Dan. you, Thank
oil fat in Our several including soybean high market or that characteristics oleic oils. and the HO today, other good includes This its other any premium make polymerization content better soybean levels. as than it has
out planted. we to acre fortunate When get were with we an idea, started our
our demonstrated have for demand soybean there that market products We in the is HO today.
and to As and both we agricultural our overtime. expanded we our cooperatives chain run have footprints have we business, acreage supply leading brought on scale several state at our scale,
acres soybean With in states States across total able also Those to access significant wheat in soybean XXXX, of XX% and United be the the new will as the six we varieties portion a states. well. are launching of represent acres we acres six the
This and creates room for market us our to share. the both grow
will in purchasing estimates needs. Our of table as we the oleic we their which high give they us oil market acres, XXXX the the a of vegetable planted at evaluate have XX% will seat major soybean users expect with indicate
vegetable this premium many in market. target XXXX assess billion are portion We break of nearly was into in XX the according of We U.S. products. market oil our compete oil down oils addressable USDA to variety the oils, pounds which and the estimates; the of a premium comprise for imported, to which market commodity segment,
customers we are on in addressable large XX our estimate market our while oil Foodservice, ingredients, segments others scale food market, nutrition We industrial animal prioritized these based oil premium represent pound market. our market. ability to billion the and quality on four segments. of the to an with working focus and the with four Within intend
addition of in oil overarching these four each distinguishment. market a Our segments, as points to proposition of value in several
and in These particularly oil market For competitive and has food and target example, versatile neutral our flavor a our across low oil foodservice. ingredients clean, benefits make superior our stability, very polymerization. segments,
the a in funnel segments the customers. instances are large, market testing underway companies. are sampling and in with with and with robust ingredients going processes customer developed in industrial known customers stage supplier multiple We've foodservice testing Through approval processes demonstrated late multiple in through supplier sales segment, and food multiple success widely and today, approval and have brands we with
our four of animal alternative also We a as target market world are class future foodservice, soybean plant that synthetic a a based received ingredients new and series all These purchase oil in oil industrial operates from orders customer deliveries recently of food premium segments; orders for to fluids. nutrition. HO
best maximize success further results. ingredients, by category To prioritize enable probability these foodservice and the to efforts type market customer segments of segment focusing our by in in we product food
distributors to with their our success achieved account. who we've foodservice, products Within sell
with salty operators based large pursuing creamers. non-dairy grain are snacks, ingredients a and directly focus industrial proteins, we’ve also on four and extensively. categories; We [indiscernible] frying, plant food Within prioritized those market who
also term benefits other and are significant bait These applications. we Two of users where opportunity, their categories have provide categories, where snacks are customers. oil to to we roasting see near
in The does of the our with inclusion to contracts not customer existing growth. acres In soybean presentation share and is oil our have meant represent of the believe a indicate to simply any with for show we where we this brand acquisition, HO we focused significant brand have we opportunities. a approach are poised summary,
full I'll on year update now and an XXXX financial fourth give results. our quarter
contains Our fourth the release a full results. of quarter press annual discussion and
form this We XX-K our morning. also filed
sales by in products. of continuation fourth a rapid quarter was the was of HO quarter fourth The our a million execution. operational soybean of entirely Revenue XXXX $X.X of volumes driven pace
of the XX% in was revenue oil soybean HO fourth quarter. Our
fourth $X.X year than operational projected earlier quarter million, better we for in annual XXXX, spending. Cash to impact the our in the used was as projection savings the our rate began
reported $X.X revenue we HO year. meal in HO soybean XXXX, soybean revenue oil the production represented of million. our of out total. sold For We of the XX%
sold increased in early experienced inventories of of $X.X higher costs reflecting cost of the to net period this products and XXXX realizable value have adjustment we million the by our the stage in Cost sold of goods reflects commercialization. at that the
XXXX Gross for margin negative as million reported or XX%. was $X.X
adjusted gross negative XXXX million report a which or was also We margin for as XX%. $X.X
with financial information we at this of useful adjusted margins at period provides being We commercialization as this because stage non-GAAP early and gross this are of supplemental our affect margin that investors providing the amount metric of as the adjusted financial time period performance. believe gross comparability
Driven $X.XX was net or basic negative to share XXXX personnel Soybean share, of negative of of $XX.X and diluted $X.XX HO for stock in per million, costs, the with a loss margins or $XX.X products. loss basic higher per our compensation associated million, by diluted XXXX. as loss a Net and launch higher and expenses, compared
Adjusted in loss $XX.X loss in XXXX as were a grain personnel $XX.X EBITDA by compared increased the largely commercialization of costs million for of by offset to a R&D cost XXXX XXXX. Driven to increased reductions as million in XXXX. costs, in of expenses
during equivalents and products, of in $XX.X XXXX. compared totaled investments as Net XXXX. in cash commercialization in including December year. $XX.X The cash to million cash and drove increase as XX, HO grain, million XX, as used of $XX.X Cash XXXX, was in million XXXX, $XX.X our personnel soybean million of purchases the the used December compared to of
summary, pleased our million progress. less used than $XX achieved In cash. million We financial than more $X and revenue of I'm with of
advance to customer the our Our and bring team pipeline relationships us to collaborator and our to investments expected products rapidly future enable expand both market. are and in
million we expect year-over-year million revenue Looking nearly approximately to use XXXX, into in cash. forward to double $XX and $XX
operations in position cash our fund be will managing to and cash mid-XXXX. spending, the our are I that We position expect sufficient our such
our expect margin of sell XXXX, We adjusted products XXXX. chain at than to as we in as expect also did the we begin also we higher the expansion, margin in in scale expect supply gross To to and prices we production. costs accomplish our our to optimization expand
gross do not reconciliation gross an unreasonable We the margins net amount XXXX. to realizable we able the adjusted are adjustments not XXXX our are determine adjusted determine a at potential we forward inventories as looking year-end effort, provide basis to a on value not able without to as margin of of because
to that, Jim. call back I With the turn
