AQUABOUNTY TECHNOLOGIES INC AQB
AquaBounty has historically pursued a growth strategy that included the construction of large-scale recirculating aquaculture system ("RAS") farms for producing our genetically engineered Atlantic salmon (the "GE Atlantic salmon"). We had commenced construction of a 10,000 metric ton farm in Pioneer, Ohio (the "Ohio Farm Project"), but paused the construction in June 2023, as the cost estimate to complete the farm continued to substantially increase due to inflation and other factors. Further, these cost increases impaired our ability to pursue municipal bond financing, which was a necessary component of our funding strategy. We subsequently engaged an investment bank to pursue a range of funding and strategic alternatives, and to assist management in the prioritization of our core assets. These efforts resulted in the sale of our grow-out farm in Indiana ("Indiana Farm") in July 2024, recurring sales throughout 2024 and 2025 of selected equipment originally intended for the Ohio Farm Project ("Ohio Equipment Assets"), and the sale of our Canadian subsidiary, including the broodstock farms owned by the Canadian subsidiary in Prince Edward Island, Canada ("Canadian Farms"), and our intellectual property for the GE Atlantic salmon, along with trademarks and patents ("Corporate IP") in March 2025. After completion of these transactions, our primary remaining asset is our investment in the Ohio Farm Project, consisting of the remaining Ohio Equipment Assets and the land and construction in process (the "Ohio Farm Site"). We continue to work with an investment bank to identify the optimal path forward for realizing the potential of this asset, including its possible sale.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | $2.5M | $3.1M | $1.2M | $127.7K | $186.7K | $84.5K | $53.3K | $0 |
| Cost of revenue | — | — | — | — | — | — | $3.6M | $2.6M | $1.2M | $0 |
| Gross profit | — | — | — | — | — | — | -$3.4M | -$2.5M | -$1.1M | $0 |
| R&D | — | $203.3K | $506.2K | $904.0K | $2.1M | $2.4M | $2.4M | $3.5M | $3.4M | $3.4M |
| SG&A | $4.0M | $9.0M | $12.5M | $9.8M | $9.1M | $6.8M | $6.7M | $4.1M | $3.9M | $3.8M |
| Total operating expenses | $4.0M | $9.6M | $13.7M | $25.5M | $23.3M | $16.4M | $13.4M | $10.5M | $9.3M | $8.1M |
| Operating income | -$4.0M | -$9.6M | -$13.7M | -$22.3M | -$22.1M | -$16.2M | -$13.2M | -$10.4M | -$9.2M | -$8.1M |
| Interest expense | $206.1K | $1.7M | $235.0K | $291.2K | $316.4K | $152.4K | $63.0K | $22.3K | $21.5K | $402.6K |
| Pre-tax income | -$2.2M | -$11.4M | -$13.8M | -$22.2M | -$22.3M | -$16.4M | -$13.2M | -$10.4M | -$9.3M | -$8.5M |
| Income tax | $0 | $0 | $0 | $0 | $0 | — | $0 | $0 | $0 | $0 |
| Net income | -$18.5M | -$149.2M | -$27.6M | -$22.2M | -$22.3M | -$16.4M | -$13.2M | -$10.4M | -$9.3M | -$8.5M |
| EPS, basic | -4.77 | -38.65 | -7.17 | -5.78 | — | — | — | — | — | — |
| EPS, diluted | -4.77 | -38.65 | -7.17 | -5.78 | -0.32 | -0.45 | -0.66 | -0.94 | -1.06 | -1.60 |
| Shares, diluted (wtd. avg.) | 3.9M | 3.9M | 3.8M | 3.8M | 69.4M | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $501.3K | $230.4K | $9.2M | $102.6M | $89.5M | $96.3M | $2.8M | $3.0M | $506.3K | $3.3M |
| Short-term investments | — | — | — | — | $101.8M | — | — | — | — | — |
| Receivables | — | — | $855.9K | $337.2K | — | — | — | — | — | — |
| Inventory | — | — | $1.7M | $2.3M | $1.3M | $1.5M | $1.2M | $76.1K | $172.4K | $0 |
| Total current assets | $10.3M | $11.3M | $31.0M | $106.0M | $193.0M | $97.7M | $4.5M | $3.5M | $1.4M | $3.6M |
| Property, plant and equipment | — | $22.7M | $144.1M | $106.3M | $33.8M | $26.9M | $25.1M | $23.7M | $21.8M | $1.7M |
| Other intangibles | — | — | $204.4K | $218.1K | $231.8K | $245.5K | $157.6K | $171.3K | $185.0K | $198.7K |
| Total assets | $10.3M | $34.1M | $187.6M | $213.8M | $228.4M | $125.8M | $30.2M | $27.7M | $23.7M | $5.7M |
| Accounts payable | $337.0K | $893.0K | $12.1M | $12.0M | $4.3M | $1.2M | $809.4K | $824.9K | $2.7M | $1.0M |
| Short-term debt | — | $1.3M | $524.5K | $2.4M | $627.4K | $259.9K | $163.2K | $71.6K | $49.8K | $17.9K |
| Total current liabilities | $8.7M | $16.2M | $14.8M | $15.4M | $5.9M | $2.1M | $1.7M | $916.9K | $2.7M | $1.0M |
| Long-term debt | $3.5M | $2.0M | $4.5M | $6.3M | $8.5M | $8.5M | $4.4M | $3.5M | $3.0M | $2.6M |
| Total liabilities | $12.2M | $18.2M | $22.5M | $21.9M | $14.6M | $10.9M | $6.5M | $4.4M | $5.8M | $3.7M |
| Retained earnings | -$388.3M | -$369.8M | -$220.6M | -$193.0M | -$170.9M | -$148.5M | -$132.1M | -$118.9M | -$108.5M | -$99.3M |
| Total equity | -$1.9M | $15.8M | $165.0M | $191.9M | $213.8M | $114.9M | $23.8M | $23.2M | $18.0M | $2.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$8.7M | -$13.9M | -$24.2M | -$21.0M | -$20.5M | -$14.3M | -$11.2M | -$9.8M | -$9.1M | -$7.4M |
| Depreciation and amortisation | — | $904.1K | $2.2M | $2.0M | $1.8M | $1.5M | $1.3M | $843.4K | $184.9K | $154.0K |
| Stock-based compensation | $70.6K | $299.4K | $542.3K | $535.1K | $394.2K | $436.7K | $872.2K | $263.4K | $122.1K | $218.3K |
| Capital expenditure | — | $2.9M | $68.9M | $67.5M | $5.7M | $4.0M | $2.3M | $4.0M | $18.9M | $934.5K |
| Investing cash flow | $7.1M | $7.6M | -$68.9M | $34.4M | -$107.5M | -$3.2M | -$2.5M | -$4.1M | -$19.0M | -$1.1M |
| Financing cash flow | $1.9M | -$2.7M | -$308.5K | -$162.4K | $121.2M | $111.0M | $13.5M | $16.4M | $25.2M | $10.5M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001603978-26-000056.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $53.3K | $84.5K | $186.7K | $127.7K | $1.2M | $3.1M | $2.5M | — | — |
| Gross profit | $0 | -$1.1M | -$2.5M | -$3.4M | — | — | — | — | — | — |
| Net income | -$8.5M | -$9.3M | -$10.4M | -$13.2M | -$16.4M | -$22.3M | -$22.2M | -$27.6M | -$149.2M | -$18.5M |
Recent filings and events
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Shareholder rights changed Item 3.03
- Charter or fiscal year changed Item 5.03
- Material agreement signed Item 1.01
- Unregistered share sale Item 3.02
- Shareholder rights changed Item 3.03
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.