AquaBounty reported its financial results for the first quarter of 2022 on Thursday, recording a harvest of 133 tons of genetically engineered Atlantic salmon, a rise of 46% compared with the previous quarter.
The land-based aquaculture company generated $963,000 in product revenue versus $74,000 in the same quarter the previous year. AquaBounty reported a net loss of $5.1 million in the quarter, compared with $4.2 million in the same period in 2021.
The financial results come after the company celebrated the groundbreaking of its site in Pioneer, Ohio, with representatives from the State of Ohio, Williams County and Pioneer attending the event.
“We continued to see growth in the commercial production of our GE Atlantic salmon in the first quarter, harvesting 133 tons of live weight salmon in the aggregate from our farms in Albany, Indiana and Prince Edward Island, Canada – a 46% improvement over the previous quarter,” Sylvia Wulf, Chief Executive Officer of AquaBounty, said.
“We are also making exciting progress on our next-generation 10,000 metric ton farm in Pioneer, Ohio. We have incorporated “lessons learned” from our existing farms into the design and engineering of the Ohio farm. Pre-construction activities including the construction of roadways, on-site energy infrastructure and land preparation are well underway,” Wulf revealed.
With the next phase of construction work on the site set to begin “in the near-term,” the facility will be “largely completed” in late 2023. Wulf added that the company is “progressing with our plan for the issuance of up to $300 million in tax-exempt and taxable bonds to support our project.”
