In This Article:
2023 was marked by operational milestones and strategic restructuring, increasing the balance sheet by more than NOK 100M of added liquidity. The start of 2024 marks the launch of the first commercial LNC roll-out in the United States with Limoneira, and the licensed operator model has secured the first partner-driven commercial project in the Middle East.
SANDNES, Norway, Feb. 22, 2024 /PRNewswire/ -- Q4 2023 and Year-to-Date 2024 Highlights
Corporate
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Finalized private placement subsequent issue of NOK 8M on 17 November 2023, culminating in over NOK 100M of added liquidity during the year.
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Ended the fiscal year with a cash and financial asset balance of NOK 120M, which, combined with cost efficiency gains, extends the company's financial runway into H2-2025 (excluding revenue).
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Completed the transition to the licensed operator model in the Middle East, leading to streamlined operations, significant reduction in annual operating costs, and strengthened regional partnerships.
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Doubled LNC production capacity per unit throughout 2023. Continued development targets further improvement in capacity, scalability, and unit economics for 2024 and beyond.
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The ongoing 5-year LNC research program with the University of Arizona is nearing its mid-term report and inaugural publication.
United States
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Achieved the target of securing five new technical pilot projects per quarter in 2023, maintaining consistent pilot acquisition throughout the year.
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Continuing to see pilot results with a growing variety of crops and application scenarios.
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Realized operational improvements significantly increasing scalability, enhancing LNC application rate from 500 trees per day in Q1 2023, with projections to exceed 1000 trees per day in Q1 2024 with less labor and asset requirements for project execution.
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Limoneira's pilot testing of LNC since 2022 concluded in Q4- 2023 with the positive decision to move forward with LNC deployment. The first commercial order for 60 acres of the Yuma ranch for the upcoming season was received on 31 January 2024.
Middle East
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Executed the final phase of the transition of Desert Control's operation in the Middle East, fully implementing the licensed operator model.
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Key technical personnel moved from Desert Control Middle East to partner entities in the United Arab Emirates and Saudi Arabia, ensuring regional retention of expertise.
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The inaugural LNC production units arrived in Saudi Arabia, and as of January 2024, Saudi Desert Control is ready for operations.
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The first LNC application in Saudi soil was performed in December 2023, and the first partner-driven commercial agreement in the UAE has been secured, signaling growing momentum in the region following the transition to the new business model.