Proximar Seafood (PROXI) Q1 2025 earnings summary

Executive summary

• Achieved first full quarter of weekly harvests, totaling 322 tons HOG with 99.5% superior grade and premium pricing; average harvest weight was 3.1 kg HOG, below target due to restricted feeding after biofilter incidents.

• First exports to Taiwan completed in March, supporting brand development, diversification, and regional expansion; Fuji Atlantic salmon now served at high-end venues and Osaka Expo.

• Facility in Japan now fully operational, leveraging first-mover advantage and local production cost benefits; full grow-out capacity expected in June.

• Robust demand in Japan and Asia, with premium pricing and strong media coverage.

• Facility staffing at 63 employees, with stable water quality and survival rates above 98%.

Financial highlights

• Q1 2025 revenue reached NOK 30.2 million, a significant increase from previous periods.

• Adjusted EBITDA was -NOK 13.2 million; net loss for Q1 2025 at NOK 58.5 million.

• Assets totaled NOK 1,591 million (89% fixed assets); equity share at 20%.

• Additional NOK 45 million in short-term loans and credit facilities secured, plus NOK 22 million in April for working capital.

• Insurance payments for biofilter repairs received; business interruption claims in process.

Outlook and guidance

• Full year 2025 harvest expected at 3,000–3,300 tons HOG; H1 2025 guidance at 750 tons.

• EBITDA expected to improve through 2025, with Q2 near break-even; full-year EBITDA guidance to be provided in Q2.

• Full facility utilization targeted for 2027, with full-scale capacity of 5,300 tons HOG; production and harvest weights expected to recover in H2 2025.

• No major CAPEX planned for 2025.