AquaBounty Reports Higher 1Q Salmon Output, Strong Demand

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By Josh Beckerman

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AquaBounty Technologies Inc. increased its output of genetically engineered salmon in the first quarter and is seeing “robust demand growth.”

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Product revenue was $962,881, up from $74,372 a year earlier. Net loss was 7 cents a share, compared with a loss of 6 cents a share a year earlier.

AquaBounty is building a 10,000-metric ton fish farm in Pioneer, Ohio, a site much larger than the Indiana facility that provided the US commercial launch of its genetically engineered salmon last year.

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AquaBounty, which developed its Atlantic salmon using a growth hormone gene from Chinook salmon, says its land-based production is a more environmentally friendly alternative to traditional sea-cage farming and that it can reduce pressure on wild salmon stocks. Opponents have included environmental groups.

The company previously noted that in 2021 it faced the “dual challenges” of labor shortages in the food service industry and capacity constraints at its facilities. On Thursday, AquaBounty said its first-quarter harvest of 133 tons of genetically engineered salmon was up 46% from the fourth quarter. “As we increase our harvest capacity, our customers are purchasing the entire output. This illustrates the strong demand for our product in the marketplace,” it said.

AquaBounty said it is progressing with its plan for up to $300 million in tax-exempt and taxable bonds to support its Ohio project, and expects to provide an update in the near-term.

Shares are down 5% to $1.36 amid wide market losses.

Write to Josh Beckerman at [email protected]

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Credit: www.marketwatch.com /

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