Farmed kingfish yellowtail at The Kingfish Company's booth in SENA 2025.
Photo: The Kingfish Company LinkedIn page.
The pioneer and leader in land-based production of yellowtail kingfish, The Kingfish Company, today released its Q3 2025 trading update, showing that it continues its upward trend.
While the company recorded a 41% increase in sales volume and a 31% increase in revenue during the second quarter of this year, in the third quarter, that growth increased to 42% in sales and up to 39% in revenue, making it "another quarter of sustained growth," as the company described it in its statement.
In total, The Kingfish Company recorded sales volume of 728 tons, which, as said, compared to 514 tons in Q3 2024, represents a 42% year-on-year increase, continuing the strong trend observed in the second quarter.
The company explained that demand remained strong during the third quarter, especially in the food service segment. However, promotional activities in the retail sector that the company had been developing and that started to pay off in the second quarter of 2024 declined this quarter compared to the beginning of the year.
As announced in September, the yellowtail kingfish farmer has progressively reduced its commercial efforts in the U.S. fresh market and redirected its resources toward European markets. As the company explained at the time, the decision was made in light of additional increases in import tariffs, an unfavorable U.S. dollar exchange rate, and high logistics costs.
It also explained that fresh fish sales in the United States accounted for approximately 6% of its total revenue and that it would continue to sell frozen products in the U.S. market. Thus, the impact on third-quarter sales was limited, although the company warned that the decision could lead to temporarily slower growth in the fourth quarter.
As a consequence of the growth in sales volume, The Kingfish Company's revenue in the third quarter of 2025 also increased. Specifically, total revenue reached EUR 10.2 million, which is EUR 2.9 million more than the EUR 7.3 million in the same period of 2024, representing, as mentioned above, a year-on-year increase of 39%.
Likewise, average revenue per kilogram in Q3 2025 recovered to EUR 14.0/kg, an improvement of EUR 1.1/kg compared to EUR 12.9/kg in Q1, and EUR 0.8/kg compared to EUR 13.2/kg achieved during Q2.
As reported by WeAreAquaculture, The Kingfish Company delayed its profitability target in September, indicating that it now expects to achieve positive operating profits and cash flow in 2026. The Netherlands-based company had previously forecast that this milestone would be reached in the third or fourth quarter of 2025.
"After earlier challenges with high biomass levels in the farm, we have now reached a balance between production and sales volumes, and farming conditions have normalized," then explained CEO Vincent Erenst, who will retire at the end of 2025. He added that these improvements are laying a solid foundation for margin improvement and long-term value creation as the company scales.
Regarding farm operations, the land-based yellowtail kingfish producer said that conditions returned to normal in Q3 2025, with quarterly biomass growth of 639 tons, representing a 12% increase over the same quarter last year.
According to the trading update, following the biomass optimization plan implemented at the beginning of the year, farm operations have returned to normal, with an existing biomass of 911 tons at the end of the quarter.
However, the company added that biological performance remained slightly below the levels achieved in 2023 and early 2024, although it expects ongoing refinements in farm parameters and operational controls to drive further improvements during the rest of the year.
"With a strong Q3 performance, Kingfish is well positioned to continue its growth trajectory, progressing toward full farm utilisation," The Kingfish Company's trading update release concluded.