AquaBounty Technologies, a producer of genetically engineered salmon, had a net loss of USD 9.4 million (EUR 7.94 million) in the first six months of 2021, according to the company’s latest financial results for the second quarter and the six months ended 30 June.
That’s compared to a USD 6.6 million (EUR 5.57 million) net loss in the same period last year.
Revenue for the first six months of 2021 hit USD 302,000 (EUR 255,115), with operating expenses at USD 9.6 million (EUR 8.12 million), compared to USD 10,000 (EUR 8,447) with operating expenses of USD 6.6 million (EUR 5.57 million) in the same period of the prior year. AquaBounty attributed the rising operating costs to “the growth in biomass, headcount, and production expenses at the farms, as well as increases in corporate and marketing expenses.”
While it continues to struggle financially, Aquabounty completed its first harvest of its genetically-engineered AquAdvantage salmon in June with sales expected to begin this month, and it named Pioneer, Ohio, U.S.A. as the location for its planned expansion.
“The second quarter of 2021 was marked by two significant operational milestones for the company, including the first commercial harvests and sales of our GE salmon from both our Indiana and Rollo Bay farm sites, and the selection of Pioneer, Ohio, as the site location for our large-scale farm,” AquaBounty CEO Sylvia Wulf said. “Our next farm will have approximately eight times the planned capacity of our Indiana location. We will continue to provide updates as we gain more specificity on the timelines for permitting and construction, with the commencement of grow-out targeted in 2023.”
The new farm will incorporate recirculating aquaculture system (RAS) technology and will be the company's first large-scale production facility, with a planned annual capacity of 10,000 metric tons (MT) in a 479,000-square-foot facility. The project has an estimated cost of USD 200 million (EUR 168.3 million).
AquaBounty’s current production facility in Albany, Indiana has an annual production capacity of just 1,200 MT.
“In both Indiana and Rollo Bay, our first commercial harvests have been a resounding success, with orders in place for the entire output from our customers who are now introducing the salmon in their markets. We have experienced challenges with the availability of personnel and the age of the technology at our Indiana farm, however we are addressing these issues and incorporating insights gained into the design of our large-scale farm,” Wulf said. “We will continue to ramp up our harvest schedule over the remainder of this year to each farm’s full capacity to meet growing demand. With the foodservice industry quickly regaining momentum toward pre-pandemic activity and with restaurants reopening nationally, we remain very optimistic for the demand for our fish.”
Photo courtesy of AquaBounty
