Massachusetts-based company AquaBounty Technologies has sold its first batch of genetically modified AquAdvantage salmon to undisclosed Canadian customers, it announced in its latest earnings report on August 4.
The five tons of fish were shipped from the company’s farm site in Panama, and accounted for a sales revenue of $53,000 for the reported quarter, with the gross margin on product sales reaching $3,000.
“This quarter marked two milestone events for AquaBounty—the purchase of our first commercial farm site for the production of our eco-friendly AquAdvantage Salmon in the United States and the very first sales of AquAdvantage Salmon,” said Ronald Stotish, Chief Executive Officer of AquaBounty. “The sale and discussions with potential buyers clearly demonstrate that customers want our fish, and we look forward to increasing our production capacity to meet demand.”
Operating expenses for the company during the current quarter period were slightly up to $2.1 million from USD $2 million during the corresponding period last year – the result of “the increased costs associated with being a public company in the United States,” AquaBounty said.
The company purchased assets of the Bell Fish Company’s farm site in Albany, Indiana for $14.2 million during the second quarter of 2017, and gained provincial approval from the Prince Edward Island regulatory authorities to construct a broodstock facility and a grow-out facility on its Rollo Bay site moving forward, according to the earnings report.
This story originally appeared on SeafoodSource.com. It is reprinted with permission.