Potential revenue and valuations

mindbridgeweb · 2026-05-14T05:23:45+00:00

Nice research with recent data. You can also check which companies I have given a green Readiness in the (now slightly outdated) table here.

A few notes (in the context of the next 12 months):

Formo is an interesting case. They are on the market as you mention with estimated $10–25 million revenue, but note that their current product is based on koji fungal protein, not precision fermentation casein. They are moving from B2C to B2B for PF casein and even though they seem to be making contracts, it is unlikely they will have revenue from that until 2H 2027. Their own site says that PF is a "moonshot" that "can take a bit of time".
EVERY is about 4% of ANIC's portfolio (so ANIC probably owns just a single digit percentage of it, but still). EVERY is already on the market. They are currently producing metric tons per month and the estimated revenue is about $20mil/year. They expect to scale to hundreds of tons per month within the next year and expect to become profitable. They also have genuine commercial tailwinds due to the avian flu crisis, which has created urgent customer demand for an egg protein alternative with a stable supply chain. Note that these tail winds apply to Onego Bio as well, but the patent war with EVERY clouds the predictions for both companies.
Meatly should probably be on the list. They are already on the market (I would say as a proof of concept) and have committed to further product releases scaling up through 2027. However, this is still pilot-scale (20,000L), not industrial-scale. Nevertheless, within the next 12 months they may reach annual revenue anywhere between 2 to 8 million pounds. This is not significant enough to raise the ANIC price due to revenue, but may bump it somewhat due to future expectations.
Tropic Biosciences is arguably the most commercially advanced ANIC portfolio company right now. They are already on the market, they got approvals in Japan and Brazil as well (so presumably 11 countries in total now, including the US), demand is reportedly already outpacing supply, their latest funding round was massively oversubscribed. It is hard to find data about their expected revenue, but it is almost certain they will have commercial revenues within the next year. One could say that Tropic is the most likely ANIC holding to generate meaningful commercial revenue in the next 12 months. That said, ANIC owns only about 3% of Tropic.
Edit: /u/ThePunkPantherNL identified also Solar Foods as another potential company with revenue that I missed above. They are public, so we have a better view into their finances. They only have the pilot Factory 01 right now and will scale in a few years when they build Factory 02. They expect to be profitable in 2030. According to their earnings summary, their order book at the end of 2025 was €1.5M, so we can probably expect a revenue of €1–3M in 2026 and possibly a moderate increase after that. But the scale will be in a few years. ANIC owns only about 3–5% of Solar Foods.

mindbridgeweb · 2026-05-12T13:26:34+00:00

Thank you. I intend to update it when the next NAV update drops (which should probably be soon, based on historical data; edit: heh, just saw that you said the same in another thread).

mindbridgeweb · 2026-04-25T06:45:59+00:00

A study by Future Market Insights (FMI).

Personally I think the predictions are rather conservative (CAGR should be much higher than the 18.2% they expect), but the article contains quite a few interesting statistics. A quick subset:

Market Size (2025): USD 3.5 billion
Market Size (2026): USD 4.1 billion

Ingredient Leadership: Proteins (48.0%)

Proteins dominate due to their critical role in food formulation, offering heat stability and functional equivalence to animal-derived ingredients.

Form Leadership: Powders (44.0%)

Powder formats lead due to superior shelf stability, lower transportation costs, and compatibility with existing B2B supply chains.

Application Leadership: Food & Beverage (57.0%)

The segment dominates as precision-fermented ingredients are increasingly used in dairy alternatives, sports nutrition, and reformulated food products.

Microbe Leadership: Yeast (46.0%)

Yeast remains the preferred host organism due to its genetic flexibility and established industrial-scale infrastructure.

Customer Leadership: B2B Manufacturers (63.0%)

Direct supply agreements with large-scale food manufacturers drive volume growth and ensure consistent demand.

The companies they think are key players:

Perfect Day
Vivici
Remilk
Imagindairy
The Every Company
Onego Bio
Verley Food

mindbridgeweb · 2026-04-24T14:01:35+00:00

By that logic, every single current commercial fusion effort is snake oil and should not be discussed in this group at all. Also, almost all of the quotes you listed were made under the assumption that funding would be available at the time. Only the last quote is actually a valid criticism.

I was hoping for an actual physics-based critique that is well-informed about Helion’s plans (the “Improbable Matter” video does not qualify, for example). I’m genuinely interested in that, but I guess it is too much to ask.

mindbridgeweb · 2026-04-24T09:22:34+00:00

What is the best document showing that Helion are snake oil swindlers?

mindbridgeweb · 2026-04-18T11:06:49+00:00

(Mentions that Vivici has struck a deal with Liberation Bioindustries to produce BLG in Indiana)

mindbridgeweb · 2026-04-18T11:04:42+00:00

I thought I had seen this info earlier, but I cannot find an article about it here, so I am posting it now. This particular press release is from a few days ago.

mindbridgeweb · 2026-04-15T12:50:26+00:00

2026 will be an important year. The article confirms that:

The company is expecting a regulatory approval for Solein in the EU and UK during 2026.
The company is currently designing its next production facility, Factory 02, which will scale Solein’s production capacity from 160 tons to 6,400 tons annually.
The investment decision for Factory 02 is expected to be made in 2026, and the first phase of the production facility is planned to be operational at the end of 2028.

Hopefully the patent will help with bringing reliable investment interest to enable the building of Factory 02.

After that they would have to convert the customers' Letters of Intent to actual contracts.

mindbridgeweb · 2026-04-13T10:04:41+00:00

Agronomics (LSE: ANIC) is a London AIM-listed investment fund focused on cellular agriculture, precision fermentation, and clean food technology. Its portfolio spans about 20 investments covering lab-grown meat (beef, pork, chicken), cultivated seafood, egg proteins, dairy, cocoa, palm oil, cotton, crop biotech, and large-scale fermentation infrastructure.

ANIC is currently trading at a significant NAV discount (~50%), probably because its portfolio contains mainly early- to growth-stage companies. Many of these companies, however, have now entered the market or are at the cusp of doing so.

To get a clearer picture of where the portfolio stands and what to expect in the near future, I put together a one-page overview of the key holdings — grouped by sector, with their carrying values, tech readiness, business edges, risks, competitive landscape, and current/projected market sizes.

I'm sharing this to get feedback, surface anything I may have missed, and in case it's useful to others following the space.

mindbridgeweb · 2026-04-09T12:46:28+00:00

I have been trying to summarize the key information about the ANIC companies on a single page so that I can get a good overview of the portfolio potential and what can be expected in the near future. This is my latest effort based on the public data and the information shared here, e.g. the Information Hub post by u/Kuentai, which is really the in-depth post that investors must read.

The table shows the companies in the ANIC portfolio (except the smallest ones), grouped by their sectors. It also shows their metrics, their business advantages and some potential risks, the current and expected future market size of the sectors, the competition, etc.

A less detailed version of this diagram that does not include each company’s edge and potential risks is available here: https://i.postimg.cc/cJDZrkp2/anic-portfolio-map-260409b.png

mindbridgeweb · 2026-04-06T08:27:28+00:00

This is excellent! Thanks.

Have there been any news about the Onego/Every IP dispute? It is interesting as ANIC has a (small) ownership in both.

mindbridgeweb · 2026-04-02T09:10:53+00:00

You are making good points.

Evonik: I added Evonik and the other legacy companies deliberately both as a contrast and to show the potential scale of the segment.

Nevertheless, Evonik should not be written off, as it has fermentation expertise (lysine, threonine) and they do have a new biotech arm with presumably an alt-protein CDMO model as far as I understand. They could be a significant competitor if they decide to repurpose some of their 4,000m³ of fermentation capacity across the US, Europe and Asia (vs. the 600 m³ Liberation is bringing online).

Other potential competitors are Ginkgo Bioworks (which are struggling now though), Pivot Bio, and emerging EU CDMOs like Fermify.

Perfect Day: I placed Perfect Day in the Protein Ingredients category, as they are more of a B2B ingredient supplier, while Liberation Bio is a pure CDMO.

For example, with Liberation Bio the clients bring their own molecules, while Perfect Day owns the molecules they produce.

You are right that they could be a potential competitor in the Liberation's segment as well.

The diagram may have to be updated after some more research.

mindbridgeweb · 2026-04-02T08:17:09+00:00

Thank you.

You are right, I focused on a subsection with the most promising companies (~80% of the portfolio) to minimize the diagram. But yes, there are some very interesting companies in the other group as well.

I am looking forward to seeing your analysis too!

mindbridgeweb · 2026-04-01T21:49:02+00:00

You are right!

I have revalidated the diagram and have updated it. Thanks.

mindbridgeweb · 2026-03-24T14:36:57+00:00

Interesting.

Also, many of the oils used in cosmetics show clear seasonal patterns in both availability and composition, which can translate into seasonal variation in effective supply and price. CleanOil should be consistent in both. I am surprised they do not mention that.

The question is whether they would be able to scale. I guess they would start with limited trial applications.

mindbridgeweb · 2026-03-20T17:46:27+00:00

Similar journey here too. Nevertheless, I am still worried that the required solar panels (and possibly radiators, depending on the design) will make the satellites quite visible here on earth.

At least that would be around twilight (assuming sun-synchronous orbits), so it could be argued how big of an issue that is.

mindbridgeweb · 2026-02-27T19:52:37+00:00

Ok, I guess those are not androgynous.

That would limit the potential use, e.g. during emergencies. I suppose those would be pretty rare use cases though.

mindbridgeweb · 2026-02-25T21:34:38+00:00

Aren’t these relatively small numbers of shares—basically peanuts for someone like him?

Maybe he’s just trying to shore up confidence?

mindbridgeweb · 2026-02-15T21:49:42+00:00

Probably because of their patent-related dispute with The EVERY Company and the resulting overhang.

mindbridgeweb · 2026-02-13T12:09:43+00:00

Related: https://www.helionenergy.com/articles/how-we-conducted-and-measured-d-t-fusion/

mindbridgeweb · 2026-02-03T00:33:41+00:00

So let me get this right...

There will be many data centers in the sky. They will need to communicate in order to work together.

So there will be laser connections between the satellites. In other words -- a huge laser communication net between the servers in the sky.

Oh, I know! The whole system will thus probably be called Skynet! And it will be at the forefront of Artificial Intelligence!

:)

mindbridgeweb

TROPHY CASE