Business
AquaBounty Technologies Announces Second Quarter 2023 Financial Results
Maynard, Massachusetts--(Newsfile Corp. - August 1, 2023) - AquaBounty Technologies, Inc. (NASDAQ: AQB) ("AquaBounty" or the "Company"), a land-based
About this update from Aquabounty Technologies, Inc.
[{"type":"text","content":"Maynard, Massachusetts--(Newsfile Corp. - August 1, 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 second quarter and six months ended June 30, 2023.\nSecond Quarter 2023 Highlights and Recent Developments\n\nGenerated $788 thousand in product revenue in the second quarter, a year-over-year decrease of 26% as compared to $1.1 million in the second quarter of 2022.\nNet loss in the second quarter of 2023 was $6.5 million, as compared to $5.5 million in the second quarter of 2022.\nCash and cash equivalents and restricted cash totaled $43.8 million as of June 30, 2023, as compared to $102.6 million as of December 31, 2022.\n\nManagement Commentary\n\"Our second quarter results were impacted by a significant decline in market prices for Atlantic salmon, despite the fact that our Indiana farm had its highest quarterly output to date,\" said Sylvia Wulf, Board Chair and Chief Executive Officer of AquaBounty. \"The demand for our fish continues to exceed our supply and we continue to identify opportunities to increase our production to meet this demand.\"\n\"We announced in early June that the Company was pausing the construction of our farm in Pioneer, Ohio due to a substantial increase in its estimated cost of completion. The Company is currently evaluating both the cost estimate and our options for moving forward, including alternative financing solutions to bring the project to completion. We previously announced our entry into a contractual commitment with a new construction firm who is assisting us in evaluating construction costs and who would lead construction of the facility going forward.\"\n\"Progress continues on the expansion of our broodstock and egg production capabilities at our farm on Prince Edward Island; and we continue to explore new business development opportunities which leverage our core strengths, and which could be applied to new species, including conventional salmon and other finfish, and new geographical territories worldwide. As always, 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 beli...