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Why Is Above Food Stock Falling Today?

Benzinga · 1d ago

Above Food Ingredients Inc. (NASDAQ:ABVE) shares traded lower on Friday as investors weighed audit timing against improved profit expectations.

The plant-based food company provided an update on its financial review and restructuring progress.

The company said its audit work remains on track but now expects completion shortly after year-end.

Also Read: Above Food Eyes $30 Million Profit After Debt Reset

Audit Progress Faces Timing Pressure

Above Food said auditors are continuing their work for the fiscal year ended Jan. 31, 2025. Management highlighted strong collaboration and industry expertise from the audit team.

The company said unexpected illness-related staffing issues slowed progress during recent weeks. Seasonal holidays also affected the revised completion schedule.

Above Food now expects to finalize the audit shortly after the start of the new year. The company said it has informed Nasdaq of the updated timeline.

Management also applied for a 180-day compliance extension under applicable exchange rules. The request follows standard procedures for delayed financial filings.

Restructuring Efforts Continue

Alongside audit work, Above Food continues restructuring operations with advisors and auditors. Management described the process as transformational.

The company said it expects to share results from the restructuring initiative in the near future. Leadership views the effort as critical to long-term stability.

Above Food enters the final month of its fiscal year ending Jan. 31, 2026, with improving financial visibility. Management now projects stronger profitability.

Profit Outlook Improves

The company said it expected to exceed $40 million in profit for the current fiscal year. That outlook marks a sharp increase from earlier guidance.

Previously, management forecasted a profit of $30 million. The updated projection reflects operational changes and the benefits of restructuring.

Investors appeared cautious despite the raised outlook. Shares moved lower as markets focused on audit timing uncertainty.

ABVE Price Action: Above Food Ingredients shares were down 31.88% at $2.10 at the time of publication on Friday, according to Benzinga Pro data.

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