KINGFISH REPORTS RECORD PRODUCTION AND HARVEST LEVELS

Kingfish reports record production and harvest levels. The Kingfish Company has increased capacity guidance of existing and planned systems by 20 percent, and reports record production and harvest levels, along with achieving higher sales prices in Q3 2021.

 With an optimally located site on the shores of the Oosterschelde marine nature reserve in the Netherlands servicing the EU market daily, full cycle hatchery, an on site R&D facility, and an advanced grow-out system; and a 2nd site in development in Jonesport Maine for the US market, The Kingfish Company is a first mover operating at the cutting edge of sustainable, land based, high value marine aquaculture in the EU and the US, producing yellowtail kingfish.

With close to four years of continuous system operation, strong consistent productivity, and 23 full production cycles from hatchery to harvest- with no mass mortality incidents- The Kingfish Company now increases the currently installed capacity guidance from previous 1,250 tonnes to 1,500 tonnes per year. This change also applies to all future planned facilities.

“We are continuously impressed with the robustness and quality of our systems, and proud of the high level of professionalism of our team. We are now looking back at close to four years of successful and continuous operation with no mass mortality events. With productivity consistently exceeding initial design capacity, we are confident that the name- plate capacity of our current and planned systems can be increased substantially compared to earlier estimates,” said Ohad Maiman, CEO of The Kingfish Company.

“In the third quarter, we achieved full run-rate standing biomass of the new system, as planned. In addition, we see yet another quarter with record production, record harvest levels and record sales prices, all contributing to solid results,” Mr. Maiman continued.

In Q3 2021 the company set a new production record with 338 tons growth, an increase of 26 percent over the previous record achieved in Q2’21. The currently installed capacity guidance increases from previous 1,250 tonnes to 1,500 tonnes per year. Productivity was 0.68 kg per cubic meter per day, an increase of 10% from the previous quarter as the new system capacity matures.

Compared to Q3’20 sales grew 70 percent in revenue to €2.8m and 54 percent in whole fish equivalent (WFE) tonnage to 232 tonnes. Record average sales price of €12.2/WFE kg achieved on overall sales, an increase of 4 percent on Q2’21 and 11 percent on Q3’20. The achieved sales price of large fish averaged at €13.7/WFE kg and small fish at €10.6/WFE kg during Q3‘21.