Atlantic Sapphire posts improved operational and financial results in H1 2025.
Atlantic Sapphire reported stronger operational performance and narrowing losses in the first half of 2025, ahead of publishing its delayed interim report on 31 August.
The Miami-based land-based salmon farmer harvested 2,486 tons (HOG) in the period, up from 2,384 tons in H1 2024. Average harvest weights almost doubled year-on-year to 2.86kg, reaching 3.1kg in the second quarter.
Sales prices rose 86 percent to $8.67/kg, with Q2 fresh sales averaging $9.27/kg. The company highlighted record-low mortality, improved feeding, steady biomass growth and greater system reliability, with less downtime and stable water quality. Filet production was insourced during the period, which Atlantic Sapphire said reduced costs and improved product quality.
Revenue nearly doubled to $21.5 million, compared with $11.1 million in H1 2024. EBITDA was negative $30.7 million, an improvement from negative $46.6 million a year earlier. The company said it remained in compliance with all financial covenants at the end of the half.
Chief executive Pedro Courard said the first half marked a turning point for the company. “Operations are now stable, biological performance is at record levels, and financial results are rapidly improving. With harvest weights above 3kg and prices higher than reference price indices in Q2, we have clear line of sight to profitability. We expect to deliver our first positive EBITDA quarter by the end of 2026 and see a clear foundation for profitable growth and expansion from there,” he said.
Atlantic Sapphire is developing its Bluehouse land-raised salmon operations in Homestead, Florida. The company’s Phase 1 facility has capacity to harvest up to 9,500 tons annually. Phase 2 expansion, currently under construction, will lift capacity to 25,000 tons, with a long-term target of 220,000 tons.
