Steakholder Foods reports financial results for the first half of 2024 and provides business update Page 1

Rehovot, Israel, Aug. 30, 2024 (GLOBE NEWSWIRE) — Steakholder Foods Ltd. (Nasdaq: STKH)a leading innovator in alternative proteins and 3D printing technologies, is pleased to provide a business update for the first half of 2024, including a summary of its successful progress in financing, technological capabilities, commercialization and more. In parallel, the Company announced its financial results for the first half of 2024.

Arik Kaufman, CEO of Steakholder Foods, said: “Our transition from research and development to commercialization this year, marked by four strategic contracts in the first half of 2024, represents a pivotal moment for our company. These contracts validate our technology in the market, and one of them is expected to generate our first recurring revenue stream late this year or early next year. While initial revenue will be modest, they are a critical proof of concept of our recurring revenue business model.”

Mr. Kaufman continued, “Sales expectations have not impacted the execution of our fiscal responsibility plan, which saw expenses reduced by more than 50% in the first half of 2024 compared to the same period in 2023. Looking ahead to 2025, we expect significant recurring sales growth as these deals mature and our innovative products gain traction in the market. The success of these initial deals is already attracting interest from other potential market participants. We are particularly excited about advanced discussions on a significant international deal that we aim to close by early 2025. This commercialization phase validates our R&D efforts and positions Steakholder Foods as a leader in the alternative protein market.”

H1 2024 and current business highlights

Strategic deals and cooperations:

Wyler Farm, a leader in alternative protein production.

• In February 2024, Steakholder Foods announced its first private sector commercial letter of intent with Wyler Farm. The terms of the agreement include Wyler Farm acquiring Steakholder Foods' MX200 meat printer and its SH-Beef premixes for plant-based meat production.
• In May 2024, the Company announced a royalty and raw material supply agreement with Wyler Farm, whereby Wyler Farm will produce alternative proteins at a commercial scale using Steakholder Foods' premixes and know-how in return for payment of royalties from sales.

Industrial Technology Research Institute (ITRI), a world-leading applied technology research institute based in Taiwan.