Harvard, Massachusetts, U.S.A.-based AquaBounty Technology has received key permits for its ill-fated Pioneer, Ohio recirculating aquaculture system (RAS) facility.
AquaBounty first broke ground on its planned Ohio RAS in April 2022, but was later forced to pause construction after cost estimates increased beyond the initial USD 200 million (EUR 173 million) scope. In its Q3 2025 report, the company said that the Ohio Environmental Protection Agency granted the site a wastewater discharge permit, the last it would have needed for the project.
“With the receipt of these permits, our Ohio farm project is now fully permitted for its designed activities as a land-based, recirculating aquaculture system farm operation. These developments will allow us to move forward with our investment banker on strategic alternatives for our Ohio farm project,” AquaBounty CFO and Interim CEO David Frank said.
The company, which was founded in 1989 as the first genetically engineered salmon company, ceased fish farming operations in December 2024 when it closed its final farm in Bay Fortune, Prince Edward Island, Canada.
Prior to the Bay Fortune closure, the company had already sold the rest of its farming operations, including an RAS site in Indiana which was sold to Superior Fresh and a Rollo Bay, P.E.I. egg production facility, as the company said it was fully committing to the Ohio project.
Despite the sales, the company was unable to continue operations, and soon after the Bay Fortune sale AquaBounty auctioned off materials and equipment it was planning to install at the Pioneer, Ohio RAS facility. According to the company’s Q3 2025 financial report that auction netted proceeds of USD 2.4 million (EUR 2.1 million) after commissions and fees.
AquaBounty reported net losses for Q3 2025 of USD 1.4 million (EUR 1.2 million), an improvement from its net losses of USD 3.4 million (EUR 2.9 million) in Q3 2024.
Year to date cash and equivalents amounted to USD 951,000 (EUR 822,500) as of 30 September 2025, compared to USD 230,000 (EUR 198,900) as of 31 December 2024.
The company reported USD 24 million (EUR 20 million) in total assets as of 30 September 2025, compared to USD 34 million (EUR 29 million) in Dember 2024. Total liabilities also dropped to USD 11.9 million (EUR 10.3 million) compared to USD 18.2 million (EUR 15.7 million).
