BioFish (BFISH) Q2 2024 earnings summary

Executive summary

• No smolt deliveries in Q2 2024, consistent with production plan; strong biological performance on Q1 deliveries.

• Secured agreement in June to deliver 170,000–180,000 post-smolt to a global aquaculture company, with next deliveries planned for Q3 2024.

• Ongoing operational improvements and capacity expansion progressing as planned.

Financial highlights

• Q2 2024 revenue was NOK 0 due to no deliveries; H1 2024 revenue NOK 17.2 million, down from NOK 20.1 million in H1 2023.

• Q2 2024 EBIT was negative NOK 11.4 million, compared to negative NOK 3.0 million in Q2 2023.

• H1 2024 net result was negative NOK 16.7 million, compared to negative NOK 7.4 million in H1 2023.

• Cash and cash equivalents at quarter-end were NOK 3.5 million, down from NOK 24.1 million at Q2 2023.

• Net cash flow from operations in Q2 2024 was negative NOK 15.9 million, mainly due to biomass build-up and no expense capitalization.

Outlook and guidance

• Strong demand for smolt and post-smolt continues; next deliveries scheduled for August and November 2024.

• Production expected to reach 800–900 tons in 2024, with further increases planned for 2025.

• Only a small batch remains unsold for August delivery following recent agreements.