AIM:SALT · Consumer Staples · Food technology / low-sodium salt and snack food ingredients (AIM-listed, early-stage)

Microsalt plc

MicroSalt Plc is an early-stage AIM-listed (London) UK technology company that develops and sells low-sodium salt and snack-food ingredient solutions. Its patented process produces micron-sized salt crystals that deliver full flavour with approximately 50% less sodium than traditional salt, sold in bulk/B2B form to multinational food manufacturers and QSR/FSR foodservice channels, primarily in North America. The Group operates through its 92%-owned US subsidiary MicroSalt Inc. and is controlled by Tekcapital plc.

Export the Microsalt plc factsheetfree account Open the FY2025 report

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3 annual reports read, FY2023 to FY2025

Open a year to see what its report said. Every line in it carries the page it was read from.

Sources: Companies House (3)

FY2026Next report expected 5 Jun 2027
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Sixty seconds on the FY2025 report
MicroSalt Plc makes a low-sodium salt with tiny crystals and sells it to food manufacturers and restaurant chains, mainly in North America. In the year to 31 December 2025, revenue rose to $2.1m from $750k (+175.9%), and the loss after tax narrowed to $3.5m from $6.1m. The report credits large, repeat bulk orders from food manufacturers for the growth, with three customers making up 76% of revenue. New products launched in 2025 also helped. Its products now sell for more than they cost to make: gross profit was $87k, against a loss of $438k the year before. The company ended the year with $1.9m in cash, up from $261k, helped by $5.7m raised from shareholders. It owes $2.9m in loans from its controlling shareholder, Tekcapital, due in 2027. No dividend was paid. Management updated its 2026 sales guidance to US$4.5 million, citing production timing rather than demand, and kept its 2027 estimate of US$15 million. The directors and auditor flag a material uncertainty over whether the company can keep going, because its cash depends on the timing of customer sales.
From the reportevery line sits on the page it names
What drove revenue
B2B bulk ingredient sales to multinational food manufacturers (Customers 1-3)
3 customers made up 76% of FY2025 revenue (FY24: 65%); Customer 1 (~80% of Mexican snack food market) used MicroSalt across three established snack products
page 6
And
New product launches (MicroSalt Premium for QSR/FSR, MicroSalt Fiber)
Completed R&D and launched MicroSalt Premium in January 2025 for Quick/Fast Service Restaurant channels; launched MicroSalt Fiber in 2025
page 5
What moved the margintailwind
Scale efficiencies and shift toward higher-margin bulk ingredient sales
As the Company continues shifting toward higher-margin bulk ingredient sales, expect additional margin improvements through scale efficiencies
page 8
Andtailwind
Production efficiencies, purchasing leverage and operating scale
As core bulk business scales, expect continued improvement in gross margins driven by greater production efficiencies, purchasing leverage, and overall operating scale
page 12
One-offs in the year
$1.4m charge: IPO costs
page 28
What management said
Updating FY2026 sales guidance to US$4.5 million, reflecting anticipated production timing associated with the 2027 launch schedule rather than a change in demand outlook; reaffirms 2027 sales estimate of US$15 million
page 3
After the year end
At the time this report was issued, there were no significant events to report (Note 25)
page 51
The dividend
The Directors do not recommend payment of a dividend; no dividends paid or proposed in FY2025 or FY2024
page 12
Going concern and the audit
Directors concluded going concern basis is appropriate but a material uncertainty exists because cash flow forecasts depend on generation and timing of revenue from key customers; if revenue is delayed, alternative funding (further AIM equity raises or debt secured on receivables/inventories) would be sought. Auditor Crowe U.K. LLP (Leo Malkin, Senior Statutory Auditor) issued an unmodified/unqualified 'true and fair view' opinion but drew attention to the going concern material uncertainty via an emphasis paragraph (opinion not modified in respect of this matter). Key audit matter: carrying value of investment in subsidiary (parent only), supported by a value-in-use discounted cash flow model.
page 22
The risks it names first
Liquidity risk - cash flow forecasting dependent on timely generation of revenue from key customers; material uncertainty over going concernp.9
Early stage of operations - limited operating history, uncertainty achieving sustained revenue, profitability or positive cash flowp.9
Competitive risk - alternative low sodium products produced by better-resourced competitors could render MicroSalt's products obsolete or reduce marginsp.9
Credit risk on trade and other receivablesp.9
Read from C000842-AR-2025-ch.