Favourable result despite challenging economic backdrop

Results announcement



Results for announcement to the market
Name of issuer Blis Technologies Limited
Reporting Period 6 months to 30 September 2024
Previous Reporting Period 6 months to 30 September 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$5,989 25%
Total Revenue $5,989 25%
Net profit/(loss) from
continuing operations
$229 134%
Total net profit/(loss) $229 134%
Interim/Final Dividend
Amount per Quoted Equity
Security
It is not proposed to pay a dividend for the 6 months to 30
September 2024.
Imputed amount per Quoted
Equity Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.0079 $0.0069
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please see attached result announcement for commentary on
the result.
Authority for this announcement
Name of person

authorised
to make this announcement
Richard Wingham
Contact person for this
announcement
Richard Wingham
Contact phone number +64 21 284 0446
Contact email address richard.wingham@blis.co.nz
Date of release through MAP

26/11/2024

Unaudited financial statements accompany this announcement.

---

Blis Technologies Limited: Ground Floor, 399 Moray Place, Dunedin Central 9016, PO Box 2208, Dunedin 9044, New Zealand
T:+64 3 474 0988 E: info@blis.co.nz W: www.blis.co.nz





26 November 2024

Favourable result despite challenging economic backdrop

Blis Technologies Ltd (Blis) had a favourable first half of the financial year to 30 September 2024
(1HY25) compared to the same period last year (1HY24), despite the challenging macroeconomic
backdrop.
In late September 2024 Blis became aware that a key customer had filed a patent for the BLIS K12™
and BLIS M18™ fermentation process in three key jurisdictions. The patent filings remain a concern
to Blis. Further details on the patent issue are set out later in this report.
Financial Overview
Revenue for 1HY25 was up 25% to $6m compared to the same period last year, with increases in
both the B2B and B2C sales channels. Blis has benefited from a clear focus on the key growth drivers
of the business, built around our two ‘hero’ ingredients of BLIS K12™ and BLIS M18™. The over-riding
objective remains to deliver sustained profitability for all our key stakeholders.
An unaudited net surplus for 1HY25 of $0.2m compares with a loss of $0.7m for the same period last
year. EBITDA was $0.3m, which can be compared against a loss of $0.6m for the same period last
year. The net surplus and EBITDA for 1HY25 are both stated after inclusion of $0.3m of expenditure
to update for China market access regulation changes. Net cash inflow from operating activities was
$0.7m for 1HY25. Cash and cash equivalents and short-term deposit balances are $8.9m at 30
September 2024.
B2B Revenue
B2B revenue of $3.8m for 1HY25 was a 23% increase on the same period last year, driven by
ingredient revenue of $3.1m. Ingredient revenue grew by 33%, with increases across all our key
territories of Europe, North America and Japan as a result of favourable ordering patterns from the
dominant customers in each of those markets. Private label sales grew a modest 14% and continues
to be an important growth driver for the future for Blis. To complete the B2B picture, royalties were
down 17% on the same period last year, reflecting US market weaknesses in line with the current
global trends as noted in the earlier comments.

B2C Revenue
B2C revenue of $2.2m was a 29% increase on the same period last year. NZ Pharmacy wholesale
continues to show strong growth as our new NZ sales and distribution partner, Wilson Consumer
Products Limited, activates the joint business plan with executional excellence. In a challenging
environment, the NZ Pharmacy wholesale revenue was up 25% on the same period last year. The
growth exceeds the immunity and probiotics category as a whole, and as a result, Blis continues to
grow its market share.

Daigou wholesale revenue was down 28% on the same period last year for the second consecutive
year, which has necessitated the business to challenge its approach in this area. On 15 November
2024 Blis announced a new partnership with Chinese distributor Orange Daylily to act as the

Blis Technologies Limited: 399 Moray Place,Dunedin 9016, PO Box 2208, Dunedin 9012, New Zealand
T:+64 3 474 0988 E: info@blis.co.nz W: www.blis.co.nz
distributor for Blis' branded finished goods product line BLIS Probiotics™ in China. The total
wholesale business delivered 41% of our total B2C revenue in 1HY25.
Growth in Direct to Consumer revenues was nominally driven by Blis’ Amazon revenue growth of
40%, which is significant given it is 43% of the total B2C business. There have been new products
launched and the sales team are fine tuning forecasts as they gauge consumer demand through
analysing re-order rates. For example, consumers trading up from Throat Health 30’s to Throat
Health 60’s delivers increased revenue at a higher price point.
Ecommerce through the Blis webstore also showed strong growth of 61% on 1HY24. Several
excellent digital campaigns underpinned the result with more planned in the second half of the year
with learnings being applied to ensure future campaigns are more targeted, more cost effective and
thus deliver improved return on investment.
Regulatory and R&D
The China regulatory access work continues as per the critical path in the project plan. As previously
communicated, this will ensure Blis and its strategic business partners continue to have unrestricted
access to this key strategic market, which is second in size to the USA market, into 2025 and beyond.
In 1HY25 there has been six new publications on the BLIS® probiotic strains. Key publications related
to the ability of specific probiotic sugars to enhance the antimicrobial potency and range of our oral
strains, and a clinical study demonstrating the ability for Blis K12™ to alleviate oral mucositis
symptoms in head and neck cancer patients, highlighting the potential for a new application in a
therapeutic setting. This on-going research and development work strengthens our evidence base
and provides valuable new data for our sales and marketing activity.
Patent issue
As noted previously Blis became aware in late September 2024 that a key customer had filed a
patent for the BLIS K12™ and BLIS M18™ fermentation process in three key markets. The patent
application contained confidential Blis information which had been provided under Non-Disclosure
Agreements.

Blis has taken legal advice and is working to have these matters resolved. As part of this process
negotiations are currently underway with the key customer. A market update will be provided when
the negotiations are complete.
The Blis Team
It is pleasing to note that in 1HY25 following some minor staffing changes in April 2024 to increase
the commercial focus, Blis has continued to enjoy stability in terms of staff turnover. This helps to
ensure we have the right blend of new talent, bringing in fresh ideas coupled with the experience
and knowledge that more senior Blis team members bring to the table to meet our customers’
needs. Blis continues to invest in the development of its team. A good example of that in action is
the intern programme which Blis does every summer, where senior/post graduate University
students work alongside John Hale’s team in the lab on various research and development
initiatives. Lastly it is important to note Blis will be running its annual employee engagement survey
in 2HY25. This is an important initiative to get feedback and key insights to ensure we remain a great
place to work for key talent.

Blis Technologies Limited: 399 Moray Place,Dunedin 9016, PO Box 2208, Dunedin 9012, New Zealand
T:+64 3 474 0988 E: info@blis.co.nz W: www.blis.co.nz
Outlook
In line with our strategic plan, we will continue to focus on key areas across both B2B and B2C
channels to deliver sustainable revenue growth and improved profitability.

As noted earlier, we continue to negotiate with the parties involved in the patent dispute. We will
continue to keep shareholders up to date with progress as it is made.
As always, we appreciate your continued support.

Ends

For further information, please contact:

Scott Johnson
CEO
+64 21 488 831


About Blis Technologies Ltd

Delivering proven health benefits through evidence-based, advanced probiotics
Blis Technologies is an NZX-listed manufacturer of advanced probiotic strains that go beyond the gut.
Combining innovation with evidence-based research and the highest quality production controls enables
the delivery of probiotic solutions for specific health targets including throat health, halitosis (bad breath),
immune support, teeth and gum health and skin health. BLIS
®
products are sold throughout New Zealand
and in Asia, Europe and the USA. More information about Blis Technologies Ltd can be found at
www.blis.co.nz.

Website: www.blis.co.nz
Instagram: @blisprobiotics #blisk12 #blism18 #blisq24
Facebook: @BLISProbiotics

---

HALF YEAR
REPORT
FOR THE SIX MONTHS TO 30 SEPTEMBER 2024
PROBIOTIC PIONEERS
FOR A HEALTHIER YOU

HALF YEAR REPORT
2
CONTENTS
HY25 SUMMARY
FINANCIAL
STATEMENTS
HALF YEAR REPORT
DIRECTORY
03
08
04
22

BLIS TECHNOLOGIES LIMITED
3
HY25 SUMMARY
REGULATORY AND R&D
PROGRESS
•China regulatory updates to
maintain access for BLIS strains
to this key market
•
Six new independent
publications enhancing the
BLIS K12
™
and BLIS M18
™
evidence base
CONFERENCES BLIS
ATTENDED OR
PRESENTED AT
•Vitafoods Asia, Bangkok,
Thailand
•
Amazon Accelerate, Seattle,
USA
•
NZ Oral Health Association,
Auckland, NZ
•
Probiota Americas, Salt Lake
City, USA
NZ PHARMACY CHANNEL
•New distribution partner,
Wilson Consumer Products
Limited
REVENUE
+25%
$
6.0m
EBITDA
+ $0.9m
$
0.3m
B2B
REVENUE
+23%
B2C
REVENUE
+29%
$
3.8m
$
2.2m
Note:
Movement comparisons above are to the same period of the prior year

CHAIR & CHIEF
EXECUTIVE’S REPORT
HALF YEAR REPORT
HALF YEAR REPORT
4

Blis Technologies Ltd (Blis) had a
favourable first half of the financial
y
ear to 30 September 2024 (1HY25)
compared to the same period last
year (1HY24), despite the challenging
macroeconomic
backdrop.
In late September 2024 Blis became
aware that a key customer had filed
a patent for the BLIS K12™ and BLIS
M18™ fermentation process in
three key jurisdictions. The patent
filings remain a concern to Blis.
Further details on the patent issue
are set out later in this report.
FINANCIAL OVERVIEW
Revenue for 1HY25 was up 25% to
$6m compared to the same period
last year, with increases in both
the B2B and B2C sales channels.
Blis has benefited from a clear
focus on the key growth drivers
of the business, built around our
two ‘hero’ ingredients of BLIS
K12™ and BLIS M18™. The over-
riding objective remains to deliver
sustained profitability for all our key
stakeholders.
An unaudited net surplus for 1HY25
of $0.2m compares with a loss of
$0.7m for the same period last year.
EBITDA was $0.3m, which can be
compared against a loss of $0.6m for
the same period last year. The net
surplus and EBITDA for 1HY25 are
both stated after inclusion of $0.3m
of expenditure to update for China
market access regulation changes.
Net cash inflow from operating
activities was $0.7m for 1HY25. Cash
and cash equivalents and short-term
deposit balances are $8.9m at 30
September 2024.
B2B REVENUE
B2B revenue of $3.8m for 1HY25
was a 23% increase on the
same period last year, driven by
ingredient revenue of $3.1m.
Ingredient revenue grew by
33%, with increases across all our
key territories of Europe, North
America and Japan as a result
of favourable ordering patterns
from the dominant customers in
each of those markets. Private
label sales grew a modest 14%
and continues to be an important
growth driver for the future for
Blis. To complete the B2B picture,
royalties were down 17% on the
same period last year, reflecting US
market weaknesses in line with the
current global trends as noted in the
earlier comments.
B2
C
REVENUE
B2C revenue of $2.2m was a 29%
increase on the same period last
year. NZ Pharmacy wholesale
continues to show strong growth as
our new NZ sales and distribution
partner, Wilson Consumer Products
Limited, activates the joint business
plan with executional excellence. In
a challenging environment, the NZ
Pharmacy wholesale revenue was up
25% on the same period last year.
The growth exceeds the immunity
and probiotics category as a whole,
and as a result, Blis continues to
grow its market share.
Daigou wholesale revenue was
down 28% on the same period last
year for the second consecutive year,
which has necessitated the business
to challenge its approach in this
area. On 15 November 2024 Blis
announced a new partnership with
Chinese distributor Orange Daylily
to act as the distributor for Blis’
branded finished goods product line
BLIS Probiotics™ in China. The total
wholesale business delivered 41% of
our total B2C revenue in 1HY25.
B
LIS TECHNOLOGIES LIMITED
5

HALF YEAR REPORT
6
Growth in Direct to Consumer
revenues was nominally driven by
Blis’ Amazon revenue growth of 40%,
which is significant given it is 43% of
the total B2C business. There have
been new products launched and the
sales team are fine tuning forecasts
as they gauge consumer demand
through analysing re-order rates. For
example, consumers trading up from
Throat Health 30’s to Throat Health
60’s delivers increased revenue at a
higher price point.
Ecommerce through the Blis
webstore also showed strong
growth of 61% on 1HY24. Several
excellent digital campaigns
underpinned the result with more
planned in the second half of the
year with learnings being applied to
ensure future campaigns are more
targeted, more cost effective and
thus deliver improved return on
investment.
REGULATORY AND R&D
The China regulatory access work
continues as per the critical path
in the project plan. As previously
communicated, this will ensure Blis
and its strategic business partners
continue to have unrestricted access
to this key strategic market, which
is second in size to the USA market,
into 2025 and beyond.
In 1HY25 there has been six
new publications on the BLIS
®

probiotic strains. Key publications
related to the ability of specific
probiotic sugars to enhance the
antimicrobial potency and range
of our oral strains, and a clinical
study demonstrating the ability for
BLIS K12
™
to alleviate oral mucositis
symptoms in head and neck
cancer patients, highlighting the
potential for a new application in a
therapeutic setting. This on-going
research and development work
strengthens our evidence base and
provides valuable new data for our
sales and marketing activity.
PATENT ISSUE
As noted previously Blis became
aware in late September 2024
that a key customer had filed
a patent for the BLIS K12
™
and
BLIS M18
™
fermentation process
in three key markets. The patent
application contained confidential
Blis information which had been
provided under Non-Disclosure
Agreements.

BLIS TECHNOLOGIES LIMITED
7
Blis has taken legal advice
and is working to have these
matters resolved. As part
of this process negotiations are
currently underway with the key
customer. A market update will be
provided when the negotiations are
complete.
THE BLIS TEAM
It is pleasing
to note that in 1HY25
following some minor staffing
c
hanges in April 2024 to increase the
commercial focus, Blis has continued
to enjoy stability in terms of staff
turnover. This helps to ensure we
have the right blend of new talent,
bringing in fresh ideas coupled with
the experience and knowledge
that
more senior Blis team members bring
to the table to meet our customers’
needs. Blis continues to invest in the
development of its team. A good
example of that in action is the
intern programme which Blis does
every summer, where senior/post
graduate University students work
alongside John Hale’s team in the lab
on various research and development
initiatives. Lastly it is important to
note Blis will be running its annual
employee engagement survey in
2HY25. This is an important initiative
to get feedback and key insights to
ensure we remain a great place to
work for key talent.
OUTLOOK
In line with our strategic plan, we
will continue to focus on key areas
across both B2B and B2C channels to
deliver sustainable revenue growth
and improved profitability.
As noted earlier, we continue to
negotiate with the parties involved
in the patent dispute. We will
continue to keep shareholders up to
date with progress as it is made.
As always, we appreciate your
continued support.
Scott Johnson
Chief Executive Officer
26 November 2024
Geoff Plunket
Chair
26 November 2024

HALF YEAR REPORT
8
FINANCIAL
STATEMENTS
FOR THE SIX MONTHS ENDED
30 SEPTEMBER 2024

BLIS TECHNOLOGIES LIMITED
9
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
SIX MONTHS SIX MONTHS 12 MONTHS
30 SEP 2024 30 SEP 2023 31 MAR 2024
(UNAUDITED) (UNAUDITED) (AUDITED)
NOTES $’000 $’000 $’000
REVENUES
Revenue 3.1 5,989 4,777 11,526
Other income 3.2 229 198 447
Total Revenue and Other Income 6,218 4,975 11,973
EXPENSES
Distribution expenses 153 147 267
Marketing expenses 817 606 1,289
Occupancy expenses 73 45 101
Employee benefits 2,086 2,102 4,219
Raw materials and consumables 1,169 963 2,250
Operating expenses 1,659 1,765 3,120
Finance expenses 12 17 31
Total Expenses 5,969 5,645 11,277
SURPLUS / (DEFICIT) BEFORE TAX 249 (670) 696
Income tax expense 20 - 50
SURPLUS / (DEFICIT) FOR THE PERIOD 229 (670) 646
Other comprehensive income - - -
TOTAL COMPREHENSIVE INCOME / (LOSS) 229 (670) 646
Earnings / (deficit) per share:
Basic (cents per ordinary share) 0.02 (0.05) 0.05
Diluted (cents per ordinary share) 0.02 (0.05) 0.05

HALF YEAR REPORT
10
CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
(UNAUDITED)
SHARE BASED
RETAINED PAYMENTS TOTAL
SHARE EARNINGS/ EQUITY ATTRIBUTABLE
CAPITAL (DEFICIT) RESERVES TO GROUP
$’000 $’000 $’000 $’000
OPENING EQUITY – 1 APRIL 2024 46,649 (35,241) 80 11,488
Surplus / (deficit) for the year - 229 - 229
Other comprehensive income - - - -
Total comprehensive income - 229 - 229
Employee performance rights plan reserve - - (4) (4)
- - (4) (4)
CLOSING EQUITY – 30 SEPTEMBER 2024 46,649 (35,012) 76 11,713
OPENING EQUITY – 1 APRIL 2023 46,649 (35,887) 74 10,836
Surplus / (deficit) for the year - (670) - (670)
Other comprehensive income - - - -
Total comprehensive income - (670) - (670)
Employee performance rights plan reserve - - (1) (1)
- - (1) (1)
CLOSING EQUITY – 30 SEPTEMBER 2023 46,649 (36,557) 73 10,165

BLIS TECHNOLOGIES LIMITED
11
CONSOLIDATED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
SIX MONTHS SIX MONTHS 12 MONTHS
30 SEP 2024 30 SEP 2023 31 MAR 2024
(UNAUDITED) (UNAUDITED) (AUDITED)
NOTES $’000 $’000 $’000
ASSETS
Current Assets
Cash and cash equivalents 3,468 3,902 4,272
Short term deposits 5,450 4,000 4,250
Trade and other receivables 1,041 996 1,297
Prepayments 287 224 338
Inventory 820 814 719
NZX Bond 75 75 75
Foreign exchange contracts 16 - -
TOTAL CURRENT ASSETS 11,157 10,011 10,951
Non Current Assets
Property, plant and equipment 540 503 502
Finite life intangible assets 4 1,210 969 1,122
Right-of-use-assets 454 470 358
TOTAL NON CURRENT ASSETS 2,204 1,942 1,982
TOTAL ASSETS 13,361 11,953 12,933
Continued overleaf / >>

HALF YEAR REPORT
12
SIX MONTHS SIX MONTHS 12 MONTHS
30 SEP 2024 30 SEP 2023 31 MAR 2024
(UNAUDITED) (UNAUDITED) (AUDITED)
NOTES $’000 $’000 $’000
LIABILITIES
Current Liabilities
Trade and other payables 1,164 1,268 1,021
Lease liabilities 141 235 177
Foreign exchange contracts - 15 35
TOTAL CURRENT LIABILITIES 1,305 1,518 1,233
Non Current Liabilities
Lease liabilities 343 270 212
TOTAL NON CURRENT LIABILITIES 343 270 212
TOTAL LIABILITIES 1,648 1,788 1,445
NET ASSETS 11,713 10,165 11,488
OWNERS EQUITY
Share capital 5 46,649 46,649 46,649
Retained earnings / (deficits) (35,012) (36,557) (35,241)
Share based payment equity reserves 76 73 80
TOTAL EQUITY 11,713 10,165 11,488
CONSOLIDATED
BALANCE SHEET CONTINUED
AS AT 30 SEPTEMBER 2024
Geoff Plunket Barry Richardson
Chair Director
These financial statements have been authorised for issue on 26 November 2024.

BLIS TECHNOLOGIES LIMITED
13
CONSOLIDATED
STATEMENT OF CASHFLOWS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
SIX MONTHS SIX MONTHS 12 MONTHS
30 SEP 2024 30 SEP 2023 31 MAR 2024
(UNAUDITED) (UNAUDITED) (AUDITED)
NOTES $’000 $’000 $’000
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from / (applied to):
Receipts from customers 6,338 5,430 11,731
Interest received 94 - 399
Payments to suppliers and employees (5,676) (5,450) (11,044)
Finance costs (12) (17) (31)
Net cash inflow / (outflow) from operating activities 6 744 (37) 1,055
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from / (applied to):
Purchase of short term deposits (1,200) - (250)
Purchase of intangible assets (179) (177) (421)
Purchase of property, plant and equipment (101) (87) (149)
Net cash inflow / (outflow) from investing activities (1,480) (264) (819)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash was provided from / (applied to):
Repayment of lease liabilities (118) (109) (224)
Net cash inflow / (outflow) from financing activities (118) (109) (224)
Net Increase / (Decrease) in cash held (854) (410) 12
Add cash and cash equivalents at start of period 4,272 4,272 4,272
Foreign exchange differences 50 40 (12)
Balance at end of period 3,468 3,902 4,272
COMPRISED OF:
Cash and cash equivalents 3,468 3,902 4,272
3,468 3,902 4,272

HALF YEAR REPORT
14
1. BASIS OF REPORTING
Reporting entity
The unaudited consolidated condensed interim financial
statements presented are those of Blis Technologies
Limited (the “Company”) and its subsidiary Blis
Functional Foods Limited (the “Group”).
The Group’s principal activity is developing healthcare
products and technologies based on proprietary strains
of probiotic bacteria for sale and licensing in New
Zealand and overseas.
Statutory base
The Company is a profit-oriented entity, domiciled in
New Zealand, registered under the Companies Act 1993
and listed on the New Zealand Stock Exchange. The
Company is an FMC reporting entity under the Financial
Markets Conduct Act 2013. The financial statements
have been prepared in line with the requirements of
these Acts and the Financial Reporting Act 2013.
Basis of Preparation
The unaudited consolidated condensed interim financial
statements have been prepared in accordance with New
Zealand Generally Accepted Accounting Practice (“NZ
GAAP”) and comply with the New Zealand equivalents
to IFRS Accounting Standards (“NZ IFRS”), as appropriate
for interim financial statements (NZ IAS 34). The interim
financial statements should be read in conjunction with
the Group annual report for the year ended 31 March
2024.
The unaudited consolidated condensed interim financial
statements were authorised for issue by the Board of
Directors on 26 November 2024.
Basis of Measurement
The unaudited consolidated condensed interim financial
statements have been prepared on the historical cost
basis, except for the derivative financial instruments that
are measured at fair value at the end of each reporting
period. Historical cost is based on the fair values of the
consideration given in exchange for assets.
Accounting policies are selected and applied in a manner
which ensures that the resulting financial information
satisfies the concepts of relevance and reliability,
thereby ensuring that the substance of the underlying
transactions or other events is reported.
The same accounting policies and critical judgements,
estimates and assumptions are applied in these
unaudited consolidated condensed interim financial
statements as were applied in the preparation of the
Group’s consolidated financial statements for the year
ended 31 March 2024.
The unaudited consolidated condensed interim financial
statements are presented in thousands of New Zealand
dollars. The New Zealand dollar is the Group’s functional
currency.
The unaudited consolidated condensed interim financial
statements do not include all the information required
for full financial statements.
Critical Judgements, Estimates and Assumptions
In the application of NZ IFRS, the Directors are required
to make judgements, estimates and assumptions about
carrying values of asset and liabilities that are not readily
apparent from other sources. The judgements, estimates
and assumptions used in the preparation of these
NOTES TO AND FORMING
PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

BLIS TECHNOLOGIES LIMITED
15
unaudited consolidated condensed interim financial
statements are consistent with those used in the Group’s
consolidated financial statements for the year ended 31
March 2024.
Significant Accounting Policies
The accounting policies in the unaudited consolidated
condensed interim financial statements are the same
as those applied in the Group’s consolidated financial
statements for the year ended 31 March 2024.
The Group has adopted all mandatory new and revised
standards and interpretations. None had a material
impact on these financial statements.
There are no new or revised standards that are issued
but not yet effective that are expected to have a
material impact on the Group.
2. SIGNIFICANT TRANSACTIONS AND
EVENTS FOR THE CURRENT PERIOD
There were no significant transactions and events
that affected the financial performance and financial
position of the Group for the six-month period ended 30
September 2024.
3. REVENUE AND OTHER INCOME
3.1 REVENUE
SIX MONTHS SIX MONTHS 12 MONTHS
30 SEP 2024 30 SEP 2023 31 MAR 2024
(UNAUDITED) (UNAUDITED) (AUDITED)
$’000 $’000 $’000
Revenue consists of the following items:
Point in time recognition:
Sale of goods – domestic sales
Finished goods 1,062 1,019 1,760
Ingredients 26 37 53
License fee and royalties 9 - 26
Sale of goods – export sales
Finished goods 1,421 934 2,066
Ingredients 3,077 2,304 6,605
License fee and royalties 394 483 1,016
5,989 4,777 11,526
3.2 OTHER INCOME
SIX MONTHS SIX MONTHS 12 MONTHS
30 SEP 2024 30 SEP 2023 31 MAR 2024
(UNAUDITED) (UNAUDITED) (AUDITED)
$’000 $’000 $’000
Grant income - - 42
Interest income 229 198 405
229 198 447

HALF YEAR REPORT
16
4. FINITE LIFE INTANGIBLE ASSETS
IT, WEBSITE
CAPITALISED DEVELOPMENT
TRADEMARKS PATENTS DEVELOPMENT AND SOFTWARE TOTAL
$’000 $’000 $’000 $’000 $’000
30 SEPTEMBER 2024 (Unaudited)
Gross Carrying Amount
Balance at 1 April 2024 427 1,425 4,121 400 6,373
Additions 74 105 - - 179
Disposals - - - - -
Balance at 30 September 2024 501 1,530 4,121 400 6,552
Accumulated amortisation
and impairment
Balance at 1 April 2024 123 1,055 3,676 397 5,251
Amortisation expense 21 19 48 3 91
Balance at 30 September 2024 144 1,074 3,724 400 5,342
Net book value at 30 September 2024 357 456 397 - 1,210
30 SEPTEMBER 2023 (Unaudited)
Gross Carrying Amount
Balance at 1 April 2023 224 1,226 4,103 400 5,953
Additions 57 102 18 - 177
Disposals - - - - -
Balance at 30 September 2023 281 1,328 4,121 400 6,130
Accumulated amortisation and impairment
Balance at 1 April 2023 95 1,022 3,568 379 5,064
Amortisation expense 10 15 63 9 97
Balance at 30 September 2023 105 1,037 3,631 388 5,161
Net book value at 30 September 2023 176 291 490 12 969
NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS (CONTINUED)

BLIS TECHNOLOGIES LIMITED
17
IT, WEBSITE
CAPITALISED DEVELOPMENT
TRADEMARKS PATENTS DEVELOPMENT AND SOFTWARE TOTAL
$’000 $’000 $’000 $’000 $’000
31 MARCH 2024 (Audited)
Gross Carrying Amount
Balance at 1 April 2023 224 1,226 4,103 400 5,953
Additions 203 199 18 - 420
Disposals - - - - -
Balance at 31 March 2024 427 1,425 4,121 400 6,373
Accumulated amortisation
and impairment
Balance at 1 April 2023 95 1,022 3,568 379 5,064
Amortisation expense 28 33 108 18 187
Balance at 31 March 2024 123 1,055 3,676 397 5,251
Net book value at 31 March 2024 304 370 445 3 1,122

5. SHARE CAPITAL
30 SEP 2024 (UNAUDITED) 30 SEP 2023 (UNAUDITED) 31 MAR 2024 (AUDITED)
NO. OF SHARES $’000 NO. OF SHARES $’000 NO. OF SHARES $’000
Balance at the beginning
of the period (fully paid) 1,279,301,599 46,649 1,273,801,599 46,469 1,273,801,599 46,469
Shares pursuant to
CEO share plan - - - - 5,500,000 -
Balance at the end
of the period 1,279,301,599 46,649 1,273,801,599 46,649 1,279,301,599 46,649

HALF YEAR REPORT
18
NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS (CONTINUED)
6. RECONCILIATION OF NET SURPLUS/ (DEFICIT) WITH CASHFLOWS FROM
OPERATING ACTIVITIES
SIX MONTHS SIX MONTHS 12 MONTHS
30 SEP 2024 30 SEP 2023 31 MAR 2024
(UNAUDITED) (UNAUDITED) (AUDITED)
$’000 $’000 $’000
NET SURPLUS / (DEFICIT) FOR THE PERIOD 229 (670) 646
Adjustments for non-cash items:
Amortisation 91 97 187
Depreciation property, plant and equipment 61 55 117
Depreciation right of use assets 118 112 224
Foreign exchange loss / (gain) (50) (40) 10
PSR expense (4) (1) (32)
Loss / (gain) on fair value of foreign exchange contracts (51) 15 34
CEO share option expense - - 38
394 (432) 1,224
Movement in working capital
Trade and other receivables 256 447 147
Prepayments 50 115 1
Inventories (100) (81) 15
Trade and other payables 144 (86) (332)
350 395 (169)
NET CASH INFLOW / (OUTFLOW) FROM OPERATING ACTIVITIES 744 (37) 1,055

BLIS TECHNOLOGIES LIMITED
19
7. CAPITAL COMMITMENTS, CONTINGENT ASSETS AND CONTINGENT
LIABILITIES
There are $4k capital commitments as at 30 September 2024 (30 September 2023: $Nil). There are no material contingent
assets or contingent liabilities as at 30 September 2024 (30 September 2023: $Nil).
8. INVESTMENT IN SUBSIDIARY
SUBSIDIARY PERCENTAGE HELD BALANCE PRINCIPAL
30 SEP 2024 30 SEP 2023 31 MAR 2024 DATE ACTIVITY
Blis Functional Foods Limited 100% 100% 100% 31 March Non-trading

9. SEGMENTAL REPORTING
9.1 Operating Segments
The Group is internally reported as a single operating segment to the chief operating decision-maker.
9.2 Revenue from major products and services
SIX MONTHS SIX MONTHS 12 MONTHS
30 SEP 2024 30 SEP 2023 31 MAR 2024
(UNAUDITED) (UNAUDITED) (AUDITED)
$’000 $’000 $’000
The Group’s revenues from its major products and
services were as follows:
BLIS products 5,989 4,777 11,526
Non-core business 229 198 447
Total revenue and other income 6,218 4,975 11,973
Non-core revenues include interest received and grant revenue.

HALF YEAR REPORT
20
NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS (CONTINUED)
9. SEGMENTAL REPORTING CONTINUED
9.3 Information about geographical areas
REVENUE FROM EXTERNAL CUSTOMERS NON CURRENT ASSETS
SIX MONTHS SIX MONTHS 12 MONTHS SIX MONTHS SIX MONTHS 12 MONTHS
30 SEP 24 30 SEP 23 31 MAR 24 30 SEP 24 30 SEP 23 31 MAR 24
(UNAUDITED) (UNAUDITED) (AUDITED) (UNAUDITED) (UNAUDITED) (AUDITED)
$’000 $’000 $’000 $’000 $’000 $’000
New Zealand 1,097 984 1,839 2,204 1,942 1,982
Asia Pacific (excl. NZ) 886 557 1,183 - - -
EMEA 1,738 1,463 5,122 - - -
North America 2,268 1,773 3,381 - - -
Total revenue 5,989 4,777 11,526 2,204 1,942 1,982
Grant revenue - - 42 - - -
Other revenue - - - - - -
Interest revenue 229 198 405 - - -
Total revenue and
other income 6,218 4,975 11,973 2,204 1,942 1,982
Revenues for the six months to 30 September 2024 include $1,669k, $1,277k, and $401k, which arose from sales, license
fees and royalties to the Group’s three largest customers.
Revenues for the six months to 30 September 2023 include $1,408k, $558k, and $521k, which arose from sales, license
fees and royalties to the Group’s three largest customers.
Revenues for the year ended 31 March 2024 include $3,854k, $1,257k and $1,220k which arose from sales, license fees
and royalties to the Group’s three largest customers.
Web sales are allocated to the region where the end consumer is based.
10. SUBSEQUENT EVENTS
There were no subsequent events post 30 September 2024 (2023: Nil).

BLIS TECHNOLOGIES LIMITED
21

HALF YEAR REPORT
22
COMPANY NUMBER
1042367

ISSUED CAPITAL
1,279,301,599 Ordinary Shares

REGISTERED OFFICE
Blis Technologies Limited
399 Moray Place
Dunedin Central, Dunedin 9016

SHAREHOLDERS
Listed on the NZX main board

SHARE REGISTRAR
MUFG Corporate Markets
Level 30, PwC Tower
15 Customs Street West
Auckland 1010

DIRECTORS
G Plunket
A Johansen
A McCammon
Dr B Richardson
Dr A Stewart

CHIEF EXECUTIVE
S Johnson
AUDITORS
Deloitte Limited
PO Box 1245
Dunedin

BANKERS
Bank of New Zealand
Dunedin

SOLICITORS
Anderson Lloyd
Private Bag 1959
Dunedin 9054

WEBSITE
www.blis.co.nz
www.blisprobiotics.co.nz
FACEBOOK
www.facebook.com/BLISProbioticsNZ
INSTAGRAM
www.instagram.com/blisprobiotics
LINKEDIN
www.linkedin.com/company/blis-technologies-limited
COMPANY
DIRECTORY
FOR THE YEAR ENDED 30 SEPTEMBER 2024

BLIS TECHNOLOGIES LIMITED
23

HALF YEAR REPORT
24
www.blis.co.nz
Physical Address
Blis Technologies Limited
399 Moray Place
Dunedin 9016
Postal Address
PO Box 2208
Dunedin 9044
New Zealand
Email
info@blis.co.nz
Telephone
+64 3 474 0988