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Extra Everything: The Story of Chipotle
Chipotle's story from a single restaurant to a nationwide chain, through crisis and turnaround, built on one of the strongest models in the industry.
Atlantic Sapphire
Atlantic Sapphire (ASA) investor relations material
Atlantic Sapphire Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary4 May, 2026
Executive summary
Revenue grew 87% year-over-year to $43.3 million in 2025, driven by higher volumes, improved pricing, and stable operations, but financial challenges persist due to lower-than-expected revenues and delayed cost reductions.
Operational KPIs improved, with stable biology, increased standing biomass, and low losses in the saltwater stage; quarterly mortality remained below 1%.
Premium pricing maintained, with premium share above 9% and premium graded salmon consistently achieving prices above $11/kg, well above market average.
Adjusted EBITDA loss narrowed by $20 million, reflecting improved biological performance, but significant earnings impact from $115 million impairment charges related to reduced probability for Phase 2 expansion.
Additional capital required to fund operations to positive EBITDA; a $10 million bridge loan was secured and fully disbursed.
Financial highlights
Revenue increased from $22.8 million in 2024 to $43.3 million in 2025, but harvest volume was 5.6% below target at 5,096 tons.
Operating loss (EBIT) was $180.5 million, including a $115 million impairment; net loss reached $191.3 million, compared to $167.3 million in 2024.
Adjusted EBITDA improved to -$59.5 million from -$79.4 million in 2024.
Cash position at year-end was $3.2 million, down from $29.9 million.
Cost of goods sold rose by $3 million, with higher harvest volume and increased cooling water costs.
Outlook and guidance
2026 harvest volume expected to increase from 2025 levels, with bridge to EBITDA breakeven targeted for late 2026, contingent on operational improvements and capital infusion.
Company requires $25–$30 million in liquidity to reach EBITDA breakeven, including repayment of a $10 million bridge loan maturing May 15th.
Ongoing discussions with major shareholders for comprehensive refinancing; no final agreement or alternative proposals yet.
Commercial reset in 2026 to focus on price realization stability and margin capture.
Refinancing terms and the $30 million need
Biofiltration impact on feed conversion
Phase 2 probability shift and impairment
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Latest events from Atlantic Sapphire
- Harvest volumes and prices surged, with major expansion and break-even EBITDA expected.ASA
Q1 2025 TU4 Mar 2026 - Record harvest, USD 52m net loss, and major capital raise to support operational turnaround.ASAQ2 202423 Jan 2026
- Revenue nearly doubled in H1 2025, with breakeven targeted by late 2026.ASAQ2 20256 Jan 2026
- Revenue growth offset by significant impairment, with focus on US optimization and premium pricing.ASAQ4 202425 Nov 2025
- Q3 harvest was 1,427 tons HOG at premium prices, with stable operations and secured funding.ASAQ3 2025 TU19 Nov 2025
- Stabilized operations and strategic investments position Atlantic Sapphire for US market leadership.ASACompany Presentation13 Jun 2025
- Atlantic Sapphire targets 25,000 tons HOG with innovative land-based salmon farming expansion.ASACompany Presentation6 Jun 2025
Next Atlantic Sapphire earnings date
Q2 202620 Aug, 2026
Atlantic Sapphire
Next Atlantic Sapphire earnings date
Q2 202620 Aug, 2026
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Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
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@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
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