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Friday, Jun 9, 2023

Ceres Reports Narrower Loss

Energy crop company Ceres Inc. significantly narrowed its losses in its fiscal fourth quarter, ended Aug. 31 but reported lower revenue as collaborations and international demand for its seeds declined. The Thousand Oaks company, which manufactures and sells seeds that yield crops for use in biofuels, reported a net loss of $6.6 million (27 cents a share), compared with a loss of $16.8 million ($8.34) in the same period a year earlier. The company reported $1.2 million in revenue, down half a million dollars from the same period a year earlier. The company beat analyst projections by 6 cents per share. Ceres was buoyed by sales and delivery of its seeds to ethanol mills in Brazil, where it recently obtained government approvals. “We believe that we can demonstrate the full profit potential of our hybrids this season, while at the same time building the broad base of experience that will accelerative widespread adoption and market growth,” said Chief Executive Richard Hamilton, in a statement. The company reported it had lowered its research and development costs by nearly $2 million compared to the same period a year earlier. Ceres gained 29 cents, or 7.7 percent, to close Tuesday at $4.08 on the Nasdaq.

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