Atlantic Sapphire reported a near doubling of revenue in FY 2025, driven by higher harvest volumes and improved pricing, but remains in a challenging financial position and requires additional capital to reach positive EBITDA.
Revenue rose to USD 42.3 million in 2025 from USD 22.8 million the previous year. Harvest volume increased to 5,096 tonnes from 4,365 tonnes, supported by improved biological performance, higher average harvest weights and a premium share above 90%.
Adjusted EBITDA loss narrowed to USD 59.5 million from USD 79.4 million, reflecting operational improvements. However, results were significantly impacted by USD 115 million in impairment charges, with EBIT at USD -180.4 million compared to USD -164 million in 2024. Net loss was USD -191.3 million.
The company said its land-based recirculating aquaculture system platform has demonstrated improved biological stability, with mortality rates below 1% and increasing feeding volumes. Standing biomass was 3,437 tonnes at year-end 2025 and 3,420 tonnes in Q1 2026.
Despite operational progress, the financial position remains constrained. Cash and restricted cash fell to USD 3.2 million at year-end, down from USD 29.9 million a year earlier, while total equity declined to USD 12 million.
Atlantic Sapphire said it requires USD 25–30 million in additional liquidity to fund operations to EBITDA break-even, which it targets for late 2026. A USD 10 million bridge loan has been fully drawn, and a broader refinancing remains under discussion with investors holding 63% of shares.
While biological performance and production have improved, revenues were below company expectations and cost improvements have been delayed, underlining the continued cash outflow and dependence on new funding.
Harvest volumes are expected to increase in 2026 as biomass builds and operations stabilise.
