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Atlantic Sapphire aims for recovery in 2024 amidst prior temperature challenges

Atlantic Sapphire is hoping to have a better 2024 after the problems it experienced in 2023 with high water temperatures.

The company experienced high water temperature issues from July to September resulting in slower growth in Q3 2023, with a net biomass gain of approximately 100t RLW and projected that it’ll have about 300 tonnes in the Q4 of 2023. 

According to its Q3 operational update, the RAS producer expects to reach an EBITDA (earnings before interest tax depreciation and amortization) break-even point by 2024 summer.

With the temperature issue behind them, the biomass is being monitored but “we continue to expect a material uptick in biomass gain and harvest volume despite a higher share of the biomass showing signs of maturation now than in September,” the operational update states.

Atlantic Sapphire expects the following improvements in the new year:

▪ Standing biomass expected to have reached Phase 1 budgeted level.

▪ Material ramp-up of harvest volumes, supported by growth rates and mortality in line with phase 1 business plan, is expected to significantly reduce cash burn.

▪ Reaching EBITDA break-even towards the end of the first half of 2024, assuming biological performance will return to the same level as in June 2023.