
Significant growth in volume sold
The Kingfish Company scaled up in the first quarter of 2025
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.
"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.
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.