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.
