MicroSalt trading update: pipeline turns into orders as 2026-2027 step-up comes into view
MicroSalt PLC (AIM: SALT) has put out a compact but meaningful trading update that edges 2025 revenue above plan and strengthens visibility for a sharp ramp in 2026 and 2027. The headline is simple: early bulk orders are now coming through from a top-tier global food and beverage group, while a new deal with Daiya Foods adds another leg of growth.
There is still execution ahead and several moving parts remain non-contractual, but the direction of travel is clear. Here is what changed, why it matters, and what to watch next.
What MicroSalt just reported
- Unaudited sales for the 10 months to 31 October 2025: $1.66 million.
- The Board is confident of exceeding its original full year 2025 revenue expectation of $2.0 million.
- Customer 3 – one of the world’s largest food, soft drink and snack manufacturers – has moved from projections to a first bulk purchase order, with further broadly monthly orders expected.
- A non-binding term sheet has been signed for a proposed four-year Joint Development Agreement with Customer 3 to co-develop global low-sodium solutions.
- New strategic relationship with Daiya Foods: initial $50,000 order, with projected 2026 volume of approximately $500,000.
- Company revenue projections: $7.0 million in 2026 and more than $15.0 million in 2027.
| Metric | Figure |
|---|---|
| 10-month sales to 31 Oct 2025 | $1.66 million |
| FY 2025 revenue | Board expects to exceed $2.0 million (original expectation) |
| Customer 3 2026 sales (North America, new item projection) | Exceeding $5.0 million |
| Customer 3 2027 sales (projection) | $11.0 million |
| Company 2026 projection | $7.0 million |
| Company 2027 projection | More than $15.0 million |
| Daiya initial order | $50,000 |
| Daiya projected 2026 volume | ~$500,000 |
Customer 3: from non-binding projections to recurring bulk orders
The big swing factor remains Customer 3. In August, MicroSalt flagged increased volume projections from this global player, including a single new item slated for a Q2 2026 North American rollout. Those projections suggested sales exceeding $5.0 million in 2026 and expanding to $11.0 million in 2027 for that product alone.
Today’s update is important because it bridges the gap between talk and traction: MicroSalt has received a first bulk purchase order, destined for a specific end retailer linked to Customer 3, and expects broadly monthly orders from here. While the projections remain non-contractual, regular purchase orders are a tangible signal that the run-up to mid-2026 rollout is under way.
Proposed Joint Development Agreement adds strategic depth
MicroSalt has also signed a non-binding term sheet for a proposed four-year Joint Development Agreement with Customer 3. A JDA is essentially a framework to co-create products and solutions – in this case, new ways to reduce sodium while keeping the familiar salty taste. If finalised, it would deepen the relationship globally and could broaden MicroSalt’s addressable footprint across multiple categories and regions.
Important caveat: the term sheet is non-binding, so investors should watch for conversion into a signed agreement and any detail on scope, exclusivity and milestones, none of which are disclosed today.
Daiya Foods brings credibility and incremental revenue
On 12 November, MicroSalt announced a strategic relationship with Daiya Foods, a global leader in dairy-free and plant-based products. Daiya has placed an initial $50,000 order, with projected 2026 volume of approximately $500,000. For a company of MicroSalt’s current scale, that is a meaningful contribution and, just as importantly, a strong proof-point in health-led consumer categories where sodium reduction is front and centre.
Between Customer 3 and Daiya, MicroSalt is executing on its B2B bulk strategy – selling ingredient salt directly into branded manufacturers who need to cut sodium without losing taste.
Revenue outlook: stepping up to $7.0 million in 2026 and $15.0 million+ in 2027
MicroSalt now projects $7.0 million of sales in 2026 and more than $15.0 million in 2027. Management says these numbers are based on in-hand volume estimations and the current customer base. That phrasing matters: it implies the projections are not relying on blue-sky wins, but on volume the company already sees in its pipeline.
The cadence of monthly bulk orders tied to the mid-2026 rollout should be a key driver of that step-change, with the Daiya relationship layering on top. If the JDA is executed and broadens scope, that could support further category expansion.
Why the market opportunity still looks sizeable
MicroSalt’s pitch is simple: full-flavour salt with approximately 50% less sodium, delivered via micron-sized particles that increase perceived saltiness. Year to date through 2025, the company says it has contributed to more than 634 million servings made healthier. With regulators and brands focused on sodium reduction, the tailwinds are notable.
The World Health Organisation has targeted a 30% reduction in global sodium intake by 2025, with major health and economic benefits. In the UK alone, cardiovascular disease costs £19 billion annually, and cutting average daily salt by just one gram could save over 4,000 lives and £288 million each year. MicroSalt highlights a defensible IP position too, with a granted US patent and 14 pending applications globally.
What’s not disclosed and key risks to watch
- Contracting status: Customer 3 projections are non-contractual. The JDA is at a non-binding term sheet stage. Look for conversion into signed agreements.
- Margins and cash: No gross margin, cash balance or capex guidance is provided. Scaling to $7.0 million and beyond will require working capital and potentially capacity investment.
- Operational readiness: The company expects broadly monthly bulk orders. The cadence, fulfilment performance and any retailer-specific requirements will be important.
- Timing risk: Rollout is expected to commence in Q2 2026 with full rollout mid-2026. Slippage would likely push revenue to the right.
- Concentration: 2026-2027 projections lean heavily on Customer 3. Diversification into more categories and customers would reduce risk.
My take: a cleaner line of sight, but execution now takes centre stage
This is a constructive update. Moving from projections to a first bulk order, with an expectation of monthly repeats, is the sort of evidence investors wanted ahead of the 2026 ramp. The proposed four-year JDA, even at term sheet stage, signals intent from a blue-chip partner to go deeper on sodium reduction solutions.
On the numbers, exceeding the original $2.0 million revenue expectation for 2025 is a modest positive. The larger story is the projected jump to $7.0 million in 2026 and more than $15.0 million in 2027, now underpinned by visible volume estimations and a new contribution from Daiya Foods.
The flip side is that much remains to be executed: binding contracts, smooth fulfilment, and proof on margins as volumes scale. None of those are unusual risks at this stage, but they matter. If MicroSalt converts the JDA and sustains the monthly order cadence, today’s projections start to feel much more bankable.
What to track next
- Signed JDA with Customer 3 and any details on scope and exclusivity.
- Evidence of monthly bulk orders continuing and expanding ahead of mid-2026 rollout.
- Any disclosure on gross margin and unit economics as volumes increase.
- Additional branded wins that diversify revenue beyond Customer 3 and Daiya.
Bottom line
MicroSalt’s B2B strategy is starting to convert into recurring orders, with a credible route to a multi-million dollar run-rate in 2026 and beyond. The opportunity is large, the partners are high quality, and the projections are clearer than they were in the summer. Now it is about execution. If management hits the milestones they have outlined, the revenue surge to more than $15.0 million in 2027 looks achievable.
