AquaBounty Technologies, Inc. (NASDAQ: AQB) saw its shares lose strength Thursday. The Harvard, Mass.-based company, a land-based aquaculture company utilizing technology to enhance productivity and sustainability, today announced the Company's financial results for the year ended December 31, 2024.
Product revenue totaled $789 thousand, a year-over-year decrease of 68% as compared to $2.5 million in 2023, as the Company sold its Indiana grow-out farm in July and began to wind down its fish rearing operations at its two Canadian farm sites in December. Both the Indiana Farm and Canadian Farms have been designated as discontinued operations.
Net loss for the year ended December 31, 2024 increased to $149.2 million compared to $27.6 million in 2023. Included in the loss for 2024 were asset impairment charges of $129.8 million related to the Company's Indiana Farm, Canadian Farms, Ohio equipment assets, Ohio farm construction site and corporate intellectual property.
Construction activities for the Ohio Farm Site remained on pause throughout 2024, pending new sources of financing.
Said CFO David Frank, "AquaBounty entered 2024 with the goal of raising new funds to allow for the recommencement of construction activities at our Ohio Farm Site, but ultimately our efforts were unsuccessful. We therefore had to pivot our focus to selling non-core assets to generate liquidity.”
AQB shares docked 18.75 cents, or 18.8%, to 83.25 cents.
