Atlantic Sapphire CEO Pedro Courard.
Photo: ASC / Atlantic Sapphire.
Atlantic Sapphire has reported improved operating performance in the first half of 2026, with higher harvest volumes and biomass alongside lower operating costs, as the company continues a financial restructuring that could ultimately take it private.
The land-based salmon producer, which operates its facility near Miami in Florida, increased its harvest volume by 14% year on year during the first six months of 2026, which it attributed to improved biological conditions and stronger growth.
Standing biomass at the end of the period reached 3,592 tonnes live weight equivalent (LWE), compared with 3,235 tonnes a year earlier.
Atlantic Sapphire also reported improved EBITDA and said cash used in operations fell significantly from the previous year, supported by higher revenues and lower operating costs. Meanwhile, the company said sales prices increased despite volatility seen in global salmon markets.
The company is in the midst of an ongoing refinancing and restructuring process involving some of Atlantic Sapphire's largest shareholders and convertible loan holders.
The company secured USD 20 million (EUR 17.3 million) in bridge financing earlier this year, and in August reached an agreement to borrow a further USD 1.5 million (EUR 1.3 million) to support its liquidity. Part of its existing debt is expected to be converted into shares under a restructuring agreement announced in May.
As part of the restructuring, a group of Atlantic Sapphire’s largest shareholders and lenders established investment firm Coral HoldCo AS to consolidate their ownership in the company.
Coral HoldCo has since increased its stake through a mandatory tender offer, which, is approved, would give it ownership of approximately 68.73% of Atlantic Sapphire.
If shareholders approve the planned debt-to-equity conversion, the investor group intends to acquire the remaining shares in Atlantic Sapphire.
The company has said it would then apply to delist from the Oslo Stock Exchange.
Alongside the refinancing, Atlantic Sapphire continued making operational changes at its "bluehouse" salmon facility in Homestead, Florida, during the first half of the year.
"During the first half of 2026, the Company continued to implement measures to improve the capacity and efficiency of the Bluehouse. In the first half the Company commissioned improved CO2 degassing and biofiltration capacity on all ongrowing systems on the farm which have improved water quality," said CEO Pedro Courard.
"Daily feeding has increased, which has driven increased harvest volumes compared to the same period last year, and we closed the half year with higher biomass than any time before," he added.
The company also commissioned a new water-cooling system, which Courard said improved efficiency and reduced equipment and energy costs and risks.
Atlantic Sapphire's Phase 1 facility has stated annual harvest capacity of approximately 7,500-8,500 tonnes HOG weight. Its planned Phase 2 expansion would increase total annual production capacity to 25,000 tonnes.
