Andfjord Salmon (ANDF) Q4 2024 earnings summary

Executive summary

• Q4 2024 saw a significant increase in total assets to NOK 2,397 million from NOK 1,213 million year-over-year.

• Equity rose to NOK 1,254 million at year-end 2024, up from NOK 994 million in 2023.

• Net loss for Q4 2024 was NOK 18.1 million, with a full-year loss of NOK 67.9 million, both slightly improved from prior year.

• Reported strong operational momentum at the Kvalnes land-based aquaculture facility, with all build-out workstreams on or ahead of schedule.

• Announced an upcoming operational update and financial presentation scheduled for March 11, 2025.

Financial highlights

• Q4 2024 revenue was NOK 8,000, compared to NOK 1,000 in Q4 2023; full-year revenue reached NOK 37.3 million, up from NOK 134,000.

• Operating loss for Q4 2024 was NOK 19.2 million, improved from NOK 19.4 million in Q4 2023.

• Net cash outflow from operations in 2024 was NOK 63.2 million, compared to NOK 29.1 million in 2023.

• Net cash used in investing activities in 2024 was NOK 300.1 million, up from NOK 219.2 million in 2023.

• Net cash from financing activities in 2024 was NOK 219.2 million, compared to NOK 1,077.6 million in 2023.

Outlook and guidance

• Next quarterly update scheduled for 28 May 2025.

• Ongoing build-out at Kvalnes is progressing on or ahead of schedule, with future expansion plans detailed in the forthcoming presentation.