Fermentalg: stable revenue in first half of 2026, gross margin up 7 points
Fermentalg published on October 6, 2026 half-yearly accounts whose main aggregates remain close to those of the previous year: revenue of €7.4 million compared to €7.6 million and operating income nearly stable at -€4.3 million. Behind this stability, the composition of sales has evolved and the financial structure has been strengthened by a capital increase of a net amount of €10.4 million.
The group, based in Libourne, is now concentrating most of its expected growth on the end of the fiscal year. It is relying on this for the first volume orders of its natural blue dye Galdieria Blue and on a revenue target of €5 million for the fourth quarter alone.
Stable sales at €7.4 million, gross margin raised to 23%
First half 2026 revenue, already communicated on July 16, stands at €7.4 million, compared to €7.6 million a year earlier. According to the company, sales of the Ωrigins lipids range increased by nearly 20% on the dietary supplements and infant nutrition segments. This increase offset a decline, described as strategic by the group, in opportunistic sales intended for aquaculture.
This change in mix had a direct effect on gross margin, which came in at 23% in the first half of 2026 compared to 16% a year earlier, an increase of 7 points. Operating expenses excluding R&D fell by 6%.
Recorded research and development expenses, on the other hand, increased by 27%, due to the amortization, since autumn 2025, of capitalized expenses for the Galdieria Blue program. Total R&D spending is down 12%. Overall, operating income is nearly stable at -€4.3 million and net income attributable to the group stands at -€4.2 million.
Gross cash of €10.8 million after a net capital raise of €10.4 million
The capital increase carried out during the semester strengthened the balance sheet. At the end of June 2026, Fermentalg had €31.9 million in equity and gross cash of €10.8 million. Financial debt amounted to €3.9 million, of which €3.6 million at more than one year, composed essentially of repayable advances related to innovation policy.
In July 2026, the company also received a loan of €1.9 million granted by its industrial partner Huvepharma, at an annual rate of 5% and a maturity of 24 months, according to terms announced at the beginning of the year. On this basis, Fermentalg believes it has the necessary financial means to achieve financial autonomy.
As a reminder, during the full-year results published on April 2, 2026, fiscal year 2025 resulted in a net loss of €9.44 million for revenue of €13.4 million. Chief Executive Officer Pierre Josselin summarized the reading of the semester in these terms: "The apparent stability of our results in the first half of 2026 does not reflect the magnitude of the work accomplished to prepare Fermentalg for a new growth cycle."
A target of €5 million in sales for the fourth quarter
On the commercial front, Galdieria Blue obtained approval from the US FDA and a favorable opinion from the European EFSA. Fermentalg received the first volume orders (several tons of ingredients), to be delivered and recognized in revenue by the end of the year. The group and Huvepharma are finalizing the organization of the ramp-up of production.
The company confirmed its ambition to accelerate growth in the fourth quarter and over the entire fiscal year compared to €13.4 million in 2025. However, the formulation of the target has evolved: when publishing full-year results on April 2, 2026, the group was targeting €20 million in revenue for 2026. The target is now to target €5 million in revenue for the fourth quarter, or €20 million on an annualized basis.
Before publication, the two analysts following the stock anticipated on average revenue of €19 million for the current fiscal year. The next milestone is set for November 3, 2026, after market close, with third quarter revenue, ahead of a fourth quarter for which the group is targeting €5 million in sales.
