"We started 2025 with a strengthened financial foundation and a clear strategy to capitalize on the growing demand for high-quality, sustainable seafood," CEO Vincent Erenst.
Photo: The Kingfish Company.
"We closed 2024 with strong commercial momentum, achieving over 60% volume growth in Q4 and surpassing 2,000 tons in annual shipped volume for the first time." Vincent Erenst, CEO of The Kingfish Company, summed up a year in which the land-based yellowtail kingfish producer has also improved its sales capabilities and taken steps to optimize operational efficiency, align production with demand, and ensure it remains on track for profitability.
"With broad support of our shareholder base through a fully underwritten equity raise in January, we started 2025 with a strengthened financial foundation and a clear strategy to capitalize on the growing demand for high-quality, sustainable seafood," he added.
The Kingfish Company's Q4 and FY 2024 financial results have confirmed what had already been noted in the updates that the yellowtail kingfish farmer had been sharing since the end of the year when, in December it released its operational update for Q4 2024, and in February it talked about sales momentum during the Holiday season.
Throughout the past year, The Kingfish Company strategically managed its biomass levels to align production with sales demand. As the farm operated above its optimal biomass level for part of the year, the company implemented growth control measures to align production with sales.
As already reported by WeAreAquaculture, in Q4, Kingfish initiated a biomass reduction plan to down standing biomass to approximately 900 metric tons during the first quarter of 2025. As a result, an exceptional reduction in the fair value of biomass of approximately EUR 1.2 million was recorded in Q4 2024. At year-end, standing biomass reached 1,118 metric tons, an increase of 16% compared to 967 metric tons at the end of 2023.
Likewise, the land-based yellowtail kingfish producer showed substantial commercial progress in 2024, achieving a 37% year-on-year increase in volume sold to 1,992 tons and a 26% increase in revenues to EUR 27.7 million.
"This growth reflects both the success of our refreshed sales strategy and higher market demand. Our enhanced sales efforts, including team expansion, development of new sales channels, and increased promotional activities in both professional and retail sectors, have begun to yield significant results," Kingfish said.
For its part, operating EBITDA improved to EUR -3.4 million in 2024 from EUR -3.9 million in 2023. During 2024, the company expanded its sales and marketing team and launched new promotional initiatives to increase Seriola's market penetration, resulting in an increase of EUR 1.0 million in sales and marketing expenses.
However, despite a lower gross margin and higher investments in sales and marketing, thanks to strict cost management in other functional areas, EBITDA per kilogram improved by 37% to EUR -1.7 versus EUR -2.7 per kg in 2023.
Finally, The Kingfish company highlighted another key milestone in its trajectory over the past year. In March 2024, its new processing plant began operations. Directly connected to the farm - allowing the fish to be transported directly from the tanks to the plant, where they are processed and packed - it is equipped to handle the current maximum production capacity of 4,000 tons and prepared for future expansion to 6,500 tons.
As of December 31, 2024, Kingfish had liquidity of EUR 8.8 million - it was EUR 31.2 million in 2023 - consisting of EUR 3.6 million in cash and EUR 5.2 million in available financing facilities. Moreover, in January 2025, it successfully raised EUR 14.0 million in a private placement to secure full funding during the sales acceleration phase and until the farm reaches full utilization.
In the release of its Q4 and FY 2024 financial results, The Kingfish Company also highlighted its sustainability achievements over the past fiscal year, noting that it is "well on track to achieve its 25×25 sustainability targets."
Those targets include that by 2025 it achieves a 25% reduction in its carbon emissions per ton of growth, the same for its residual waste - 25% reduction per ton of growth -, a 25% increase in its recycling efforts, and also a 25% reduction in Forage Fish Dependency Ratio (FFDR) in terms of marine resource dependency.
Precisely on this last objective, during 2024, the yellowtail kingfish farmer achieved significant progress. The FFDR improved to 1.8, a 26% reduction from the 2020 baseline of 2.42, reaching 99% of the campaign target. The company explained that the increased use of sustainable trimmings in feed helped mitigate marine resource dependency.
In addition, it also pointed out that in 2024, its R&D team continued to research new feed formulations. "The introduction of improved feed formulations and the superior performance of our 3rd generation fish shows promise for improved eFCR going forward," it noted.
It also highlighted the achievement of a significant milestone in its breeding program, with the hatchery producing its first batch of fourth-generation fingerlings ahead of schedule, demonstrating the continued advancement of Kingfish's breeding program.
The Netherlands-based fish farmer also successfully reduced its carbon emissions. Total carbon emissions per kilogram of product decreased from 5.21 kg CO₂e in 2023 to 4.22 kg CO₂e in 2024. "The shift to greener inputs has been transformative," Kingfish said.
"By replacing conventional materials with more sustainable alternatives, we have improved our environmental footprint," it added. "With a target of 4.82 kg CO2e per kilogram of biomass produced by 2025, we have not only met but exceeded our original reduction target of 34% a year ahead of schedule."
Looking ahead to 2025, The Kingfish Company said it remains focused on improving feed efficiency, further optimizing feed formulations and exceeding its 25×25 goals. "These efforts highlight our commitment to sustainable aquaculture and reducing pressure on marine ecosystems, building on the successes of 2024 and earlier years," it stated.
To conclude, commenting on the outlook, it added that, as it moves through its sales and market development phase, remains optimistic about future opportunities as focuses on accelerating revenue growth to reach full utilization of its production capacity, while optimizing operations and making substantial investments in sales and marketing to expand its customer base and develop existing and new markets.
"The Kingfish Company remains committed to its path to profitability, expecting to achieve operational EBITDA and cash flow from operations break-even during 2025. The Kingfish Company continues to evaluate the timing of its expansion plans in the U.S. and the Netherlands," the release concluded.
