The Kingfish Company (KING) Q4 2024 TU earnings summary

Sales and financial performance

• Q4 2024 sales volumes rose 62% to 556 tons, driven by strong festive demand and effective market strategy.

• Q4 revenue increased 44% to €7.5 million, with full-year revenue reaching €28 million, up from €22 million in 2023.

• Revenue per kg declined to €13.4 due to seasonal promotions and higher sales of smaller fish.

• 2024 shipments surpassed 2,000 tons for the first time, marking a significant growth milestone.

• A €14 million private placement was completed in January 2025 to support growth initiatives.

Operational and strategic updates

• A biomass adjustment plan was implemented, resulting in an inventory write-down but not materially impacting cash flow.

• Centralization of global hatchery activities at the Dutch Zeeland facility to leverage advanced capabilities.

• The Dutch hatchery's fourth-generation broodstock produced eggs six months ahead of schedule.

• U.S. expansion, including the Jonesport farm in Maine, remains on track pending final appeal outcomes.

Sustainability and production

• Production uses advanced recirculating aquaculture systems, ensuring biosecurity and biodiversity protection.

• Operations run on 100% renewable electricity and use seawater, conserving fresh water resources.

• Animal welfare is prioritized, with no antibiotics or vaccines used in fish rearing.

• Products are certified sustainable by ASC, BAP, GLOBAL G.A.P., and Friend of the Sea.