BioFish continues march to growth
Smolt producer BioFish delivered 155 tonnes of high-quality smolt and post-smolt to its customers in the fourth quarter of last year. This resulted in revenues of NOK 12.2m (£859,000) for the quarter, compared to no revenues or deliveries in the corresponding period last year.
BioFish is a Norwegian independent producer of high-quality smolt and post-smolt. The company has a RAS production facility in Ljones, close to the Hardangerfjord on the west coast of Norway.
The company hopes to pass the financial break-even point and start recording net profit as early as Q1 this year.
For the full year 2024, BioFish delivered a total of 523 tonnes, in line with previously announced guidance and up 16% from 450 tonnes for the full year in 2023.
During the fourth quarter, BioFish reached several key milestones, including completion of the BioFish Land acquisition, facility upgrades, and strong biological performance of smolt and post-smolt deliveries.
Sondre Johnsrud, CEO at BioFish, said: “We are particularly proud of the feedback we receive from our customers on the quality of our deliveries, thanks to the efforts of our competent colleagues at the BioFish facilities. This has contributed to strengthening long-term relationships and helped us securing multiple agreements for future deliveries.”
A milestone contract was secured in Q1 2025 to deliver ~1.2 million post-smolt per year in 2026 and 2027, with an average weight of 600 grams. It also includes intent to discuss additional deliveries.
“Together with previously announced contracts, total confirmed annual sales volume for 2025-2027 has now reached ~720 tons, implying that two-thirds of expected 2025 volume is sold out. This gives us good earnings visibility, while at the same time providing some capacity to take on new orders in a strong market, contributing to a favourable outlook for 2025,” Johnsrud adds.
For 2025, BioFish reiterates its volume guidance to deliver sales volumes of 900-1,100 tonnes of high-quality smolt and post-smolt. It said volume growth from scheduled deliveries, combined with operational and organisational improvements nearing completion, are expected to improve the company’s cash position, and generate positive cash flow and net profits already in Q1 2025 onwards.
After year-end, a strategic review was initiated to explore growth opportunities for BioFish and increase shareholder value. The process does not require capital raising, the company said, as the company is sufficiently financed for planned operations and investments.
The company’s 2024 annual report, detailing financial results, is not likely to be out until April this year.
For more Land Based Farming & Hatcheries news and features, see Sector Focus at www.fishfarmermagazine.com/land-based-farming-hatcheries-sector-focus
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