Genetically engineered salmon-farming company AquaBounty Technologies posted lower net losses for the three months ending 30 September 2024 as the company’s costs dropped in part due to a massive drop in sales.
AquaBounty posted net loss of USD 3.4 million (EUR 3.1 million) in Q3 2024, down from a net loss of USD 6.1 million (EUR 5.6 million) in the same period of 2023. Those losses came on just USD 47,812 (EUR 43,735) in product revenue, compared to USD 733,000 (EUR 670,000) in 2023.
For the nine months ending 30 September 2024, the company has posted net losses of USD 65 million (EUR 59.5 million), largely due to a long-lived asset impairment of USD 48.7 million (EUR 44.5 million), which caused its losses to spike in Q2 2024. That total is up from the USD 19 million (EUR 17 million) in losses it had posted as of 30 September 2023.
“We continue to focus our efforts on working with our investment banking partner to extend our cash runway, while reviewing a variety of financing initiatives to maintain liquidity,” AquaBounty President and CEO David Melbourne said in a release.
