Atlantic Sapphire (ASA) H1 2026 earnings summary

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.