Steakholder Foods Ltd.

What they do

The company is registered in Israel at 22 Einstein St., Ness Ziona, and files as a foreign private issuer on Form 20-F. Its American Depositary Shares trade on the Nasdaq Capital Market under the symbol STKH, with each ADS representing 4,000 ordinary shares. The filings describe the business as 'Food and Kindred Products,' but the excerpted material does not detail specific products or manufacturing operations.

Revenue drivers

• Not disclosed in the provided excerpts — The annual report's Item 4 business description was not included in the supplied filing excerpts, so no segment-level or product-level revenue breakdown can be named. The only reported top-line figure is annual revenue of $10,000 in 2024, indicating no meaningful commercial-scale sales that year.

Recent performance

Net losses narrowed from $21.9 million in both 2021 and 2022 to $16.9 million in 2023 and $8.5 million in 2024, before widening again to $11.2 million in 2025. Diluted loss per share improved over that stretch, from $0.07 in 2023 to $0.02 in 2024 and $0.005 in 2025, reflecting a much larger share count. Operating cash outflow fell steadily from $14.4 million in 2021 to $6.7 million in 2025. At December 31, 2025, total assets were $5.3 million, shareholders' equity was $4.4 million, and cash and equivalents were $3.1 million.

Strategy

The filing excerpts provided do not contain Item 4.B (Business Overview), Item 5 (Operating and Financial Review and Prospects), or Item 5.D (Trend Information), so stated strategy, investments, and priorities cannot be summarized from this material. What the financials show is a company continuing to burn cash while shrinking that burn: operating cash outflow of $6.7 million in 2025 against a $3.1 million year-end cash balance. With 5,438,836,659 ordinary shares outstanding as of December 31, 2025, the company has relied heavily on equity issuance.

Risks

• Minimal revenue — Reported annual revenue was only $10,000 in 2024, leaving no visible commercial base to fund operations.
• Cash runway — Cash and equivalents of $3.1 million at December 31, 2025 are less than the $6.7 million of operating cash used during 2025, implying a need for outside financing.
• Recurring losses — The company has posted net losses every year from 2021 through 2025, totaling roughly $90 million over that period.
• Heavy dilution — Outstanding ordinary shares reached 5,438,836,659 as of December 31, 2025, and the diluted loss per share of $0.005 in 2025 reflects the large share count.

Outlook

The provided excerpts do not include forward-looking guidance, trend information (Item 5.D), or management's stated outlook. The only observable trajectory is continued losses and negative operating cash flow into 2025, against a year-end cash balance of $3.1 million and shareholders' equity of $4.4 million.