AquaBounty posts $3.6 million loss

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Salmon farmer AquaBounty Technologies marches towards its first-ever commercial-scale harvest of genetically engineered-fast growing fish. But it is monitoring overall market demand for salmon given COVID-19’s impact on the foodservice industry.

In a financial statement, AquaBounty Technologies posted its Q3 results ended September 30.

Q3 revenue was USD 0.6 million, as compared to no revenue in the same period of the prior year. Net loss was USD 3.6 million, compared to USD 3 million in the same period of the prior year.

Cash, cash equivalents, and restricted cash were USD 39.5 million, compared with USD 2.8 million. In August, it raised USD 31.6 million through an underwritten public offering of 12.65 million shares of common stock.

Last week, the salmon farmer said that it had chosen the western Kentucky city of Mayfield for its second farm in the US, a 10,000 tonnes-a-year site.

“The third quarter of 2020 was marked by our continued progress towards the first-ever commercial-scale harvest of AquAdvantage salmon,” said AquaBounty CEO Sylvia Wulf.

Wulf added that “in the second quarter, we successfully started harvesting conventional salmon with the intention of refining the processes, operating procedures and partner relationships required for the first harvest of AAS”.

“While we prepare for the first harvest of AAS and scale our conventional salmon harvesting efforts, we continue to closely monitor overall market demand for salmon given COVID-19’s impact on the foodservice industry. That said, we will remain flexible in efforts to maximize revenue and capitalise on the recovery of foodservice end-markets and in the meantime, continue to form relationships with additional customers who continue to be receptive to our sustainably-grown salmon,” she added.