Atlantic Sapphire 'has reached a turning point'
Chief executive points to stable operations, record biological performance, and improving financial results at Florida salmon RAS
Florida land-based salmon farmer Atlantic Sapphire has reported âmaterial imrpovementâ in operational, biological, and financial results for the first half of 2025, and expects to make a quarterly operating profit by the end of next year.
The company was due to publish its H1 report today, but has instead opted to publish headline figures, with the full report now due a little later, on August 31.
Highlights for H1 are:
- Harvest volumes of 2,486 tonnes (head on gutted), up from 2,384 tonnes in H1 2024
- Average harvest weights nearly doubled to 2.86 kg in H1 2025, reaching 3.1 kg in Q2 2025
- Sales prices increased 86% to US $8.67 per kilo, with fresh sales in Q2 reaching $9.27 (ÂŁ6.88 / NOK 94.37)
- High premium share with mortality at record lows, stronger feeding and steady biomass gain
- Continued improvement in system reliability with less downtime, stable water quality, and strengthened standard operating procedures
- Fillet production insourced, improving product quality, reducing costs, and strengthening value creation
Financial highlights:
- Revenue of $21.5 million, almost doubling from $11.1m in H1 2024
- Negative EBITDA of -$30.7m, reduced from an operating loss of -$46.6m in H1 2024
- The company remained in compliance with all financial covenants at period-end
Atlantic Sapphire chief executive Pedro Courard said: âThe first half of 2025 represents a turning point for Atlantic Sapphire. Operations are now stable, biological performance is at record levels, and financial results are rapidly improving.
âWith harvest weights above 3kg and prices higher than reference price indices in Q2, we have clear line of sight to profitability. We expect to deliver our first positive EBITDA quarter by the end of 2026 and see a clear foundation for profitable growth and expansion from there.â
