Welcome. Through 2022, Nordic Halibut has further developed halibut farming towards an industry. We must describe it as a successful year, and our optimism and enthusiasm have grown even stronger, if possible. The project created a high-quality product with a fantastic potential, ship to growing market worldwide. Together with the financial report for the fourth quarter of 2022, we give you a short to the point update on the highlights, the stages, and the progress towards the growth targets. The business case remains at 4,500 tons whole within 2026, and 9,000 tons whole within 2030. The growth Phase 1 based on existing infrastructure and facilities, they are currently running at full speed and delivering according to plan. The growth phase two based on the new facility at Tingvoll should take us from the 4,500 tons to the 9,000 tons in 2030.
In 2022, Nordic Halibut put 700,000 fish to sea. This gives harvest volume above 3,000 tons whole in 2025. This is the factor that has historically de-risked halibut farming, which have stability and predictability in the sea phase, the opposite of most other species. When the fish is put into sea, it is de-risking halibut farming. Very important. We are well positioned to perform on short-term targets as well as long-term targets, they're moving 1 million or more fish to sea in 2023 as planned. Now, you have the opportunity to meet the real halibut farmer.
Hello, my name is Mari. I'm the operational manager here at our on-growth site at Averøy. We are now standing in a recently built up facilities. It's top modern technology and design has improved the condition for our halibut. We have made the production more efficient and improved the fish health by getting temperature control, new feeding system, and new sorting system. This system is also an important pilot for Nordic Halibut's new land-based facility at Torjulvågen.
The new land-based facility at Tingvoll will cover the land phase of production to reach planned volumes for growth phase two, with an annual production of 1.25 million juveniles. A fit for purpose built facility with access to perfect water in the deep fjords of the Nordmøre area will significantly improve the company's early phase production and further de-risk juvenile production. Based on well-known technology and pilot tested at current on-growing facility, we are confident that this will increase the company's ability to produce premium on-grown halibut ready for a good life in the sea cages at an industrial scale. During February, the zoning plan was approved, which is the first milestone towards realization, and we are ready to start building ahead of planned timeline. The ability to utilize 160-meter cages is a breakthrough when it comes to scalability.
It opens for strong growth in halibut farming and is important for the company's sea phase production. Doubled capacity compared to previously used 120 meter cages. During 2022, the Grunset site proved that both technology and fish performed as expected, a proof of concept for full scale halibut farming. First, harvest from this site in January 2023 further proved that successful implementation with very good biological results, high growth rates, and low mortality. The proof of concept from Grunset gives further confidence in the upscaling and full scalability in halibut farming using industry standard equipment. This represent a new milestone in halibut farming. Feeding the halibut takes special skills. Meet the leader of the feeding center.
Hello, I'm Helene. I'm the operation manager here at the feeding center in the Nordic Halibut. Here we are feeding and controlling all our sea locations. We are making sure of that they are growing and having the best living conditions.
Stability and predictability in juvenile production and sea phase combined gives us the opportunity to prepare the market and opens for farmed halibut as a high-end and high price product. This based on the outstanding quality and high fillet yield. It's perfect for high-end restaurants as well as high price retailers. Personally, I prefer it as a sashimi, so I suggest you try it. The average price in 2022 ended at NOK 149 per kilo and has kept even higher into 2023. As we see on the right here, the farmed halibut has more than doubled the price from NOK 79 to NOK 168 in steps by entering new markets and market segments. The best marketing for halibut is to bring it to the market. That grows the market, the price, and creates demand. The product speaks for itself through quality, availability, and intrinsic values, including the strong sustainability aspect.
My name is Kenneth Meyer. I'm the CFO of Nordic Halibut AS, and I will take you through the financials for Q4 2022. The overall assessment of the company's financial position and performance is that it is in line with expectations but still influenced by the growth phase. The buildup of facilities, capacities, and organization to take the company to phase one and phase two of our growth plan has led to advanced costs, but at the same time lays the foundation for future return once the current growing biomass reaches harvest size and sales.
Nordic Halibut AS exceeded the 2022 revenue target by 7%, ending at NOK 80 million. Sales revenue in Q4 2022 ended at NOK 32 million, an increase of 4% from the corresponding quarter in 2021. High price achievements and demand in key markets led to an average sales price of NOK 165 per kilo HOG in Q4.
This demonstrates the high willingness to pay and established price level for quality farmed halibut products in high-end markets, a strong foundation for future growth. Peak season for farmed halibut sales continues into Q1 2023, with price levels expected to remain high. During Q4 2022, the company harvested 195 tons HOG, with full year 2022 harvest volumes ending at 537 tons HOG. The average harvest weight during Q4 ended at 6.1 kilo HOG on good biological performance. The company will continuously seek to optimize the biomass utilization and boost market conditions towards our long-term production targets. Strategic allocation of harvest and sales volumes is key to maintain high price achievements while building market position. Growth in harvest volumes for coming periods will proceed in accordance with communicated plan.
In 2023, the company will have a harvest volume guiding of 1,200 tons, with most of the volume increase allocated to the second half of 2023. Cost of materials in Q4 2022 ended at anticipated levels as the company's value chain is dimensioned to run at growth phase one volumes of 4,500 tons HOG. The increased cost of materials against previous quarters mainly derives from increased feed costs and juvenile spot. Those two were up NOK 5.4 million and NOK 4.7 million respectively year-over-year. The increased feed costs relate to increased feed consumption from a growing biomass and somewhat higher feed prices. Juvenile spot from Sande Sjøfarm is part of the agreement that ensures Nordic Halibut's robustness throughout the value chain and production buffers aligned with our targets going forward.
The negative profit during Q4 was according to company expectations for the period and in sync with the company's business plan progression. Buildup of biomass influences cost of materials and the overall activity level compared to the sales revenue presently, but the company is continuously ticking off necessary boxes for growth and are comfortable with the current situation towards our long-term profitability targets. After a net change in cash and cash equivalents during Q4 of approximately -NOK 20 million, the company's year-end 2022 cash ended at NOK 29 million. With the committed credit facility with SpareBank 1 SR-Bank, the total liquidity entering 2023 was NOK 129 million. In addition, the company have uncommitted credit facility of additionally NOK 200 million that will be released in tranches to support biomass growth and growth plan going forward.
Overall, the company assesses the current financial situation and performance as in line with expectations for our growth plan going forward.
We are at the end. Hopefully, you enjoyed it. I'm happy that I this time could introduce you to some fantastic people in Nordic Halibut that is taking care of the fish every day. They are specialized in halibut farming. It is their daily effort in keeping the fish calm and stress-free that creates the outstanding quality. Thank you for showing up.