AquaBounty Q1 revenue fell 59% to $398K; net loss widened to $6.5M

AQUABOUNTY TECHNOLOGIES INC

2023-Q1 EPS reported -$0.09 revenue$397,846

Product revenue of $398K, down from $963K in Q1 2022 due to planned repair downtime at Indiana farm.
Net loss of $6.5M compared to $5.1M in Q1 2022; cash and equivalents fell to $73.8M from $102.6M.
Indiana farm had highest monthly harvest output in March; demand continues to exceed supply.
Construction of Pioneer, Ohio farm progressing; bond financing closing expected mid-2023.
Company expanding conventional salmon egg/fry business and exploring partnerships outside North America.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

AQUABOUNTY TECHNOLOGIES INC reported the quarter ended March 31, 2023 results: revenue $398 thousand, net income Net loss in the first quarter of 2023 was $6.5 million.

Period: the quarter ended March 31, 2023
Revenue: $398 thousand
Net income: Net loss in the first quarter of 2023 was $6.5 million
Result: reported results

Exact text from the filing

AquaBounty Technologies, Inc. (NASDAQ: AQB) (“AquaBounty” or the “Company”), a land-based aquaculture company utilizing technology to enhance productivity and sustainability, today announced the Company’s financial results for the quarter ended March 31, 2023. First Quarter 2023 Highlights and Recent Developments · Generated $398 thousand in product revenue in the first quarter, a year-over-year decrease of 59% as compared to $963 thousand in the first quarter of 2022. · Net loss in the first quarter of 2023 was $6.5 million, as compared to $5.1 million in the first quarter of 2022.

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Source: SEC EDGAR

accession 0001603978-23-000023

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