AquaBounty Q1 net loss $11.2M, impairment charges, cash drops to $3.6M, secures bridge loan

AQUABOUNTY TECHNOLOGIES INC

2024-Q1 EPS reported -$2.90 vs consensus -$1.54 ▼ miss (-88.5%)

Net loss $11.2M vs $6.5M a year ago; includes $4.3M impairment on Indiana farm assets and $1.0M inventory write-down.
Cash and restricted cash $3.6M at Mar 31, down from $9.2M at Dec 31, 2023.
Executed bridge loan up to $10M secured by farm assets; $5M drawn to date.
Decided to sell Indiana farm; harvested >320mt of fish (majority below market weight) in preparation.
PEI farm generated $82k revenue from conventional salmon eggs; secured large order from major salmon producer.

item 2.02 item 9.01

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Earnings Releases SEC 8-K Item 2.02 confidence 0.85

AQUABOUNTY TECHNOLOGIES INC reported financial results for the first quarter ended March 31, 2024.

Period: the first quarter ended March 31, 2024
Result: reported results

Exact text from the filing

On May 15, 2024, AquaBounty Technologies, Inc. issued a press release regarding its financial results and corporate updates for the quarter ended March 31, 2024.

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Source: SEC EDGAR

accession 0001603978-24-000034

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