BioFish (BFISH) Q1 2025 earnings summary

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.