AquaBounty Technologies, Inc.

What they do

AquaBounty historically built land-based recirculating aquaculture system (RAS) farms to produce its genetically engineered Atlantic salmon. It paused construction of the planned 10,000 metric ton Ohio Farm Project in June 2023 after cost estimates rose, then sold its Indiana Farm (July 2024), its Canadian Farms in Prince Edward Island and its Corporate IP covering the GE salmon (March 2025), and sold off Ohio equipment assets through 2024 and 2025. Fish rearing has ceased, headcount has been sharply reduced, and the company retains only a small corporate group; its primary remaining asset is the Ohio Farm Project, consisting of remaining equipment and the land and construction in process.

Revenue drivers

• Ohio Equipment Asset sales — Recurring sales throughout 2024 and 2025 of equipment originally purchased for the Ohio Farm Project were used to generate liquidity, not as an ongoing product line.
• Fish rearing operations (exited) — Historical revenue came from GE Atlantic salmon produced at the Indiana and Canadian farms; these operations were sold in July 2024 and March 2025, respectively.
• Ohio Farm Project (asset monetization) — The remaining Ohio equipment, land and construction in process is the company's principal asset and is being marketed for sale or other value-realizing transaction.

Recent performance

Recent quarterly revenue has collapsed as operations wound down, from $553,250 in the quarter ended 2023-12-31 to $47,812 in the quarter ended 2024-09-30. Annual revenue was $3.1M in 2022 and $2.5M in 2023; annual net losses were $22.3M (2021), $22.2M (2022), $27.6M (2023), $149.2M (2024) and $18.5M (2025), with the 2024 loss heavily driven by impairment charges. Impairment charges totaled $129.8 million in 2024 (including $22.5 million on the Indiana Farm, $26.3 million and $18.2 million on Ohio equipment, $57.3 million on the Ohio Farm Site, and $5.4 million plus $0.2 million on the Canadian Farms and Corporate IP) and $14.4 million in 2025 on the Ohio Farm Project. Operating cash flow improved to negative $8.7M in 2025 from negative $13.9M in 2024. As of 2026-06-30, total assets were $11.7M, total liabilities $8.9M, shareholder equity $2.8M, and cash and equivalents $1.9M.

Strategy

After selling the Indiana Farm, Canadian Farms and Corporate IP, management's stated priority is monetizing the Ohio Farm Project, with an investment bank engaged and a non-binding Letter of Interest received to purchase the Ohio subsidiary. The company has broadened its strategic review beyond aquaculture buyers, targeting developers, utilities, independent power producers and infrastructure investors in the power generation and digital infrastructure sectors; possible structures include an outright sale, joint development, long-term leasing, or direct participation in infrastructure or energy development. It funded itself through a February 2026 equity transaction raising $1.15 million gross, an April 2026 exchange of $4.0 million of Senior Notes principal plus $316 thousand of accrued interest into 236,367 Series A Convertible preferred shares plus a $500 thousand preferred issuance, and a June 2026 sale of 109,223 Series B Convertible preferred shares for $2.25 million gross. The Series A and Series B preferred are convertible into up to 5,275,060 and 2,184,460 common shares, respectively.

Risks

• Going concern — The company states substantial doubt about its ability to continue as a going concern within one year and that it requires new funding, with no assurance capital will be available on acceptable terms or at all.
• Loss history — Cumulative net losses from incorporation through December 31, 2025 were approximately $388 million, with an accumulated deficit of $391 million as of June 30, 2026.
• Single-asset concentration — After the farm and IP sales, the primary remaining asset is the Ohio Farm Project, leaving the company dependent on one asset sale or development transaction for value.
• Further asset write-downs — The company has already recorded $129.8 million of impairments in 2024 and $14.4 million in 2025 and identifies further write-downs of asset value as a risk.

Outlook

Management says it is continuing to work with an investment bank on the optimal path for the Ohio Farm Project, including a possible sale, while broadening its review to power generation and digital infrastructure parties. It also says it will evaluate opportunities to participate directly in infrastructure or energy development where that could enhance long-term shareholder value. The company states that it needs new funding for working capital and its evolving strategic plan, and that its ability to continue as a going concern depends on raising additional capital.