Proximar's Q1 characterised by clear-out of weaker fish
We expect more normalised harvest weights from the second quarter, says chief executive Joachim Nielsen after a quarter in which low average weight affected both price and cash flow.
Proximar operates land-based salmon production at the foot of Mount Fuji in Japan. The Norwegian company placed the first eggs in the production facility in October 2022 and carried out its first harvest on September 30, 2024.
In a harvest update for the first quarter of 2026, the company reports that 697 tonnes were harvested, up from 339 tonnes in the fourth quarter of last year. In total, the company has now harvested more than 2,000 tonnes since its start-up in the autumn of 2024.
At the same time, the company reports good biological results, with a superior share of 95.4% and a survival rate of 98.9% during the period.
Improvement from Q2 onwards
The low average weight in the quarter is largely due to clean-up in production following previous challenges.
“The first quarter is characterised by a clean-up of a mixed batch we had,” explains chief executive Joachim Nielsen.
He points out that several batches had to be mixed as a result of challenges related to biofilters, and that some groups had weaker growth.
“There were two tanks in particular that showed poor growth. We took them out in February even though the fish were small, around two kilos. This has affected a lot of the volume in the first quarter,” he says.
Nielsen points out that this has now been largely cleared up.
“We expect more normalised harvest weight from the second quarter onwards.”
23 batches
At the end of March, Proximar had a standing biomass of 1,880 tonnes, down from 1,949 tonnes at the turn of the year. At the same time, harvested volume contributed to a total gross biomass growth of 771 tonnes in the quarter, i.e. including the fish harvested during the period.
The company now has 23 batches in production, equivalent to around 2.1 million fish.
With full capacity in the facility, there is also a balancing act between retaining the fish to achieve higher average weight and maintaining production flow.
“We expect a gradual improvement throughout the year. But there will be a trade-off between how long we can keep the fish and what capacity we have available,” says Nielsen.
He points out that larger fish clearly fetch better prices.
“We get a good price for over three kilos, so the goal is to reach that level.”
Strong interest
The low average harvest weight also had an impact on the price achieved in the quarter. The average price was around NOK 54 per kilo, while fish over three kilos achieved around NOK 75 per kilo.
At the same time, the company is experiencing good response in the market.
“The interest is very good, both in Japan and from other markets in Asia. It is very encouraging,” says Nielsen.
He also points out that the company has been a somewhat unpredictable supplier, both in terms of size and volume.
“That has been our challenge so far, but it is something we expect to improve in the future.”
Financing
The low average weight has also affected cash flow during the period, and the company is now working to secure short-term financing.
Proximar has received a loan offer from a regional Japanese bank, while dialogue is ongoing with several players.
“We have several options we are working on, and have received an initial positive clarification from a bank,” says Nielsen.
He is also experiencing increasing interest from financial players.
“We are noticing a growing interest in Proximar from the financing side. We are now in production, and can point to a plant with full biomass, while the fish is available on the market.”
According to Nielsen, increased attention to land-based farming in Japan is also contributing to the interest.
“There has been a greater focus on RAS in Japan, also from the authorities, which we expect will contribute positively towards funding in the future.”
