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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.
AquaBounty Technologies, Inc. (NASDAQ: AQB) announced the retirement of Richard J. Clothier from its Board of Directors, effective May 25, 2023. Clothier has been a pivotal figure in the agribusiness and biotechnology sectors, serving as Chairman since April 2006. Under his leadership, AquaBounty achieved significant milestones, including the launch of the first FDA-approved genetically engineered animal for human consumption. Sylvia Wulf, CEO, praised Clothier's contributions during his 17-year tenure. AquaBounty is currently progressing with the construction of a new farm in Pioneer, Ohio, enhancing its operational capacity in sustainable aquaculture.
AquaBounty Technologies (NASDAQ: AQB) reported its fourth quarter and full year 2022 financial results on March 7, showing a 167% increase in annual product revenue to $3.14 million, compared to $1.17 million in 2021. The fourth quarter product revenue rose by 8% to $451 thousand. The net loss for Q4 remained stable at $6.07 million, while the year-end loss decreased slightly to $22.16 million. Construction for the Pioneer, Ohio farm is progressing, with approval to increase bonds up to $425 million. The company holds $102.6 million in cash and equivalents as of December 31, 2022. CEO Sylvia Wulf emphasized the team's resilience despite operational challenges.
AquaBounty Technologies reported third quarter 2022 revenues of $653,000, a 44% increase from $455,000 in Q3 2021. Year-to-date revenue totaled $2.7 million, up 255% from $0.8 million in 2021. The net loss for Q3 was $5.4 million, down from $6.9 million in Q3 2021. The company is progressing with the Pioneer, Ohio farm construction and has secured a $425 million bond offering for financing. Cash and equivalents stood at $128 million as of September 30, 2022, down from $191.2 million at year-end 2021.
AquaBounty Technologies announced the issuance of a new Water Withdrawal and Consumptive Use Permit by the Ohio Department of Natural Resources, allowing water withdrawal of up to 5.25 million gallons per day at its Pioneer, Ohio farm. The Company will relinquish its previous permit from earlier this year. CEO Sylvia Wulf expressed satisfaction with the decision, highlighting AquaBounty's commitment to community engagement and sustainable aquaculture. This development marks a significant step forward in AquaBounty's operations in Ohio and its focus on environmental sustainability.
AquaBounty Technologies (NASDAQ: AQB) announced a virtual analyst day presentation scheduled for September 15, 2022, at 12:00 PM ET. CEO Sylvia Wulf and CFO David Frank will discuss key milestones, including the scale-up of harvests at their Indiana farm and the construction of a new farm in Ohio. The company aims to address the growing demand for high-quality seafood through innovative land-based farming and genetic engineering. Investors can access the presentation via a provided webcast link and join a Q&A session.
AquaBounty Technologies (AQB) announced a significant 371% increase in second-quarter product revenue, reaching $1.1 million compared to $227,000 in Q2 2021.
Despite this growth, the company reported a net loss of $5.5 million, slightly higher than the prior year's loss of $5.2 million.
Cash and equivalents decreased to $149.2 million from $191.2 million at the end of 2021.
The Ohio farm construction is progressing, with a focus on underground piping, although bond financing has been temporarily slowed for cost evaluation due to inflation and interest rate concerns.
AquaBounty Technologies (NASDAQ: AQB) has adjourned its 2022 Annual Meeting of Stockholders to May 27, 2022, with no business conducted. At this time, 63% of shares were represented, approving two proposals but rejecting a crucial third proposal to increase authorized shares from 80 million to 150 million. This increase is vital for future capital to sustain operations. The meeting will resume virtually, and stockholders are encouraged to vote by the deadline. For more details, visit the SEC’s website or AquaBounty’s official page.
AquaBounty Technologies (AQB) reported financial results for Q1 2022, highlighting a 133 tons harvest of genetically engineered Atlantic salmon, up 46% from the previous quarter. Product revenue rose to $963,000 from $74,000 year-over-year. Despite these gains, the company posted a net loss of $5.1 million, compared to $4.2 million in Q1 2021. The company is advancing its Pioneer, Ohio farm project, with pre-construction activities underway and a goal to start stocking salmon eggs by late 2023. Financing plans include issuing up to $300 million in bonds.
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