Atlantic Sapphire (ASA) Q3 2025 TU earnings summary

Executive summary

• Achieved stable biological performance with survival rates above 99% and harvest weights over 3kg HOG, harvesting 1,427 tons HOG in Q3 2025.

• Commercial sales averaged $8.58/kg, a 19% premium to comparable indexes, with a record 95% of sales at premium pricing.

• Operational improvements and system upgrades initiated in 2023 are yielding more stable production and all-time high feeding rates.

• Q3 costs were temporarily elevated due to one-off maintenance and infrastructure upgrades, but efficiency measures are expected to reduce cost/kg from Q1 2026.

• Financing secured with a $35m convertible loan to fund operations toward EBITDA break-even, with strong shareholder support.

Financial highlights

• Harvest volume of 1,427 tons HOG in Q3 2025, in line with expectations.

• Average sales price achieved was $8.58/kg, with a 19% premium to market indexes and 95% of volume sold at premium prices.

• Net biomass gain increased sequentially as system throughput improved.

• Losses were slightly higher than the previous quarter but remained low and within normal ranges.

• Q3 saw a decrease in prices compared to the previous quarter, following broader market trends.

Outlook and guidance

• Targeting 7,000 tons full-year production and EBITDA positive by end of 2026, unlocking Phase 2 expansion.

• Harvest volume expected to reach 5,400 metric tons in 2025, 7,000 in 2026, and 7,500 in 2027.

• Optimized phase one could achieve 8,500 tons annual harvest weight.

• Phase 2 expansion planned to increase annual capacity to 25,000 tons, with a long-term target of over 100,000 tons.

• Phase 1 cost per kg targeted to decrease from ~$20/kg in 1H 2025 to ~$10/kg in the near term, with further optimization aiming for ~$8/kg.