FIFAX (FIFAX) H1 2024 earnings summary

Executive summary

• Fish stock increased from 59–60 tons at year-end 2023 to 335–337 tons by June and 500 tons by August 2024, with two out of three grow-out units operational and technical improvements ongoing.

• No revenue was generated in H1 2024 as the facility restart continued; commercial sales launch is planned for H2 2024, supported by strong market demand and new customer agreements.

• Full production capacity of 3,200–3.2 million kg live weight is targeted by year-end 2024, contingent on securing remaining financing.

• Sustainability remains central, with advanced RAS technology minimizing environmental impact and maintaining ASC certification.

• Entered a framework agreement with Kalavapriikki for annual deliveries of 1,200 tons of gutted fish, including a €1.4 million advance payment.

Financial highlights

• Revenue for H1 2024 was zero, as sales had not yet resumed; operating loss was €-2.96 million, improved from €-3.32 million in H1 2023.

• Net loss for H1 2024 was €-3.33 million, an improvement from €-3.59 million in H1 2023.

• Cash and cash equivalents at period end were €1.1 million, down from €3.5–4.1 million a year earlier.

• Investments totaled €0.49–0.5 million in H1 2024, focused on biosecurity and capacity.

• A €500,000 convertible loan was raised in June, and a sales frame agreement with a €1.4 million prepayment was secured after the period.

Outlook and guidance

• Full production capacity of 3,200–3.2 million kg live weight is targeted by year-end 2024, pending completion of financing.

• Sales are expected to restart in H2 2024, with phased harvests and deliveries to customers, including a major offtake agreement.

• Short-term targets include completing facility improvements and developing advisory business; long-term targets (by 2030) are revenue over €125 million and EBITDA margin above 25%.

• The company aims to transition from ramp-up and financing focus to normal operations and revenue generation.

• Additional financing is required to complete the restart and achieve 2024 targets.