The Norwegian biotech company Hofseth Biocare reported more losses in its second quarter financial report released Friday.
Earnings before interest, tax, depreciation and amortization (EBITDA) for the quarter were negative NOK 8.36 million (€833,882/$916,900), and although Q2 EBITDA was up 35 percent compared with the second quarter last year, the company still lost money.
Hofseth reported that it secured a contract to sell its Brilliant Salmon Oil to a customer in Shanghai. The amount of the product sold this year exceeds the total amount sold since 2016.
The company's revenues dipped about 14 percent to NOK 12.7 million (€1.3 million/$1.4 million) compared to the same period last year.
In the quarter, the company's hydrolysis plant in Midsund, Norway, processed a combined 3,061 metric tons of salmon and trout raw material, a 19 percent increase from the output last year.
The company expects a stable increase in its supply of raw material from its core suppliers throughout the fiscal year.
Hofseth recently issued 10 percent of its outstanding capital through a private share issue as a means to raise NOK 118 million (€12.3 million/$13.7 million) to use for sales and marketing initiatives, future national and international growth, research and development and the implementation of the company's new facility in Midsund.
Both private and institutional investors from the United States, United Kingdom and Europe took part in the private placement.
This quarter, the company also collaborated with NMBU Oslo to supply early-stage feed, producing 300 kilograms of ShrimpGo Feed Pellets to supply to its partners in Malaysia who will run trials this year.
