BioFish (BFISH) Q3 2024 earnings summary

Executive summary

• Secured agreements to deliver over 400,000 smolt and post-smolt in 2024 and 2025, with all 2024 volumes sold and strong demand for 2025–2026 deliveries.

• Delivered 159 tons in Q3 2024, with volumes impacted by customer preferences, delivery phasing, and regulatory timing.

• Operational improvements and strong biological performance reported year-to-date.

• Demand remains robust from large industry players for 2025–2026, despite regional regulatory production cuts.

Financial highlights

• Q3 2024 revenue was NOK 19.5 million, down from NOK 27.6 million in Q3 2023 due to lower delivery volumes and rescheduled deliveries.

• EBITDA for Q3 2024 was NOK 2.7 million, compared to NOK 11.7 million in Q3 2023.

• Net loss for Q3 2024 was NOK -2.4 million, versus a profit of NOK 8.1 million in Q3 2023.

• Year-to-date 2024 revenue was NOK 36.7 million (365 tons delivered), compared to NOK 47.7 million (450 tons) in 2023.

• Cash and cash equivalents at quarter-end were NOK 0.4 million, down from NOK 3.5 million at end of June 2024.

Outlook and guidance

• 2024 volume guidance adjusted to 500–550 tons due to customer preferences and regulatory cuts; 2025 volumes expected at 900–1,100 tons.

• All 2024 production volumes have been sold, with some deliveries rescheduled to Q4 2024 and March 2025.

• Option agreements secured for deliveries in 2027–2028, supporting long-term earnings visibility.

• Despite regional capacity reductions, demand for robust, high-quality smolt remains strong.