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Press Release Details

AquaBounty Technologies Announces First Quarter 2022 Financial Results

May 5, 2022 at 8:01 AM EDT

MAYNARD, Mass., May 05, 2022 (GLOBE NEWSWIRE) -- 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 quarter ended March 31, 2022.

First Quarter 2022 Highlights and Recent Developments

  • Harvested 133 tons of genetically engineered (“GE”) Atlantic salmon – an increase of 46% versus the previous quarter.
  • Generated $963 thousand in product revenue in the current quarter versus $74 thousand in the prior year quarter.
  • Net loss of $5.1 million in the current quarter versus $4.2 million in the prior year quarter.
  • Commenced critical pre-construction activities for the Pioneer, Ohio farm site.
  • Celebrated the official groundbreaking of the Pioneer, Ohio farm with representatives from the State of Ohio, Williams County, and the Village of Pioneer.

Management Commentary

“We continued to see growth in the commercial production of our GE Atlantic salmon in the first quarter, harvesting 133 tons of live weight salmon in the aggregate from our farms in Albany, Indiana and Prince Edward Island, Canada – a 46% improvement over the previous quarter,” said Sylvia Wulf, Chief Executive Officer of AquaBounty. “As we increase our harvest capacity, our customers are purchasing the entire output. This illustrates the strong demand for our product in the marketplace.”

“To support the robust demand growth we are experiencing, we are working to maximize harvest yields at our current farms, without sacrificing product quality. We are also making exciting progress on our next-generation 10,000 metric ton farm in Pioneer, Ohio. We have incorporated “lessons learned” from our existing farms into the design and engineering of the Ohio farm. Pre-construction activities including the construction of roadways, on-site energy infrastructure and land preparation are well underway. With the completion of our groundbreaking ceremony in late April, we are set to begin the next phase of construction work in the near-term, with the continued expectation that the facility will be largely completed, and the stocking of salmon eggs will commence in late 2023.”

“On the financing side, we are progressing with our plan for the issuance of up to $300 million in tax-exempt and taxable bonds to support our project. We expect to provide an update in the near-term as we work to finalize the transaction alongside our bond underwriter, Wells Fargo Corporate and Investment Banking.”

“We are firmly focused on continuous improvement in our operations and scaling harvests at our existing facilities, while advancing construction of our transformational facility in Pioneer, Ohio. AquaBounty is well positioned to provide a safe, secure and sustainable local source of farm-raised salmon. I look forward to providing updates on our progress,” concluded Wulf.

About AquaBounty

At AquaBounty Technologies, Inc. (NASDAQ: AQB), we believe we are a leader in land-based aquaculture leveraging decades of technology expertise to deliver disruptive solutions that address food insecurity and climate change issues. We are committed to feeding the world efficiently, sustainably and profitably. AquaBounty provides fresh Atlantic salmon to nearby markets by raising its fish in carefully monitored land-based fish farms through a safe, secure and sustainable process. The Company’s land-based Recirculating Aquaculture System (“RAS”) farms, located in Indiana, United States and Prince Edward Island, Canada, are close to key consumption markets and are designed to prevent disease and to include multiple levels of fish containment to protect wild fish populations. AquaBounty is raising nutritious salmon that is free of antibiotics and contaminants and provides a solution resulting in a reduced carbon footprint and no risk of pollution to marine ecosystems as compared to traditional sea-cage farming. For more information on AquaBounty, please visit or follow us on Facebook, Twitter, LinkedIn and Instagram.

Forward-Looking Statements

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995, as amended, including regarding the anticipated size of AquaBounty’s proposed facility in Ohio; the timing and size of the contemplated bond financing; production capacity; timing of construction, permits, regulatory approvals, or commercial stocking; cost of construction; amount to be invested in the project;  ability to produce eggs, fry, and broodstock; commencement of stocking of salmon eggs in late 2023 in our Pioneer, Ohio farm; future revenue streams; onboarding customers, pricing and profitability.  The forward-looking statements in this press release are neither promises nor guarantees, and you should not place undue reliance on these statements because they involve significant risks and uncertainties about AquaBounty. AquaBounty may use words such as “expect,” “anticipate,” “project,” “intend,” “slated to,” “plan,” “aim,” “believe,” “seek,” “estimate,” “can,” “focus,” “will,” “may,” the negative forms of these words and similar expressions to identify such forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are risks relating to, among other things, whether AquaBounty and its partners will consummate the proposed bond financing; the final terms of the financing, market and other conditions; the satisfaction of closing conditions; the impact of the bond offering on AquaBounty’s financial condition, credit rating and stock price; whether AquaBounty will need to and be able to raise additional equity capital; whether AquaBounty will be able to service the bond commitments, be able to secure required regulatory approvals and permits, be able to profitably construct and operate the Pioneer, Ohio farm; AquaBounty’s business and financial condition, and the impact of general economic, public health, industry or political conditions in the United States or internationally.  Forward-looking statements speak only as of the date hereof, and, except as required by law, AquaBounty undertakes no obligation to update or revise these forward-looking statements. For additional information regarding these and other risks faced by us, please refer to our public filings with the Securities and Exchange Commission (“SEC”), available on the Investors section of our website at and on the SEC’s website at

This press release does not constitute an offer to sell or a solicitation of an offer to buy the bonds described herein, nor shall there be any sale of these bonds in any state or jurisdiction in which such offer, solicitation or sale would be unlawful.

Company Contact:
AquaBounty Technologies
Dave Conley
Corporate Communications
(613) 294-3078

Investor Relations:
Greg Falesnik or Luke Zimmerman
MZ Group - MZ North America
(949) 259-4987

AquaBounty Technologies, Inc.
Condensed Consolidated Balance Sheets

  March 31,  December 31,
 2022  2021 
Current assets:     
Cash and cash equivalents$75,509,793  $88,454,988 
Marketable securities 103,365,156   101,773,781 
Inventory 1,675,682   1,259,910 
Prepaid expenses and other current assets 1,695,159   1,536,484 
Total current assets 182,245,790   193,025,163 
Property, plant and equipment, net 37,828,165   33,815,119 
Right of use assets, net 269,426   284,320 
Intangible assets, net 228,417   231,842 
Restricted cash 1,000,000   1,000,000 
Other assets 75,957   79,548 
Total assets$221,647,755  $228,435,992 
Liabilities and stockholders' equity     
Current liabilities:     
Accounts payable and accrued liabilities$2,913,028  $4,317,615 
Accrued employee compensation 512,173   874,589 
Current debt 657,828   627,365 
Other current liabilities 67,497   66,269 
Total current liabilities 4,150,526   5,885,838 
Long-term lease obligations 206,734   224,058 
Long-term debt, net 8,419,290   8,523,333 
Total liabilities 12,776,550   14,633,229 
Commitments and contingencies     
Stockholders' equity:     
Common stock, $0.001 par value, 80,000,000 shares authorized at March 31, 2022 and     
December 31, 2021; 71,109,701 and 71,025,738 shares outstanding at March 31, 2022     
and December 31, 2021, respectively 71,110   71,026 
Additional paid-in capital 385,063,351   384,852,107 
Accumulated other comprehensive loss (286,748)  (255,588)
Accumulated deficit (175,976,508)  (170,864,782)
Total stockholders' equity 208,871,205   213,802,763 
Total liabilities and stockholders' equity$221,647,755  $228,435,992 

AquaBounty Technologies, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss

 Three Months Ended
March 31,
 2022  2021 
Product revenues$962,881  $74,372 
Costs and expenses     
Product costs 3,275,690   1,554,655 
Sales and marketing 247,572   318,635 
Research and development 167,189   500,620 
General and administrative 2,376,236   1,785,510 
Total costs and expenses 6,066,687   4,159,420 
Operating loss (5,103,806)  (4,085,048)
Other income (expense)     
Interest expense (75,288)  (78,804)
Other income, net 67,368   4,961 
Total other income (expense) (7,920)  (73,843)
Net loss$(5,111,726) $(4,158,891)
Other comprehensive income (loss):     
Foreign currency translation gain 82,905   80,039 
Unrealized loss on marketable securities (114,065)   
Total other comprehensive income (loss) (31,160)  80,039 
Comprehensive loss$(5,142,886) $(4,078,852)
Basic and diluted net loss per share$(0.07) $(0.06)
Weighted average number of Common Shares -     
basic and diluted 71,004,454   64,550,920 

AquaBounty Technologies, Inc.
Condensed Consolidated Statements of Cash Flows

 Three Months Ended March 31,
 2022  2021 
Operating activities     
Net loss$(5,111,726) $(4,158,891)
Adjustment to reconcile net loss to net cash used in     
operating activities:     
Depreciation and amortization 490,563   422,185 
Share-based compensation 211,328   129,715 
Other non-cash charge 4,251   4,203 
Changes in operating assets and liabilities:     
Inventory (411,794)  (577,154)
Prepaid expenses and other assets (139,671)  (63,966)
Accounts payable and accrued liabilities (6,949)  (211,347)
Accrued employee compensation (362,416)  (63,139)
Net cash used in operating activities (5,326,414)  (4,518,394)
Investing activities     
Purchases and deposits on property, plant and equipment (5,762,143)  (1,208,183)
Purchases of marketable securities, net (1,705,440)   
Other investing activities    (11,010)
Net cash used in investing activities (7,467,583)  (1,219,193)
Financing activities     
Proceeds from issuance of debt    187,120 
Repayment of term debt (159,304)  (38,885)
Proceeds from the issuance of common stock, net    119,120,437 
Proceeds from the exercise of stock options and warrants    1,596,182 
Net cash (used in) provided by financing activities (159,304)  120,864,854 
Effect of exchange rate changes on cash, cash equivalents and restricted cash 8,106   21,007 
Net change in cash, cash equivalents and restricted cash (12,945,195)  115,148,274 
Cash, cash equivalents and restricted cash at beginning of period 89,454,988   96,251,160 
Cash, cash equivalents and restricted cash at end of period$76,509,793  $211,399,434 
Reconciliation of cash, cash equivalents and restricted cash reported     
in the consolidated balance sheet:     
Cash and cash equivalents$75,509,793  $210,899,434 
Restricted cash 1,000,000   500,000 
Total cash, cash equivalents and restricted cash$76,509,793  $211,399,434 
Supplemental disclosure of cash flow information and     
non-cash transactions:     
Interest paid in cash$71,037  $73,685 
Property and equipment included in accounts payable and accrued liabilities$1,507,514  $82,068