Miami, FL, February 27, Atlantic Sapphire ASA (along with its subsidiaries the "Company") reports that the previously announced biomass adjustment to prioritize harvest size was completed in February. Over the past 18 months, the operational performance has significantly improved with stable water temperature, water quality, and very low mortality. Based on this, the company is on track to deliver on its short-term strategy to produce high quality salmon with gradually increasing harvest weights over the coming months.
Following earlier announcements, the short-term focus has prioritized larger harvest sizes with a reduction of number of fish per batch. Even though the operational performance is seeing continuous improvements, the biomass adjustment has delayed the timing of EBITDA break even, which is now based on our latest production plans delayed beyond Q425. The second stage of our strategy is now being implemented and will lay the ground for gradually increasing volumes through increased feeding capacity.
These operational improvements provide a strong foundation for the company’s current activities and planned expansion into Phase 2. Preparations for Phase 2 are advancing, and the company plans to complete a capital raise in the second half of 2025. This funding will allow us to resume construction of Phase 2 and set the company up for annual production of 25,000 tons of salmon once Phase 1 and Phase 2 are fully operational.