Gigante Salmon reports "stable operations and good progress" in first quarter

Gigante Salmon has released an operational update for the first quarter of 2026, reporting a harvest of 930 tonnes HOG salmon, as the company continues its production ramp-up at its land-based facility in northern Norway.

The Bodø-based company said the harvested fish had an average weight of 2.8 kg HOG, with a superior share of 76% and an economic feed conversion rate of 1.19. Realised price during the quarter was NOK 78 per kg HOG.

“We are delivering a first quarter with stable operations and good progress in the facility. Production is developing as expected, while we see both potential for improvement and optimization in operations,” CEO Kjell Lorentsen said in a release.

The latest figures build on Gigante Salmon’s first commercial harvest, reported in January, when the company harvested 345 tonnes HOG from its Autumn 2024 generation. At that time, Lorentsen described the result as “an important milestone” showing the company’s land-based system was performing as planned.

By the end of the first quarter, Gigante Salmon reported a total standing biomass of 2,700 tonnes, down from 3,000 tonnes at the end of 2025 as harvesting of the Autumn 2024 generation progressed.

Of the current biomass, 1,000 tonnes came from the Autumn 2024 generation, with an average weight of 3.7 kg. The company said the remaining harvest from that generation is planned for the second quarter of 2026.

The Autumn 2025 generation accounted for the other 1,700 tonnes of biomass, with an average weight of 0.8 kg. Gigante Salmon said those fish are scheduled for harvest from the final quarter of 2026 until the second quarter of 2027.

Gigante Salmon has been raising fresh capital alongside the production ramp-up. In February, the company completed raised NOK 360 million through a private placement, above its original target after what it described as strong investor demand. It later launched a separate share offering of NOK 40 million in March to support working capital needs and the completion of the facility.

The company’s flow-through aquaculture facility in Rodøy, just north of the Arctic Circle, is in the final phase of construction. Two of its three production basins have already been completed, while the third basin is expected to become operational this spring.

The company previously said it plans to release 3.3 million smolt during autumn 2026, continuing a production expansion that it says will support its target of reaching full annual capacity of 16,000 tonnes by 2028.

Gigante Salmon said its full first-quarter report will be published on 21 April and presented by management at Seafood Expo Global in Barcelona.