AquaBounty Technologies Posts Lower Revenue, Narrower Net Loss

Dow Jones11-06

By Josh Beckerman

AquaBounty Technologies said third-quarter product revenue fell to $47,812 from $733,133, while net losses were narrower, primarily due to the sale of its Indiana fish farm.

AquaBounty, which had its first commercial-scale harvest of genetically engineered Atlantic salmon in 2021, said it is reviewing financing initiatives to maintain liquidity and has worked to reduce costs where appropriate.

Net loss was 88 cents a share, compared with a net loss of $1.60 a share a year earlier.

AquaBounty said in September that it would sell its Prince Edward Island facility.

The company says its land-based operations have environmental benefits including reducing imports and helping to protect wild salmon populations.

Stores including Whole Foods and Kroger have said over the years that they won't sell genetically engineered salmon. AquaBounty has noted retailer resistance and expressed more optimism about wholesale customers. Its products also include conventional Atlantic salmon eggs and salmon byproducts.

Shares were down 2.6% to $1.11 in recent trading.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

November 05, 2024 13:34 ET (18:34 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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