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FIFAX H2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2024 earnings summary5 Mar, 2025
Executive summary
Operations fully restarted after a two-year halt due to IHN virus, with all facility units now in use and fish deliveries resumed since October 2024; fish stock reached capacity levels (832 tons at year-end, ~870 tons currently).
Over €1 million in cumulative sales since restart, with all harvested fish sold and stable output.
Revenue for 2024 was EUR 0.5 million, with sales accelerating in early 2025.
Operating loss for 2024 was EUR 6.0 million, improved from EUR 6.7 million in 2023; net loss was EUR 6.9 million versus EUR 7.2 million.
Significant investments in biosecurity and production efficiency were made, though some were postponed due to financing constraints.
Financial highlights
Revenue for 2024 reached EUR 0.5 million, up from zero in 2023; H2 2024 revenue was EUR 464,000.
Operating loss for 2024 was EUR 6.0 million; net loss EUR 6.9 million; EPS improved to -0.09 from -0.15.
Cash flow from operations was -EUR 5.5 million in 2024; cash and equivalents at year-end were EUR 0.5 million.
Investments totaled EUR 0.6 million in 2024, mainly for facility improvements.
Equity ratio declined to 57% at end-2024 from 79% in 2023.
Outlook and guidance
Sales expected to scale up significantly in spring 2025 as operations stabilize, with a focus on optimizing fish stock composition and increasing average harvest weight.
A long-term delivery agreement covers 1,200 tonnes of gutted fish in 2025, about 40% of plant capacity.
More detailed 2025 production volume guidance to be provided with the half-year report.
Long-term strategy includes expanding capacity, developing advisory/licensing activities, and targeting over EUR 125 million in sales and over 25% EBITDA margin by 2030.
Quantify further financing needs and timeline.
When will full 50t/week output be achieved?
Detail advisory/licensing revenue strategy.
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Frequently asked questions
FIFAX Abp is a Finland-based company specializing in land-based fish farming. The company's operations encompass the entire production chain for farmed rainbow trout, including hatching, cultivation, purging, and slaughter. This process occurs at its facility in Eckerö, located in the Åland region. FIFAX uses a closed-loop system to minimize environmental impact and control external factors like climate and water quality. Its primary market includes customers in mainland Finland and Sweden, where it supplies fresh, whole, and gutted rainbow trout. The company is headquartered in Eckerö, Finland, and its shares are listed on the Nasdaq Helsinki.
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