US salmon farmer needs up to $25m more from shareholders
Atlantic Sapphire's journey to break-even is taking longer than anticipated.
In a stock exchange announcement this morning, the Florida landbased salmon producer writes that although underlying operational developments are positive, "the company’s cash flow development remains impacted by the timing of operational improvements, working capital requirements and certain deviations in harvest volumes and average harvest weights, including during the fourth quarter of 2025".
"Certain costreduction and efficiency initiatives have taken longer than initially assumed to fully materialise, and the company’s financial development remains sensitive to execution timing and market conditions," it adds.
Based on updated cash flow projections, including timing of operational improvements and working capital requirements, Atlantic Sapphire will require additional capital in the range of US $15-25 million (£11m-£18.4m) to support the further implementation of the company's Phase 1 plan, and to ensure sufficient liquidity margin during the plan period, while maintaining appropriate financial flexibility.
The board and management say that they are in dialogue with the company's largest shareholders about possible financing alternatives.
"The company remains focused on further operational improvements, disciplined cash management and implementation of the Phase 1 plan," it says.
Increased volume and weight
Atlantic Sapphire points out that over the past 18 months it has completed a comprehensive operational and organisational turnaround in production, processing and commercial operations, with significant, measurable improvements.
- Compared to 2024, harvested biomass increased from 4,365 tonnes HOG (head on gutted) to 5,096 tonnes in 2025, and average harvest weight increased from 1.7 kg to 2.9 kg HOG.
- Commercial execution improved, with superior share increasing from 36% to 81% and average price increasing from $5.1/kg HOG equivalent to $8.3/kg.
- Biological performance has been stable, with robust indicators for mortality, feed efficiency, and water quality.
- In parallel, the company has reduced its cost base and improved operational efficiency throughout the organisation.
- This is supported by a phased implementation of increased biofiltration and degassing capacity, with significant impacts to be realised as these measures gradually become fully operational, as well as a continued focus on operational discipline and execution.
"The company's revised business plan targets approximately 7,000 tonnes of harvest volume in 2026, increasing to 7,500–8,500 tonnes thereafter, through further optimisation of phase 1," the company states.
"With Phase 1 delivering strong operational results, Atlantic Sapphire is positioned to complete its turnaround and unlock the next stage of value accretive growth."
