Hofseth BioCare post higher loss than revenue in first quarter

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In the red again.

The listed biotechnology company Hofseth BioCare (HBC) had a revenue of EUR 1.6 million and posted a pre-tax result of EUR -2.6 million in the first quarter of the year, according to its Q1 report published on Friday morning.

As a result, money continues to flow out of the company.

The cash register was reduced by EUR 3.3 million in the first three months of 2021, leaving a total holding of cash and cash equivalents of EUR 13.6 million at the end of the period. Including credit facilities, HBC had EUR 17.2 million in free liquidity by the end of the first quarter.

The company’s business idea is to produce supplements from salmon and trout raw materials, mainly sourced from the aquaculture company Hofseth Aqua.

Hofseth BioCare, which has never made money, has a stock market value of almost EUR 300 million. Its share price fell 1.5 percent in the first half-hour of trading on Friday.