Land-based salmon farming company Gigante Salmon said it has transitioned beyond a developing company to a fully-fledged salmon producer.
In its recent FY 2025 report, Gigante Salmon CEO Kjell Lorentsen said the company’s first harvest from its Lille Indre Rosøy facility was a turning point toward its eventual goal of profitable salmon farming.
“The construction and commissioning of the facility have progressed according to plan, and we are now approaching a fully completed site with strong fish welfare and stable production conditions,” Lorentsen said.
Earlier in 2026, the company reported it saw an operating profit in FY 2025 as it began harvesting salmon during the year, and Lorentsen said it continues to ramp up production at the land-based flow-through facility. The company also secured an additional NOK 322.5 million (USD 33.7 million, EUR 29.3 million) via a private placement in December 2025, and resolved to issue an additional 5 million new shares at the subscription price of NOK 7.50 (USD 0.78, EUR 0.68) per share, and a repair issue of up to 5.33 million new shares.
“The capital raised will be used to settle short‑term debt, optimize the facility based on insights from the first operational period, and secure the necessary financial flexibility going forward,” Lorentsen said. “The ramp‑up of production continues according to plan, and in the second half of 2026 we are preparing an additional smolt release of approximately 3.3 million fish – an important step toward full capacity utilization.”
Gigante Salmon currently holds a licensed maximum allowed biomass of 13,731 metric tons (MT), which allows for production of up to 16,000 MT of head-on gutted salmon annually. It said it expects to produce 4,600 MT of head-on gutted salmon in 2026 as it continues to ramp up production and get more of its flow-through basins online.
The company had 3,000 MT of standing biomass at the end of the year, and said its third pool is on track to be commissioned in 2026.
“Overall, the 2025 production performance demonstrates that Gigante Salmon has successfully executed the most critical stage of the transition from development to full operations,” the company said. “The technical systems function as intended, the fish respond well to production conditions, and the company has delivered biological results well within – and in several areas exceeding – expectations for the early operational phase. With two basins in operation and the third nearing completion, the company is well positioned for further scale-up in 2026 and beyond.”
