Kjell Lorentsen, CEO of Gigante Salmon.
Photo: Gigante Salmon
Gigante Salmon has completed its first commercial harvest, marking a key milestone for the land-based salmon farmer as it continues its production ramp-up.
The company harvested 345 tonnes HOG salmon from its "Generation Autumn 2024" stock, with an average harvest weight of 3.0 kg. This achieved a superior share of 94% and an economic feed conversion ratio of 1.04, according to a Q4 operational update published on 8 January.
“We have reached an important milestone that confirms our land-based solution is performing as planned,” said founder and CEO Kjell Lorentsen. “With two basins in operation and the third coming online soon, we are well positioned to deliver on our ambitious growth targets and create value for our shareholders.”
By the end of the fourth quarter, Gigante Salmon reported a total standing biomass of 3,000 tonnes. Of this, salmon stocked in autumn 2024 accounted for 2,030 tonnes, with an average weight of 3.2 kg. The remaining harvest from this generation is scheduled to take place between the first and second quarters of 2026, the company said.
Fish stocked in Autumn 2025 represents 970 tonnes of current biomass, the company reported, with an average weight of 0.4 kg, and is planned for harvest from the fourth quarter of 2026 through to the second quarter of 2027.
Gigante Salmon said it expects to harvest around 4,600 tonnes of fish in total during 2026, and to become operationally profitable from the first quarter of the year. The company also intends to release 3.3 million smolt during the third quarter of 2026 as part of its continued ramp-up.
The company's flow-through aquaculture facility in Rodøy, just north of the Arctic Circle in northern Norway, is now in the final phase of construction, with two of three production basins completed. The company is aiming for a full annual capacity of 16,000 tonnes by 2028.
At the beginning of December, Gigante Salmon announced it plans to launch a private placement in the first quarter of 2026, aiming to raise NOK 150–300 million to support further development, including upgrades identified after the first production cycle and measures designed to improve both fish welfare and operational performance.
In November 2025, the company secured an additional NOK 100 million in financing from SpareBank1 Nord-Norge, and announced changes to its senior management team, with the appointment of Benny Hansen as its new Chief Financial Officer from 1 February 2026.