Aerial view of Atlantic Sapphire facilities in Miami, Florida.
Photo: Atlantic Sapphire.
Land-based Florida salmon farming company Atlantic Sapphire has released its operational update for the first quarter, reporting it has harvested 1,504 tonnes HOG, up from 1,183 tonnes in Q4 2025.
The Miami, Florida-based land-based salmon farming company said the net biomass gain reached 1,859 tonnes live weight (RLW) during the quarter, compared with 1,683 tonnes in the previous three-month period. Standing biomass at the end of March was 3,420 tonnes RLW, slightly below the 3,437 tonnes reported at the end of December.
Meanwhile, the company reports, average harvest weight rose to 3.2 kg HOG from 2.9 kg in Q4 2025, while the achieved sales price was USD 9.32 per kg HOG, an improvement on the USD 8.28 per kg achieved in Q4.
The operational update follows a turbulent period for Atlantic Sapphire’s finances, after the company said in March it needed between $25 million and $30 million in additional funding to maintain sufficient liquidity and reach EBITDA break-even in its Phase 1 operations.
Since then, the company has secured a bridge loan of up to $10 million from a group of investors. Atlantic Sapphire subsequently said on 28 March that the facility, which is split into two $5 million tranches, carries annual interest of 12%, a 15% origination fee, and matures on 15 May 2026 unless extended. The company’s board said the loan secures near-term operations in a satisfactory manner.
At the same time, Atlantic Sapphire said discussions are continuing over a wider refinancing with the investor group, which the company said represents around 63% of its shares and about 93% of its outstanding convertible loan. As part of those talks, the investors have indicated they may launch a voluntary tender offer for the remaining shares not already under their control, with the indicative offer price increased from NOK 0.50 to NOK 0.80 per share.
However, in its last financial stock exchange update at the end of March, the company said no binding agreement has yet been reached on the broader refinancing.
Atlantic Sapphire has previously said that although operational performance has been improving, including stronger production, better fish quality and firmer prices, cash flow has remained under pressure due to timing effects, working capital needs and harvest-related deviations.
The company is currently focused on optimising its Phase 1 facility in Florida, which is designed to produce around 7,500 to 8,500 tonnes of salmon annually. It has previously said it is targeting 7,000 tonnes of output in 2026.
