AquaBounty Technologies Announces First Quarter 2022

MAYNARD, Mass., Could 05, 2022 (GLOBE NEWSWIRE) — AquaBounty Applied sciences, Inc. (NASDAQ: AQB) (“AquaBounty” or the “Firm”), a land-based aquaculture firm using know-how to reinforce productiveness and sustainability, right this moment introduced the Firm’s monetary outcomes for the quarter ended March 31, 2022.

First Quarter 2022 Highlights and Latest Developments

• Harvested 133 tons of genetically engineered (“GE”) Atlantic salmon – a rise of 46% versus the earlier quarter.
• Generated $963 thousand in product income within the present quarter versus $74 thousand within the prior 12 months quarter.
• Web lack of $5.1 million within the present quarter versus $4.2 million within the prior 12 months quarter.
• Commenced important pre-construction actions for the Pioneer, Ohio farm web site.
• Celebrated the official groundbreaking of the Pioneer, Ohio farm with representatives from the State of Ohio, Williams County, and the Village of Pioneer.

Administration Commentary

“We continued to see progress within the industrial manufacturing of our GE Atlantic salmon within the first quarter, harvesting 133 tons of stay weight salmon within the combination from our farms in Albany, Indiana and Prince Edward Island, Canada – a 46% enchancment over the earlier quarter,” mentioned Sylvia Wulf, Chief Government Officer of AquaBounty. “As we improve our harvest capability, our clients are buying the complete output. This illustrates the sturdy demand for our product within the market.”

“To assist the sturdy demand progress we’re experiencing, we’re working to maximise harvest yields at our present farms, with out sacrificing product high quality. We’re additionally making thrilling progress on our next-generation 10,000 metric ton farm in Pioneer, Ohio. Now we have included “classes realized” from our current farms into the design and engineering of the Ohio farm. Pre-construction actions together with the development of roadways, on-site vitality infrastructure and land preparation are nicely underway. With the completion of our groundbreaking ceremony in late April, we’re set to start the subsequent part of building work within the near-term, with the continued expectation that the power might be largely accomplished, and the stocking of salmon eggs will begin in late 2023.”

“On the financing aspect, we’re progressing with our plan for the issuance of as much as $300 million in tax-exempt and taxable bonds to assist our mission. We anticipate to supply an replace within the near-term as we work to finalize the transaction alongside our bond underwriter, Wells Fargo Company and Funding Banking.”

“We’re firmly targeted on steady enchancment in our operations and scaling harvests at our current services, whereas advancing building of our transformational facility in Pioneer, Ohio. AquaBounty is nicely positioned to supply a secure, safe and sustainable native supply of farm-raised salmon. I look ahead to offering updates on our progress,” concluded Wulf.

About AquaBounty

At AquaBounty Applied sciences, Inc. (NASDAQ: AQB), we consider we’re a frontrunner in land-based aquaculture leveraging a long time of know-how experience to ship disruptive options that deal with meals insecurity and local weather change points. We’re dedicated to feeding the world effectively, sustainably and profitably. AquaBounty offers contemporary Atlantic salmon to close by markets by elevating its fish in rigorously monitored land-based fish farms by means of a secure, safe and sustainable course of. The Firm’s land-based Recirculating Aquaculture System (“RAS”) farms, situated in Indiana, United States and Prince Edward Island, Canada, are near key consumption markets and are designed to forestall illness and to incorporate a number of ranges of fish containment to guard wild fish populations. AquaBounty is elevating nutritious salmon that is freed from antibiotics and contaminants and offers an answer leading to a diminished carbon footprint and no danger of air pollution to marine ecosystems as in comparison with conventional sea-cage farming. For extra info on AquaBounty, please go to www.aquabounty.com or observe us on Fb, Twitter, LinkedIn and Instagram.

Ahead-Trying Statements

This press launch accommodates “forward-looking statements” as outlined within the Personal Securities Litigation Reform Act of 1995, as amended, together with concerning the anticipated dimension of AquaBounty’s proposed facility in Ohio; the timing and dimension of the contemplated bond financing; manufacturing capability; timing of building, permits, regulatory approvals, or industrial stocking; price of building; quantity to be invested within the mission;  skill to supply eggs, fry, and broodstock; graduation of stocking of salmon eggs in late 2023 in our Pioneer, Ohio farm; future income streams; onboarding clients, pricing and profitability.  The forward-looking statements on this press launch are neither guarantees nor ensures, and you shouldn’t place undue reliance on these statements as a result of they contain important dangers and uncertainties about AquaBounty. AquaBounty might use phrases akin to “anticipate,” “anticipate,” “mission,” “intend,” “slated to,” “plan,” “goal,” “consider,” “search,” “estimate,” “can,” “focus,” “will,” “might,” the detrimental types of these phrases and comparable expressions to establish such forward-looking statements. Among the many necessary elements that might trigger precise outcomes to vary materially from these indicated by such forward-looking statements are dangers regarding, amongst different issues, whether or not AquaBounty and its companions will consummate the proposed bond financing; the ultimate phrases of the financing, market and different situations; the satisfaction of closing situations; the impression of the bond providing on AquaBounty’s monetary situation, credit standing and inventory value; whether or not AquaBounty might want to and have the ability to elevate extra fairness capital; whether or not AquaBounty will have the ability to service the bond commitments, have the ability to safe required regulatory approvals and permits, have the ability to profitably assemble and function the Pioneer, Ohio farm; AquaBounty’s enterprise and monetary situation, and the impression of basic financial, public well being, business or political situations in the US or internationally.  Ahead-looking statements communicate solely as of the date hereof, and, besides as required by regulation, AquaBounty undertakes no obligation to replace or revise these forward-looking statements. For extra info concerning these and different dangers confronted by us, please confer with our public filings with the Securities and Trade Fee (“SEC”), accessible on the Traders part of our web site at www.aquabounty.com and on the SEC’s web site at www.sec.gov.

This press launch doesn’t represent a suggestion to promote or a solicitation of a suggestion to purchase the bonds described herein, nor shall there be any sale of those bonds in any state or jurisdiction through which such supply, solicitation or sale could be illegal.

Firm Contact:
AquaBounty Applied sciences
Dave Conley
Company Communications
(613) 294-3078

Investor Relations:
Greg Falesnik or Luke Zimmerman
MZ Group – MZ North America
(949) 259-4987
AQB@mzgroup.us

AquaBounty Applied sciences, Inc.
Condensed Consolidated Steadiness Sheets
(unaudited)

AquaBounty Applied sciences, Inc.
Condensed Consolidated Statements of Operations and Complete Loss
(unaudited)

AquaBounty Applied sciences, Inc.
Condensed Consolidated Statements of Money Flows
(unaudited)