Atlantic Sapphire ends monthly updates as it pulls through ‘critical ramp-up period’

Land-based salmon farmer Atlantic Sapphire is ending its monthly webcasts where it presented key operational metrics to investors and analysts, saying it deemed them necessary only during the “critical ramp-up period” of Phase 1 of its Florida operations.

With the Miami, FLA operation having achieved “stable operational performance since the middle of 2021,” the company said it will instead start reporting its key operational KPIs quarterly.

The decision follows the completion of financing for Phase 2 of the US facility on June 28, where the company raised $125 million via private placement.

“Atlantic Sapphire management is fully focused on delivering US Phase 1 ‘steady state’ production and constructing a high-quality US Phase 2 project within budget,” the company said on Monday.

Meanwhile, it announced that the new filleting line is now in operation. The company expects this will have “an immediate positive impact on processing cost, fillet yield and quality control.”

Atlantic Sapphire’s latest month reporting was on June 9, where it stated its expectations of key developmental milestones in Q3. CEO Johan Andreassen expects Q3 to see the farm to fully stocked, meaning all the tanks will be in use. Q3 will also see the facility growing only the new batches of fish. This is promising because the new batches have outperformed the initial batches of salmon raised in the facility, said Andreassen.

The company will publish its next operational update in conjunction with its First Half 2022 report on August 26.

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