Business
AquaBounty Technologies Announces First Quarter 2023 Financial Results
Maynard, Massachusetts--(Newsfile Corp. - May 4, 2023) - AquaBounty Technologies, Inc. (NASDAQ: AQB) ("AquaBounty" or the "Company"), a land-based aquaculture
About this update from Aquabounty Technologies, Inc.
[{"type":"text","content":"Maynard, Massachusetts--(Newsfile Corp. - May 4, 2023) - AquaBounty Technologies, Inc. (NASDAQ: AQB) (\"AquaBounty\" or the \"Company\"), a land-based aquaculture company utilizing technology to enhance productivity and sustainability, today announced the Company's financial results for the quarter ended March 31, 2023.\nFirst Quarter 2023 Highlights and Recent Developments\n\nGenerated $398 thousand in product revenue in the first quarter, a year-over-year decrease of 59% as compared to $963 thousand in the first quarter of 2022.\nNet loss in the first quarter of 2023 was $6.5 million, as compared to $5.1 million in the first quarter of 2022.\nConstruction activities for the Pioneer, Ohio farm site continued to progress.\nCash and cash equivalents and restricted cash totaled $73.8 million as of March 31, 2023, as compared to $102.6 million as of December 31, 2022.\n\nManagement Commentary\n\"Our first quarter results were impacted by the need to conduct planned repairs to our Indiana farm,\" said Sylvia Wulf, Chief Executive Officer of AquaBounty. \"The year-over-year revenue decline for the quarter was related to the scheduled downtime needed to make facility repairs. Additionally, with the transition of our PEI grow-out facility to broodstock maintenance and egg production last August, we no longer are harvesting GE salmon from that farm. Demand for our fish continues to exceed our supply, and during March the Indiana farm had its highest monthly harvest output to date.\n\"We continue to make progress on the construction of our new farm in Pioneer, Ohio and we encourage our investors to view the pictures and drone footage that we've made available on our website to document the farm's progression. The timing for the closing of our bond financing is still expected to be mid-year and we are closely monitoring bond interest rates, project cost estimates and the general economic environment.\n\"We are also moving forward in growth areas outside of GE salmon, including expansion of our conventional salmon egg and fry business and potential partnerships in conventional salmon farming outside of North America. I look forward to providing my fellow shareholders with an update in the near future,\" concluded Wulf.\nAbout AquaBounty\nAt AquaBounty Technologies, Inc. (NASDAQ: AQB), we believe we are a leader in the field of land-based a...