AquaBounty Technologies Reports Net Income of $401,135 in Q1 2025, Revenue Drops to $0

AquaBounty Technologies, Inc. reported a net income of $401,135 for the first quarter of 2025, a significant improvement compared to a net loss of $11.2 million in the same period of 2024. The company’s revenue for the quarter was $0, down from $477,268 a year earlier, reflecting the winding down of its fish rearing operations following the sale of its Indiana and Canadian farms. The operating loss decreased to $1.26 million from $2.53 million year-over-year, primarily due to reduced general and administrative expenses, which fell by 35% to $1.56 million.

The company’s financial position showed a notable decrease in total assets, which fell to $29.43 million as of March 31, 2025, from $34.06 million at the end of 2024. Current assets also decreased significantly, primarily due to the sale of assets held for sale, which dropped from $10.82 million to $4.15 million. AquaBounty's cash and cash equivalents increased to $1.37 million from $230,362, largely due to proceeds from asset sales, including $3.72 million from the sale of equipment related to its Ohio Farm Project.

Strategically, AquaBounty has undergone significant changes, including the sale of its Indiana Farm in July 2024 and its Canadian Farms in March 2025. These transactions were part of a broader strategy to streamline operations and focus on its core assets, particularly the Ohio Farm Project. The company has engaged an investment bank to explore funding and strategic alternatives to maximize the value of its remaining assets. As of March 31, 2025, AquaBounty's employee headcount has been reduced, reflecting its shift towards a leaner operational model.

In terms of operational metrics, AquaBounty's discontinued operations reported a loss of $208,629 for the first quarter of 2025, a substantial decrease from a loss of $8.45 million in the prior year. The company has indicated that it will continue to sell non-core assets to improve liquidity and fund ongoing operations. However, AquaBounty faces significant challenges, including a history of cumulative net losses totaling $369 million and ongoing concerns about its ability to raise additional capital to sustain operations.

Looking ahead, AquaBounty's management has expressed uncertainty regarding its ability to continue as a going concern without securing additional funding. The company is actively pursuing various financing options, including potential equity offerings and strategic partnerships, to support its operations and the completion of the Ohio Farm Project. The outlook remains cautious, as the company acknowledges the risks associated with its financial condition and the need for timely capital to maintain its business activities.