Salmon Evolution reports biomass production back on track after issues in early 2023

Salmon Evolution reported that its biomass production was back on track in Q2 2023 after the company reported excess mortalities related to amoebic gill disease (AGD) in Q1.

The company posted operating revenue of NOK 60.74 million (USD 5.7 million, EUR 5.2 million) in Q2 2023, up from the NOK 12.6 million (USD 1.18 million, EUR 1.1 million) it posted in Q2 2022 and the NOK 2.9 million (USD 273,000, EUR 252,000) it posted in Q1 2023. Operational earnings before interest, taxes, depreciation, and amortization (EBITDA) were once again worse in Q2 2023 than Q2 2022, with the company posting a loss of NOK 20.8 million (USD 1.9 million, EUR 1.8 million), compared to the loss of NOK 15.1 million (USD 1.4 million, EUR 1.3 million) in Q2 2022. However, the losses narrowed compared to Q1 2023, when the company posted an operational EBITDA loss of NOK 22.3 million (USD 2.1 million, EUR 1.9 million).

The company posted a loss before tax of NOK 26 million (USD 2.4 million, EUR 2.2 million) for Q2 2023, a jump from the NOK 10.4 million loss (USD 981,000, EUR 903,000) it posted in Q2 2022 and also up from the NOK 24 million (USD 2.2 million, EUR 2.1 million) loss it posted in Q1 2023.

The company’s losses compared to revenue partially reflect its status as a startup, given the ongoing construction at its Indre Harøy, Norway-based hybrid flow-through aquaculture system. The company completed its first salmon harvest from the facility in November 2022, and announced in late June that it picked Artec Aqua as the contractor for phase two of its land-based Atlantic salmon farm.

Now, the company said it is on track for “all time high biomass production” at its land-based facility, and that Batch 2 of salmon, harvested over 9 days in May, showcased strong product quality and a homogeneous weight profile.

“As published in our operational update in early July, we had very good operations going into the summer, and today I’m very pleased to share that this has continued throughout the summer,” Salmon Evolution CEO Trond Håkon Schaug-Pettersen said during a presentation of the results. “It has been an uneventful summer at Indre Harøy.”

Salmon Evolution added that the company has a plan ...

Photo courtesy of Salmon Evolution