AquaBounty investigating shrimp RAS, announces 167 percent uptick in revenue

AquaBounty’s product revenue hit USD 3.14 million (EUR 2.95 million) in FY 2022, a 167 percent increase over the USD 1.17 million (EUR 1.10 million) it posted in 2021.

The company’s losses for the year decreased slightly to USD 22.16 million (EUR 20.8 million), compared to USD 22.32 million (EUR 20.9 million) it lost in 2021. In Q4 2022, its losses were flat at USD 6.07 million (EUR 5.7 million), and it had revenue of USD 451,000 (EUR 424,000) – a slight increase from the USD 418,000 (EUR ) in Q4 2021.

AquaBounty CEO Sylvia Wulf said the company’s improved Q4 2022 results were the result of an experienced staff.

“The quarter began with a challenge to our daily operations, as the roof of the processing building at our Indiana farm required extensive repairs,” she said in a release. “Through the efforts of the farm team, not only did we not lose a single fish, but they were able to complete the planned harvest of the fish in the building. It was an example of their dedication to the company, to the farm, and to the fish in their care.”

Speaking with SeafoodSource during Seafood Expo North America, running from 12 to 14 March in Boston, Massachusetts, Wulf said her company has initiated a renewed emphasis on training its personnel from top to bottom.

“We’ve implemented lean and continuous improvement practice throughout the business,” Wulf said. “We’re training the farm teams on all that practice and putting in all those tools.”

The training program includes teaching of critical-thinking skills, Wulf said.

“We have a problem-solving methodology called an A3 practice, so any time we’re hit with a challenge we do a root cause analysis and we’ve trained pretty much the whole farm team, both in Indiana and Canada, on how to do that and it’s really exciting to see how the team has rallied to it because we have a very young team,” Wulf said. “They’ve embraced the methodology and they really are delivering results.”

The Indiana facility’s use and purpose continues to evolve as the company has come to rely on it more heavily it as a test bed for its technology.

“We’re doing a bit of a reset on Indiana, and I think it’s important,” Wulf said. “What you will find is, it is an aged facility with dated technology.”

The company is still producing fish at the rate that it wants, but it is planning to use the facility to test new equipment like AI-lead feeding, water-quality managements systems, and more as the company continues to construct its larger farming facility in Pioneer, Ohio, U.S.A.

Additionally, Wulf said it is following through on the plan to transition its Prince Edward Island, Canada, facility to a broodstock facility.

“Our 250-metric-ton production facility that’s now completely transitioned to broodstock,” Wulf said. “We’re building a second broodstock facility next door to that building.”

Regarding AquaBounty’s previously announced goal for international expansion, it has applied for an extension of its permits to continue performing field trials in China.  Wulf told SeafoodSource in 2019 about its plans to build an RAS in China, but Wulf said the Covid-19 pandemic had complicated AquaBounty's pursuit of business opportunities there. Another prime candidate for a future AquaBounty salmon RAS is ...

Photo courtesy of AquaBounty