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Here are 1-2 brief analogies for AquaBounty Technologies (AQB):

• Tesla for genetically engineered salmon. (Implies a pioneering company using advanced biotechnology to disrupt a traditional industry with a novel product.)
• Like Impossible Foods or Beyond Meat, but for genetically engineered fish. (Highlights the food biotechnology aspect and the creation of a novel, alternative animal protein source through scientific innovation.)

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• AquAdvantage Salmon: A genetically engineered Atlantic salmon designed to grow faster and more efficiently than conventional farm-raised salmon.
• AquAdvantage Salmon Eggs: Genetically engineered salmon eggs sold to aquaculture facilities for producing AquAdvantage Salmon.

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AquaBounty Technologies (AQB) sells its AquAdvantage Salmon primarily to other businesses rather than directly to individual consumers.

While AquaBounty does not publicly disclose the specific names of its major customer companies due to competitive reasons, their sales are directed towards the following categories of businesses in the seafood supply chain, primarily in the United States and Canada:

• Seafood Distributors: These companies purchase salmon from AquaBounty and then resell it to a variety of clients, including restaurants, hotel chains, institutional food service providers, and grocery retailers.
• Food Service Customers: This category often includes larger food service providers or direct buyers for restaurant groups and institutional caterers that purchase seafood for preparation and serving to end-consumers.

AquaBounty's sales strategy focuses on establishing and expanding relationships within these business-to-business channels to bring AquAdvantage Salmon to the broader market.

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• BioMar (parent company: Schouw & Co., NASDAQ Copenhagen: SCHO)

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David Frank
CFO, Treasurer and Interim CEO

David Frank was appointed Interim Chief Executive Officer of AquaBounty Technologies on December 6, 2024, while continuing to serve as the company's Chief Financial Officer and Treasurer, a role he has held since October 2007. He possesses over 28 years of financial-management experience and has extensive experience with early-stage public and private companies, including completing financing transactions for initial start-up, growth, and mergers and acquisitions. Prior to AquaBounty, Mr. Frank served as President and General Manager of TekCel LLC and as Chief Financial Officer for Magellan Biosciences (TekCel's parent company) since its founding in 2004. He also served as CFO of SmartEnergy during a period of rapid growth, increasing revenue from under $1 million to over $45 million between 2000 and 2002. Earlier in his career, he was the corporate controller for Moldflow during its successful public offering and held financial positions at PerSeptive Biosystems, Lotus Development Corporation, Apollo Computer, and Honeywell. Mr. Frank has 17 years of experience in the seafood and aquaculture industries.

Alejandro Rojas, DVM
Chief Operating Officer

Alejandro Rojas joined AquaBounty as the Chief Operating Officer of its AquaBounty Farms division in February 2014. Before his time at AquaBounty, Dr. Rojas served as the Production and Technical Manager for Marine Harvest from 1988 to 2000. With a doctorate in veterinary medicine, he has also spent 14 years as a technical advisor and consultant for numerous global aquaculture and biotech companies specializing in marine fish.

Mark Walton, Ph.D.
Chief Technology Officer

Mark Walton was appointed Chief Technology Officer in August 2019, having previously held roles at AquaBounty as Vice-President for Research and Development and Regulatory Affairs, and Global Director of Regulatory Affairs. Dr. Walton has a background in agricultural biotechnology, having started Linkage Genetics in 1990, which was the first DNA testing company to offer molecular marker services to plant and animal breeders. His prior experience also includes serving as President of ViaGen, a prominent animal cloning company, Chief Business Officer for Recombinetics, a company known for developing Polled Holstein cattle through gene editing, and Executive Vice-President for Research and Technology at RiceTec, a global hybrid rice seed company.

Chris Beattie
Chief Scientific Officer

Chris Beattie serves as the Chief Scientific Officer at AquaBounty Technologies.

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1. Severe Financial Distress and Liquidity Crisis: AquaBounty Technologies reported a net loss of $149.2 million in fiscal year 2024, a substantial widening from the previous year, primarily due to $129.8 million in asset impairment charges. Its cash position plummeted to a critical $230,000 by the end of 2024, down from $9.2 million in 2023. This dire financial situation forced the company to sell core assets, including its Indiana grow-out farm, Canadian farm operations, and even its AquAdvantage salmon intellectual property, to generate essential liquidity. The construction of its Ohio Farm project remains suspended due to a lack of financing, and the company is actively exploring strategic alternatives for this project. The company has a history of net losses and faces significant uncertainty regarding achieving or maintaining profitability.
2. Cessation of Core Fish Farming Operations: Due to insufficient liquidity, AquaBounty announced plans to cease all fish farming operations, which included winding down its Bay Fortune facility, culling all remaining fish, and significantly reducing its workforce. This decision effectively means AquaBounty is no longer a producer of genetically modified salmon, fundamentally altering its identity and market position. The divestiture of its AquAdvantage salmon technology and patents is particularly concerning as it represents the loss of its unique competitive advantages and future growth potential.
3. Uncertainty of Future Business Model and Viability: With the operational shutdown of its salmon farming activities, AquaBounty's future is highly uncertain and hinges on its ability to monetize remaining assets and potentially pivot into an entirely new business model or find a buyer for its intellectual property. The company has not provided any financial outlook or specific forward guidance, with management focused on asset sales and liquidity preservation. This dramatic shift raises profound questions about the long-term viability of the company and the commercial-scale production of genetically modified food.

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The rise of large-scale, land-based recirculating aquaculture systems (RAS) for farming conventional (non-genetically engineered) Atlantic salmon presents a clear emerging threat. Numerous companies are investing heavily in and developing large-scale RAS facilities that aim to produce significant volumes of salmon sustainably, close to consumer markets, and with reduced environmental impact, similar to AquaBounty’s model. These conventional RAS farms directly compete with AquaBounty’s AquAdvantage Salmon, offering a non-GMO alternative that satisfies many of the same consumer and environmental concerns that AquaBounty aims to address, potentially diminishing the unique market advantage of AquaBounty's genetically engineered product.

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The main product of AquaBounty Technologies (AQB) is the AquAdvantage salmon, a genetically engineered Atlantic salmon designed for accelerated growth. This salmon is produced in land-based Recirculating Aquaculture Systems (RAS).

The addressable markets for AquaBounty's products and services include:

• Global Land-Based Salmon Farming Market: This market, directly relevant to AquaBounty's product, was valued at USD 1.5 billion in 2020 and is projected to grow at a Compound Annual Growth Rate (CAGR) of 9.7% from 2021 to 2028.
• Global Land-Based Aquaculture Market: The broader market for aquaculture conducted on land was valued at approximately USD 6.257 billion in 2025 and is expected to reach USD 16.55 billion by 2034, growing at a CAGR of about 11.41% from 2025 to 2034.
  • For the U.S., the land-based aquaculture market size is projected at USD 1.93964 billion in 2025.
• Global Recirculating Aquaculture System (RAS) Market: This market represents the technology AquaBounty utilizes. It was valued at approximately USD 5.2 billion in 2024 and is predicted to reach USD 13.0 billion by 2034, at a CAGR of 9.6% during the forecast period of 2025-2034.

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AquaBounty Technologies (AQB) faces a challenging financial landscape, marked by recent operational wind-downs and asset sales. However, the company's future revenue growth over the next 2-3 years is anticipated to be driven by a few key strategic areas, contingent on securing necessary funding and successfully executing its pivot.

1. Recommencement of Ohio Farm Project and Increased Production Capacity: A primary driver of future revenue growth hinges on AquaBounty's ability to secure new financing to restart and complete the construction of its Pioneer, Ohio farm site. This facility is planned for an annual production capacity of 10,000 metric tons of AquAdvantage Salmon. The recommencement of this project and the eventual operation of the Ohio farm would significantly increase AquaBounty's production capabilities and, consequently, its sales volume of genetically engineered salmon.

2. Expanded Market Penetration and Distribution Channels in North America: AquaBounty aims to expand its market reach, particularly across North America, for its AquAdvantage Salmon. Strategic partnerships with major retail chains and efforts to integrate into the supply chain with seafood processors, distributors, and retailers are expected to facilitate wider availability and customer adoption of their product, thereby boosting revenue.

3. Product Innovations and Advancements in Production Technology: Continued innovation in production methods, including advancements in genetically engineered salmon and the utilization of land-based recirculating aquaculture systems (RAS), are expected to contribute to revenue growth. These innovations aim to lower costs, increase output, and offer a sustainable food source, which aligns with rising demand for eco-friendly options.

4. Leveraging Regulatory Approvals: The existing regulatory approvals for AquAdvantage Salmon in the U.S. and Canada provide a foundation for commercial sales. Future revenue growth could be bolstered by successful navigation of any further regulatory processes, which would allow for smoother operational scalability and potential expansion into new markets beyond current approvals.

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Share Issuance

• AquaBounty Technologies completed a public offering in February 2020, generating approximately $15.5 million in gross proceeds.
• In August 2020, the company raised approximately $31.625 million in total gross proceeds from a public offering and the full exercise of an over-allotment option.

Inbound Investments

• In March 2025, AquaBounty recorded a non-cash gain of $2.0 million due to the forgiveness of an outstanding loan.
• In October 2025, the company entered into Note Purchase Agreements for the issuance and sale of Senior Notes, expecting to receive $4 million in gross proceeds.

Capital Expenditures

• AquaBounty initially planned significant capital expenditures for its Ohio Farm Project, with cost estimates that grew to over USD 375 million before construction was paused in June 2023.
• To generate liquidity, AquaBounty sold its Indiana Farm in July 2024 and its Canadian Farms in March 2025 for net proceeds of $1.9 million, which included intellectual property for its genetically engineered Atlantic salmon.
• The company also sold certain equipment originally intended for the Ohio Farm Project, generating net proceeds of $2.3 million in February 2025 and $2.4 million in June 2025.