Land-based salmon-farming company Proximar Seafood reached its overall biomass target in Q4 2025 but saw its revenue affected by lower-than-expected harvests during the quarter.
In its Q4 2025 update, Proximar Seafood said it saw improved operations and a “clearer harvest outlook” for 2026 during the closing quarter, with a high survival rate and improved performance. The company said it reached its biomass target, with 1,949 metric tons (MT) of salmon in its Yokohama, Japan-based facility.
The company reported revenue of NOK 34.3 million (USD 3.5 million, EUR 3.1 million) in Q4 2025 and non-adjusted EBITDA of NOK 2.4 million (USD 247,000, EUR 213,000). Those totals are up significantly from Q4 2024, largely because the company was not fully operational at the same time of the prior year.
For the full year, Proximar saw revenue of NOK 143 million (USD 14.7 million, EUR 12.7 million) and a non-adjusted EBITDA loss of NOK 79.7 million (USD 8.2 million, EUR 7.1 million).
“Our performance throughout 2025 is a testament to the work of our team and their determination. In the fourth quarter, we continued our good operational development, and we reached our targeted biomass level by year‑end,” Proximar Seafood CEO Joachim Nielsen said.
The company said that as of 31 December 2025, the facility had 22 batches of salmon in production, with 2.2 million fish in the facility and a regular monthly insert of eggs, which is all matching with its production plan.
It harvested 339 MT of head-on gutted (HOG) salmon in Q4 2025, with an average weight of 2.1 kilograms.
Proximar said it harvested fish on a weekly basis and, for FY 2025, harvested 1,338 MT of fresh “Fuji Atlantic” salmon to supply to the Japanese domestic market. Proximar harvested its first salmon in October 2024 and, in November 2024, announced it was branding its land-based Atlantic salmon “Fuji Atlantic salmon.”
“Market response has been encouraging, and demand for Fuji Atlantic salmon remains strong,” the company said.
The company also said it is working to support higher average harvest weights in 2026 to capitalize on the price premium, and in the first quarter of 2026, it is harvesting the remaining fish affected by earlier production disruptions, such as what occurred in Q3 2025, when its harvests were being impacted by an earlier biofilter incident that occurred in 2024.
“The lower average harvest weights will temporarily affect cash flow, and the company is in process with banks to secure additional short-term credit lines,” Proximar said. “Proximar has also proactively requested a covenant waiver related to the revised harvest plan and continues to experience strong support from its lenders.”
The company said it has secured the financing it needs to continue operations and that it expects average harvest weights to normalize in 2026 to above 3 kilograms for the remainder of the year. It is targeting a full-year harvest total of 3,500 MT to 4,000 MT HOG salmon.
“We enter 2026 with full production capacity, stable operations, and strong customer demand,” Nielsen said. “As volumes increase and harvest weights normalize from the second quarter, we expect to see a significantly improved price achievement and a more predictable performance.”
