Looking at the full-year period, BioFish has successfully delivered 450 tons of smolt and post-smolt in 2023, which resulted in revenues of NOK 47.7 million, compared with NOK 20.2 million in 2022. In line with the production plan, BioFish had no smolt deliveries in the fourth quarter, and consequently no revenues were generated for the period.

“BioFish has a proven track record of good biological performance, which was reaffirmed by customer satisfaction and feedback on the quality of our smolt deliveries in 2023. Following the expansion of our RAS facility in 2023, BioFish is now in a phase of prioritising optimalisation of our operations, including improved systems and routines for monitoring and reporting. While scaling up production in 2024, continued dedication to good biology and optimal fish health is key,” says CEO Sondre Hagerup Johnsrud.

Over the recent periods, capitalisation of expenses has been reduced in parallel with increased operational activity. As a natural consequence of higher activity levels, personnel expenses and other operating expenses have increased year-over-year. In sum, the operating result (EBIT) for the period was negative NOK 11.5 million.

Moving forward, demand for smolt and post-smolt is expected to develop positively, supported by strong market fundamentals. Following the expansion of the RAS facility, the company expects to grow production in 2024, and further in 2025. 

“Industry trends indicate increased willingness for salmon farmers to invest in healthy, high quality smolt and post-smolt, in order to reduce cost, improve fish health, and address the numerous of biological challenges present in the sea phase of salmon farming. Geographically, BioFish is ideally located in close proximity to numerous salmon farmers in a market with limited supply capacity,” Johnsrud continues. 

After quarter-end, BioFish successfully delivered 206 tons of robust smolt to one of its key customers, with reported strong biological performance at sites.

The refinancing process announced in February was finalised in March 2024. The agreements include a new revolving credit facility of NOK 33 million and an extension of the duration of its existing loan (NOK 51 million) until 31 January 2027. 

The presentation material and report for the fourth quarter of 2023 are attached to this notice.

For additional information please contact: 

Sondre Hagerup Johnsrud, CEO
Mob: +47 975 79 321 Emai: sondre@biofish.no 

Johnny Duedahl, CFO 
Mob: +47 982 06 833 Email: johnny@biofish.no  

About BioFish
BioFish is a Norwegian independent producer of high-quality smolt and post-smolt. The company has a post-smolt RAS production facility in Ljones close to the Hardangerfjord on the west coast of Norway. Almost 40 per cent of Norwegian fish farming sites are located within one day of transport. 

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.