AquaBounty Technologies Announces Third Quarter Financial Results and Corporate Updates

On November 5, 2024, AquaBounty Technologies, Inc. (NASDAQ: AQB) revealed its financial outcomes for the quarter ended September 30, 2024, along with significant corporate developments.

The company reported that in the third quarter of 2024, its net loss decreased to $3.4 million compared to $6.1 million in the same period of 2023, primarily attributed to the sale of the Indiana farm. The company’s cash, cash equivalents, and restricted cash amounted to $500 thousand as of September 30, 2024, down from $9.2 million as of December 31, 2023.

Key highlights from the quarter included the completion of the sale of the Indiana farm, including equipment from the Ohio farm, for $9.2 million net of expenses. Additionally, AquaBounty disclosed its decision to market its Rollo Bay farm operation in Prince Edward Island, Canada, on September 3, 2024.

Dave Melbourne, President and Chief Executive Officer of AquaBounty, commented on the company’s strategic initiatives. He highlighted efforts to extend the cash runway and explore financing options, including the decision to sell the Rollo Bay farm to address immediate cash requirements without hindering long-term plans. Melbourne emphasized cost reduction strategies, showcasing a significant decrease in operating spend and net loss for the quarter.

AquaBounty Technologies, a pioneer in land-based aquaculture, leverages advanced technology to enhance productivity and sustainability in salmon farming. The company focuses on raising nutritious salmon free of antibiotics, utilizing recirculating aquaculture systems to ensure environmental sustainability.

The forward-looking statements in this report include potential financing alternatives, operational plans, and construction details surrounding AquaBounty’s Ohio farm. Addressing significant risks and uncertainties faced by the company, AquaBounty remains committed to transparency and long-term shareholder value.

For more information about AquaBounty and its innovative aquaculture approach, visit www.aquabounty.com.

Contact information for investors can be directed to AquaBounty Technologies via email at investors@aquabounty.com. Media inquiries can be directed to Vince McMorrow at Fahlgren Mortine, reachable at (614) 906-1671 or vince.mcmorrow@Fahlgren.com.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read AquaBounty Technologies’s 8K filing here.

About AquaBounty Technologies

AquaBounty Technologies, Inc, a biotechnology company, operates in the aquaculture industry in the United States and Canada. The company engages in genetic, genomic, and fish health and nutrition research activities. It also operates salmon farms using proprietary technology. In addition, the company offers AquAdvantage Salmon, a genetically engineered Atlantic salmon for human consumption; and sells conventional Atlantic salmon, salmon eggs, fry, and byproducts.