Oatly Reports Fourth Quarter and Full Year 2024 Financial Results; Jean-Christophe Flatin Comments

Oatly Group AB, the world’s original and largest oat drink company, announced financial results for the fourth quarter and twelve months ended December 31, 2024.

Jean-Christophe Flatin, Oatly’s CEO, commented in a recent press release, “Over the past two years, we have executed a significant transformation of our company. We have overhauled our supply chain, our overhead structure, and our mindset. We now have a much healthier business with clear strategies, clear accountability, stronger margins, and significantly improved profitability. I am proud of our team for embracing the challenge, making the necessary changes, and focusing on execution. All this hard work has enabled us to now expect 2025 to be our first full year of profitable growth as a public company.”

The tables below reconcile revenue as reported to revenue on a constant currency basis by segment for the three and twelve months ended December 31, 2024 and 2023.

Highlights

• Fourth quarter revenue of $214.3 million, a 5.0% increase compared to the prior year period, with a constant currency revenue increase of 4.7% compared to the prior year period, with a solid volume growth in each operating segment.
• Gross margin in the fourth quarter was 28.8%, which is a 5.4 percentage points increase compared to the prior year period.
• Fourth quarter net loss attributable to shareholders of the parent was $91.2 million compared to net loss attributable to shareholders of the parent of $298.7 million in the prior year period.
• Fourth quarter Adjusted EBITDA loss was $6.1 million, which is an improvement of $13.1 million compared to the prior year period.
• As part of the Company’s previously-discussed evaluation of its Asian supply chain, the Company announced the closure of its Singapore manufacturing facility in December and is today announcing the discontinuation of construction of its second manufacturing facility in China (Asia III).
• The Company expects to achieve its first full year of profitable growth in 2025. Specifically, in 2025 the Company expects:
  • Constant currency revenue growth in the range of 2% to 4%, which is negatively impacted by approximately 300 basis points from a change in sourcing decision at a large North American customer,
  • Positive adjusted EBITDA in the range of $5 million to $15 million, and
  • Capital expenditures in the range of $30 million to $35 million.

Fourth Quarter 2024 Results

Revenue increased $10.2 million, or 5.0% to $214.3 million for the fourth quarter ended December 31, 2024, compared to $204.1 million for the prior year period. Excluding a foreign currency exchange tailwind of $0.7 million, revenue for the fourth quarter was $213.6 million, or an increase of 4.7% compared to the prior year period. The growth in constant currency revenue was primarily driven by solid volume growth in each operating segment, partially offset by negative price/mix effect, particularly in Greater China. Sold volume for the fourth quarter of 2024 increased 9.9% to 153.2 million liters compared to 139.4 million liters in the fourth quarter of 2023. Produced finished goods volume for the fourth quarter of 2024 was 145.3 million liters compared to 135.8 million liters for the fourth quarter of 2023.

See the full report here!