The Kingfish Company has reported a sales increase of 90% from €2.8m in Q3 2021 to €5.4m in Q3 2022. Also, an achieved 25% price increase, particularly for large fish reached an average sales
price/kg WFE of €17.1. The increase has been 14% at €12.1 per kg WFE.
Likewise, in its previous report, the company informed the average realized price of large fish improved from €14.6/kg in Q1 2022 to €15.7/kg in Q2 2022. Further, the price of small fish increased from €10.0/kg in Q1 2022 to €11.4/kg in Q2 2022.
Moreover, the sales volume of 390 tons WFE for the third quarter of 2022 has increased a total of 63%, compared to 232 tons from the same quarter last year.
Regarding production, the fee has reached 374 tons of net growth of high-value Yellowtail Kingfish in the same quarter. Reflecting the fourth quarter of steady state at the current installed capacity. This has resulted in a robust productivity index performance of 0.73 (net biomass growth per cubic meter capacity per day). This represents an improvement of 11% compared to Q3 2021.
While The Kingfish Company has reached full capacity run-rate in phase 1, it has started the production of fingerlings for the pre-stocking of Phase 2. Phase 2 production will start in early Q1 2023. The significant volume increase is expected to result in material improvements to unit economics, building on an already strong basis.
"The third quarter of 2022 was another solid quarter for The Kingfish Company, We have stabilized at full capacity run-rate for phase 1. We are now ready to launch capacity for phase 2, which is nearing completion. We are pleased to report another quarter with strong sales growth. Significant sales price increases, particularly for large fish. While achieving robust steady production and consistently high productivity," said CEO Ohad Maiman.
Regarding this, the Kingfish Company is raising €35 million through an equity raise. It will be fully subscribed and guaranteed for all three tranches. The equity raises together with the remaining net amount on the PCP facility, a new revolving credit facility of EUR 5 million, a new lease facility with a EUR 3.5 million framework, and available cash is estimated to fully finance the Phase 2 CAPEX with a buffer. The additional funds would also be available for biomass build-up and general corporate purposes.
Development of the company's US operation in Maine has secured all State and Federal permits. Along with a local town planning board permit remaining and in advanced stages, paving the way toward an 8,500-ton Phase 1 construction.
In the third quarter, the company's site in Jonesport received community support to proceed with its application as town residents overwhelmingly voted down a proposed moratorium on aquaculture projects. In parallel, the Company has shipped 3rd generation fingerlings to its US hatchery, to serve as future brood stock for the US operation.
Finally, the company has recalled its mission "to further advance our first-mover position in
technology-driven aquaculture and establish The Kingfish Company as a market leader in the sustainable production of high-value marine seafood".
