swan, who has held senior roles at Goodman Fielder Ingredients, Nutrasweet and Givaudan in Singapore and China, is tasked with driving operational execution, expanding customer relationships and improving manufacturing economics.

Former CEO Matthew Skinner will step down and transition to a non-executive director role to preserve continuity and product expertise, while board member Claudia Kwan will also depart the board but continue to support the company through strategic advice and investor and partner introductions. The leadership reshuffle is designed to strengthen governance and position the company to accelerate commercial outcomes and long-term value creation as it advances its lupin protein technology in key growth markets.

The most recent analyst rating on (AU:WOA) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Wide Open Agriculture Ltd. stock, see the AU:WOA Stock Forecast page.

Wide Open Agriculture narrows half-year loss as cost cuts extend cash runway

Wide Open Agriculture Limited reported a 41% rise in revenue from ordinary activities to $381,000 for the half year to 31 December 2025, while narrowing its net loss to $2.05 million, a 52% improvement on the prior corresponding period. The company’s loss per share improved to 0.31 cents and net tangible asset backing fell to 0.69 cents per share, and it has again decided not to pay an interim or final dividend.

Management concentrated on preserving capital and extending its cash runway through cost-reduction measures, including reduced production at its German facility, tighter discretionary spending, and prioritisation of revenue-generating work. With about $1.5 million in cash at period end, the board is closely monitoring cash usage and evaluating funding and partnership options to support ongoing commercial engagement, customer trials and targeted manufacturing activities.

The most recent analyst rating on (AU:WOA) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on Wide Open Agriculture Ltd. stock, see the AU:WOA Stock Forecast page.

Wide Open Agriculture Options Lapse, Simplifying Capital Structure

Wide Open Agriculture Ltd has announced the cessation of two series of listed options following their expiry without exercise. A total of 34,747,740 options, comprising 1,017,500 options expiring 18 January 2026 and 33,730,240 options expiring 22 December 2025, have lapsed, resulting in a reduction of potential future dilution for existing shareholders.

The expiry of these unexercised options simplifies the company’s issued capital by removing a substantial block of out-of-the-money derivative securities. This change clarifies the company’s capital position for investors, as no new shares will be issued from these options, potentially improving transparency around future ownership and earnings per share.

The most recent analyst rating on (AU:WOA) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Wide Open Agriculture Ltd. stock, see the AU:WOA Stock Forecast page.

Wide Open Agriculture Advances China Push and Scaling Plans for Lupin Protein

Wide Open Agriculture advanced its strategic transformation during the December 2025 quarter by progressing a pre-feasibility study for a 10,000 tonne-per-annum lupin protein facility in Western Australia, exploring contract manufacturing to scale production more capital-efficiently, and achieving its first commercial sale of lupin oil while further characterising lupin fibre. The company also expanded its intellectual property portfolio with a patent application for a novel lupin protein milk formulation aimed at overcoming technical barriers in plant-based beverages, and moved closer to commercial execution in China through its partnership with Univar Solutions China and participation in the 2025 China International Import Expo, steps that collectively strengthen its positioning for international growth, technology defensibility and long-term scalability in the plant-based ingredients market.

The most recent analyst rating on (AU:WOA) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on Wide Open Agriculture Ltd. stock, see the AU:WOA Stock Forecast page.