Eden Research has released its interim results for the six months ended June 30, 2023. The company reported revenue of £1.14 million, an increase from £1.04 million in the same period last year. Product sales were £1.09 million, up from £1.01 million in H1 2021. The operating loss for the period was £1.2 million, compared to £1.3 million in H1 2022. The adjusted loss, excluding a non-cash intangible assets impairment of £5.0 million, was £0.9 million, while the loss including impairment was £5.9 million. The company had cash and cash equivalents of £0.5 million at the end of the period, and £1.73 million as of August 31, 2023, following a tax refund and proceeds from a placing. Eden Research is on track to meet market expectations for product sales revenue and EBITDA in 2023.

During the period, Eden Research achieved several business highlights, including expanding regulatory approvals in key territories and securing new commercial agreements. The company received its first commercial order for Ecovelex, its new seed treatment product. It also obtained label extensions and new regulatory approvals, including in the US. Eden Research received authorization for Cedroz in California and expects authorization for Mevalone in due course. The company's first non-professional uses for 3logy were granted in Italy. Mevalone received regulatory authorization in Poland, paving the way for central EU approvals. Eden Research also received authorization for Mevalone in New Zealand. The company submitted Ecovelex for regulatory approval in the EU and UK. Steps to expand the use of Mevalone in France are underway. Eden Research resumed commercial production of Cedroz and expanded its use to include the control of wireworm in potatoes in Italy. The company signed a new distribution agreement with Anasac for Mevalone in Colombia. Additionally, potential distribution partners conducted 140 field trials in 2023.

Eden Research also strengthened its financial position and team during the period. The company successfully raised £1.1 million through a firm placing and at least £7.9 million through a conditional placing. The funds will be used to support the company's growth and development. The company is also strengthening its commercial team.

Lykele van der Broek, Chairman of Eden Research, expressed satisfaction with the progress made during the first half of the year. He highlighted the development of Ecovelex as a significant achievement and emphasized the versatility of the company's technologies and products. Van der Broek also mentioned the important regulatory approvals received and the increased addressable market they provide. He noted that the recent fundraise has strengthened the company's financial position and will support the development and commercialization of its products.