AquaBounty Technologies, Inc. Reports Net Loss of $19.1 Million for Nine Months Ending September 30, 2023
Company Records $1.9 Million in Revenues Amid Challenging Market Conditions
AquaBounty Technologies, Inc.(AQB), a biotechnology company specializi ng in sustainable seafood production, has released its financial results for the nine months ending September 30, 2023. The company reported a net loss of $19.1 million during this period. Despite facing ongoing market challenges, AquaBounty recorded $1.9 million in revenues, showcasing its commitment to advancing the aquaculture industry.
Decline in Current Assets
The condensed consolidated balance sheets reveal a significant decline in current assets from the previous year. Cash and cash equivalents decreased from $101.6 million in December 2022 to $16.8 million in September 2023. This reduction is indicative of the company's efforts to allocate resources more efficiently.
Steady Growth in Non-Current Assets
While current assets have declined, AquaBounty's non-current assets have shown steady growth. Property, plant, and equipment increased from $106.3 million in December 2022 to $168.7 million in September 2023. This expansion reflects the company's ongoing investments in infrastructure to support its innovative seafood production methods.
Liabilities and Stockholders' Equity
AquaBounty's liabilities, including accounts payable, accrued liabilities, and long-term debt, amounted to $19.4 million. The company's stockholders' equity stood at $173.2 million, demonstrating its strong financial foundation.
Financial Performance
AquaBounty's financial performance for the nine months ending September 30, 2023, reveals the following key figures:
Revenues
The company reported total revenues of $1.9 million, with $733,133 coming from product revenues. Despite challenging market conditions, AquaBounty has maintained a revenue stream, highlighting its potential in the aquaculture sector.
Costs and Expenses
The costs and expenses associated with product costs, sales and marketing, research and development, and general and administrative activities amounted to $20.9 million. These costs reflect the company's investments in research and infrastructure to support its long-term growth.
Operating Loss
AquaBounty reported an operating loss of $19 million, reflecting the challenges of expanding in the aquaculture industry. However, the company remains committed to its mission of producing sustainable seafood.
Other Financial Details
AquaBounty Technologies' condensed consolidated statements of cash flows for the nine months ending September 30, 2023, reveal the following:
Operating Activities
The company reported a net cash outflow of $18.5 million from operating activities. This includes adjustments for depreciation, share-based compensation, and changes in operating assets and liabilities.
Investing Activities
AquaBounty invested $66.3 million in property, plant, and equipment during the period, demonstrating its commitment to expanding its aquaculture infrastructure.
Financing Activities
Financing activities involved the issuance of debt, repayment of term debt, and the exercise of stock options and warrants, with a net cash outflow of $147,863.
Changes in Cash Position
The company reported a significant decrease in its cash position, reducing it from $102.6 million to $17.8 million during the nine-month period.
AquaBounty Technologies, Inc. remains focused on its mission to revolutionize sustainable seafood production and is committed to addressing the challenges it faces in the aquaculture industry. Despite the reported net loss, the company's continuous efforts and investments signal a promising future in the world of sustainable seafood production.
