Land-based farmed salmon producer AquaBounty on Thursday announced a slight improvement in second-quarter earnings as the company moves closer to scaling production of it genetically engineered AquAdvantage salmon.
The company touted completing its first harvest at AquaBounty's land-based recirculating aquaculture system (RAS) farm in Indiana. The harvest is a key part of the company's plan to deliver US consumers its much-anticipated genetically engineered AquAdvantage salmon later this year.
The company plans its first AquAdvantage salmon harvest at its Prince Edward Island, Canada, farm in first first quarter of next year, AquaBounty CEO Sylvia Wulf said.
The Indiana-based farm expects to ramp up monthly harvest of conventional salmon throughout the summer and plans to reach 100 metric tons per month by early 2021.
While the ongoing coronavirus pandemic has slightly delayed the company's US expansion plans, it said it will select the location for its proposed 10,000 metric-ton farm later this year, and plans to start construction next year. The company has hired CRB USA to design the facility.
AquaBounty experienced a net loss of $6.6 million (€5.6 million) in the second quarter of this year, which was a 2.9 percent improvement over the $6.8 million (€5.7 million) loss the company experienced through the second quarter of last year.
Cash used in operations for the company increased by 34.6 percent to $7 million (€5.9 million) from the previous year, with growth of fish inventory biomass being a primary driver.
The company also announced it received a $4 million (€3.4 million) loan to fund capital improvements and automation equipment at its Indiana farm.