Norwegian salmon farming company Andfjord Salmon AS reported its first material revenue quarter in nearly a year, generating NOK 51.3 million in Q2 2026. The milestone follows three consecutive quarters of effectively zero sales, validating the company’s post-smolt model after a period focused on biomass development.
The company’s stock fell 1.71% in pre-market trading to $28.80, before later reversing to trade at $29.80, up 3.47%, as investors weighed the revenue milestone against ongoing capital needs. Andfjord Salmon’s market capitalization stands at $373 million, with a 52-week trading range of $22.70 to $35.60.
Management highlighted operational progress at its Kvalnes facility in Andøya, Norway, where 450,000 post-smolts were sold to Eidsfjord Sjøfarm in June. The transaction involved fish averaging 1.2 kilograms, contributing to a total standing biomass of 1,969 tons by the end of June. Biomass growth in Q2 reached 559 tons, despite the sale of 562 tons of post-smolt.
Survival rates across production pools remain high, with an average of 98.04% as of August 26. The K0 generation, released in September 2025, achieved a survival rate of 98.62% and a feed conversion ratio (FCR) of 1.09, with biomass reaching 1,001 tons by late August. The K1 generation, stocked in November 2025, recorded a 97.84% survival rate and an FCR of 0.98, while the K3 generation, introduced in June 2026, posted a 96.9% survival rate and an FCR of 0.85.
Andfjord Salmon’s financial position includes NOK 900 million in bank loans and NOK 750 million in bond loans, totaling NOK 1.65 billion in debt. The company recently increased its revolving credit facility from NOK 80 million to NOK 200 million and added NOK 200 million to its bank facilities via a signed term sheet. Undrawn credit includes NOK 600 million from a construction loan for Phase 2A and NOK 80 million under the credit facility at quarter-end. Operating cash outflow for Q2 amounted to NOK 72 million, primarily driven by biomass buildup.
CEO Martin Rasmussen emphasized the company’s strategic advantages, stating the location’s access to natural seawater and simplified technology as key differentiators. "This is a step change rather than an incremental improvement," Rasmussen said, noting the transition to material revenue validates the post-smolt model. CFO Bjarne Martinsen added that existing infrastructure at Kvalnes enables rapid scaling of production volumes as new pools come online.
The company’s production capacity targets remain on track, with Phase 1 at Kvalnes expected to reach 11,000 tonnes of annual output once operational pools conclude their cycles. Phase 2A construction is underway and slated for completion in 2027, which would expand capacity to 17,000 tonnes annually. Expansion efforts include license applications for Breivik in 2027 and zoning work at the preferred Fiskenes site.
Harvest timelines include late Q3 2026 for the K0 generation, with flexibility into Q4 depending on market conditions, while the K1 generation is expected to begin harvesting in Q4 2026 and continue into Q1 2027. A post-smolt sale for the K3 generation is planned for October 2026, with about 3 million smolts scheduled for stocking across multiple pools in 2026.
