AquaBounty Technologies, Inc. reported significant financial challenges in its latest 10-K filing, revealing a net loss of $149.2 million for the fiscal year ending December 31, 2024, compared to a loss of $27.6 million in the previous year. The company's accumulated deficit now stands at approximately $370 million. The increase in losses is attributed to substantial impairment charges totaling $101.9 million related to long-lived assets, primarily from the halted Ohio Farm Project, which was initially projected to be a 10,000 metric ton facility. The company had previously invested around $145 million into this project before pausing construction in June 2023 due to rising costs driven by inflation and other factors.
Operationally, AquaBounty has undergone significant restructuring, including the sale of its Indiana Farm in July 2024 and its Canadian Farms in March 2025, both of which have been classified as discontinued operations. The company has focused on cost containment, reducing its workforce to just four employees as of March 2025, down from 15 the previous year. The sales of these assets were part of a broader strategy to enhance liquidity and streamline operations, with the company now primarily focused on its remaining investment in the Ohio Farm Project.
In terms of revenue, AquaBounty's financial performance has been severely impacted by the cessation of its fish rearing operations. The company reported no sales for the year, reflecting its transition away from active production. The strategic decision to engage an investment bank to explore funding and partnership opportunities indicates a shift in focus towards securing new investments to complete the Ohio Farm Project, which is estimated to require an additional $400 million to finish.
Looking ahead, AquaBounty's outlook remains uncertain, with substantial doubt about its ability to continue as a going concern. The company is actively seeking new funding sources and strategic partnerships to support its operations and complete the Ohio Farm Project. However, the filing cautions that there can be no assurance that such capital will be available on acceptable terms or in sufficient amounts. The company’s future will largely depend on its ability to navigate these financial challenges and successfully implement its revised business strategy.
About AquaBounty Technologies, Inc.
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