The Kingfish Company (KING) H2 2024 earnings summary

Executive summary

• Achieved over 60% sales volume growth in Q4 2024, surpassing 2,000 tons shipped for the year and paving the way for full farm utilization.

• Operational EBITDA per kg improved to €-1.7 in 2024 from €-2.7 in 2023, reflecting operational progress.

• Completed a €40 million private placement equity raise in 2024 and an additional €14 million in January 2025, strengthening financial position.

• Centralized hatchery operations in the Netherlands, impairing U.S. hatchery assets by up to €1.2 million.

• Significant progress on sustainability, with a 19% reduction in CO2 emissions and 100% green electricity achieved.

Financial highlights

• Revenue grew 44% year-over-year in Q4 2024, with full-year revenue per kg at €13.9, down from €15.1 due to promotions and smaller fish sales.

• EBITDA per kg in Q4 was minus €3.4, impacted by higher production costs and promotional pricing.

• Gross margin per kg declined, impacted by lower revenue per kg and biomass reduction efforts.

• Depreciation, amortization, and impairment rose to €14.8 million, mainly due to new facilities and asset impairments.

• Ended the year with €8.8 million in liquidity and completed an additional €14 million equity raise in January 2025.

Outlook and guidance

• Targeting operational EBITDA and cash flow break-even during 2025, focusing on scaling to full capacity, high-value segments, biological performance, and cost discipline.

• Expansion projects in the US and Netherlands remain on hold pending favorable legal, economic, and financing conditions.

• Expecting further benefits from lower feed prices and improved production KPIs following biomass reduction.

• Continued investment in sales, marketing, and operational optimization to expand customer base and markets.

• Anticipating significant volume growth in 2025, aiming for maximum production capacity within two years.