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AquaBounty Technologies, Inc. - AQB STOCK NEWS

Welcome to our dedicated page for AquaBounty Technologies news (Ticker: AQB), a resource for investors and traders seeking the latest updates and insights on AquaBounty Technologies stock.

AquaBounty Technologies, Inc. (NASDAQ: AQB) is a pioneering company in the field of land-based aquaculture, dedicated to enhancing the productivity and sustainability of seafood farming through advanced technology. Established in 1991, AquaBounty operates from offices in Maynard, Massachusetts, USA, and Fortune, Prince Edward Island, Canada. The core mission of AquaBounty is to ensure a sustainable and reliable supply of high-quality Atlantic salmon, addressing critical production constraints in popular farmed species.

At the forefront of modern bioscience, AquaBounty utilizes innovative genetic and technological advancements to spur responsible aquaculture practices. The company's vertically integrated operations encompass everything from broodstock to grow-out, leveraging decades of expertise in fish breeding, genetics, and health and nutrition. AquaBounty’s land-based Recirculating Aquaculture System (RAS) farms, including facilities in Indiana and Prince Edward Island, are designed to prevent disease and protect wild fish populations, contributing to a reduced carbon footprint and eliminating pollution risks associated with traditional sea-cage farming.

Despite facing financial challenges, including a significant decline in revenue and an increase in net loss in recent quarters, AquaBounty remains committed to its mission. Recent developments include pausing construction on a new farm in Pioneer, Ohio, due to increased costs, and exploring alternative financing solutions. Additionally, the company announced a 1-for-20 reverse stock split to comply with Nasdaq Capital Market requirements and plans to sell its Indiana farm to bolster liquidity and finance the completion of the Ohio farm.

With ongoing efforts to expand broodstock and egg production capabilities, as well as exploring partnerships and new species, AquaBounty continues to lead in the blue revolution of sustainable aquaculture. The company is also strategically leveraging its operational expertise for international expansions, aiming to address global food insecurity and climate change issues.

For the latest updates on AquaBounty Technologies, please visit their official website or follow them on social media platforms like Facebook, Twitter, LinkedIn, and Instagram.

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AquaBounty Technologies (NASDAQ: AQB) reported its Q3 2024 financial results, showing a reduced net loss of $3.4 million compared to $6.1 million in Q3 2023. Cash position decreased to $500 thousand from $9.2 million at year-end 2023. The company completed the sale of its Indiana farm for $9.2 million net in July 2024, using proceeds to pay off a bridge loan. Management announced plans to sell the Rollo Bay farm in Canada and is working with investment banking partners to extend cash runway while implementing cost reduction measures.

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AquaBounty Technologies (NASDAQ: AQB) has announced an update on its fundraising efforts. The company has decided to sell its Rollo Bay farm operation in Prince Edward Island, Canada, to strengthen its balance sheet and increase cash position. The sale is expected to be completed before the end of 2024.

CEO David Melbourne stated that the company is focused on securing funding for both near and long-term needs to return to pursuing its growth strategy. The Rollo Bay farm, purchased in 2016, was developed for broodstock and egg production to support an expansion plan for five large land-based grow-out farms. However, AquaBounty will retain sufficient egg production capacity for its Ohio farm from its Bay Fortune hatchery.

The company is continuing to pursue additional funding and strategic alternatives to secure cash requirements in the coming months.

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AquaBounty Technologies (NASDAQ: AQB) reported its Q2 2024 financial results, highlighting significant challenges. The company's net loss increased to $50.5 million, compared to $6.5 million in Q2 2023, primarily due to a $44.5 million non-cash impairment charge on farm assets. Cash reserves decreased to $0.7 million as of June 30, 2024. AquaBounty completed the sale of its Indiana farm for $9.2 million on July 26, 2024. The company is focusing on extending its cash runway and reducing operating expenses. Despite challenges, AquaBounty secured egg sales from its PEI operations and continues to make progress in R&D initiatives. New CEO David F. Melbourne Jr. emphasized commitment to stabilizing the business and driving long-term value creation.

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AquaBounty Technologies announced David F. Melbourne Jr.'s promotion to President and CEO, effective immediately. Sylvia Wulf will continue as the non-executive Board Chair. This transition is part of a long-term succession plan that began with Melbourne's promotion to President in August 2023. Melbourne has played a key role in managing daily operations and overseeing the shutdown of the Indiana farm. As CEO, his focus will be on securing financing, maintaining liquidity, and pursuing strategic initiatives for growth. AquaBounty has made significant progress in vertical integration, operational expertise, breeding, and market expansion into the U.S. and Canada. Melbourne aims to stabilize the business and drive long-term growth.

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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.

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AquaBounty Technologies, Inc. (NASDAQ: AQB) reported financial results for Q4 and full year 2023. While Q4 product revenue increased by 23% year-over-year, reaching $553 thousand, the full-year revenue decreased by 21% to $2.47 million. However, net loss significantly rose in Q4 to $8.42 million and reached $27.56 million for the full year. The company paused construction activities at its Ohio farm due to cost increases and is seeking new financing. Cash reserves decreased to $9.2 million in 2023 from $102.6 million in 2022. AquaBounty decided to sell its Indiana farm to improve liquidity.
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AquaBounty Technologies, Inc. (NASDAQ: AQB) announces the decision to sell its Indiana farm operation to strengthen its balance sheet and increase cash position. The company plans to prioritize financing for its Ohio farm site construction. AquaBounty has engaged Berenson & Company as its investment bank for the sale process and additional financing alternatives.
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AquaBounty Technologies, Inc. (NASDAQ: AQB) announced its financial results for the third quarter and nine months ended September 30, 2023. The company generated $733 thousand in product revenue, a 12% year-over-year increase. However, the net loss in the third quarter was $6.1 million, with cash and cash equivalents totaling $17.8 million as of September 30, 2023. AquaBounty also entered into a Memorandum of Understanding with Noble Salmon to develop a salmon farm in Georgia.
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AquaBounty announces 1-for-20 reverse stock split to comply with Nasdaq listing requirements.
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AquaBounty Technologies announces promotion of David F. Melbourne Jr. to President
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FAQ

What is the current stock price of AquaBounty Technologies (AQB)?

The current stock price of AquaBounty Technologies (AQB) is $0.936 as of November 22, 2024.

What is the market cap of AquaBounty Technologies (AQB)?

The market cap of AquaBounty Technologies (AQB) is approximately 3.6M.

What does AquaBounty Technologies, Inc. specialize in?

AquaBounty Technologies specializes in land-based aquaculture, utilizing advanced technology to enhance the productivity and sustainability of farming Atlantic salmon.

Where are AquaBounty’s main operations located?

AquaBounty operates from Maynard, Massachusetts, USA, and Fortune, Prince Edward Island, Canada.

What technology does AquaBounty use in its aquaculture farms?

AquaBounty uses Recirculating Aquaculture System (RAS) technology in its land-based farms to ensure a sustainable production process that minimizes environmental impact.

What recent financial challenges has AquaBounty faced?

AquaBounty has faced a decline in product revenue and an increase in net losses in recent quarters, prompting the company to explore alternative financing solutions.

Why did AquaBounty pause construction on its Ohio farm?

AquaBounty paused construction on its Ohio farm due to a substantial increase in the estimated cost of completion and is currently exploring financing options to resume the project.

What are AquaBounty’s plans for its Indiana farm?

AquaBounty has decided to sell its Indiana farm to increase liquidity and finance the completion of its Ohio farm construction.

How does AquaBounty contribute to sustainability?

AquaBounty contributes to sustainability by using land-based RAS technology, which reduces the carbon footprint and eliminates pollution risks associated with traditional sea-cage farming.

What is the significance of AquaBounty’s 1-for-20 reverse stock split?

The 1-for-20 reverse stock split was implemented to comply with the minimum bid price requirement for continued listing on the Nasdaq Capital Market.

What partnerships has AquaBounty formed recently?

AquaBounty has entered into a Memorandum of Understanding with Noble Salmon to develop a salmon farm in the country of Georgia.

What is AquaBounty’s long-term goal?

AquaBounty aims to feed the world efficiently, sustainably, and profitably by leveraging its expertise in fish breeding, genetics, and health and nutrition to address food insecurity and climate change issues.

AquaBounty Technologies, Inc.

Nasdaq:AQB

AQB Rankings

AQB Stock Data

3.60M
3.79M
2.06%
10.04%
2.14%
Farm Products
Consumer Defensive
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United States of America
HARVARD