Business
AquaBounty Technologies, Inc. Announces Results for the Quarter and Nine Months Ended September 30, 2021
MAYNARD, Mass., Nov. 04, 2021 (GLOBE NEWSWIRE) -- AquaBounty Technologies, Inc. (Nasdaq: AQB) (“AquaBounty” or the “Company”), a land-based aquaculture
About this update from Aquabounty Technologies, Inc.
[{"type":"text","content":"MAYNARD, Mass., Nov. 04, 2021 (GLOBE NEWSWIRE) -- AquaBounty Technologies, Inc. (Nasdaq: AQB) (“AquaBounty” or the “Company”), a land-based aquaculture company utilizing technology to enhance productivity and sustainability, has provided financial results for the third quarter and nine months ended September 30, 2021. Third Quarter 2021 Highlights Harvested 84 tons of genetically engineered (GE) Atlantic salmon from AquaBounty’s Indiana and Rollo Bay farm sites, generating $402 thousand in revenue from sales to customers during the third quarter. Progressed in-line with the plans for the Company’s Ohio farm project, including design engineering, detailed construction cost estimates and debt financing. Launched an Environmental, Social, and Governance (ESG) integrated reporting initiative using the Sustainability Accounting Standards Board (SASB) as its primary reporting standard. Participated in key investor conferences to improve visibility within the investment community, including the H.C. Wainwright Annual Global Investment Conference, Lake Street Best Ideas Conference and Bank of America Future Fish Event. Management Commentary “During the quarter we continued our transition to a commercial production enterprise with the ongoing harvest and sale of the first cohorts of our proprietary GE salmon at our Albany, Indiana and Prince Edward Island, Canada farms,” said Sylvia Wulf, Chief Executive Officer of AquaBounty. “We’ve also made solid progress on our planned expansion with our Ohio farm. After the initial success of our first commercial harvests to U.S. and Canadian customers in the second quarter, we harvested over 84 tons of salmon in the third quarter. Customer interest in purchasing our salmon remains high and continues to surpass our current ability to supply, as we have been challenged by the labor shortages that have affected the food service industry which currently limits the amount of salmon we can harvest and process below the farm’s 100 tons per month capacity. We are working diligently to resolve our capacity constraints and we look forward to onboarding more customers over the coming months as we move to increase our weekly harvest volumes to fulfill the strong demand – clearly proving the market acceptance for our GE salmon. “In addition to our focus on increasing salmon harvests from our existing farm sites...