Gigante Salmon has transitioned to a fully operational salmon farm after receiving the final completion certificate from the Rødøy municipality.
Gigante Salmon said in March that 2025 marked its transition from a development project to a fully-fledged salmon producer; in its Q1 2026 report, the company said it is now out of the construction phase. It harvested 930 metric tons (MT) of head-on gutted salmon in the quarter, with an average weight of 2.84 kilograms.
"We are delivering a first quarter with stable operations and good progress in the facility. Production is developing as expected, while we see both potential for improvement and optimization in operations,” Gigante Salmon CEO Kjell Lorentsen said.
Lorentsen said receiving the final completion certificate was an important milestone for the company, both formally and mentally, as it shifts away from a construction project to a salmon farming company. Gigante Salmon broke ground on its flow-through salmon facility in 2021.
“With this [certificate] in place, we have initiated the process of converting the remaining construction loan into a standard amortizing loan, in line with our plan to move the company into a more normalized operating and financing phase,” Lorentsen said.
Overall operating revenue was NOK 72.5 million (USD 7.8 million, EUR 6.6 million) in Q1 2026, and the company achieved an EBITDA in Q1 2026 of NOK 9.15 million (USD 982,000, EUR 836,000), and a reported net income loss of NOK 18.4 million (USD 1.9 million, EUR 1.7 million). Operating profit in Q1 2026 was a loss of NOK 12 million (USD 1.3 million, EUR 1.1 million), but the company said if it excluded impairment of biomass, operating profit would have been positive NOK 4 million (USD 430,000, EUR 367,000).
Its first salmon harvest achieved a price of NOK 78 (USD 8.37, EUR 7.13) per kilogram, which was impacted by a lower superior share on its harvested volumes than target.
“The superior share was approximately 76 percent, which is below the target level but in line with historical industry averages for comparable periods,” Gigante Salmon said.
The company said its Autumn 2025 salmon generation, especially fish that it stocked in November 2025, were impacted by winter ulcers, causing some elevated mortality.
“Measures implemented have had the desired effect, and mortality declined towards the end of the quarter,” the company said. “Growth for the latest stocked fish is somewhat below expectations, while the first fish stocked is broadly in line with these.”
The Autumn 2024 generation has also been affected by gill challenges and “mechanical damage,” which reduced harvest weights and the superior share.
“Although such issues naturally arise during a scaling phase, the experience has provided valuable and concrete learning,” Lorentsen said. “We are now working systematically to improve both feeding regimes and operating procedures, including better planning and execution of fish handling and grading, to ensure improved performance going forward.”
During the quarter, Gigante Salmon also completed a new multi-tranche equity offering, providing NOK 400 million (USD 43 million, EUR 36 million) in proceeds that Lorentsen said gives it “financial robustness” as it fully transitions to a full-time salmon farm.
Overall, the facility is performing well, and we are experiencing continuous progress through ongoing improvements and optimizations week by week,” Lorentsen said.
