Executive Summary

Q4 2024 revenue was $1.29M, roughly flat year over year (Q4 2023: $1.41M) with near break-even gross profit; adjusted EBITDA deteriorated to ($3.61M) versus ($0.23M) in Q4 2023 .
Management maintained FY2025 revenue guidance at least $4.5M and introduced a FY2026 target of $9.0M; they reiterated expectations for positive full-year gross profit in 2025 and 2026 .
Operational execution improved: 2024 production surpassed 3,600 kg with cost per kilo down ~50% YoY and recognition via EcoVadis Silver (top 15%) .
Commercial traction broadened: Haus Labs’ b-silk-enabled mascara became Sephora’s top-selling, exceeding volume projections 4x; a $4M annual minimum supply agreement with Goddess Maintenance is supporting initial shipments .
Wall Street consensus estimates were unavailable via S&P Global for Q4 2024; comparative analysis vs estimates could not be completed (attempted retrieval; SPGI daily request limit exceeded).

What Went Well and What Went Wrong

What Went Well

Strong commercial milestones: Haus Labs mascara featuring b‑silk™ quickly became the top-selling mascara at Sephora, exceeding initial volume projections by 4x, evidencing product-market fit and category expansion into color cosmetics .
Scalable operations and cost discipline: 3,600+ kg produced in 2024 at the lowest cost ever achieved; cost-per-kilo down ~50% YoY, passed through to customers to accelerate adoption; earned EcoVadis Silver (top 15%) reinforcing sustainability credentials .
Pipeline and guidance: FY2025 revenue “at least $4.5M” maintained, FY2026 $9.0M target introduced, reflecting multi-year supply agreements and expected adoption; management reiterated the path to positive full-year gross profit in 2025 and 2026 .

Management quotes:

“Customers closed in 2025 will further drive us to our goal of becoming free cash flow positive.” — CEO Dan Widmaier .
“We are building a strong pipeline of business that will deliver significant financial performance in the coming years.” — President Cintia Nardi .

What Went Wrong

Profitability still challenging: Adjusted EBITDA worsened to ($3.61M) in Q4 2024 vs ($0.23M) in Q4 2023; operating loss remained elevated at ($6.52M) .
Gross margin dynamics: Q4 2024 posted near break-even gross profit vs 19% gross margin in Q4 2023, as higher logistics costs and mix shifts weighed on gross profit .
Topline dependence and variability: FY2024 revenue fell to $1.37M vs $3.44M in 2023 due to lower b‑silk™ sales and prior-year stocking by Vegamour, highlighting reliance on new launches to drive scale .

Financial Results

Metric	Q4 2023	Q3 2024	Q4 2024
Revenue ($USD Millions)	$1.41	$0.01	$1.29
Gross Profit ($USD Thousands)	$261	$35	($18)
Operating Expenses ($USD Millions)	$6.53	$20.21	$6.50
Operating Income (Loss) ($USD Millions)	($6.27)	($20.21)	($6.52)
Net Income (Loss) ($USD Millions)	($7.67)	$6.39	($6.26)
Basic EPS ($USD)	$46.38	$0.32	($0.19)
Diluted EPS ($USD)	($2.13)	$0.32	($0.19)
Adjusted EBITDA ($USD Millions)	($0.23)	($2.77)	($3.61)

Balance sheet (year-end):

Metric	FY 2023	FY 2024
Cash & Cash Equivalents ($USD Thousands)	$894	$3,512
Inventory ($USD Thousands)	$235	$1,760
Accounts Receivable ($USD Thousands)	—	$870
Total Assets ($USD Thousands)	$24,274	$12,230
Total Liabilities ($USD Thousands)	$42,926	$20,840
Long-term Debt, Non-current ($USD Thousands)	$13,340	$13,186
Total Stockholders' Deficit ($USD Thousands)	($112,541)	($8,610)

KPIs and operational metrics:

KPI	Q3 2024	Q4 2024
Production Volume (Vegan Silk, kg)	>3,000 kg YTD	>3,600 kg full-year
Cost per kilo reduction (YoY)	>60%	~50%
EcoVadis Medal	Silver (top 15%)	Silver (top 15%)
Granted Patents	64	68
Pending Patent Applications	170	166

Notes:

Q4 2024 gross margin described as near break-even; Q4 2023 gross margin was 19% .
Q3 2024 net income reflects remeasurement gains on warrant liabilities .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY 2024	“Over $1.0M” anticipated (based on Q4 deliveries)	Reported $1.37M	Beat prior projection
Revenue	FY 2025	At least $4.5M	At least $4.5M	Maintained
Revenue	FY 2026	—	$9.0M target	Introduced
Gross Profit	FY 2025	Positive expected	Positive expected	Maintained
Gross Profit	FY 2026	—	Positive expected	Introduced

Earnings Call Themes & Trends

No Q4 2024 earnings call transcript was found; themes are derived from filings and press materials.

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q4 2024)	Trend
Supply chain scalability	Q3: >3,000 kg produced; expanded CMO capacity; production stability emphasized	2024 >3,600 kg at lowest cost achieved; ~50% YoY cost reduction; Silver EcoVadis	Improving
Regulatory/macro (silicones)	Q3: Positioned to meet regulatory restrictions and sustainability demands	Heightened regulatory pressures cited; biotech alternatives gaining demand	Intensifying tailwind
Product performance	Q3: New SPF launches (Freaks of Nature); Vegamour haircare baseline	Haus Labs mascara top-selling at Sephora; 4x volume vs plan	Accelerating
R&D execution	Q3: xl‑silk launch; five new molecules; INCI names; IP 64 granted/170 pending	Platform expansion; 68 granted/166 pending; customized claims via b‑silk/xl‑silk	Expanding
Corporate financing	Q3: ~$28M PIPE/bridge financing; public listing completed	Early 2025: $1.5M expected from Triton Funds	Ongoing support

Q-2 (Q2 2024) filings or press releases were not located; trend comparisons focus on Q3 2024 and Q4 2024.

Management Commentary

CEO Dan Widmaier: “We saw substantial progress with our Vegan Silk Technology Platform, building on the demand for our commercially ready b‑silk™ offering. Customers closed in 2025 will further drive us to our goal of becoming free cash flow positive.”
President Cintia Nardi: “We are building a strong pipeline of business that will deliver significant financial performance in the coming years… As regulatory pressures on silicones… intensify, the demand for high‑performance, sustainable alternatives continues to rise.”
CTO David Breslauer: “We expanded the Vegan Silk Technology Platform by further advancing b‑silk™ and introducing xl‑silk™, both highly efficacious ingredients… that offer the flexibility to generate customized performance claims.”

Q&A Highlights

No Q4 2024 earnings call transcript was found in company documents; Q&A highlights and any clarifications from live discussion are unavailable.

Estimates Context

Wall Street consensus EPS and revenue estimates for Q4 2024 were not available via S&P Global at the time of analysis due to a daily request limit. Values could not be retrieved; therefore, we cannot assess beats/misses versus consensus.
Given the reported revenue of $1.29M and near break-even gross profit, any future consensus revisions may focus on commercialization pacing and gross margin trajectory as 2025 guide execution begins .

Key Takeaways for Investors

Commercial validation is building: Sephora top-selling placement and 4x volumes for Haus Labs’ mascara indicate strong category expansion and consumer acceptance for b‑silk™ .
Execution on scale and cost is evident: 3,600+ kg produced in 2024 at lowest cost; cost-per-kilo down ~50% YoY with sustainability recognition (EcoVadis Silver) .
Guidance trajectory intact and expanded: FY2025 at least $4.5M maintained; FY2026 $9.0M target introduced; positive gross profit expected in both years, a key stock narrative driver as gross margins inflect .
Financials improving vs prior quarter on cost/mix but profitability remains a work-in-progress: Q4 2024 near break-even gross profit and lower opex vs Q3, yet adjusted EBITDA and operating losses remain sizable, implying continued scaling required .
Revenue variability tied to launch timing: FY2024 sales ($1.37M) reflect dependence on partner ramps; multi-year contracts and pipeline should reduce volatility as launches scale in 2025-2026 .
Balance sheet improved (cash up to $3.51M; stockholders’ deficit narrowed), but leverage persists (LT debt ~$13.19M), suggesting financing discipline and milestone execution are crucial .
Near-term trading implication: Headlines around 2025 launches and gross profit inflection are potential catalysts; monitor execution against the $4.5M+ 2025 revenue guide and margin delivery to validate the medium-term thesis .

Sources: Q4 2024 8-K earnings press release and exhibits ; Q3 2024 8-K earnings press release and exhibits ; Company news posts (for additional context) .

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