Q2 2022 Statt Torsk report confirms losses as expected

Statt Torsk ASA has informed about its Q2 2022 results which show a net loss of NOK 8.07 million compared to NOK 3.24 million a year ago. Also, the sales decreased; to NOK 0.681 million compared to NOK 1.65 million a year ago. Consequently, the company revenue was NOK 0.681 million compared to NOK 1.65 million in second quarter of 2021.

On the other hand, Gustave Brun-Lie, CEO of Statt Torsk ASA commented: "Important milestones have indeed been achieved after long and meticulous work by our team". For example, a long-term processing agreement was secured with Western Seaproducts AS, a company owned by Måsøval AS.

In addition, Statt Torsk group started commercial production at its Stokkeneset site and raised 41.4 MNOK in a private placement to fund the biomass build-up needed to ensure stable deliveries of high-quality farmed cod all year round.

Finally, the company obtained Global Gap certification and increased from 3 to 6 licenses at Rekvika. This allowed achieving an overall sustainable production of farmed cod around Stad.

About Statt Torsk ASA

Statt Torsk ASA is listed on Euronext Growth Oslo with the ticker "STATT" and with operations in Stad municipality. The company produces and sells farmed Atlantic cod. From 2016-2021, the company carried out three pilot productions to clarify whether commercial production was possible. STATT is now in commercial production with currently two sites with a total of 8 licenses in Vanylvsfjorden.