With 578 tonnes of yellowtail sold in Q1, a new record was set. At the same time, standing biomass was reduced from 1,118 (Q4 2024) to 922 tonnes (Q1), through the removal of small fish, to increase overall operational efficiency.

Significant growth in volume sold

The Kingfish Company scaled up in the first quarter of 2025

Editorial team
Published Modified

In the first quarter of 2025, the company achieved significant growth in sold volume, an increase of 41% to 578 tonnes compared to 410 tonnes in Q1 2024. 

Total revenue for the quarter was €7.5 million, an increase of 27% from €5.9m in Q1 2024. 

Q1 2025 highlights

  • Sold volume increased by 41% to 578 tonnes (Q1 2024: 410 tonnes) 
  • Total revenues increased by 27% to €7.5 million (Q1 2024: €5.9 million)
  • Revenue per kilo fell by 10% to €12.9/kg (Q1 2024: €14.4/kg)
  • The plan to reduce the standing biomass of small fish has been implemented and completed
  • Kingfish Maine considers strategic partners to accelerate US expansion project

"This significant increase reflects our continuous work to increase Kingfish's market share in our key markets and meet growing demand," the company writes in its Q1 report. 

Revenue per kilo fell by 10% to €12.9/kg from €14.4/kg in the same period the previous year. 

"The decline is due to tactical pricing measures implemented to quickly reduce standing biomass in the facility," said the company.

The biomass reduction plan in Q1 2025 was implemented through a combination of fresh produce and expanded freezing programmes.

About The Kingfish Company

  • Kingfish Company is listed on the Oslo Stock Exchange and is building production capacity for yellowtail kingfish in the Netherlands and the US.
  • The production capacity at the Kingfish Zealand plant in the Netherlands is 3,500 tonnes
  • The production is based on RAS.
  • The company operates on 100% renewable energy, from wind, solar and biogas. The company's facilities operate on seawater.
  • Kingfish Company's main product, yellowtail kingfish (Seriola lalandi, also known as ricciola/hiramasa/greater amberjack) is a highly prized fish species, well known in Italian and Asian fusion cuisine.
  • The products are certified Aquaculture Stewardship Council (ASC), Best Aquaculture Practices (BAP) and British Retail Consortium (BRC).

The measure focused on reducing the standing biomass of small fish to increase overall operational efficiency. As a result, the standing biomass was reduced to 922 tonnes by the end of March, down from 1,118 tonnes at the end of December 2024.

Effects of tariffs

The company writes that the effect of the recently introduced tariffs in the United States is still difficult to fully quantify at this time. 

"We are monitoring the situation closely and will take a pragmatic approach to any further developments related to customs or exchange rate fluctuations and their impact on our sales in the US."

Kingfish Maine

As previously announced, the company's US project, Kingfish Maine, has won the last and final appeal at the state level, and the project now has all necessary permits at the municipal, state and federal levels. 

"With the legal uncertainties now resolved, Kingfish is updating the project plan to reflect the latest developments in design and construction, as well as the broader business environment," says the company. 

"In parallel, we are considering various options, including the possibility of bringing in strategic partners to help accelerate the implementation of the project," it adds.

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