Nordic Aqua Partners (NOAP) Q3 2024 earnings summary

Executive summary

• No commercial harvest occurred in Q3 2024 due to geosmin contamination, resulting in the culling of 651 tonnes of fish and further culling of about 1,430 tonnes expected in Q4 2024.

• Q3 2024 biomass production reached 1,005 tonnes, with total biomass at quarter-end just under 2,800 tonnes.

• Stage 2 expansion is on schedule, with first egg inlay completed and first harvest targeted for Q3 2026.

• NOK 350 million in new equity was raised, and a short-term credit facility was secured to fund Stage 2 and operations.

• Strong biological performance and low mortality rates were maintained despite operational challenges.

Financial highlights

• Q3 2024 revenue was EUR 0.3 million, with no commercial sales due to the geosmin issue.

• Operating EBIT for Q3 2024 was EUR -12.1 million, and net loss was EUR -13.9 million.

• Net cash flow in Q3 2024 was EUR -7.2 million; cash at quarter-end was EUR 2.8 million.

• Equity ratio at quarter-end was 49%, with net interest-bearing debt at EUR 28.7 million.

• Inventory value of fish to be culled in Q4 2024 was written down from EUR 7.8 million to zero.

Outlook and guidance

• No further commercial harvest is expected for the remainder of 2024 due to ongoing geosmin issues.

• Sales are expected to resume in Q1 2025, with a planned harvest volume of 4,000 tonnes for FY 2025.

• Stage 2 is on track for first harvest in Q3 2026, and Stage 3 expansion to 20,000 tonnes is under consideration.