Atlantic Sapphire reports stable biology and higher prices in Q3 operational update.
Atlantic Sapphire reported continued biological improvements and higher realised prices in its US Bluehouse operation in the third quarter of 2025, while confirming additional financing to fund operations through to EBITDA break-even.
The company harvested 1,427 tonnes HOG in the quarter, with management reporting survival rates above 99 percent and average harvest weights above 3 kilograms HOG. Feeding rates were described as at “all-time highs”, with a biological feed conversion ratio (bFCR) of 1.30, which Atlantic Sapphire said represented a structural improvement.
Average sales prices were around $8.58 per kilo in the period, a 19 percent premium to comparable price indexes, with a record 95 percent of volumes sold at a premium.
CEO Pedro Courard said operations “continue to perform consistently, with stable biology, strong fish health, and improving production efficiency across all systems,” adding that the company sees “clear visibility toward EBITDA break-even by the end of 2026”.
Costs in the third quarter were temporarily elevated by one-off maintenance and infrastructure upgrades. Atlantic Sapphire said efficiency measures implemented this year are expected to reduce cost per kilo from the first quarter of 2026.
The company expects to reach full-year production of 7,000 tonnes and to be EBITDA positive by the end of 2026, which it says would support a Phase 2 expansion of its Homestead, Florida site. Phase 1 has capacity to harvest approximately 7,500–8,500 tonnes HOG annually, with Phase 2 planned to lift total capacity to 25,000 tonnes and a long-term target of more than 100,000 tonnes.
To support the ramp-up, Atlantic Sapphire has completed a $35 million convertible loan placement to fund Phase 1 operations towards EBITDA break-even, with strong participation reported from key shareholders.
