AquaBounty Technologies, Inc. has today announced its financial results for the second quarter ended June 30, 2022. In the words of Sylvia Wulf, Chief Executive Officer of AquaBounty, "a robust demand, combined with improvements in sales yields and higher market prices, drove an 11% sequential increase in second-quarter revenues to $1.1 million".
To clarify, a year-over-year increase of 371% as compared to $227 thousand in the second quarter of 2021. On the other hand, the net loss totaled $5.5 million. As compared to $5.2 million in the second quarter of 2021.
Besides, she added: "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."
Finally, cash, cash equivalents, marketable securities, and restricted cash totaled $149.2 million as of June 30, 2022. As compared to $191.2 million as of December 31, 2021.
"We are committed to bringing a high volume of fresh, sustainable Atlantic salmon to the market. We look forward to continued execution and foundation building in the months ahead. As we strive to build long-term value for our shareholders," concluded Wulf.
Moreover, the announcement includes the plans for the construction progress of its next-generation farm in Pioneer, Ohio. The company has decided to slow down this process temporarily due to current economic forces that are driving both inflation and interest rates higher.
Regarding this, Wulf noted: "Since our estimate for construction of the farm currently exceeds our previous range of $290 – $320 million, we will review all options for reducing cost. Including potentially phasing the construction of the 10,000 metric ton farm with an initial production output level. This would demonstrate our competitive advantage and ability to operate at a commercial scale."
AquaBounty Technologies, Inc. is a land-based aquaculture company. It utilizes technology to enhance productivity and sustainability and that addresses food insecurity and climate change issues.
It is committed to feeding the world efficiently, sustainably, and profitably. Thus, it provides fresh Atlantic salmon to nearby markets by raising its fish in carefully monitored land-based fish farms through a safe, secure and sustainable process.
The Company's land-based Recirculating Aquaculture System (RAS) farms, located in Indiana, United States, and Prince Edward Island, Canada, are close to key consumption markets and are designed to prevent disease and include multiple levels of fish containment to protect wild fish populations.
AquaBounty is raising nutritious salmon that is free of antibiotics and contaminants and provides a solution resulting in a reduced carbon footprint and no risk of pollution to marine ecosystems as compared to traditional sea-cage farming.