Kingfish raises €14m to fuel growth

The yellowtail fish producer said the move follows a positive outlook for Q4 2024 with estimated volume growth exceeding 50%, reflecting strong market demand and operational scalability.

The Kingfish Company operates a RAS (recirculating aquaculture system) fish farm in the Netherlands and is building another in Maine, in the US.

The net proceeds from the private placement will be used to strengthen the company’s resources to accelerate the sales ramp-up to full utilisation of the farm capacity, estimated at 4,000 tons per year, as well as for general corporate purposes.

The company added: “An increased share of large fish is contributing to resilient revenue per kg; seasonal promotional activities on small fish impacting revenue per kg.

“The farm biomass [is due] to be optimised during Q1 2025, resulting in a one-time inventory write-down of approximately €1.8m [£1.49m] recorded in Q4 2024.”

CEO Vincent Erenst said: “Q4 2024 marked a significant period of progress for The Kingfish Company, as we continued to accelerate sales growth with a volume increase exceeding 50%.

“This reflects the strong and growing demand for our sustainable Yellowtail Kingfish and the effectiveness of our sales and business development efforts. At the same time, we are taking decisive steps to optimize our operations by adjusting biomass levels to restore operational efficiency and align production with demand.

He added: “These actions, combined with the contemplated fully underwritten €14m equity raise and adjustments to our financing terms, will strengthen our ability to scale production toward full capacity and deliver on our strategic objectives for 2025 and beyond.”