Atlantic Sapphire (ASA) Q2 2025 earnings summary

Executive summary

• H1 2025 delivered record operational and commercial results, with revenue nearly doubling year-over-year due to higher prices, improved fish quality, and premium pricing.

• Operational turnaround included improved biological performance, lower costs, and a validated platform, accelerating the path to profitability.

• Management team strengthened with new hires, bringing over 55 years of combined experience and driving better control, accountability, and production stability.

• Strategic focus on maximizing Phase I efficiency, with Phase II development minimized to conserve resources until break-even is reached.

• Positioned as the only fully permitted, low-carbon U.S. salmon producer, leveraging first-mover advantage in a large, underpenetrated market.

Financial highlights

• H1 2025 revenue: $21.5m, up from $11.2m in H1 2024; net loss improved to $36.1m from $52.0m; EBIT loss reduced to $34.0m from $47.9m.

• Average sales price per kg up 86% to $8.67; Q2 2025 fresh sales at $9.27/kg.

• Operating cash flow improved to an outflow of $29.6m from $40.0m; cash at period end was $4.2m.

• Equity ratio at 66.7%, with net interest-bearing debt of $52.1m as of June 2025.

• Earnings per share improved to $(1.01) from $(1.45) in H1 2024.

Outlook and guidance

• 2025 harvest volume expected at ~5,400 tons HOG, up ~25% from 2024; 2026 target at ~7,000 tons, and 7,500–8,500 tons from 2027 onwards.

• Positive EBITDA targeted by late 2026, with near-term EBITDA of $1–2/kg and $3–5/kg in optimized Phase I.

• Medium-term goal of reaching 100,000 tons annual production.

• Convertible loan and debt adjustments expected to fully fund Phase I through breakeven.

• Phase II expansion, partially funded, targets 25,000 tons capacity and $4–6/kg EBITDA.