Gigante Salmon (GIGA) Q1 2025 earnings summary

Executive summary

• Land-based salmon farming site at Lille Indre Rosøy is nearing completion, using hybrid technology and targeting full production in 2026.

• Production basin B completed and tested; basin C in final construction phase, with all three basins to be operational by 2026.

• Standing biomass reached 1,070 tonnes at quarter-end; first harvest initiated after Q1 2025.

• Achieved GlobalGAP certification and strengthened operational team with new hires.

• Shareholder loan of up to NOK 50 million to be established to support ongoing operations and liquidity.

Financial highlights

• Net loss of NOK 0.9 million in Q1 2025, reflecting project execution phase with limited income.

• No significant revenue recognized in Q1 2025; first sales expected in Q2 after initial harvest.

• Total operating expenses for Q1 2025 were NOK 23.1 million.

• Liquid assets at quarter-end were NOK 152.63 million, with NOK 40 million undrawn on a NOK 90 million credit line.

• Total investments rose to NOK 1,067.95 million from NOK 990.38 million in Q4 2024.

Outlook and guidance

• Full production expected by 2026, with all three basins operational.

• First harvest of approximately 550 tonnes (HOG) expected in Q2 2025; further harvests planned as biomass matures.

• Harvesting of the September 2024 generation planned from Q4 2025 through Q2 2026.

• Cost increases due to weather-related delays are being monitored; costs expected to slow as construction concludes.

• Shareholder loan to be established to support liquidity in the final construction phase.