Atlantic Sapphire CEO Pedro Courard.
Photo: ASC / Atlantic Sapphire.
Land-based Florida salmon farming company Atlantic Sapphire has released its third quarter operational update for 2025.
The company says survival rates in production exceeded 99% during the period, with fish reportedly reaching harvest weights above 3 kilograms HOG. Total harvest volume reached 1,427 tonnes.
“Our operations continue to perform consistently, with stable biology, strong fish health, and improving production efficiency across all systems," said CEO Pedro Courard, announcing the results.
The company reports average sales prices were around USD 8.58 per kilogram, which it says represents a 19% premium compared with relevant price indexes. The firm also stated that 95% of its output achieved this premium category, which it described as a record share.
Operationally, Atlantic Sapphire says feeding rates are at their highest since start-up and that its biological feed conversion ratio stood at 1.30.
Costs for the quarter were temporarily higher due to maintenance work and upgrades to equipment and infrastructure, but the company expects measures already taken to begin lowering cost per kilogram from the first quarter of 2026.
The company has reiterated its aim of producing 7,000 tonnes and achieving positive EBITDA by the end of 2026. Achieving this would, it says, clear the way for further expansion in its next planned development phase.
"These developments strengthen our confidence in the underlying economics of the business and our ability to further reduce cost per kilogram as we move into 2026. With a more predictable operation and clear visibility toward EBITDA break-even by the end of 2026, we are laying the foundation for sustainable profitability and long-term value creation for our shareholders,” Courard said.
In September, Atlantic Sapphire secured USD 35 million through a private placement of a convertible loan, which the company says will fully fund operations until its Phase 1 facility reaches profitability. Courard previously described the first half of 2025 as a "turning point" for the business, with a "clear line of sight to profitability."
In February, Atlantic Sapphire became the first land-based salmon farmer in the USA to achieve ASC certification.