Land-based salmon-farming firm Andfjord Salmon reported that in the second quarter of this year it generated meaningful commercial revenue for the first time since Q3 2023.
The company generated NOK 51.3 million (USD 5.5 million, EUR 4.7 million) in revenue in Q2 2026, compared to NOK 100,000 (USD 10,717, EUR 9,194) in the same period last year. This was largely due to its first post-smolt sale, completed in June, to regional farmer Eidsfjord Sjøfarm, according to CEO Martin Rasmussen.
This inaugural sale formed part of a strategic post-smolt partnership, giving Andfjord a means of generating revenue before its salmon complete their full grow-out cycles. The transaction involved approximately 450,000 post-smolts averaging 1.2 kilograms, which is equivalent to 562 metric tons (MT) of live biomass. The post-smolts were transferred from Pool K1 at the firm’s Kvalnes site on the Norwegian island of Andøya.
Delivering the company’s Q2 2026 results on 27 August, Rasmussen described the post-smolt transaction as an “important milestone” as it “validates the post-smolt model” and demonstrates how the company’s infrastructure enables the scaling and optimizing of pool capacity and production.
He also said Q2 was a period in which Andfjord’s financial picture changed “after several quarters with essentially no sales,” and that following several years of construction, the return to revenue was effectively “a step change rather than an incremental improvement.”
Further post-smolt deliveries from K3 are scheduled for Q4 of this year.
Elsewhere in the quarter, the firm reported an operational EBITDA loss of NOK 17.5 million (USD 1.9 million, EUR 1.6 million), excluding fair-value adjustments, and a net loss of NOK 20.2 million (USD 2.2 million, EUR 1.9 million).
However, it continued to experience strong biological performance and rapid biomass growth as it expands production capacity at Kvalnes.
Approximately 290,000 fish were retained in K1 for further grow-out. This biomass, Rasmussen advised, has already rebuilt to 719 MT, with the average weight increasing to more than 2.5 kilograms by 26 August.
“We have had good growth in all our pools but particularly in K1,” he said. “From the start in K1, we’ve had very good smolt quality, and the fish have consistently performed very well. The biomass developments have been very strong, particularly considering that production was primarily based on just two pools until the end of the second quarter. This provides a solid foundation for further scaling of the operation.”
Approximately 550,000 smolts were released into pool K3 in early June, while total standing biomass had reached 1,969 MT by 26 August. This represented net production of 713 MT since the end of June, equivalent to 57 percent biomass growth in less than two months.
Meanwhile, the Kvalnes facility continues to undergo development, with Pool K2 completed over the summer. Now filled with seawater, it has entered a testing phase, while K4 is nearing completion. The company plans to release smolts into both pools during Q4.
“We have very strong momentum on our construction, and we are gradually increasing our pool capacity with K2 and K4,” Rasmussen said. “The most important development is that we continue to achieve a very strong biological performance.”
Once K2 and K4 are operational, the installed production capacity will increase from 6,000 MT to approximately 11,000 MT, according to the firm, comprising head-on gutted (HOG) salmon and post-smolt production.
The company expects this additional capacity to provide a materially higher production base heading into 2027.
Andfjord's longer-term expansion plans extend beyond these pools, with the company previously raising NOK 385 million (USD 41.3 million, EUR 35.4 million) through a private placement to support development toward a 17,000-MT production capacity at Kvalnes.
In the shorter term, though, the next major operational milestone will be the harvesting of grow-out salmon from pools K0 and K1, which is scheduled for Q3 or Q4 of this year and is expected to take place in several batches.
