Andfjord Salmon AS reported quarterly revenue of NOK 51.3 million for Q2 2026, driven by its first commercial post-smolt sale, as the company advances construction at its Kvalnes facility in Andøya, Norway. The operating loss improved to NOK 21.6 million from NOK 28.4 million in the same period last year, while adjusted EBITDA excluding fair value adjustments narrowed to a negative NOK 17.5 million from negative NOK 22.1 million in Q2 2025.
Total assets grew to NOK 5.44 billion as of June 30, 2026, up from NOK 4.76 billion at year-end 2025, with total equity representing 50.6% of the balance sheet. The company secured additional financing during the quarter, including a NOK 385 million private placement and a signed term sheet for a NOK 200 million increase in bank facilities, raising its revolving credit facility to NOK 200 million. Total available liquidity stood at NOK 745 million at quarter-end.
Biomass at the Kvalnes facility approached 1,969 tonnes by August 26, 2026, following net production of 559 tonnes in Q2 2026. Post-quarter production through August 26 reached 713 tonnes, bringing the company closer to its Phase 1 target of 11,000 tonnes annual capacity by Q3 2026. Standing biomass across operational pools showed strong biological performance, with average survival rates exceeding 98% and feed conversion ratios averaging 1.016.
Pool K0, stocked with approximately 350,000 smolt in September 2025, held 1,001 tonnes of biomass with an average fish weight of 2,900 grams and a survival rate of 98.62%. Pool K1, retaining 290,000 salmon after a mid-June post-smolt sale, contained 719 tonnes with an average weight of 2,510 grams. The newest Pool K3, released in early June with 550,000 smolt, showed 248 tonnes of biomass after three months, with fish averaging 450 grams.
The company completed its first commercial post-smolt sale of approximately 450,000 fish to partner Eidsfjord Sjøfarm in mid-June, with the next delivery of 550,000 fish from Pool K3 scheduled for October. First harvests from grow-out salmon in Pool K0 are anticipated in Q3 or Q4 2026, while Pool K1 is expected to begin harvesting in Q4 2026. Additional post-smolt sales are planned for Q4 2026 as Andfjord Salmon progresses toward scaling production to 17,000 tonnes annually by H1 2027.
