AquaBounty Technologies Announces Third Quarter 2025 Financial Results

Rhea-AI Summary

AquaBounty (NASDAQ: AQB) reported results for the third quarter and nine months ended September 30, 2025. Net loss for Q3 2025 was $1.4 million versus a $3.4 million loss in Q3 2024, which included a $69,000 non-cash impairment related to Ohio equipment. Cash and cash equivalents were $951,000 as of September 30, 2025, up from $230,000 at December 31, 2024.

Regulatory progress: AquaBounty Farms Ohio received a wastewater discharge permit from the Ohio EPA on September 12, 2025, and the Village of Pioneer obtained a right-of-way permit for water lines on October 9, 2025, leaving the Ohio farm project described as fully permitted for its designed RAS activities. Management said it will work with its investment banker on strategic alternatives for the Ohio farm project.

Positive

• Net loss improved to $1.4M in Q3 2025 from $3.4M in Q3 2024
• Cash balance increased to $951K as of Sept 30, 2025 from $230K at Dec 31, 2024
• Regulatory approvals received: Ohio wastewater discharge permit (Sept 12, 2025)
• Right-of-way permit secured for Ohio water lines (Oct 9, 2025), making project fully permitted

Negative

• Q3 2025 net loss remained $1.4M
• Low cash runway with $951K cash and cash equivalents as of Sept 30, 2025
• Non-cash impairment charge of $69K related to Ohio equipment

Insights

Corporate finance analyst

Mixed quarter: smaller net loss and permits granted for Ohio farm, but modest cash balance leaves near-term financing as the key dependency.

AquaBounty reported a narrower net loss of $1.4 million for the quarter ended September 30, 2025, down from $3.4 million in the prior-year quarter; the period included a non-cash impairment of $69 thousand.

The balance sheet showed $951 thousand in cash and cash equivalents as of September 30, 2025, up from $230 thousand at year-end. The company’s subsidiary, Ohio Farm, obtained its wastewater discharge permit and a county right-of-way permit, leaving the project "fully permitted for its designed activities" and prompting work with an investment banker on strategic alternatives.

Key dependencies and risks include the sustainability of the cash balance and the outcome of the strategic process; both will materially affect near-term funding and project execution. Concrete items to watch over the next few quarters: announcements about the investment banker process and any funding or partnership decisions, updated cash and operating burn disclosures, and milestones tied to Ohio Farm construction or capital deployment.

Harvard, Massachusetts--(Newsfile Corp. - October 28, 2025) - AquaBounty Technologies, Inc. (NASDAQ: AQB) ("AquaBounty" or the "Company"), a land-based aquaculture company utilizing technology to enhance productivity and sustainability, today announced the Company's financial results for the third quarter and nine months ended September 30, 2025.

Third Quarter 2025 Highlights

• Net loss for the quarter ended September 30, 2025 was $1.4 million compared to a net loss of $3.4 million for the quarter ended September 30, 2024. Included in the net loss for the current period was a non-cash asset impairment charge of $69 thousand related to certain equipment ("Ohio Equipment Assets") originally intended for the Company's farm in Pioneer, Ohio ("Ohio Farm Project").
• Cash and cash equivalents totaled $951 thousand as of September 30, 2025, as compared to $230 thousand as of December 31, 2024.

Ohio Farm Update

As previously reported, the Company's subsidiary, AquaBounty Farms Ohio LLC (the "Ohio Farm"), received its water withdrawal and consumptive use permit and was working to secure its wastewater discharge permit. On September 12, 2025, the Ohio Farm received a wastewater discharge permit from the Ohio Environmental Protection Agency. Additionally, the Ohio Farm had been working with the Village of Pioneer ("Village") to secure the necessary approvals to place its water and wastewater transmission lines through an existing right-of-way controlled by Williams County ("County"). On October 9, 2025, the Village received its right-of-way permit from the County for the Ohio Farm's water lines.

"With the receipt of these permits, our Ohio farm project is now fully permitted for its designed activities as a land-based, recirculating aquaculture system farm operation," commented David Frank, Chief Financial Officer and Interim Chief Executive Officer. "These developments will allow us to move forward with our investment banker on strategic alternatives for our Ohio farm project."

"We will continue to keep all stakeholders apprised of our progress," concluded Frank.

About AquaBounty

At AquaBounty Technologies, Inc. (NASDAQ: AQB), we are a pioneer in land-based aquaculture. We have located our land-based recirculating aquaculture system farm close to key consumption markets and designed it to prevent disease and to include multiple levels of fish containment to protect wild fish populations. For more information on AquaBounty, please visit www.aquabounty.com.

Forward-Looking Statements

This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995, as amended, including regarding the wind down of the Company's farming operations and its ability to sell available assets. The forward-looking statements in this press release are neither promises nor guarantees, and you should not place undue reliance on these statements because they involve significant risks and uncertainties about AquaBounty. AquaBounty may use words such as "continue," "believe," "will," "may," "expect," the negative forms of these words and similar expressions to identify such forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are: our history of net losses and the likelihood of future net losses; our ability to continue as a going concern; our ability to raise additional funds, including from the sale of non-current assets, in sufficient amounts on a timely basis, on acceptable terms, or at all; our ability to retain and reengage key vendors and engage additional vendors, as needed; our ability to obtain approvals and permits to construct and operate our farms without delay; our ability to finance our Ohio farm project through the placement of municipal bonds, which may require restrictive debt covenants that could limit our control over the farm's operation and restrict our ability to utilize any cash that the farm generates; risks related to potential strategic acquisitions, investments or mergers; risks of disease outbreaks in Atlantic salmon farming; our ability to efficiently and cost-effectively produce and sell salmon at large commercial scale; security breaches, cyber-attacks and other disruptions could compromise our information, or expose us to fraud or liability, or interrupt our operations; any further write-downs of the value of our assets; business, political, or economic disruptions or global health concerns; adverse developments affecting the financial services industry; our ability to use net operating losses and other tax attributes, which may be subject to certain limitations; volatility in the price of our shares of common stock; our ability to maintain our listing on the Nasdaq Stock Market LLC; an active trading market for our common stock may not be sustained; our status as a "smaller reporting company" and a "non-accelerated filer" may cause our shares of common stock to be less attractive to investors; any issuance of preferred stock with terms that could dilute the voting power or reduce the value of our common stock; provisions in our corporate documents and Delaware law could have the effect of delaying, deferring, or preventing a change in control of us; our expectation of not paying cash dividends in the foreseeable future; and other risks and uncertainties discussed in the Company's filings with the Securities and Exchange Commission ("SEC"). Forward-looking statements speak only as of the date hereof, and, except as required by law, AquaBounty undertakes no obligation to update or revise these forward-looking statements. For information regarding the risks faced by us, please refer to our public filings with the SEC, available on the Investors section of our website at www.aquabounty.com and on the SEC's website at www.sec.gov.

Company & Investor Contact:
AquaBounty Technologies
investors@aquabounty.com

Media Contact:
Vince McMorrow
Fahlgren Mortine
(614) 906-1671
vince.mcmorrow@Fahlgren.com

AquaBounty Technologies, Inc.
Consolidated Balance Sheets
(Unaudited)

		As of
	September 30,2025			December 31,2024
Assets
Current assets:
Cash and cash equivalents	$	951,434		$	230,362
Prepaid expenses and other current assets		519,027			292,018
Current assets held for sale		5,000			10,819,909
Total current assets		1,475,461			11,342,289
Property, plant and equipment, net		22,668,000			22,668,000
Right of use assets, net		30,330			51,509
Total assets	$	24,173,791		$	34,061,798
Liabilities and stockholders' equity
Current liabilities:
Accounts payable and accrued liabilities	$	3,069,766		$	10,104,853
Accrued employee compensation		914,067			977,088
Current debt		7,910,684			1,261,039
Other current liabilities		30,330			28,527
Current liabilities held for sale		8,741			3,830,041
Total current liabilities		11,933,588			16,201,548
Long-term lease obligations		—			22,982
Long-term debt, net		—			1,996,558
Total liabilities		11,933,588			18,221,088
Commitments and contingencies
Stockholders' equity:
Common stock, $0.001 par value, 75,000,000 shares authorized;
3,877,695 and 3,865,778 shares outstanding at September 30, 2025 and
December 31, 2024, respectively		3,878			3,866
Additional paid-in capital		386,361,538			386,297,611
Accumulated other comprehensive loss		—			(688,229	)
Accumulated deficit		(374,125,213	)		(369,772,538	)
Total stockholders' equity		12,240,203			15,840,710
Total liabilities and stockholders' equity	$	24,173,791		$	34,061,798

 

AquaBounty Technologies, Inc.
Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Costs and expenses
Sales and marketing	$	—		$	44,167			6,613			187,502
Research and development		—			70,300			—			220,916
General and administrative		1,412,112			1,501,811			4,741,144			7,029,547
Asset impairment, net		68,547			—			1,287,413			26,264,943
Total costs and expenses		1,480,659			1,616,278			6,035,170			33,702,908
Operating loss		(1,480,659	)		(1,616,278	)		(6,035,170	)		(33,702,908	)
Other income (expense)
Interest expense		—			(1,004,120	)		(224,235	)		(2,148,397	)
Loan forgiveness		—			—			2,008,046			—
Other expense, net		(3,671	)		(17,813	)		(11,119	)		(27,136	)
Total other income (expense)		(3,671	)		(1,021,933	)		1,772,692			(2,175,533	)
Loss from continuing operations		(1,484,330	)		(2,638,211	)		(4,262,478	)		(35,878,441	)
Income (loss) from discontinued operations		103,557			(766,120	)		(90,197	)		(29,198,379	)
Net loss	$	(1,380,773	)	$	(3,404,331	)	$	(4,352,675	)	$	(65,076,820	)
Other comprehensive income (loss)
Foreign currency translation gain (loss)		—			65,701			688,229			(107,941	)
Comprehensive loss	$	(1,380,773	)	$	(3,338,630	)	$	(3,664,446	)	$	(65,184,761	)
Basic and diluted net (loss) income per share
from continuing operations	$	(0.38	)	$	(0.68	)	$	(1.10	)	$	(9.30	)
from discontinued operations		0.02			(0.20	)		(0.02	)		(7.57	)
Total basic and diluted net loss per share	$	(0.36	)	$	(0.88	)	$	(1.12	)	$	(16.87	)
Weighted average number of common shares
- basic and diluted		3,877,695			3,865,778			3,872,456			3,858,642

 

AquaBounty Technologies, Inc.
Consolidated Statements of Cash Flows
(Unaudited)

	Nine Months Ended September 30,
	2025			2024
Operating activities
Net loss	$	(4,352,675	)	$	(65,076,820	)
Adjustment to reconcile net loss to net cash used in
operating activities:
Depreciation and amortization		—			868,292
Share-based compensation		63,939			239,693
Long-lived asset impairment		1,287,413			48,733,222
Loan forgiveness		(2,008,046	)		—
Other non-cash items		(100,182	)		43,393
Changes in operating assets and liabilities:
Inventory		—			1,265,142
Prepaid expenses and other assets		(344,671	)		1,041,947
Accounts payable and accrued liabilities		(44,144	)		344,772
Accrued employee compensation		(63,021	)		(208,310	)
Net cash used in operating activities		(5,561,387	)		(12,748,669	)
Investing activities
Purchases of and deposits on property, plant and equipment		—			(2,673,631	)
Proceeds from asset sales		7,105,884			9,511,625
Net cash provided by investing activities		7,105,884			6,837,994
Financing activities
Proceeds from issuance of debt		—			6,759,257
Repayment of term debt		(832,194	)		(9,547,358	)
Net cash used in financing activities		(832,194	)		(2,788,101	)
Effect of exchange rate changes on cash and cash equivalents		8,769			(4,659	)
Net change in cash and cash equivalents		721,072			(8,703,435	)
Cash and cash equivalents at beginning of period		230,362			9,203,869
Cash and cash equivalents at end of period	$	951,434		$	500,434
Supplemental disclosure of cash flow information and non-cash transactions:
Interest paid in cash from continuing operations	$	—		$	2,111,160
Interest paid in cash from discontinued operations	$	16,903		$	81,091
Non-cash conversion of accounts payable to current debt	$	7,386,235		$	—
Property and equipment included in accounts payable and accrued liabilities	$	2,565,881		$	9,473,373

 

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/272133

FAQ

What was AquaBounty (AQB) net loss for Q3 2025?

AquaBounty reported a $1.4 million net loss for the quarter ended Sept 30, 2025.

How much cash did AquaBounty (AQB) have on Sept 30, 2025?

Cash and cash equivalents were $951,000 as of Sept 30, 2025.

Has AquaBounty's Ohio farm received required permits as of October 2025?

Yes; the Ohio farm received a wastewater discharge permit on Sept 12, 2025 and a right-of-way permit for water lines on Oct 9, 2025, making it fully permitted for designed activities.

What was the impairment charge reported by AquaBounty (AQB) in Q3 2025?

The company recorded a $69,000 non-cash asset impairment related to Ohio equipment.

What next steps did AquaBounty (AQB) announce for the Ohio farm project?

Management said it will work with its investment banker on strategic alternatives for the Ohio farm project.