Atlantic Sapphire signals need for additional capital.
Atlantic Sapphire said it is evaluating financing options after updated cash flow projections showed a need for additional capital of between $15 million and $25 million to support continued execution of its Phase 1 plan and maintain liquidity headroom.
In a stock exchange release on Friday, the company said the capital would be used to bridge the timing of operational improvements, working capital requirements, and deviations in harvest volumes and average harvest weights, including during the fourth quarter of 2025.
Atlantic Sapphire said it has completed a comprehensive operational and organisational turnaround over the past 18 months across production, processing and commercial operations. Harvest biomass increased from 4,365 tonnes head-on gutted (HOG) in 2024 to 5,096 tonnes in 2025, while average harvest weight rose from 1.7 kg to 2.9 kg HOG.
Commercial performance also improved, with the share of superior-grade fish increasing from 36 percent to 81 percent, and average price rising from $5.1 per kg HOG equivalent to $8.3 per kg. The company said biological performance has been stable, citing indicators for mortality, feed conversion ratio and water quality.
Atlantic Sapphire said cost reductions and efficiency initiatives are progressing, supported by phased implementation of increased biofiltration and degassing capacity, although some measures have taken longer than expected to fully materialise.
The board and management are in discussions with the company’s largest shareholders regarding potential funding alternatives.
Under its revised business plan, Atlantic Sapphire targets approximately 7,000 tonnes of harvest volume in 2026, rising toward 7,500 to 8,500 tonnes thereafter with further optimisation of Phase 1.
The company operates a land-based salmon farming facility in Homestead, Florida, and is developing a Phase 2 expansion that would increase total annual production capacity to 25,000 tonnes.