Atlantic Sapphire (ASA) Q4 2025 earnings summary

Executive summary

• Achieved significant operational improvements in 2025, including higher harvest weights, improved water quality, and increased production stability, resulting in a 27% increase in net biomass gain year-over-year.

• Revenue more than doubled to USD 43.3m, driven by higher harvest volumes and premium pricing, but net loss widened to USD 191.2m due to a USD 115.3m impairment on US assets and continued high operating costs.

• Raised USD 35.4m in new funding via a convertible loan to support operational improvements and daily operations; additional capital will be required in 2026 and beyond, with material uncertainty regarding going concern.

• Focused on optimizing Phase 1 operations, deferring Phase 2 expansion until proven profitability and operational stability are achieved.

• Sustainability and ESG remain central, with 45% of electricity sourced from solar, zero airfreight for product delivery, and industry-leading fish welfare and traceability.

Financial highlights

• Revenue: USD 43.3m in 2025, up from USD 22.8m in 2024, driven by increased harvest volume and higher average sales prices.

• Net loss: USD 191.2m (2024: USD 167.3m), primarily due to a USD 115.3m impairment of non-current assets.

• EBITDA (adjusted): USD -59.5m (2024: USD -79.4m), reflecting operational improvements but still negative.

• Total assets: USD 135.8m (2024: USD 273.7m); equity ratio fell to 9% from 74% due to losses and new debt.

• Cash outflows from operations: USD 64.2m (2024: USD 87.4m); cash inflows from financing: USD 35.1m (2024: USD 102.9m).

Outlook and guidance

• Targeting further increases in harvest volume and average harvest weight in 2026, with continued improvements in operational efficiency and cost per kg.

• Premium pricing expected to be sustained due to product differentiation and strong demand.

• Phase 2 expansion remains on hold; decision to resume construction contingent on proven profitability and securing necessary financing.

• Ongoing de-bottlenecking projects to further improve water treatment and production capacity in 2026.