AquaBounty Technologies sell-off sees cash flowing in

US-based AquaBounty’s net income for the quarter ended 31 March 2025 was $401,000 (£301,723) compared with a net loss of $11.3m (£8.5m) for the same quarter last year.

Included in net income 2025 was a non-cash gain of $2 million (£1.5m) on the forgiveness of an outstanding loan.

In February, AquaBounty completed the sale by auction of equipment originally intended for its recirculating aquaculture system (RAS) farm in Pioneer, Ohio, for net proceeds of $2.3m (£1.73m). The sale made a net gain of $307,000.

The following month, the group sold off its Canadian subsidiary and associated assets – including its hatchery and broodstock facility, which was acquired by Cooke subsidiary Kelly Cove Salmon – raising a net total of $1.9m (£1.43m).  

Following the asset sales, cash, cash equivalents and restricted cash totalled $1.4m (£1.05m) as of 31 March 31 2025, as compared to $230,000 (£173,042) as of 31 December 2024.

AquaBounty Technologies had developed genetically modified salmon for farming in RAS (recirculating aquaculture systems) farms. Its AquAdvantage fish were Atlantic salmon that incorporated genes from two other salmon species, with the aim of enhancing growth and robustness.

In 2023, costs for its planned RAS site at Pioneer, Ohio, rose sharply, causing major cash flow problems and leading to the sell-off of its assets.

David Frank, Chief Financial Officer and Interim Chief Executive Officer at AquaBounty, said: “As stated in our previous announcement, AquaBounty plans to continue to work with our investment banker to assess strategic alternatives for our partially constructed farm in Pioneer, Ohio (the ‘Ohio Farm Project’) and to market and sell available Ohio Equipment Assets to generate cash.

Talking about the asset sales so far, he said: “These transactions have provided us with the liquidity to continue to pursue strategic alternatives for our Ohio Farm Project.

"We will continue to keep all stakeholders apprised of our progress.”