Atlantic Sapphire (ASA) Q3 2025 TU earnings summary

Executive summary

• Achieved Q3 production of 1,427 tons HOG at an average weight above 3kg, with prices 19% above the U.S. price index and 95% of sales at premium prices.

• Operational improvements and system upgrades initiated in 2023 are yielding more stable production and all-time high feeding rates.

• Focus remains on phase one operations, with all resources directed toward validating and optimizing this phase.

• Q3 costs were temporarily elevated due to one-off maintenance and infrastructure upgrades, but efficiency measures are expected to reduce cost/kg from Q1 2026.

• Financing secured with a $35m convertible loan to fund operations toward EBITDA break-even, with strong shareholder support.

Financial highlights

• Average price per kilo reached $8.6, 19% above the U.S. price index, with 95% of volume sold at premium prices.

• Harvest volume of 1,427 tons HOG in Q3 2025, in line with expectations.

• Net biomass gain increased sequentially as system throughput improved.

• Losses were slightly higher than the previous quarter but remained low and within normal ranges.

• Q3 saw a decrease in prices compared to the previous quarter, following broader market trends.

Outlook and guidance

• Harvest volume expected to reach 5,400 metric tons in 2025, 7,000 in 2026, and 7,500 in 2027.

• Optimized phase one could achieve 8,500 tons annual harvest weight.

• Targeting net biomass growth to 2,200-2,500 live weight per quarter by early 2026.

• Expected to reach 7,000 tons full-year production and EBITDA positive by end of 2026, unlocking Phase 2 expansion.

• Phase 1 cost per kg targeted to decrease from ~$20/kg in 1H 2025 to ~$10/kg in the near term, with further optimization aiming for ~$8/kg.