Nordic Aqua reported a sharp increase in second-quarter revenue as production scaled to a record 1,362 tons, driven by its land-based salmon farming operations. Revenue reached €9.4 million, up 84% from the same period last year and 57% sequentially, while the company’s net loss deepened to €4 million primarily due to fair-value adjustments totaling €4.2 million.
Operational output surged 77% from the first quarter to 1,362 tons, marking the first quarter above 1,000 tons for a land-based salmon producer. The average harvest weight stood at 4.4 kilos HOG (5.3 kilos live weight), with 96% of the harvest classified as superior grade. Average sales prices averaged €6.94 per kilo, with the 5-plus superior grade commanding a 21% premium over Norway’s Sitagri export prices at €7.85 per kilo. Production costs per kilo declined to €6.1 from €6.3 in the prior quarter, reflecting efficiency gains.
The company maintained a strong cash position of €5.4 million at quarter-end, supported by positive operating cash flow of €580,000. Equity totaled €108 million with a 56% equity ratio, while the current ratio stood at 7.14. Despite the revenue growth, operating EBIT remained just below break-even at minus €646,000, though EBITDA was positive.
Management highlighted progress in market positioning and pricing power in China, where the 5-plus superior grade commands an 8% premium over the broader Sitagri index. The company expects Q3 harvest volumes to range between 1,400 and 1,600 tons, with fish sizes remaining broadly stable. Longer-term targets include a full-year 2024 harvest guidance of 5,500 to 6,000 tons and an annual capacity of 8,000 tons once Stage 1 and Stage 2 are fully operational.
Nordic Aqua’s stock was trading 0.49% lower at $82.00, reflecting a market capitalization of $187.5 million and a 52-week range of $73.60 to $99.60. Analysts maintain a consensus buy rating with a 41% upside potential.
