Nordic Aqua, the land-based salmon farming group, reported a net loss of EUR 4 million for the second quarter as fair-value adjustments offset an 84% year-over-year revenue increase to EUR 9.4 million.
The company achieved a Q2 harvest of 1,362 tons, a 77% sequential rise and the first time a land-based salmon farmer surpassed 1,000 tons in a single quarter. Operating EBIT remained slightly negative at EUR 646,000, though EBITDA was positive. Operating cash flow totaled EUR 580,000, while the cash position at quarter-end stood at EUR 5.4 million. Equity totaled EUR 108 million with an equity ratio of 56%.
Average sales price improved to EUR 6.94 per kilo, with 96% of the harvest classified as superior-grade. The company maintained an 8% price premium over the Sitagri index and achieved a 21% premium for 5-plus superior-grade fish, which sold at EUR 7.85 per kilo. Farming costs declined to EUR 6.1 per kilo from EUR 6.3 in Q1, though current-quarter production costs were noted at EUR 4.7 per kilo.
Total biomass reached 5,600 tons, with cumulative production since inception exceeding 14,000 tons. Mortality remained under 6% across all batches. The company guided for Q3 harvest volume of 1,400 to 1,600 tons and full-year 2024 output of 5,500 to 6,000 tons. Stage 1 and Stage 2 facilities are fully operational, with Stage 2 achieving full production after a three-month ramp-up.
Management noted Stage 3 design work is underway, with a final investment decision expected by late 2024 or early 2025. The combined annual harvest target for Stage 1 and Stage 2 is 8,000 tons. Remaining Stage 2 capex is expected to be covered by existing project financing.
The company highlighted its proximity to Shanghai in the Yangtze River Delta, serving 100 million consumers within a five-hour radius. Chinese salmon market growth reached 25% year-over-year in Q2, with total first-half growth near 100,000 tons. Norwegian imports in China grew 33% in the first half, though local pricing traditionally exceeds EUR 10 per kilo.
Nordic Aqua received the Shanghai Climate Week Lighthouse Outstanding Case Award for sustainability, citing solar panel integration and zero antibiotic use in production. Shares traded at $82, down 0.49% in pre-market activity, with a 52-week range of $73.6 to $99.6.
