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Combined Sales Price
Our insect processing generates three revenue streams from a single input of larvae:
Net IM, Net IO, and Net FRASS. The Combined Sales Price
expresses the total value we receive per ton of Insect Meal (IM) produced — our standard unit of output.
This document explains how that number is built and cross-checks it against reported figures.
COMBINED SALES PRICE ($/ton IM)
Combined Net
=
Net IM
+
Net IO
+
Net FRASS
Each stream is converted to a common basis ($/ton IM) using fixed biological yield factors and the actual volume mix sold each month.
Combined Gross follows the same structure but uses pre-deduction prices;
Combined Net is after commercial deductions (freight, commissions, discounts).
Fixed parameters
Biological Yield Factors
Processing 1 ton of larvae yields fixed proportions of each co-product. These ratios are set by biology and processing technology — they do not change month to month.
Stream 1 of 3
Net IM & Net DL
$/ton IM
We sell dried insect in two forms: IM (after oil extraction) and DL (whole dried larvae).
DL is multiplied by 1.20 to convert it to an IM-equivalent value before weighting.
The monthly ratio IM / (IM+DL) — driven by actual tons sold — determines how much weight each price gets.
Formula
January – March 2026
| Jan 2026 | Feb 2026 | Mar 2026 |
|---|
| Net IM ($/ton) | $1,038 | $1,194 | $1,043 |
| Net DL ($/ton) | $1,458 | $1,412 | $1,318 |
| IM / (IM+DL) | 88% | 88% | 74% |
| Net IM contribution | $913 | $1,051 | $772 |
| Net DL contribution (× 1.2) | $210 | $203 | $411 |
| Net IM (C) = Net IM ($/ton IM) | $1,123 | $1,254 | $1,183 |
Stream 2 of 3
Net IO
$/ton IM
IO is only extracted when product is sold as IM. When sold as DL, no IO revenue accrues to us.
This is why Net IO is weighted by the IM / (IM+DL) ratio.
Formula
January – March 2026
| Jan 2026 | Feb 2026 | Mar 2026 |
|---|
| Net IO ($/ton) | $1,297 | $1,188 | $1,217 |
| × 0.12 yield | $155.6 | $142.6 | $146.0 |
| × IM / (IM+DL) | × 88% | × 88% | × 74% |
| Net IO (C) = Net IO ($/ton IM) | $137.0 | $125.4 | $108.0 |
Stream 3 of 3
Net FRASS
$/ton IM
Frass is sold in three forms. Since H-Ferti and H-Feed have different processing yields, their prices are normalised to a raw frass-equivalent basis before aggregating: H-Ferti price ÷ 1.02, H-Feed price ÷ 2.17. All are then scaled by 6.66 (Frass/IM) and weighted by volume share.
When H-Feed is significant, it meaningfully lifts the combined price — e.g. May 2025 (17.9% H-Feed share): Net FRASS (C) ~$227/ton IM vs. ~$208 if all sold as raw frass.
Formula
January – March 2026
| Jan 2026 | Feb 2026 | Mar 2026 |
|---|
| Net Raw Frass ($/ton) | $31 | $31 | $32 |
| Net H-Ferti ÷ 1.02 → rf-eq ($/ton) | $45 → $44.1 | $43 → $42.2 | $69 → $67.6 |
| Net H-Feed ÷ 2.17 → rf-eq ($/ton) | No sales — $0 contribution |
| Raw Frass volume share | 99% | 98% | 99% |
| H-Ferti volume share | 1% | 2% | 1% |
| Net FRASS (C) = Net FRASS ($/ton IM) | ~$207 | ~$208 | ~$215 |
Summary
Combined Price Reconciliation
| Jan 2026 | Feb 2026 | Mar 2026 |
|---|
| Net IM (C) | $1,123 | $1,254 | $1,183 |
| Net IO (C) | $137 | $125 | $108 |
| Net FRASS (C) | $207 | $208 | $215 |
| Combined Net | $1,467 | $1,587 | $1,506 |
| Combined Gross | $1,508 | $1,652 | $1,561 |
| Commercial deductions (Gross − Net) | $43 | $64 | $55 |