Atlantis Sapphire has posted significantly higher losses in 2021 compared to 2020, after a difficult year during which it experienced a number of setbacks that impacted its bottom line.
The company posted a loss of USD 132.2 million (EUR 122.5 million) in 2021, significantly more than the USD 46.5 million (EUR 43 million) it lost in 2020. Part of that increased loss was a big jump in the cost of materials from USD 18.1 million (EUR 16.7 million) in 2020 to USD 65.6 million (EUR 60.7 million) in 2021.
Some of the expenses the company faced were the result of USD 11 million (EUR 10.1 million) in temporary chiller and generator rental costs in the U.S., related to the breakdown of a chiller plant in Q1 2021. The company said the insurance process for the breakdown is still ongoing, and that it expects to spend USD 5 million (EUR 4.6 million) in chiller rental costs in 2022.
The company's revenue increased from USD 6.2 million (EUR 5.7 million) in 2020 to USD 16.8 million (EUR 15.5 million) in 2021, largely on the back of higher harvest volumes. The company harvested 2,374 metric tons (MT) of head-on gutted salmon in 2021, a 140 percent increase from the 989 MT it harvested in 2020.
Atlantic Sapphire experienced a mass-mortality event at its Miami, Florida, U.S.A.-based recirculating aquaculture system facility in March 2021. In July, its Denmark facility also suffered a mass-mortality event, before the facility was destroyed by a fire in September.
In a message to shareholders, Atlantic Sapphire CEO Johan Andreassen called 2021 a year that proved Atlantic Sapphire’s “resilience as a company.”
“From Q1 to Q3 2021, several unexpected events affected our operations. In the U.S., we experienced a mass-mortality event and an emergency harvest, while in Denmark, we experienced a devastating fire that destroyed our Denmark Bluehouse,” he said. “We responded with humility and an even fiercer determination to overcome these challenges and continue our journey to fulfill our mission.”
The company said its key operational focus in 2021 was reducing the risk of mortality events by splitting its growout systems, modifying the center drains in its facilities to reduce the risk of future mortalities, and adjusting its water-quality parameters.
“We have implemented dozens of improvements across the operations and construction, and we are now much closer to achieving our operational, development and sustainability targets,” Andreasson said.
Andreasson said the company is still focusing on its “grand master plan” of achieving 220,000 metric tons of head-on-gutted annual harvest volume by 2031, and that it is focusing on improving technical solutions in day-to-day operations, reducing energy consumption, and “enhancing future phases” to be more modular and scalable.
“Although 2021 was a challenging year, we recovered and are back on track,” he said.
Photo courtesy of Atlantic Sapphire
