The innovative land-based farms AquaBounty has closed their Q4 with positive highlights. They expect to continue to develop their business and expand their commercial activities.
AquaBounty is a land-based aquaculture company that uses technology to enhance productivity and sustainability. Their philosophy is "combining the goodness of nature with the power of science and technology", and precisely this combination is the one of which their success is made.
The U.S. company is vertically integrated with every phase of the salmon life cycle. Starting with the control of eggs and broodstock production, moving to fattening and harvesting. A process that allows them an unique level of knowledge and control in their operations.
Thus, their financial Q4 reveals that they generated $451 thousand in product revenue, a year-over-year increase of 8% compared with the same period in 2021. Although, there are more relevant data, concretely that for the year ended their product revenue total $3.14 millions; a 167% increase compared to 2021.
Moreover, they have more achievements. The construction activities for the Pioneer, Ohio farm site continued to progress, positioned in their first phase and going ahead.
Nevertheless, not everything flowed as smoothly throughout the quarter, but AquaBounty was able to summon up courage. The Q4 began with a challenge in their daily operation with the roof of the processing building in Indiana Farm. This issue required large repairs and efforts, but in the end, they did not lose a single fish and were able to complete the planned harvest.
In their financial overview Sylvia Wulf, the CEO of AquaBounty, pointed the company perspective. They expect to generate product revenues mainly through sales of their transgenic Atlantic salmon. Although, they still sell conventional Atlantic salmon, salmon roe, fry, and by-products. Its main expectations for next quarters are that working capital needs and capital expenditures will increase substantially due to its plans to build new land-based production farms.
From their perspective, their competitive advantage is egg production. Over the year, they will expand their facilities to focus exclusively on egg production. The projection is to guaranteeing a supply of GE eggs for them, as well as an available supply of non-GE eggs to supply the growing demand in the U.S. market.
Aquabonty is a U.S. company leader in land-based aquaculture, with several decades of technology expertise. Hence, their approach to land-based aquaculture is aligned with sustainable food production, which is becoming increasingly important as the world's population. AquaBounty provides fresh Atlantic salmon to nearby markets by raising its fish in carefully monitored land-based fish farms. The Company's land-based Recirculating Aquaculture System farms are located in Indiana, United States, and Prince Edward Island, Canada. So the areas are close to key consumption markets and designed to prevent disease and protect wild fish populations.
