Atlantic Sapphire has warned that it will be in default of some loan agreements if it doesn't get more money.

Photo: Atlantic Sapphire

Atlantic Sapphire needs $25-30m of extra capital to stay afloat

Editorial team Editorial team

Published March 23, 2026 - 10:34 a.m.

The United States land-based salmon farmer Atlantic Sapphire announced on February 6 that it required additional capital in the range of US $15-25 million to support the execution of its Phase 1 plan, and ensure sufficient liquidity. It has now raised that figure to $25-30m, and warned it will be in technical default of some agreements with lenders if it can’t find the capital.

“Since [February 6], Atlantic Sapphire has continued to refine its budgets and concluded that, based on an elevated level of market uncertainty and required buffer, the company needs $25-30m in order to have sufficient headroom to be able to achieve EBITDA break-even on its Phase 1 operations,” Atlantic Sapphire said in a stock market announcement today.

“The company is progressing discussions with its largest shareholders and key stakeholders to secure such financing. Although the company expects to reach an agreement with the relevant parties, no conclusion has been reached to date.

New capital

“Based on the current state of negotiations, the Board of Directors of Atlantic Sapphire believe it is reasonable, with significant revisions to the company’s capital structure, to be able to attract and secure new capital to the business.

“If the company has not been able to resolve its near-term liquidity requirement by March 31, 2026, it will be in technical default of certain of its agreements with lenders.”

Key shareholders

Atlantic Sapphire, which is based in Miami-Dade County in Florida, has extended its closed period “to facilitate that certain key shareholders may enter into an agreement regarding the financing of the company”.

A closed period is typically 30-60 days before public release of financial results, during which company directors and employees are forbidden from trading company shares or releasing price-sensitive information.

As a result, the publication date for the company’s annual financial accounts for the financial year ending 31 December 2025 has been amended from April 23, 2026 to April 30, 2026.