September 9, 2024

Norway-based salmon smolt producer BioFish suffered loss in Q2 2024

Norwegian Atlantic salmon smolt producer BioFish posted a loss in Q2 2024 after it conducted no deliveries in the quarter.

The company, which produces smolt in a recirculating aquaculture system (RAS) facility in Ljones, Norway, said it delivered no smolt in Q2 2024 – which was in line with its production plan for the year. In its most recent quarterly report, BioFish said its next deliveries are planned for Q3 2024 and it secured a contract in June to deliver between 170,000 and 180,000 post-smolt to an aquaculture company.

Due to posting no revenue in the quarter, the company posted a loss. Its operational EBIT was a loss of kr11.4 million (US$1.1 million), worsening from the kr2.9 million (US$272,000) loss it posted in Q2 2023.

For the first half of the year, the company posted a revenue of kr17.2 million (US$1.6 million), which was down from the kr20.1 million (US$1.8 million) it posted in H1 2023. The lower revenue coincided with the reduced deliveries; the company delivered 206 metric tons (MT) of smolt in Q1 2024 compared to 275MT of smolt in Q1 2023.

The company's EBIT for the first half of the year also dropped to a loss of kr13.6 million (US$1.3 million), down from a loss of kr7.3 million (US$685,000).

BioFish chief executive officer Sondre Hagerup Johnsrud said that the company is seeing strong demand for its product going forward.

"With a good track record in terms of biological performance, BioFish is viewed as an attractive supplier of high-quality, healthy smolt, and post-smolt by leading salmon farmers in Norway," Johnsrud said.

- SeafoodSource