Key takeaways

Company overview

Financials

• Successfully delivered 250 tons of smolt in September 2023

Revenue growth

Highlights
	• Established in 2016
Company overview	• Land-based post-smolt RAS production facility located in Ljones along the Hardangerfjord at the West coast of Norway
Financials	• Biofish have its own unique built facility where the fish health and water environment has been in focus through the all the decisions during building the production facility • Holds an aquaculture hatchery license for production of 5 million smolt and discharge
Outlook	license for 2,200 tons

Business Model

Financials

Outlook

Revenue of NOK 27.6 million generated through the delivery of 500 000 smolt to a customer in September
Personnel and other expenses increased from previous quarters because of increased operational activity
Positive operational cash flow in third quarter and year to date
Depreciation charges (estimate) at NOK 3 million for the quarter
Book equity ratio at 76.3% at the end of September 2023
428 635 warrants utilized in August 2023
Interest-bearing debt at NOK 53 million (refinancing process initiated as the loan is due in August 2024)

Highlights

Company overview

Financials

Outlook

The market for smolt and post-smolt continues to look strong
The salmon farmers are continuing to request quotes for (larger) smolt (post-smolt)
Production volume is expected to continue to increase during 2024 with full utilization in 2025