Average harvest weight nudges up for Atlantic Sapphire
The United States-based salmon farmer provided an update for Q3 on Tuesday
The company reports stable biological performance and sustained biological improvements at its Bluehouse recirculating aquaculture system facility in Miami-Dade County, Florida.
"The fish in production have achieved more than 99% survival and consistent harvest weights of over 3 kg head on gutted."
The total harvest volume was 1,427 tonnes HOG in Q3, with a record high superior share of 95%.
The company achieved an average selling price of around US $8.58/kg, which it believes is a 19% premium compared to relevant price indices.
Improved bFCR
"Feeding rates were at an all-time high and the biological feed conversion ratio (bFCR) was stable at 1.30, indicating a structural improvement," the company reports.
However, costs in Q3 were temporarily increased due to one-off maintenance and infrastructure upgrades, but Atlantic Sapphire points out that introduced efficiency measures are expected to reduce cost per kilo from Q1 2026.
Atlantic Sapphire believes it will be able to reach 7,000 tonnes of annual production and positive EBITDA - a measure of operating profit - by the end of 2026, which opens up the possibility of a phase 2 expansion and long-term value creation.
Additional finance
The company secured additional financing in Q3 with a $35 million convertible loan facility to finance Phase 1 operations to EBITDA break-even, supported by strong participation from key shareholders.
“Our operation continues to deliver consistently, with stable biology, good fish health and increasing production efficiency across all systems. Survival rates remain above 99%, harvest weights are stable above 3 kilograms, and feed efficiency has reached structurally high levels,” comments chief executive Pedro Courard.
"These developments strengthen our belief in the underlying economics of the business and our ability to further reduce cost per kilo as we enter 2026. With more predictable operations and a clear view towards EBITDA break-even by the end of 2026, we are laying the foundation for sustainable profitability and long-term value creation for our shareholders."
