Land-based producer delays accounts publication amid funding negotiations.
Land-based salmon farmer Atlantic Sapphire said it is seeking additional financing of between $25 million and $30 million as it works to secure sufficient liquidity to reach EBITDA break-even for its Phase 1 operations.
In a stock exchange announcement on Monday, the company said it had continued refining its budgets since a February 6 notice in which it disclosed it was evaluating options to secure additional liquidity.
Atlantic Sapphire said that, given current market uncertainty and the need for a financial buffer, it now estimates it requires $25–30 million to provide sufficient headroom to achieve EBITDA break-even at its operating facility.
The company added that discussions are ongoing with its largest shareholders and other key stakeholders to secure the financing. While management expects an agreement can be reached, negotiations have not yet concluded.
The board said it believes that, with “significant revisions” to the company’s capital structure, it should be possible to attract and secure new capital.
However, Atlantic Sapphire warned that if the near-term liquidity requirement is not resolved by March 31, 2026, the company would fall into technical default under certain agreements with lenders.
Accounts publication delayed
In a separate development, the company has postponed the publication of its annual financial accounts for the year ended 31 December 2025.
The release date has been moved from April 23, 2026 to April 30, 2026.
Atlantic Sapphire said it has extended its current closed period to allow certain key shareholders time to enter into a potential agreement related to the financing.
All other dates in the company’s financial calendar remain unchanged.
Atlantic Sapphire operates a land-based salmon farming facility in Homestead, Florida, south of Miami. The company’s Phase 1 facility has the capacity to harvest approximately 7,500–8,500 tonnes (HOG) annually.
The company completed its first commercial harvest in the United States in September 2020.
