Oatly has announced its financial results for the fourth quarter and full-year 2023, reporting a 4.6% revenue increase in Q4.

The Swedish oat milk company reached $783.3 million in total revenue for the 12 months ending 31 December 2023, an 8.5% increase on the prior year, with fourth quarter revenue hitting $204.1 million.

Growth in constant currency revenue was mainly driven by the EMEA and Americas segments, partially offset by expected declines in the Asia segment.

Oatly experienced revenue growth in both the retail and foodservice channels, offset by a decline in other channels in Q4 2023 compared to Q4 2022.

Sold volume for the fourth quarter increased 2% to 140 million litres, compared to 137 million litres in the fourth quarter of 2022.

Gross profit was $47.8 million for the fourth quarter of 2023 compared to $31.1 million in Q4 2022 and $32.6 million for the Q3 2023. Gross profit margin was 23.4% in the fourth quarter of 2023, an increase of 750 basis points compared to the prior year period and an increase of 600 basis points compared to the third quarter of 2023.

Net loss attributable to shareholders of the parent was $298.7 million for the fourth quarter of 2023 compared to $125.2 million in the prior year period.

EBITDA loss for Q4 2023 was $228 million, compared to an EBITDA loss of $111.2 million in the prior year period. Adjusted EBITDA loss for the fourth quarter was $19.2 million, compared to $60.5 million in Q4 2022.

Oatly said the loss was primarily due to non-cash asset impairment charges and other costs related to discontinued construction of certain production facilities.

The company issued its outlook for 2024, expecting revenue growth for FY24 on a constant currency basis in the range of 5-10%. Adjusted EBITDA loss is expected to be in the range of $35-60 million, and capital expenditures for the full year are projected to be below $75 million.

Jean-Christophe Flatin, Oatly’s CEO, said that 2023 was a pivotal year where the company executed a “significant recalibration of the entire organisation” to stabilise business and position itself for long-term success.

Commenting on the company’s outlook for 2024, he added: “We plan to continue driving toward profitable growth by bringing the Oatly magic to more people and delivering on the expected benefits of our resource re-calibration while maintaining our focus on execution.”

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