Oatside’s alt-milk rise hits a profitable gear

After tripling its revenue in 2023 and nearly doubling it again in 2024, Singapore-based Oatside’s revenue growth slowed in 2025. But for the first time since Tech in Asia began tracking its financials in 2024, the firm turned a net profit.

Oatside’s revenue stood at US$115.8 million in 2025, up 48% from the year before, according to the latest audited financial statements for Float Pte. Ltd., the firm’s registered entity in Singapore.

In 2025, profit before tax came in at US$5.2 million, reversing a US$7.1 million loss the year prior, a sign that its investments in marketing and decision to own its production lines are paying off.

Oatside did not respond to Tech in Asia’s request for comment.

Revenue up, spending down

Founded in 2020, Oatside is a plant-based milk brand with operations spanning across Asia. Its products are available in supermarkets as well as in cafes and retail stores through collaborations with brands like ChaTraMue.

The firm owns production plants in Indonesia and Thailand.

Photo credit: Oatside

Cost of inventories continued to be the firm’s largest expense in 2025, increasing 45% year on year, likely reflecting an increase in production.

Meanwhile, marketing costs almost halved to US$7 million last year, reversing a 77% increase between 2023 and 2024.

The firm’s asset-heavy bet of owning its factories appears to be paying off, notes Maaike Doyer, managing partner of investor collective Epic Angels. By having its own production lines, Oatside has better control of its margins compared to oat milk companies who “own the recipe and the branding and rent everything else,” she points out.

Revenue generated per marketing dollar roughly tripled from 5.6x in 2024 to 16.2x in 2025. This reflects more efficient marketing, notes Rexi Christopher, a venture partner at VC firm Init-6, which has invested in consumer brands like One% Nutrition.

See also: One% Nutrition bags new funds to bring protein drinks to SEA

However, he notes that this came with a trade-off: revenue growth roughly halved the same year marketing spend was cut nearly in half.

Christopher also points out that Oatside’s gross margins – which refer to the firm’s share of profit after deducting the direct cost of production – improved from 42.6% in 2024 to 46.6% in 2025, which means the company became more profitable the more its operations scaled.

Where growth goes next