Gunnar Aasbo-Skinderhaug
CFO & Deputy CEO

Good day, everyone. Welcome to the Atlantic Sapphire 2025 Financial Results Presentation. My name is Gunnar Aasbo-Skinderhaug. I'm the CFO of the company. And together with me, I have Pedro Courard, the CEO.

Pedro Courard
Chief Executive Officer

Thank you, Gunnar. Hello, everybody. I will continue with the presentation. 2025 was a good year for Atlantic Sapphire. Among our most important improvements, our revenues jumped from $23 million in '24 to more than $43 million in '25, equivalent to an 87% increase. Reasons behind that were the higher volume and higher average weight, allowing us to reach premium prices.

While all operational KPIs improved during 2025, we are now in a challenging financial situation as a consequence of lower revenues and the delay in cost reduction. During March 2026, the company entered into a bridge loan agreement for a total amount of $10 million, expecting to reach a final solution to finance our operation until EBITDA breakeven.

Last year, we were able to validate our Phase 1 from an operational standpoint, keeping a stable biology while we consistently increased production parameters like standing biomass and harvest. In terms of operations, the last pending goal is improving feed conversion process that is linked to the biofiltration and degassing projects that are currently under execution.

Being feeding capacity one of our most important KPIs, we have consistently increased it during the last 6 quarters, showing a good path. Losses have been low, in level, not higher than 1% in the saltwater stage. While feed conversion is higher than our ambitions, we are working on a specific plan to improve this relevant parameter.