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Andfjord Salmon reported its results for Q3 2022 today. The company has highlighted continued good biological conditions at its first land-based pool in Kvalnes, Andøya, Norway. Although it is in the middle of its first production cycle and not yet generating revenue, these good biological conditions and the high survival rate of the salmon mean that the company has reiterated its target of conducting its first harvest in mid-2023.

Fish health, growth and survival rate, interconnected

As reported by the company in the Q3 2022 results announcement, the average weight of the smolts when they were released on June 25, 2022, was 120 grams. If at the beginning of November they already weighed 1 kilo, two days ago, on November 30, the average weight of the salmon was already 1,350 grams. “A healthy weight gain from 560 grams at the end of September”, they noted. In addition to the good weight data, the survival rate of the company’s salmon also remains high. Andfjord Salmon is the industry leader with a 98.7% survival rate as of November 30.

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“Fish health, growth and survival rate are all interconnected. The foundation is strong biological conditions and a pool eco system that is as close as possible to the salmon’s natural habitat in the ocean outside Andøya”, said Martin Rasmussen, CEO of Andfjord Salmon.

Martin Rasmussen, CEO of Andfjord Salmon. Photo: Andfjord Salmon.
Martin Rasmussen, CEO of Andfjord Salmon. Photo: Andfjord Salmon.

The company uses water from depths of approximately 40 meters below the sea surface for its flow-through technology solution. The water is replaced 15 to 17 times a day. Its pools are square in shape to replicate a cross-section of the Gulf Stream. Energy consumption at the Kvalnes fish farm is within the company’s target of 1 kwh/kg of salmon produced. “The low energy consumption and associated costs underline the attractiveness of our flow-through system”, Rasmussen stated.

First operating revenues in 2023

In the results announcement, Andfjord Salmon has also reiterated its goal to realize its first harvest in the middle of next year. The company is currently in the middle of its first production cycle, which means it is not yet generating revenues. In fact, this Q3 it had an operating loss of NOK 14.7 million (€1.4 million / $1.5 million), compared to a loss of NOK 11.4 million (€1.1 million / $1.1 million) in the same quarter last year. The first operating revenues will be generated in 2023, after the first harvest.

In parallel to this first production cycle at Kvalnes, Andfjord Salmon is currently working “on detailing the most cost-efficient build-out process for Kvalnes Phase 2”, which aims to increase the production volume at the site from 1,000 to 19,000 tonnes HOG. The company has announced that, in due course, it will invite shareholders to a capital markets update to present the development plan and schedule for Phase 2.

Moreover, following the end of the Q3, Andfjord Salmon held the company’s first salmon tasting with chef Øyvind Bøe Daelelv, who has won both world and Norwegian championships. The fish used for the first tasting was just over a kilo and, according to the company, the chef’s expert opinion was that “the texture, colour and overall condition and taste of the fish were excellent”.

About Andfjord Salmon

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Located in Kvalnes on the island of Andøya in the Arctic Archipelago of Vesterålen, Norway, Andfjord Salmon has the ambition to build the most sustainable and fish-friendly aquaculture facility in the world. To achieve this, the company has developed an innovative and sustainable aquaculture concept for land-based farming of Atlantic salmon, based on a continuous flow technology solution. Andfjord Salmon already has the Andøy municipality’s approval to develop and build another land-based fish farming facility at Breivik, Andøya, Norway. The company is listed on Euronext Growth under the symbol ANDF.

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