Evogene Reports Third Quarter 2018 Financial Results

In Israel, Evogene Ltd.’s financial results for the third quarter ending September 30, 2018 were positive with approximately $58.2 million in cash, short-term bank deposits and marketable securities, representing a net cash usage of approximately $13.5 million for the first nine months of 2018 and approximately $4.0 for the third quarter of 2018.

Gross profit for the first nine months of 2018 was approximately $0.3 million in comparison to approximately $0.4 million during the first nine months of 2017. Gross profit for the third quarter of 2018 was approximately $0.1 million in comparison to approximately $0.2 million reported for the third quarter of 2017.

Evogene is in the process of implementing its new business strategy and supporting corporate structure, which is based on stand-alone companies, each focused on a distinct field. One of those, Evofuel, has realigned its strategy in light of changes in the biofuel industry and initiated a change in its targeted market from the biofuel industry to the castor oil market for industrial uses and a change in business model – from generating revenues from seed sales, to mainly focus on partnering with castor oil producers on a revenue-sharing basis from oil and other final product sales. Evofuel recently announced together with Fantini, an agricultural equipment manufacturer, a breakthrough in mechanical harvesting for castor bean.