A worker onsite at Andfjord Salmon's facility under construction in Kvalnes, Andøya, Norway.
Photo: Andfjord Salmon
Norwegian land-based aquaculture company Andfjord Salmon returned to revenue generation in the second quarter of 2026 after completing its first post-smolt sale under a partnership with Eidsfjord Sjøfarm.
The company reported revenue from customer contracts of NOK 51.3 million (EUR 4.7 million/USD 5.5 million) for the quarter, up from NOK 0.1 million in the same period last year.
The sale took place in mid-June, when around 450,000 post-smolt with a combined live biomass of 562 tonnes were transferred from pool K1 at Andfjord Salmon's Kvalnes facility on Andøya, northern Norway, to Eidsfjord Sjøfarm.
Around 290,000 fish were retained in K1 for further grow-out.
"Our inaugural post-smolt sale was an important milestone as it demonstrates how our infrastructure solutions enable scaling and optimising of pool capacity and production, which shortens our runway to revenue and improves our cash flow," said CEO Martin Rasmussen.
"It was satisfying to return to revenue generation in the second quarter, following a three-year period of construction and fish farming operation," he added.
Andfjord Salmon said its standing biomass had reached 1,969 tonnes of live salmon by 26 August, representing net production of 713 tonnes since the end of June and growth of 57% in less than two months.
The company reported an aggregate survival rate of 98.04% across its three operational pools, K0, K1 and K3, and an accumulated feed conversion ratio of 1.02 kg of feed per kilogram of salmon produced.
Approximately 550,000 smolt were released into K3 in early June.
"Overall, we are very satisfied with the fish farming performance. Healthy biological conditions are manifested in high growth rates, while the aggregate survival rate is maintained at industry-leading levels. We look forward to replicating this in more pools going forward," Rasmussen said.
The company is also increasing capacity at Kvalnes. Pool K2, completed during the summer, has been filled with seawater and is undergoing testing, while K4 is nearing completion.
Andfjord Salmon plans to release smolt into both pools during the fourth quarter.
Once K2 and K4 are operational, the company expects installed production capacity to rise from around 6,000 tonnes to 11,000 tonnes, including both harvest-size salmon and post-smolt.
Harvesting of grow-out salmon from pools K0 and K1 is scheduled for the third and fourth quarters of 2026 and is planned to take place in several batches. Post-smolt from K3 is due for delivery during the fourth quarter, Andfjord indicated.
The company said the additional pools coming into operation should give it a significantly larger production base in 2027.
Andfjord Salmon reported an operational EBITDA lossof NOK -17.5 million, compared with NOK -22.1 million a year earlier. Its quarterly net loss reduced to NOK -20.2 million from NOK -26.8 million.
During the quarter, as previously reported by WeAreAquaculture, the company raised NOK 385 million (EUR 35.5 million/USD 41.1 million) in new equity and increased its bank facility by NOK 200 million (EUR 18.4 million/USD 21.3 million).
At the end of June, Andfjord Salmon reported NOK 745 million (EUR 68.6 million/USD 79.5 million) in available liquidity and financing, including NOK 32 million (EUR 2.9 million/USD 3.4 million) in restricted cash earmarked for 2026 interest payments on its senior secured bond.