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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.
BioFish
BioFish (BFISH) investor relations material
BioFish has been delisted
BioFish Q1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2025 earnings summary15 May, 2025
Executive summary
Achieved strong operational and financial performance in Q1 2025, with 323 tons of post-smolt delivered, up from 206 tons in Q1 2024, and high product quality and price realization.
Revenue doubled to NOK 34.5 million from NOK 17.2 million year-over-year, driven by higher volumes and improved pricing.
Secured several new contracts, increasing order backlog to 720 tons annually for 2025–2027.
Positive cash flow and net profit of NOK 5.7 million; strategic review process, announced in January 2025, is ongoing and progressing as planned.
Financial highlights
EBITDA of NOK 11.0 million (Q1 2024: NOK 0.7 million); EBIT improved to NOK 8.0 million from a loss of NOK 2.3 million.
Net income was NOK 5.7 million, compared to a loss of NOK 3.8 million in Q1 2024.
OPEX increased to NOK 23.5 million, mainly due to higher sales, partly offset by organizational improvements.
Cash flow from operations increased to NOK 11.9 million from NOK 5.8 million year-over-year.
Cash and cash equivalents at quarter-end were NOK 10.1 million.
Outlook and guidance
Volume guidance for 2025 raised to 1,000–1,200 tons, reflecting strong biological performance and demand.
Approximately two-thirds of 2025 capacity already committed; strong contract backlog for 2025–2027.
Delivery for Q2 rescheduled to Q3 to align with customer preferences.
Norwegian government white paper on aquaculture may impact licensing, but long-term demand for high-quality post-smolt remains robust.
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Latest events from BioFish
- Q3 revenue and EBITDA fell, but future volumes are secured with strong demand.BFISH
Q3 2024 - H1 2024 saw lower revenue and higher losses, but strong demand and new delivery agreements support growth.BFISHQ2 2024
- Strong operational finish, major contracts, and profitability targeted for 2025.BFISHQ4 2024
BioFish
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Frequently asked questions
BioFish Holding AS is a Norwegian aquaculture company that specializes in the land-based production of smolt and post-smolt, which are juvenile fish used for salmon farming. The company operates a Recirculating Aquaculture System (RAS) at its facility in Ljones, on the west coast of Norway, near the Hardangerfjord. This system allows BioFish to recycle 99% of the water used, ensuring a sustainable and efficient farming process. BioFish supplies its smolt to salmon farms throughout Norway, and it is strategically positioned close to nearly 40% of the country's fish farming sites. The company is headquartered in Tørvikbygd, Norway, and its shares are listed on the Oslo Stock Exchange.