GM salmon producer AquaBounty Technologies has hired Dennis Bryant as its new director of sales. The company is preparing to begin selling its AquAdvantage land-based salmon in the US market.
Bryant, formerly the managing director for farmed salmon supplier Ocean Quality USA, brings extensive experience in seafood sales to the position.
In his role at Ocean Quality, Bryant was responsible for sales, marketing, distribution, and financial results for the company’s portfolio of fresh, farmed Atlantic salmon in the US market.
Before that, Bryant was director of program sales for the seafood distributor Buckhead Meat and Seafood of Houston. Bryant also has direct experience in foodservice, having worked with several restaurant groups, the company said on Tuesday.
Bryant also will manage external relationships with AquaBounty’s processing partners and freight carriers specifically related to customer order fulfillment, service and satisfaction.
Last month, AquaBounty posted a fourth quarter loss of $6.1 million (€5.1 million), nearly double the $3.4 million (€2.9 million) loss in the same quarter a year ago. The company is expected to ship its first batch of GM salmon to US wholesalers in April.
Revenue in the quarter was $50,197 (€42,185), compared to $46,367 (€38,966) in the same quarter a year ago. Sales were impacted by the continued effects of the COVID-19 pandemic on demand in the foodservice industry, which prompted AquaBounty to temporarily place a hold on commercial harvests of AquAdvantage salmon until April, the company said.
For the full year, the company reported a net loss of more than $16.3 million (€13.7 million), up from the $13.2 million (€11 million) it lost in 2019. Revenue for the full year was less than $128,000 (€107,560).
The company improved its balance sheet with $192.3 million (€161.6 million) in gross proceeds from the closing of underwritten public offerings of common stock in December 2020 and February 2021, providing the financing to fund the expected cost of building its third farm.
In the offering prospectus, AquaBounty warned that "significant" losses are expected for the foreseeable future, and added that it may never "achieve or maintain profitability" despite its ambitious plans.