Aker BioMarine revenue growth not enough to offset increased costs

Lysaker, Norway-based biotech and krill-harvesting company Aker BioMarine continued its string of revenue increases in Q2 2023, but the gains were not enough to offset high fuel prices and higher production costs.

The company, which posted a net loss in FY 2021, reversed the negative trend in FY 2022 but has since been hit with shrinking margins. Fuel prices, along with higher interest expenses included in financial terms, resulted in a Q2 2023 loss – adding to a previous loss in Q1 2023. 

The company posted revenue of USD 88.6 million (EUR 78.8 million) in Q2 2023, up 21 percent from the same period last year. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) were USD 21.5 million (EUR 19.1 million) for the quarter, on par with the USD 21.4 million (EUR 19 million) posted in the same period last year.

“Despite strong growth in revenue, EBITDA margins don’t fully mirror the sales development,” Aker BioMarine CFO Katrine Klaveness said.

The company's quarterly EBIDTA margin was 24 percent, compared to 29 percent last year, which it blamed on a ... 

Photo courtesy of Aker BioMarine