Proximar Seafood (PROXI) Q4 2024 earnings summary

Executive summary

• Achieved first commercial harvest and sales of Atlantic salmon in Japan, establishing the Fuji Atlantic Salmon brand and securing premium pricing above import benchmarks.

• Local production provides significant cost and logistics advantages, with a robust RAS facility operating near full capacity and a standing biomass of 1,058 tons at year-end.

• Strong demand and positive customer feedback in Japan, with high product visibility, media coverage, and industry recognition.

• Strategic partnerships and expansion plans underway, including interest from other Asian markets and increased attention from industrial and financial institutions.

• Team expanded to 59 employees, with all installation works completed, allowing focus on production.

Financial highlights

• Q4 2024 revenue was NOK 3.4 million, with an average net price of NOK 123/kg and 99.7% of fish graded as superior.

• Adjusted EBITDA for Q4 was minus NOK 10.3 million, with positive adjusted EBITDA margin; net loss for 2024 was NOK -139.2 million.

• Assets totaled NOK 1.64 billion at year-end 2024, with equity just under NOK 400 million.

• Secured additional working capital loans totaling JPY 600 million (~NOK 44 million) in Q4.

• Share capital increased to NOK 14.2 million (142.2 million shares outstanding at year-end 2024).

Outlook and guidance

• 2025 full-year production guidance is 3,500–3,800 tons, with majority in the second half as issues are resolved.

• Positive EBITDA expected in the first half of 2025; full-year EBITDA guidance to be provided in Q2.

• No major CapEx planned for 2025; target for full utilization (5,300 tons/year) remains on track for 2027.

• All equipment installations are complete, with 2025 as the first year of full operations.