Norway · Delayed Price · Currency is NOK Atlantic Sapphire ASA Earnings Call Transcripts
Fiscal Year 2025
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Production reached 1,400 tons HOG in Q3 with prices 19% above the U.S. index, and operational upgrades are stabilizing output. Focus remains on phase one, with harvest volumes expected to grow through 2027 and further cost reductions anticipated.
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First half 2025 saw record operational and financial performance, with revenue nearly doubling year-over-year and premium pricing achieved through higher quality harvests. Cost controls, improved efficiency, and a focused business plan support the path to EBITDA break-even by late 2026.
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Operational improvements and higher harvest volumes drove significant revenue growth in 2024, despite a $73 million impairment due to increased Phase 2 costs. EBITDA is expected to approach break-even as premium pricing and efficiency gains continue.
Fiscal Year 2024
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Operational improvements and increased harvest volumes drove significant revenue growth in 2024, despite a $73 million asset impairment linked to higher phase II costs. Premium pricing and cost-cutting initiatives support a near-term break-even outlook.
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Production stabilized and record harvest achieved, but financials remain challenged with a $52 million net loss in H1 2024. Capital raise and operational improvements are underway to reach cash positive status by end of 2025, with Phase 2 expected to drive future profitability.