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AquaBounty Technologies (NASDAQ: AQB) reported a first-quarter net loss of $11.2 million for 2024, a significant increase from the $6.5 million loss in the same period in 2023. This loss included a $4.3 million non-cash impairment charge related to the Indiana farm and a $1.0 million inventory value reduction. Cash reserves dropped to $3.6 million from $9.2 million at the end of 2023.
On April 18, 2024, AquaBounty secured a $10.0 million bridge loan, receiving $5.0 million to date. The decision to sell the Indiana farm was cited as a strategy to improve cash flow and reduce expenses. The sale led to accelerated harvesting, impacting revenue. PEI farm saw revenue grow to $82,000, with increased egg incubation leading to a large order from a major salmon producer. The company is exploring funding and strategic options to stabilize its financial condition.