olivLaw · US equity research
Moolec Science SA MLEC
Food and Kindred Products · SIC 2000 · Vertical: Food and Kindred Products (SIC 2000)
Moolec Science SA is an ingredient and food-tech platform combining molecular farming with precision fermentation to produce animal-like proteins and lipids at plant-based costs. The company completed a major business combination in June 2025 and still reports a material going-concern uncertainty, which makes its trajectory worth close attention. Recurring operating losses for fiscal 2025 reached US$104.15 million.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 03 Nov 2026, Moolec Science SA (MLEC) stock was 0.85 USD (+0.00% on the day), with market capitalisation 32.7 m USD, beta 0.28, 52-week range 0.85–17.10 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 16.9
- oversold (≤ 30)
- Bollinger (20, 2)
- -0.00 – 3.73
- in the lower half of the band · %B 0.23 · band width 200.3%
- SMA 50 / 200
- 4.45 / 7.19
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.98 / -1.04
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −82.1% | −1.1% | −81.0 pp | — |
| 3 months | −88.2% | −0.5% | −87.7 pp | — |
| 6 months | −91.1% | +4.4% | −95.5 pp | — |
| Year to date | −77.8% | +12.3% | −90.1 pp | — |
| 1 year | −91.3% | +13.5% | −104.8 pp | −44.5% |
| 3 years | −99.8% | +76.4% | −176.2 pp | −65.9% |
| 5 years | −99.9% | +63.7% | −163.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | unavailable | 905.0 k | 5.6 m |
| Revenue YoY | unavailable | unavailable | +521.5% |
| Net income | -4.5 m | -51.8 m | -7.3 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.15 | -1.50 | -0.19 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | -5,722.2% | -130.0% |
| Free cash flow | unavailable | -7.5 m | -9.5 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2024 · 30 Jun 2024
- Cash
- 5.4 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 6.8 m USD
- Total assets
- 34.8 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.69x
- ROE
- -86.4%
- ROA
- -24.9%
- FCF margin
- -168.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | — | 905.0 k | 5.6 m | SEC (XBRL)· 30 Oct 2024verified |
| Cost of revenue | — | 1.0 m | 5.2 m | SEC (XBRL)· 30 Oct 2024verified |
| Gross profit | — | -143.3 k ≈ | 472.6 k ≈ | SEC (XBRL)· 30 Oct 2024derived |
| Research & development | 985.2 k | 1.4 m | 1.8 m | SEC (XBRL)· 30 Oct 2024verified |
| Operating income | -3.7 m | -6.7 m | -9.0 m | SEC (XBRL)· 30 Oct 2024verified |
| Depreciation & amortisation | — | 23.4 k | — | SEC (XBRL)· 30 Oct 2023verified |
| EBITDA | — | -6.6 m ≈ | — | SEC (XBRL)· 30 Oct 2023derived |
| Interest expense | 2.1 k | 160.0 k | 1.2 m | SEC (XBRL)· 30 Oct 2024verified |
| Pre-tax income | -4.5 m | -52.0 m | -8.4 m | SEC (XBRL)· 30 Oct 2024verified |
| Income tax | — | -234.5 k | -1.0 m | SEC (XBRL)· 30 Oct 2024verified |
| Net income | -4.5 m | -51.8 m | -7.3 m | SEC (XBRL)· 30 Oct 2024verified |
| Diluted EPS | -0.15 | -1.50 | -0.19 | SEC (XBRL)· 30 Oct 2024verified |
| Weighted average diluted shares | 31.0 m | 34.5 m | 37.9 m | SEC (XBRL)· 30 Oct 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.1 m | 2.5 m | 5.4 m | SEC (XBRL)· 30 Oct 2024verified |
| Receivables | — | 1.3 m | 1.0 m | SEC (XBRL)· 30 Oct 2024verified |
| Inventories | — | 465.7 k | 6.3 m | SEC (XBRL)· 30 Oct 2024verified |
| Current assets | 1.1 m | 5.3 m | 13.7 m | SEC (XBRL)· 30 Oct 2024verified |
| Property, plant & equipment, net | 8.9 k | 1.1 m | — | SEC (XBRL)· 30 Oct 2023verified |
| Goodwill | — | 251.4 k | 262.5 k | SEC (XBRL)· 30 Oct 2024verified |
| Intangibles (excl. goodwill) | 4.6 m | 8.5 m | 9.0 m | SEC (XBRL)· 30 Oct 2024verified |
| Total assets | 5.7 m | 24.1 m | 34.8 m | SEC (XBRL)· 30 Oct 2024verified |
| Accounts payable | 1.2 m | 7.5 m | 3.4 m | SEC (XBRL)· 30 Oct 2024verified |
| Current liabilities | 4.1 m | 12.6 m | 8.2 m | SEC (XBRL)· 30 Oct 2024verified |
| Total liabilities | 4.1 m | 13.9 m | 28.0 m | SEC (XBRL)· 30 Oct 2024verified |
| Equity | 1.6 m | 10.1 m | 6.8 m | SEC (XBRL)· 30 Oct 2024verified |
| Shares outstanding at year end | — | 37.6 m | 38.4 m | SEC (XBRL)· 30 Oct 2024verified |
Cash flow · USD
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -1.9 m | -7.5 m | -9.3 m | SEC (XBRL)· 30 Oct 2024verified |
| Capex | — | 14.8 k | 158.3 k | SEC (XBRL)· 30 Oct 2024verified |
| Free cash flow | — | -7.5 m ≈ | -9.5 m ≈ | SEC (XBRL)· 30 Oct 2024derived |
| Investing cash flow | — | -2.3 m | 134.9 k | SEC (XBRL)· 30 Oct 2024verified |
| Financing cash flow | 2.0 m | 11.3 m | 11.7 m | SEC (XBRL)· 30 Oct 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 32.7 m USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
25% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -130.0% | 5 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -7.8x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 1.7x | 74 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -29.0% | 0 (on a fixed band) | 33% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet30/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial5/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
MOOLEC SCIENCE SA (MLEC). Latest full fiscal year: 2024; data up to 2024-06-30.
Figures computed from the financial statements: revenue 5.6 m USD in 2024; YoY growth 521.5%; net margin -130.0%; ROE -86.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.7x
What contradicts it
- Net margin: -130.0%
- Interest coverage: -7.8x
- FCF yield: -29.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Food and Kindred Products (SIC 2000) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MDLZMondelez International, Inc. | 85.3 bn | 21.2 | 15.5% | 10.2% | +5.8% | +17% / −5% |
| CAGConagra Brands, Inc. | 7.3 bn | — | -24.9% | -17.0% | −2.9% | −14% / −46% |
| CPBThe Campbell’s Company | 6.9 bn | 17.8 | 10.4% | 4.1% | −5.0% | −24% / −42% |
| OTLYOatly Group AB | 5.1 bn | — | -247.9% | -17.7% | +4.7% | −34% / −55% |
| BYNDBeyond Meat, Inc. | 3.7 bn | — | — | 111.7% | −15.6% | −76% / −97% |
| STKHSteakholder Foods Ltd. | 2.3 bn | — | -266.3% | -112,470.0% | unavailable | −95% / −100% |
| FLOFlowers Foods Inc | 1.5 bn | 27.3 | 4.0% | 1.1% | unavailable | −34% / −66% |
| BRBRBellRing Brands, Inc. | 1.2 bn | 7.2 | — | 7.3% | +16.1% | −67% / −81% |
| SMPLThe Simply Good Foods Company | 1.2 bn | — | -9.6% | -11.5% | −6.5% | −32% / −66% |
| VITLVital Farms, Inc. | 450.8 m | — | -7.4% | -3.0% | +25.3% | −68% / −21% |
| UCFICN Healthy Food Tech Group Corp. | 287.8 m | 36.7 | 39.2% | 24.6% | +144.6% | −46% / unavailable |
| BGSB&G Foods, Inc. | 208.9 m | — | -15.8% | -4.0% | unavailable | −44% / −72% |
| CHSNChanson International Holding | 131.0 m | 112.0 | 0.5% | 1.0% | +0.2% | −99% / −100% |
| SOWGSow Good Inc. | 44.4 m | — | -346.4% | — | unavailable | −75% / −98% |
| MLECMoolec Science SA | 32.7 m | — | -86.4% | -130.0% | +521.5% | −91% / −100% |
| LSFLaird Superfood, Inc. | 26.9 m | — | -22.9% | -3.4% | +15.2% | −12% / +129% |
| BOFBranchOut Food Inc. | 25.9 m | — | -202.6% | -56.8% | +113.3% | −45% / +8% |
| BRLSBorealis Foods Inc. | 24.7 m | — | — | -56.5% | +8.2% | −38% / −90% |
| HAINThe Hain Celestial Group, Inc. | 13.7 m | — | -96.8% | -22.5% | −13.2% | −86% / −99% |
| DDCDDC Enterprise Limited | — | — | -124.4% | -123.3% | +4.6% | −96% / −100% |
| NOMDNomad Foods Limited | — | — | 5.3% | 4.5% | −2.2% | +2% / −22% |
1- and 3-year price returns: for MLEC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Dec 2025; since then the company filed 6-K (02 Nov 2026), 6-K (21 Oct 2026), 6-K (07 Oct 2026), 6-K (02 Sept 2026), 6-K (14 Jul 2026), 6-K (02 Jun 2026).
In brief
Moolec Science SA is an ingredient and food-tech platform combining molecular farming with precision fermentation to produce animal-like proteins and lipids at plant-based costs. The company completed a major business combination in June 2025 and still reports a material going-concern uncertainty, which makes its trajectory worth close attention. Recurring operating losses for fiscal 2025 reached US$104.15 million 1.
SWOT
Strengths
- Integrated platform linking research, production and regulatory validation, from molecular design to field and fermenter 1.
- Proprietary pilot and field infrastructure, including the Finnish facility and the Agrality platform 1.
- Operational validation of the GLASO platform at commercial scale in the 2025 campaign 1.
Weaknesses
- The report contains a material uncertainty about continuing as a going concern, and future funding is not assured 1.
- The company has a history of losses and a significant negative working capital position 1.
- Reliance on third parties for seeds, raw materials and services limits control over the supply chain 1.
Opportunities
- If the fermentation facility reaches its capacity, the company could secure contracts with food industry partners 1.
- The functional lipids market for supplements could open commercial channels with higher margins 1.
- Integration of acquired entities could generate synergies if the expected benefits materialize 1.
Risks
- Going concernhigh
The financial statements are prepared on a going-concern basis, but there is a material uncertainty about the ability to obtain additional funding 1.
- Insolvency of Bioceres entitieshigh
Voluntary bankruptcy proceedings at Bioceres S.A. and Bioceres LLC could lead to loss of control over these entities 1.
- Debt and negative working capitalhigh
The company reported a significant negative working capital and a shareholders' deficit as of June 30, 2025 1.
- Shareholder dilutionmedium
Conversion of convertible notes, preference shares and warrants could increase the number of ordinary shares 1.
- Product acceptance and regulationmedium
Public acceptance of genetically modified crops and regulatory approvals could delay commercialization 1.
Investment thesis
What would need to be true (bull case)
- If the GLASO campaign can be repeated at commercial scale, the company could build recurring revenue in functional lipids 1.
- The publicly co-financed Finnish pilot facility could become a relevant platform for scaling fermentation 1.
- Integration of research and services platforms could reduce costs and speed time to market 1.
What would break the thesis
What to watch
- Confirmation of additional funding and support from the principal shareholder2026
- Progress of insolvency proceedings at Bioceres S.A. and Bioceres LLC2026
- Commercial results of the GLASO campaign and customer contractsnext 10-K
- Progress of the SynBio Powerlabs facility and its scale-up contractnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Dec 2025; since then the company filed 6-K (02 Nov 2026), 6-K (21 Oct 2026), 6-K (07 Oct 2026), 6-K (02 Sept 2026), 6-K (14 Jul 2026), 6-K (02 Jun 2026).
The business
Moolec presents itself as an integrated ingredient platform built on two complementary engines: molecular farming, with programs such as Piggy Sooy in soy and GLASO in safflower, and precision fermentation, being developed in Finland under the SynBio Powerlabs brand 1. It also operates Agrality, a field services platform with operations in Argentina, Brazil and the United States, and InMet, a pilot-scale fermentation platform 1. The company redomiciled to the Cayman Islands in May 2025, and the June 2025 combination with Bioceres Group, Nutrecon and Gentle Tech turned it into a diversified life sciences platform 1.
The report stresses that losing control of Bioceres Crop Solutions (BIOX) led to its deconsolidation, and the company will continue to be affected by BIOX through the HB4 royalty agreement 1. In practice, control over BIOX represents substantially all of the business, so the outlook depends closely on developments across that chain of entities 1.
The company also restructured internally, relocating the GLASO platform to Agrality's research headquarters in Lafayette, United States, to reduce overhead and eliminate duplicate infrastructure 1. Its strategy spans several horizons, with near-term revenues from services and fermentation contracts, mid-term opportunities in precision-fermented proteins, and long-term scalability from validated molecular farming traits 1.
Segments
Molecular farming (GLASO and Piggy Sooy)
The 2025 GLASO campaign in the United States covered approximately 1,100 acres, more than doubling prior acreage, with an average yield of about 2,200 lb/acre, a 57% increase over 2024 1. Management links this step to potential recurring revenue in functional lipids, although the commercial market is still developing 1.
Precision fermentation (SynBio Powerlabs)
The Finnish pilot facility, co-financed by the European Union and Business Finland, has bioreactors ranging from 50 L to 27,000 L, offering an integrated scale-up path 1. The company has signed a commercial agreement with a cultivated meat company to scale a process from 400 L to 10,000 L 1.
ValoraSoy (soy ingredients)
ValoraSoy produces and sells texturized soy ingredients internationally for food applications, with an established export footprint 1. The April 2023 acquisition carried total consideration of US$2.6 million, payable in cash and equity 1. Management is prioritizing operational discipline and working-capital management while pursuing new markets 1.
Market context
The alternative protein market includes texturized plant ingredients as well as proteins produced by fermentation or molecular farming, aiming to replicate animal functionality at lower cost 1. The report cites markets in Europe, the United States and Mexico, where the company is pursuing partnerships with food companies 1. The US nutrition and supplements segment is described as having robust growth and premium positioning, relevant to GLASO lipids 1.
The agricultural, nutraceutical and food ingredient industries are exposed to commodity price swings, and crop production is highly seasonal 1. The company also notes that regulation of genetically modified products can influence launch timing 1.
Trends
- Rising interest in alternative proteinstailwind
Demand for plant-based and fermentation-derived alternatives to animal proteins could support commercial development of the platform, if regulatory approvals and distribution channels materialize 1.
- Evolving regulationmixed
The US regulatory environment for future products is changing, which could affect the speed and cost of launches 1.
- Financial pressure across the Bioceres chainheadwind
Defaults in Argentina and insolvency proceedings at Bioceres entities could restrict access to financing and affect operations 1.
- Climate sensitivity and seasonalityheadwind
Climate change and adverse weather could affect agricultural output and the variability of revenues 1.
Competitive position
The report indicates that many competitors have substantially greater financial, technical and other resources than Moolec 1. The company must introduce products that gain market acceptance to remain competitive 1.
Its stated advantage lies in the combination of fermentation, pilot and field infrastructure, together with intellectual property and access to HB4 technology 1. That advantage still has to be demonstrated at commercial scale 1.
- Precision fermentation producers
The report refers in general terms to competitors with much greater resources, without naming them 1.
- Texturized plant protein producers
The texturized soy ingredients segment is contested by several producers, according to the general market description 1.
- Molecular farming companies
Competition in crops engineered for proteins and lipids is described as intense 1.
- Functional nutrition ingredient suppliers
The supplements and functional lipids market has established suppliers with entrenched distribution 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)02 Nov 2026
- Current report (foreign issuer)21 Oct 2026
- Current report (foreign issuer)07 Oct 2026
- Current report (foreign issuer)02 Sept 2026
- Current report (foreign issuer)14 Jul 2026
- Current report (foreign issuer)02 Jun 2026
- Current report (foreign issuer)14 May 2026
- Current report (foreign issuer)14 May 2026
- Current report (foreign issuer)13 May 2026
- Current report (foreign issuer)15 Apr 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-06-30 · SEC / Moolec Science SA · 29 Dec 2025
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.