Land-based GM salmon farmer posts net loss of $6.6 million – also planning 10,000 metric tonne site

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AquaBounty expects initial harvest of AquAdvantage salmon in the fourth quarter this year in Indiana. “We have made significant progress on finalizing the potential site and design for our planned 10,000 metric tonne farm and will soon select the farm’s RAS technology provider.”

AquaBounty Technologies posted its financial results for the second quarter and six months ended June 30.

It said that net loss was USD 6.6 million, compared to USD 6.8 million in the same period before.

Cash and cash equivalents were USD 10 million, compared to USD 2.8 million at December 31, 2019). In February, AquaBounty completed a public offering of common shares that provided USD 14.5 million in net proceeds.

Cash used in operations was USD 7.0 million, compared with USD 5.2 million the year before. Growth of fish inventory biomass was the driver, it wrote.

Cash used for capital projects was USD 1.6 million, up from with USD 0.9 million. The funds were primarily used for equipment upgrades at the Indiana farm, USA.

Sylvia Wulf, Chief Executive Officer of AquaBounty said that the highlight of the second quarter was the announcement of its first harvest of conventional Atlantic salmon at its Indiana farm, “an important milestone as we refine harvest systems and processes ahead of our expected initial harvest of AquAdvantage salmon in the fourth quarter this year in Indiana, followed by the anticipated first harvest of AquAdvantage salmon at our Canada-based, Prince Edward Island Farm in the first quarter of 2021.”

Wulf added that it had made progress for choosing a new site for a 10,000 metric tonne farm and that it will soon select the farm’s RAS technology provider.

“While we plan to construct our own facilities at first to validate our business model to the world, our long-term, capital-light goal is to make AAS the clear choice for existing land-based RAS farm operators who wish to remain competitive in the marketplace. I eagerly look forward to what the future holds for AquaBounty,” concluded Wulf.