2022-11-08 | NDAQ:AQB | Press Release

MAYNARD, Mass., Nov. 08, 2022 (GLOBE NEWSWIRE) — AquaBounty Applied sciences, Inc. (NASDAQ: AQB) (“AquaBounty” or the “Firm”), a land-based aquaculture firm using know-how to boost productiveness and sustainability, in the present day introduced the Firm’s monetary outcomes for the third quarter and nine-months ended September 30, 2022.

Third Quarter and 12 months-to-Date 2022 Highlights and Current Developments

• Generated $653 thousand in product income within the third quarter, a year-over-year enhance of 44% as in comparison with $455 thousand within the third quarter of 2021. Within the nine-month interval ended September 30, 2022, product income totaled $2.7 million, a year-over-year enhance of 255% as in comparison with $0.8 million in 2021.
• Internet loss within the third quarter totaled $5.4 million, as in comparison with $6.9 million within the third quarter of 2021. Within the nine-month interval ended September 30, 2022, web loss totaled $16.1 million, as in comparison with $16.3 million in 2021.
• Development actions for the Pioneer, Ohio farm website proceed to progress – supported by the current receipt of a brand new Withdrawal and Consumptive Use Allow, enabling expanded water entry to assist future farming operations.
• Obtained approval from the Board of the Toledo Lucas County Port Authority to extend the quantity of bonds for the development of the Pioneer, Ohio farm as much as $425 million.
• Money, money equivalents, marketable securities and restricted money totaled $128.0 million as of September 30, 2022, as in comparison with $191.2 million as of December 31, 2021.
  

Administration Commentary

“All through the third quarter, AquaBounty continued to see robust demand for our salmon from seafood distributor clients,” mentioned Sylvia Wulf, Chief Govt Officer of AquaBounty. “We as soon as once more bought the whole lot we may produce, which mixed with enhancements in our yields, drove a 44% year-over-year enhance in third quarter revenues to $653 thousand. Moreover, our manufacturing operations are seeing the advantage of the salmon biology experience that comes from the scientists and technicians all through our group. Their understanding of the interplay between salmon biology and the RAS surroundings by which our fish develop has enabled us to start to extend our manufacturing effectivity and scale back mortality threat at our Indiana farm, which is realized by way of elevated harvest yields. These learnings are mirrored in our harvest success to-date and have been essential to figuring out course of and design enhancements for our future farm in Pioneer, Ohio.

“Turning to our property in Pioneer, Ohio – we’re happy with development progress to-date and we achieved one other essential milestone in the course of the quarter with the receipt of a brand new Withdrawal and Consumptive Use Allow from the Ohio Division of Pure Sources. This key water allow authorizes water withdrawal of as much as 5.25 million gallons per day, offering the expanded water entry wanted to completely assist the farm’s future operations. We talked about beforehand that our value estimates for the farm’s development had been rising above our goal, because of the historic inflation that’s gripping the financial system. We due to this fact set about to conduct an intensive and detailed analysis of the mission scope, related financial traits and market prices. By way of this course of, now we have decided that the present design of the farm would require greater than $320 million to assemble. Nonetheless, now we have additionally decided that the present design of the farm can assist a manufacturing stage above 10,000 metric tons.

“With the progress made on the farm design and up to date value estimates, we’re once more transferring ahead with the deliberate bond financing, and now we have resumed our efforts with Wells Fargo Company and Funding Banking. With a purpose to mitigate the rise within the development value estimate and the influence of rising rates of interest, now we have obtained approval from the Board of the Toledo-Lucas County Port Authority to extend the quantity of the bond providing as much as $425 million. We at the moment are transferring ahead with an up to date timeline reflecting the bigger bond providing, with the expectation of closing the bond financing within the first quarter of 2023.

“Wanting forward into 2023, we consider the necessity for land-based salmon that’s farmed effectively, sustainably and profitably will proceed to rise as customers go for cleaner proteins that take the stress off totally fished or overfished fisheries. With ongoing market validation, the scale-up of harvests and gross sales at our Indiana farm, and development on the Ohio farm all nicely underway, we’re very optimistic for our shared future and progress within the months forward,” 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 supplies contemporary Atlantic salmon to close by markets by elevating its fish in rigorously monitored land-based fish farms by way 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 supplies an answer leading to a diminished carbon footprint and no threat of air pollution to marine ecosystems as in comparison with conventional sea-cage farming. For extra data on AquaBounty, please go to www.aquabounty.com or observe us on Facebook, Twitter, LinkedIn and Instagram.

Ahead-Wanting Statements

This press launch accommodates “forward-looking statements” as outlined within the Non-public Securities Litigation Reform Act of 1995, as amended, together with concerning the anticipated measurement of AquaBounty’s proposed facility in Ohio; the timing and measurement of the contemplated bond financing; manufacturing capability; timing of development, permits, regulatory approvals; anticipated water withdrawal and consumption; sustainability claims; technological capabilities; value of development; quantity to be invested within the mission; future income streams; 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 could use phrases equivalent to “anticipate,” “anticipate,” “mission,” “intend,” “slated to,” “plan,” “intention,” “consider,” “search,” “estimate,” “can,” “focus,” “will,” “could,” the unfavourable types of these phrases and comparable expressions to establish such forward-looking statements. Among the many necessary components that might trigger precise outcomes to vary materially from these indicated by such forward-looking statements are dangers referring to, 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 circumstances; the satisfaction of closing circumstances; the influence of the bond providing on AquaBounty’s monetary situation, credit standing and inventory worth; whether or not AquaBounty might want to and be capable of elevate extra fairness capital; whether or not AquaBounty will be capable of service the bond commitments, be capable of safe required regulatory approvals and permits, be capable of profitably assemble and function the Pioneer, Ohio farm; AquaBounty’s enterprise and monetary situation, and the influence of normal financial, public well being, business or political circumstances in america and 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 added data concerning these and different dangers confronted by us, please discuss with our public filings with the Securities and Change Fee (“SEC”), out there on the Buyers 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 by which such provide, solicitation or sale can be illegal.

Firm Contact:

AquaBounty Applied sciences

Dave Conley

Company Communications

(613) 294-3078

Media Contact:

Vince McMorrow

Fahlgren Mortine

(614) 906-1671

vince.mcmorrow@Fahlgren.com

Investor Relations:

Lucas A. Zimmerman

MZ Group – MZ North America

(949) 259-4987

AQB@mzgroup.us

AquaBounty Applied sciences, Inc.

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AquaBounty Applied sciences, Inc.

Condensed Consolidated Statements of Operations and Complete Loss

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AquaBounty Applied sciences, Inc.

Condensed Consolidated Statements of Money Flows

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