Atlantic Sapphire nears phase 1 profitability, secures new financing

Atlantic Sapphire ASA reported a strong first half of 2025, with revenue nearly doubling to $21,546k compared to H1 2024, driven by higher prices and increased harvest volumes. The company achieved record biological performance, including average harvest weights nearing 3.0 kg and a significant reduction in mortality rates to 0.4% in Q2 2025. This operational progress led to an operating loss of $34,036k, an improvement of $13.9m compared to H1 2024.

To support its continued growth, Atlantic Sapphire plans to raise a new convertible loan of $31m-$35m, with strong commitments already secured from major shareholders. This financing, along with debt adjustments, is expected to fund Phase 1 operations to break-even by late 2026, with an estimated harvest volume of ~5,400 tons HOG in 2025 and ~7,000 tons HOG in 2026. The company’s updated business plan includes reduced capital expenditure of $3m for Phase 1 system upgrades, focused on CO₂ removal, water treatment, and energy efficiency.

Phase 2 expansion remains on hold but is de-risked with ~$110m already invested in infrastructure and all major permits secured, positioning Atlantic Sapphire for a high-margin, value-accretive expansion with an EBITDA potential of $4-$6/kg on 25,000 tons. The company aims for a long-term target of >100 kt domestic supply at >$5/kg EBITDA, reinforcing its position as a leading U.S. salmon producer.