Aerial view of Atlantic Sapphire facilities in Miami, Florida.
Photo: Atlantic Sapphire.
Land-based Florida salmon farming company Atlantic Sapphire has raised 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.
The plan to raise additional capital was first outlined by CEO Pedro Courard on 31 August, when the company reported its first-half 2025 results. At the time, he said the financing was essential to complete the final stages of Phase 1 optimisation, and noted that the company had "finalized a revised business plan requiring only USD 3 million of additional capex, with materially lower operating costs."
"Positive EBITDA is expected by the end of 2026 and will continue improving thereafter," Courard said.
The subscription period for the convertible loan closed on 16 September, with the offer fully covered just two days after its launch, with strong support from Atlantic Sapphire’s largest existing shareholders. Nordlaks Holding AS and Condire Management LP each subscribed to USD 11.4 million, while Strawberry Capital AS committed USD 3.4 million. Courard and Deputy CEO and CFO Gunnar Aasbø Skinderhaug also each invested USD 50,000.
The company argued the private placement was the only viable option in current market conditions, even though it limited participation to certain investors. “While the fees and costs may appear substantial, alternative financing options were not feasible at this time,” the board said in a statement. “We believe this represents a fair and realistic solution for both the company and its shareholders.”
The fundraising follows the publication of Atlantic Sapphire’s results for the first half of 2025, which showed improving operations despite continued losses.
Revenue for the first six months almost doubled year-on-year to USD 21.5 million, driven by higher prices and larger fish at harvest. The company reduced its EBITDA loss to USD -30.7 million from USD -46.6 million in the same period last year. Meanwhile, harvest volumes rose 4% to 2,486 tons, with full-year output expected at around 5,400 tons and projected to increase to 7,000 tons in 2026.
Courard described the period as a "turning point" for the business, having previously argued "we have clear line of sight to profitability."
"The first half of 2025 marked a decisive shift for Atlantic Sapphire,” he said, reporting the H1 results in August. “Operations are now stable, biological performance is at record levels, and financial results are improving.”
The company said it plans to move ahead with its Phase 2 expansion, which would increase annual production capacity to 25,000 tons, with a longer-term target of more than 100,000 tons.