Nordic Halibut reports growth while facing Q4 loss
The Norwegian aquaculture firm records a rise in biomass and revenue despite posting a quarterly net loss.
NORWAY – Nordic Halibut AS has reported an increase in production and sales revenue in its latest financial results, though the company remains in the red for the fourth quarter of 2024.
The Norwegian halibut farmer recorded a 21% increase in biomass at sea, reaching 443 tonnes by the end of the quarter.
Harvest volumes stood at 171 tonnes harvested weight (HOG), an improvement from the 145 tonnes recorded in the same quarter the previous year.
The company also saw a rise in average harvest weight, which grew from 5.5 kg to 6.3 kg HOG, aligning with its focus on larger fish sizes.
Nordic Halibut stated that strong demand helped push its average sales price to US$16.78 (NOK 183) per kg HOG, marking a 12% rise from last year.
Nearly all harvested fish—99%—met the “superior quality” classification, according to the company.
Total revenue for the quarter reached US$2.91 million (NOK 31.7 million), reflecting a 24% increase compared to the same period in 2023.
Despite higher sales, the company remained unprofitable, with an EBITDA of negative US$580,000 (NOK -6.3 million) and a net loss of US$2.21 million (NOK -24.1 million) for the quarter.
For the full year 2024, total revenue stood at US$8.3 million (NOK 90.6 million), while EBITDA came in at negative US$3.42 million (NOK -37.3 million).
Expansion Plans Move Forward
Nordic Halibut is moving ahead with its strategy to scale up operations and increase profitability through larger fish sizes.
The company stated that harvest volumes are likely to dip in 2025 and 2026 as it builds up biomass but expects higher margins in the long run due to premium pricing on bigger fish.
The company has set a production target of 4,500 tonnes HOG per year by 2027 and aims to reach 10,350 tonnes HOG by 2031.
Nordic Halibut confirmed that construction on its Tingvoll production facility is scheduled to begin in the first quarter of 2025.
The land-based flow-through facility is expected to become fully operational by 2027.
To support its expansion, the company raised US$26.1 million (NOK 285 million) from existing investors in January 2025 and secured an additional US$5.5 million (NOK 60 million) in overdraft financing.
As of December 31, 2024, Nordic Halibut’s total equity stood at US$37.3 million (NOK 407 million).
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