Maynard, Massachusetts, U.S.A.-based Aquabounty pulled in USD 1.1 million (EUR 1.08 million) in sales in its second quarter of 2022, up 371 percent from the USD 227,000 (EUR 222,000) it generated in Q2 2021.
However, the company, which produces genetically engineered salmon, recorded a higher year-over-year net loss, at USD 5.5 million (EUR 5.39 million) versus USD 5.2 million (EUR 5.1 million) in Q2 2021.
“Our genetically engineered Atlantic salmon saw continued market validation from seafood distributors in the quarter, with strong demand continuing for the entire output of our Indiana farm,” Aquabounty CEO Sylvia Wulf said. “This robust demand, combined with improvements in our sales yields and higher market prices, drove an 11 percent sequential increase in second quarter revenues to USD 1.1 million. As we ramp production at our Indiana facility, we will continue to utilize the farm as an opportunity to refine our production and harvest methods through the application of technology and process improvements – a critical learning experience ahead of our Ohio farm.”
Aquabounty bgan construction on its new recirculating aquaculture system (RAS) farm in Pioneer, Ohio, U.S.A. in April 2022. In an update, Wulf said construction activity is now concentrating on building out the underground piping at the arm.
“As we look to the second half of 2022, we are operating from a strong position. Our [genetically engineered] Atlantic salmon continues to receive market validation, the scale-up of harvests and sales at our Indiana facility is well underway, and construction continues at the Ohio farm – all supported by our fortified balance sheet. We are committed to bringing a high-volume of fresh, sustainable Atlantic salmon to the market and look forward to continued execution and foundation building in the months ahead as we strive to build long-term value for our shareholders,” Wulf said.
The company said in a press release that as of 30 June it had cash equivalents and marketable securities and restricted totaling to USD 149.2 million (EUR 146.2 million).
