Land-based salmon farming company Proximar Seafood said it is nearing the end of its cash reserves, and could be days away from exhausting all available liquidity.
In an announcement posted to the Olso Børs, Proximar Seafood said its current forecast predicts available liquidity will be exhausted “by the end of October 2026.” Proximar is operating a land-based salmon recirculating aquaculture system (RAS) facility in Yokohama, Japan, and said that over the last few months it has experienced “lower than expected revenues.”
The company announced its intention to issue a private placement to strengthen its liquidity buffer in July 2026, and the company said in a third-quarter production update released in early October that the facility was seeing positive development in its biological performance, and that its average net sales price improved in Q3 2025 to NOK 71 (USD 7.66, EUR 6.87) per kilogram.
At that time, the company said it had harvested 631 metric tons (MT) of head-on gutted (HOG) salmon from its facility, down from the 726 MT HOG harvested in Q2 2026, and that it saw an improvement in the size mix of fish toward larger sizes in August September.
Despite that, the company said its revenue over the period was lower than expected and changes in payment terms related to sales compounded to create “significantly lower operational cash flow than planned.”
The company said the banks behind its JPY 8.8 billion (USD 55.6 million, EUR 50 million) syndicated loan to its Japanese subsidiary is currently in the process to extend maturity from November 2026 to August 2027, and that it is in continuous dialogue with stakeholders to secure additional funding.
“Based on current estimates, the Company’s funding requirement through 2027 is in the range of NOK 50 to 70 million [USD 5.4 million to USD 7.5 million, EUR 4.8 million to EUR 6.8 million], with the final amount dependent on final agreements with main stakeholders,” the company said. “There is no certainty that a solution will be reached. The company will keep the market informed as the situation evolves.”
Operations at the facility have continued as normal under “strict cash control,” and the interest payment on its NOK 40 million (USD 4.3 million, EUR 3.9 million) convertible bond have not been made, with Proximar requesting a standstill on interest-bearing debt in its Norwegian parent company.
Proximar said that throughout the last 12 months it biological performance has been improving, and that it is on the cusp of positive operational EBITDA.
The company said it is in an ongoing strategic review and Nomura Securities, the company it appointed to perform the review in July, is in “active discussions with selected parties.”
“In order to reach a satisfactory outcome the board expects that the process will continue into 2027, without certainty that the process will result in a transaction,” Proximar said.
