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Aquaculture

AQUABOUNTY Q1 RESULTS IMPACTED BY REPAIRS TO INDIANA FARM

AQUABOUNTY Q1 RESULTS

AquaBounty Q1 results impacted by repairs to Indiana farm. AquaBounty Technologies, Inc., a land-based aquaculture company utilising technology to enhance productivity and sustainability, has announced the Company’s financial results for the quarter ended March 31, 2023.

First Quarter 2023 Highlights and Recent Developments

  • Generated $398 thousand in product revenue in the first quarter, a year-over-year decrease of 59% as compared to $963 thousand in the first quarter of 2022.
  • Net loss in the first quarter of 2023 was $6.5 million, as compared to $5.1 million in the first quarter of 2022.
  • Construction activities for the Pioneer, Ohio farm site continued to progress.
  • Cash and cash equivalents and restricted cash totaled $73.8 million as of March 31, 2023, as compared to $102.6 million as of December 31, 2022.

“Our first quarter results were impacted by the need to conduct planned repairs to our Indiana farm,” said Sylvia Wulf, Chief Executive Officer of AquaBounty. “The year-over-year revenue decline for the quarter was related to the scheduled downtime needed to make facility repairs. Additionally, with the transition of our PEI grow-out facility to broodstock maintenance and egg production last August, we no longer are harvesting GE salmon from that farm. Demand for our fish continues to exceed our supply, and during March the Indiana farm had its highest monthly harvest output to date.

“We continue to make progress on the construction of our new farm in Pioneer, Ohio and we encourage our investors to view the pictures and drone footage that we’ve made available on our website to document the farm’s progression. The timing for the closing of our bond financing is still expected to be mid-year and we are closely monitoring bond interest rates, project cost estimates and the general economic environment.

“We are also moving forward in growth areas outside of GE salmon, including expansion of our conventional salmon egg and fry business and potential partnerships in conventional salmon farming outside of North America. I look forward to providing my fellow shareholders with an update in the near future,” concluded Wulf.

About AquaBounty

At AquaBounty Technologies, Inc. (NASDAQ: AQB), are a leader in the field of land-based aquaculture and the use of technology for improving its productivity and sustainability. Our objective is to ensure the availability of high-quality seafood to meet growing global consumer demand, while addressing critical production constraints in the most popular farmed species. AquaBounty provides fresh Atlantic salmon to nearby markets by raising its fish in carefully monitored land-based fish farms through a safe, secure and sustainable process. AquaBounty’s land-based Recirculating Aquaculture System (“RAS”) farms, located in Indiana, United States and Prince Edward Island, Canada, are close to key consumption markets and are designed to prevent disease and to include multiple levels of fish containment to protect wild fish populations. AquaBounty is raising nutritious salmon that is free of antibiotics and contaminants and provides a solution with a reduced carbon footprint without the risk of pollution to marine ecosystems as compared to traditional sea-cage farming. For more information on AquaBounty, please visit www.aquabounty.com or follow us on FacebookTwitterLinkedIn and Instagram.

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