Norwegian land-based salmon farmer Gigante Salmon said it achieved an operating profit in Q4 and the full year of 2025 and is now expecting a net profit in 2026.
The Bodø, Norway-based company harvested its first test production cycle in Q2 2025, which was the first time the company posted revenue. It said it is now operating two of its three production basins, with the third slated to be operational sometime in the spring, which will complete the facility and bring it to a planned capacity of 16,000 metric tons (MT) of salmon annually.
"We have reached an important milestone that confirms that our land-based operation functions as planned,” Gigante Salmon CEO Kjell Lorentsen said in a release. “With two basins in operation and the third expected due to come online in the first half of the year, we are in a good position to deliver on our ambitious growth goals and create value for our shareholders.”
The company said its initial harvest of “Generation Autumn 2024” yielded 345 MT of head-on gutted salmon, with an average weight of 3 kilograms per salmon and 94 percent superior quality. The company also said it is happy with the 1.04 feed conversion ratio it achieved with its salmon batch.
Accumulated biomass in its A and B bains reached 3,000 MT by the end of Q4 2025, and the company said it plans to complete harvests of Generation Autumn 2024 in Q1 and Q2 2026.
Operating revenue reached NOK 26.9 million (USD 2.7 million, EUR 2.3 million) in Q4 2025 and NOK 71.5 million (USD 7.2 million, EUR 6.2 million) for FY 2025.
Net income reached NOK 6.6 million (USD 662,000, EUR 570,000) in Q4 2025, up from a loss of NOK 325,000 (USD 32,600, EUR 28,100) in the corresponding period of the prior year. For the full year, net income reached NOK 3.7 million (USD 371,000, EUR 320,000), up from a NOK 2.9 million (USD 291,000, EUR 251,000) loss in FY 2024.
The company posted a net profit of just under NOK 3 million (USD 301,000, EUR 259,000) in Q4 2025 and said on its current trajectory, it will achieve a net profit in FY 2026.
Gigante Salmon said it has also gotten a chance to test out its emergency protocols after a severe winter storm in December 2025 caused a loss of power at its facility for nearly an entire day.
“The situation was resolved and showed that the facility’s backup systems work satisfactorily,” Gigante Salmon said.
The company said with its current operating milestones, and the fact it is closing in on full operations, it has proven its land-based operation works as planned.
