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Jul 21, 2020
Third farm will finally push AquaBounty into profitability, CEO says
With more cash than ever in its bank accounts, conventional Atlantic salmon growing alongside its own genetically modified AquAdvantage fish at its facility in the US state of Indiana and its Canadian farm also online, AquaBounty Technologies is edging closer to. achieving something it never has before: profitability.
The publicly listed Maynard, Massachusetts-based company has incurred over $135 million in losses in its nearly three-decade history. Earlier this week AquaBounty announced that it had successfully harvested its first conventional Atlantic salmon from its Albany, Indiana, recirculating aquaculture system (RAS) facility, a move that will bring in revenue and help "fine-tune" its operations as it ramps up AquAdvantage sales later this year, Sylvia Wulf, the firm's CEO told Undercurrent News.
In February, the company raised $15.5m in a share offering to fund its working capital until mid-2021, at which time the Albany facility is expected to be in full production of both conventional and AquAdvantage fish. As of March 31, AquaBounty had $14.7m in cash on hand, $12m more than it did just three months earlier. Read the article