Norwegian land-based producer Andfjord Salmon reported an operating loss of NOK 17 million ($1.6 million) for the first quarter of 2024, compared to a loss of NOK 14 million ($1.32 million) in the same period the previous year.
“Our developments are progressing well. During the first quarter, we identified an additional revenue stream that strengthens our business case. We also received another report confirming strong biological conditions in our first production cycle, which contributed to the success of last week’s equity raising,” said CEO Martin Rasmussen in the company’s quarterly report released on Wednesday.
At the end of Q1 2024, Andfjord Salmon had cash and cash equivalents of NOK 51 million ($4.79 million). This does not include an unused construction loan of NOK 825 million ($77.55 million) and an unused credit facility of NOK 20 million ($1.88 million). After the end of the quarter, the company raised NOK 350 million ($32.90 million) through a share issue.
One of the significant investors in this share issue is Canadian frozen food giant High Liner Foods, which committed $10 million.
Andfjord Salmon released its first smolt in June 2022, with the first harvest completed in summer 2023. The company has plans for a total production of 70,000 tons.
