Aerial view of Atlantic Sapphire facilities in Miami, Florida.
Photo: Atlantic Sapphire.
Miami, Florida-based salmon farming company Atlantic Sapphire has reported a significant increase in its third-quarter harvest results.
Releasing its operational update for the quarter, the land-based company reports it has harvested approximately 1,300 tonnes of head-on gutted (HOG) salmon in Q3 2024, a substantial rise from 365 tonnes in the same period last year.
The company reported good operational results, having achieved stable water quality, low mortality rates, and steadily increasing harvest weights, with its average harvest weight growing from 1.42 kg HOG in July to 2.19 kg HOG in September.
Atlantic Sapphire also noted that its standing biomass has been adapted to the current feeding capacity, and the company expects further increases in average harvest weights in Q4 2024.
CEO Pedro Courard, who took over the helm of the company on August 1, said in an August earnings call that Atlantic Sapphire intended to increase production capacity and achieve cash-positive operations by the end of 2025.
In September, Atlantic Sapphire launched a new share issue aiming to raise a further USD 64 million, through issuing up to 6.8 billion new shares, with preferential rights for existing shareholders.
Today, October 2, 2024, the company issued a stock exchange notification confirming that it had sold shares to its exisiting shareholders Strawberry Capital, Condire Management and Nordlaks Holding, who acted as underwriters, committing to buy USD 60 million of the total amount.
The company also issued 7.7 billion warrants, allocated to subscribers of the rights issue, underwriters, and lenders involved in the convertible loan.