Aquabounty Technologies reported a smaller consolidated loss for the third quarter compared with a year earlier as it posted strong sales growth.
The company known for developing the world’s first genetically modified salmon reported a net loss of $5.4 million, as compared to $6.9 million in 3Q 2021.
It generated $653,000 in product revenue in Q3, a year-over-year increase of 44 percent compared to $455,000 in the same quarter in the year prior.
The Maynard, Massachusetts-based land-based salmon producer has determined that the second production facility it is planning to build in the US will require more than $320 million to construct. It will be able to support a production in excess of 10,000 metric tons, it said.
The company has increased its planned bond offering with the Toledo-Lucas County Port Authority to $425 million to reflect the facilities revised construction cost. It expects closing the bond financing in the first quarter of 2023.
“With the progress made on the farm design and updated cost estimates, we are again moving forward with the planned bond financing, and we have resumed our efforts with Wells Fargo Corporate and Investment Banking in order to mitigate the increase in the construction cost estimate and the impact of rising interest rates,” said AquaBounty CEO Sylvia Wulf.
This week, the company was warned by NASDAQ of potential delisting from the exchange if its share price does not meet the minimum $1.00 per share by May 1, 2023.
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