Executive Summary

Q3 2025 net loss narrowed to $1.38M from $3.40M in Q3 2024 as operating loss improved with sharply lower non-cash impairments; basic/diluted EPS was $(0.36) vs $(0.88) YoY .
Operating loss improved to $(1.48)M from $(3.29)M in Q2 2025, driven by reduced G&A and a much smaller impairment ($0.07M vs $1.53M in Q2) .
Liquidity rose modestly: cash and cash equivalents were $0.95M at 9/30/25, up from $0.73M at 6/30/25, supported by YTD asset sale proceeds of $7.11M through Q3 .
Regulatory milestone: the Ohio Farm project is now fully permitted (wastewater discharge permit received 9/12 and right-of-way for water lines 10/9), enabling the company to “move forward with our investment banker on strategic alternatives” for the project—potential catalyst if monetized .

What Went Well and What Went Wrong

What Went Well

Net loss improvement: $(1.38)M vs $(3.40)M YoY; EPS $(0.36) vs $(0.88) YoY, reflecting lower operating losses and reduced non-cash charges .
Cost/impairment discipline: Q3 impairment was $0.07M vs $1.53M in Q2; operating loss tightened to $(1.48)M from $(3.29)M sequentially .
Permitting achieved for Ohio Farm: “now fully permitted” after wastewater and right-of-way approvals, positioning AQB to pursue strategic alternatives per Interim CEO/CFO David Frank .

What Went Wrong

Revenue visibility remains limited: the Q3 statement of operations does not present a revenue line, constraining margin analysis and traditional P&L leverage assessment .
Balance sheet pressure persists: current debt remained high at $7.91M at 9/30/25, while stockholders’ equity fell to $12.24M from $16.97M at 3/31/25 .
Ongoing going-concern and listing risks: forward-looking section reiterates risks around funding, asset sales, and maintaining Nasdaq listing, highlighting capital structure uncertainty .

Financial Results

P&L Summary (Quarterly; oldest → newest)

Metric	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Revenue (reported)	Not presented	Not presented	Not presented	Not presented
Operating Income (Loss) ($M)	$(1.62)	$(1.26)	$(3.29)	$(1.48)
Total Other Income/(Expense) ($M)	$(1.02)	$1.87	$(0.09)	$(0.00)
Net Income (Loss) ($M)	$(3.40)	$0.40	$(3.37)	$(1.38)
Basic & Diluted EPS ($)	$(0.88)	$0.10	$(0.87)	$(0.36)
Asset Impairment ($M)	$—	$—	$1.53	$0.07

Notes: “Not presented” indicates the statement of operations did not include a revenue line item in the referenced filing .

Balance Sheet & Liquidity (Quarter-end)

Metric	Q1 2025	Q2 2025	Q3 2025
Cash & Cash Equivalents ($M)	$1.37	$0.73	$0.95
Current Debt ($M)	$1.09	$8.51	$7.91
Long-Term Debt ($M)	$0.00	$0.00	$0.00
Stockholders’ Equity ($M)	$16.97	$13.61	$12.24

Cash Flow/Asset Monetization (YTD through period-end)

Metric	Q1 2025	Q2 2025	Q3 2025
Net Cash Used in Operating Activities (YTD, $M)	$(2.36)	$(3.91)	$(5.56)
Proceeds from Asset Sales (YTD, $M)	$3.72	$4.63	$7.11

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Financial guidance (revenue, margins, EPS)	FY/Q3 2025	None provided	None provided; focus on permitting and strategic alternatives for Ohio Farm	Maintained (no formal guidance)

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2 & Q1 2025)	Current Period (Q3 2025)	Trend
Regulatory/Permitting	No specific new permits cited; focus on asset sales and strategic alternatives	Wastewater discharge permit (9/12) and right-of-way for water lines (10/9); Ohio project “now fully permitted”	Improving—permitting complete
Strategic Alternatives (Ohio Farm)	Continued work with investment banker; pursuing alternatives for partially constructed Ohio farm	With permits in hand, company will “move forward” with banker on strategic alternatives	Advancing—better positioned
Asset Monetization	Q1: equipment sale $2.3M; sale of Canadian subsidiary and IP $1.9M	Q2: additional equipment sale $2.4M	YTD asset sale proceeds $7.11M through Q3
Liquidity/Cash Runway	Cash $1.37M (3/31); plan to fund via asset sales	Cash $0.73M (6/30)	Cash $0.95M (9/30)
Operations Footprint	Continued wind down and divestitures (Canada farms & IP sold in Q1)	Continued focus on non-core asset sales	Focus shifts to Ohio project options post-permits

Management Commentary

“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… These developments will allow us to move forward with our investment banker on strategic alternatives for our Ohio farm project.” — David A. Frank, Interim CEO & CFO .
Q2: “We completed the sale of certain Ohio Equipment Assets for net proceeds of $2.4 million… providing liquidity to continue to work with our investment banker to pursue strategic alternatives for our Ohio Farm Project.” — David A. Frank .
Q1: “We completed the sale of certain Ohio Equipment Assets… and the sale of our Canadian Farms, including the Company’s Corporate IP… These transactions have provided us with the liquidity to continue to pursue strategic alternatives for our Ohio Farm Project.” — David A. Frank .

Q&A Highlights

The Q3 2025 8-K furnished the press release and financial statements; no Q&A content is included in the filing. The document set reviewed did not include an earnings call transcript for Q3 2025 .

Estimates Context

Wall Street consensus (S&P Global) for revenue and EPS for Q3 2025 was not available at the time of retrieval. Values retrieved from S&P Global.

Implication: With limited or no published coverage and no revenue line presented in the filings, there is no objective beat/miss determination against consensus for Q3 2025 from S&P Global data .

Key Takeaways for Investors

Liquidity modestly improved sequentially to $0.95M cash at 9/30/25, aided by $7.11M in YTD asset sale proceeds, but remains tight relative to $7.91M current debt, underscoring funding risk .
Earnings trajectory improved: net loss narrowed to $(1.38)M and operating loss to $(1.48)M, helped by minimal Q3 impairment vs Q2’s larger charge .
Permitting completion for the Ohio Farm could catalyze strategic alternatives (sale, JV, financing); management explicitly plans to advance with its investment banker .
Traditional revenue/margin analysis is constrained by the absence of a reported revenue line in the Q3 statement of operations, limiting comp frameworks and KPI visibility .
Equity base is shrinking ($12.24M from $16.97M since Q1) and going-concern/listing risks remain top-of-mind per forward-looking statements—capital structure remains the core swing factor .
Near-term trading likely hinges on incremental disclosures around Ohio farm monetization and liquidity transactions; absent that, cash and debt updates will dominate narrative .

Appendix: Source Highlights

Q3 2025 8-K press release and financials (net loss, EPS, operating loss, balance sheet, permitting updates) .
Q2 2025 8-K press release and financials (impairments, cash, asset sales) .
Q1 2025 8-K press release and financials (loan forgiveness gain, asset sales, cash) .

AQUABOUNTY TECHNOLOGIES INC (AQB)·Q3 2025 Earnings Summary