Annual target becomes a quarterly run-rate goal
The €5 million fourth-quarter target would represent a €20 million annual revenue run rate, not €20 million in sales for 2026. Fermentalg outlined the change in its half-year results published on October 6, 2026.
The company had set its original full-year target when it released its 2025 results on April 2, 2026. For that fiscal year, Fermentalg recorded revenue of €13.4 million and a net loss of €9.44 million.
Margin improves despite little change in sales
First-half revenue totaled €7.4 million, roughly flat compared with €7.6 million a year earlier. Gross margin nevertheless increased by 7 percentage points, reaching 23% from 16% in the first half of 2025.
The net loss attributable to the group narrowed slightly to €4.2 million from €4.3 million.
Equity funding and a Huvepharma loan
Fermentalg raised €10.4 million through a capital increase during the first half of 2026. Its June 30 balance sheet showed €31.9 million in shareholders' equity, €10.8 million in gross cash and €3.9 million in financial debt.
Industrial partner Huvepharma provided a further €1.9 million loan in July. The loan carries a 5% annual interest rate and matures after 24 months.
Galdieria Blue receives first large-volume orders
In the October report, Fermentalg also said regulatory milestones had enabled the first large-volume orders for its natural blue colorant, Galdieria Blue. The product received U.S. Food and Drug Administration approval and a favorable opinion from the European Food Safety Authority.
