AquaBounty Technologies recorded increased expenses, but also increased revenue, in 2021, according to its annual financial report.
The Maynard, Massachusetts, U.S.A.-headquartered land-based recirculating aquaculture system company, which is the creator of the genetically engineered AquAdvantage salmon brand, earned USD 783,000 (EUR 712,000) from its first commercial harvest at its grow-out facility in the U.S. state of Indiana. The company also announced it will build a new 10,000- metric-ton capacity recirculating aquaculture system (RAS) facility in Pioneer, Ohio.
AquaBounty recorded USD 1.17 million (EUR 1.06 million) in total revenue in 2021, up from USD 128,000 (EUR 116,000) in 2020. Its operating expenses also increased to USD 23.3 million (EUR 21.2 million), up from USD 16.4 million (EUR 14.9 million) in 2020, due to “growth in headcount, production expenses, and third-party processing and transportation costs at the farms, as well as increase in corporate and marketing expenses,” the company said.
AquaBounty posted a net loss of USD 22.3 million (EUR 20.2 million) in 2021, compared to a loss of USD 16.4 million (EUR 14.9 million) in 2020.
Its cash, cash equivalents, marketable securities, and restricted cash totaled USD 191.2 million (EUR 174 million) compared to USD 96.3 million (EUR 87.6 million) in 2020.
In 2021, the company received approval from the Board of the Toledo-Lucas County Port Authoriy to issue up to USD 300 million (EUR 273 million) in municipal bonds in to support the construction of its Ohio farm. The project is expected to cost between USD 290 million and USD 300 million (EUR 263 million and EUR 273 million).
The company also “fortified” its balance sheet with an underwritten public offering of common stock in February 2021, which raised USD 127.1 million (EUR 115.6 million) in gross proceeds.
AquaBounty CEO Sylvia Wulf said Q4 2021 “highlighted the continued ramp-up of commercial production” for the company.
“Commercial interest in our nutritious salmon, which is free of antibiotics and other contaminants, has been impressive and we continue to receive orders for the entire output from our farms,” Wulf said.
She added that the company is now “highly focused” on beginning construction at the planned facility in Ohio.
“Pre-construction activities have already commenced, including the construction of roadways and on-site energy infrastructure, as well as the setting of surveyor’s benchmarks ahead of grading work,” Wulf said. “We will soon be announcing an official groundbreaking ceremony and expect construction to commence in early spring. Our timeline for stocking our salmon eggs is still on track to occur in late 2023.”
Photo courtesy of AquaBounty Technologies
