FIFAX (FIFAX) H2 2024 earnings summary

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.