Maynard, Massachusetts, U.S.A.-headquartered AquaBounty Technologies has announced its Q1 2022 financial results, which included net losses of USD 5.1 million (EUR 4.8 million).
The latest financial results were released just weeks after the company broke ground on its planned recirculating aquaculture system facility in Pioneer, Ohio, U.S.A. The company is planning to farm 10,000 metric tons (MT) of genetically-modified Atlantic salmon annually at the facility, and it expects to begin stocking the farm by late 2023.
AquaBounty CEO Sylvia Wulf said the company’s plan is “progressing” on an USD 300 million (EUR 285 million) bond issuance that will be used to fund construction of the facility.
“We expect to provide an update in the near-term as we work to finalize the transaction alongside our bond underwriter, Wells Fargo Corporate and Investment Banking,” Wulf said.
The company posted higher revenue in the quarter compared to the previous year – earning USD 962,000 (EUR 914,000) compared to just USD 74,000 (EUR 70,000) in 2021. At the same time, expenses increased from USD 4.1 million (EUR 3.9 million) to USD 6.0 million (EUR 5.7 million), which led to its increased net losses.
The company’s Q1 revenue was just shy of the revenue the company saw in the entirety of 2021, when it posted revenues of USD 1.17 million (EUR 1.11 million) for the year.
The higher revenue in Q1 2022 came from a larger harvest of the company’s genetically engineered salmon. AquaBounty harvested 133 MT of live-weight salmon in Q1 2022 from its farms in Albany, Indiana, U.S.A. and Prince Edward Island, Canada – a 46 percent increase over its harvests in 2021.
“As we increase our harvest capacity, our customers are purchasing the entire output. This illustrates the strong demand for our product in the marketplace,” Wulf said.
Looking forward, Wulf said AquaBounty is making plans to maximize harvest yields at its current farms “without sacrificing product quality” as it commences construction at its new facility in Ohio.
“We have incorporated ‘lessons learned’ from our existing farms into the design and engineering of the Ohio farm. Pre-construction activities including the construction of roadways, on-site energy infrastructure and land preparation are well underway,” Wulf said. “With the completion of our groundbreaking ceremony in late April, we are set to begin the next phase of construction work in the near-term, with the continued expectation that the facility will be largely completed, and the stocking of salmon eggs will commence in late 2023.”
Photo courtesy of AquaBounty Technologies
