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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Atlantic Sapphire
Atlantic Sapphire (ASA) investor relations material
Atlantic Sapphire has been delisted
Atlantic Sapphire H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary31 Aug, 2026
Executive summary
EBITDA and operating performance improved in H1 2026, driven by a 14% increase in harvest volumes, stronger biological performance, and lower operating costs.
Standing biomass at period end rose to 3,592 tons LWE, up 11% year-over-year.
Realized sales price increased to $9.32/kg despite global salmon price volatility, reflecting the premium Bluehouse™ brand positioning.
Cash used in operations improved significantly year-over-year due to higher revenues and lower costs.
The company maintained compliance with lending covenants and secured $20 million in additional liquidity through restructuring and bridge financing.
Financial highlights
H1 2026 revenue was $26.5 million, up from $21.5 million in H1 2025.
EBITDA (adjusted) improved to $(16.4) million from $(26.8) million year-over-year.
Net loss narrowed to $(30.9) million from $(36.1) million in H1 2025.
Cash flow from operations improved to $(15.9) million from $(29.6) million year-over-year.
Equity ratio declined to -14.8% from 8.8% at year-end 2025, reflecting increased debt and accumulated losses.
Outlook and guidance
Biomass growth and harvest volumes are expected to increase in H2 2026 compared to both H1 2026 and H2 2025.
Operational turnaround is on track, with plans to scale operations and pursue significant growth.
The company aims to raise up to $26 million in new equity capital, with $20 million underwritten by the investor group.
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Latest events from Atlantic Sapphire
- Revenue up 87% to $43.3M, but heavy losses and urgent funding needs persist.ASA
H2 2025 - Harvest volumes and prices surged, with major expansion and break-even EBITDA expected.ASAQ1 2025 TU
- Q3 harvest reached 1,427 tons at premium prices, with stable operations and secured growth funding.ASAQ3 2025 TU
- Revenue nearly doubled in H1 2025, with breakeven targeted by late 2026.ASAH1 2025
- Record harvest, USD 52m net loss, and major capital raise to support operational turnaround.ASAH1 2024
- Stabilized operations and strategic investments position Atlantic Sapphire for US market leadership.ASACompany presentation
- Atlantic Sapphire targets 25,000 tons HOG with innovative land-based salmon farming expansion.ASACompany presentation
- Revenue growth offset by significant impairment, with focus on US optimization and premium pricing.ASAH2 2024
Atlantic Sapphire
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Frequently asked questions
Atlantic Sapphire ASA, engages in the land-based salmon farming business. The company is involved in fish farming, including salmon and sea fish, as well as farming of other species, including trout, sea bream, and shrimp. Its products are sold primarily to customers in Norway and other EU countries. Atlantic Sapphire ASA is based in Oslo, Norway.