Aker BioMarine (AKBM) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue reached $52 million, up 7% year-over-year, with adjusted EBITDA nearly tripling to $7.4 million, driven by strong Human Health Ingredients performance.

• Full-year 2024 revenue was $199 million, up 1% year-over-year, and adjusted EBITDA rose to $29 million, a 29%–37% increase.

• Human Health Ingredients segment delivered eight consecutive quarters of year-over-year revenue growth, with core krill oil products averaging 25% annual growth since 2022.

• The year was marked by restructuring, including the carve-out of the Feed Ingredient segment and cost optimization initiatives.

• Net loss from continued operations in Q4 2024 was $10.9 million, improved from $16.9 million in Q4 2023.

Financial highlights

• Q4 sales: $52 million (+7% YoY); full-year sales: $199 million (+1% YoY).

• Adjusted EBITDA for Q4: $7.4 million (up from $2.4–$2.5 million YoY), mainly from Superba Oil sales and improved margins.

• Human Health Ingredients Q4 revenue: $25.5 million, up 25% YoY; adjusted EBITDA: $9.6 million, up 31% YoY.

• Net interest-bearing debt: $145 million; leverage at 5x net debt/Adjusted EBITDA; equity ratio: 45%.

• Cash and cash equivalents at Q4 end: $15 million; total available liquidity: $39 million.

Outlook and guidance

• Human Health Ingredients expected to maintain growth trajectory into 2025.

• Consumer Health Products anticipated to return to growth after a challenging 2024.

• Emerging Business focused on achieving break-even for Kori and ongoing cost optimization.

• Ongoing implementation of organizational, operational, and financial efficiency measures from the restructuring program.