Land-based salmon farmer posts massive drop in cash reserves as losses increase

Embattled land-based salmon producer AquaBounty Technologies widened its net loss in 2023 as the company incurred higher costs from its since-abandoned plans to operate a farm in Indiana.

Losses at the end of the year reached to $27.6 million (€25.7 million), more than $5 million (€4.6 million) higher than in 202, the company reported Monday.

Revenue fell 21 percent on the year to just under $2.5 million (€2.3 million). The company harvested 492 metric tons last year, a 14 percent increase.