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AQUABOUNTY TECHNOLOGIES INC (AQB)·Q4 2024 Earnings Summary

Executive Summary

  • AquaBounty reported FY 2024 results (the Q4 2024 reporting period) with product revenue of $0.789M and a net loss of $149.2M, driven by $129.8M in asset impairments; cash fell to $0.230M at year-end .
  • The company ceased its remaining fish farming operations in December 2024 and executed multiple asset sales to raise liquidity: Indiana farm sold for $9.2M net (July 26, 2024); Ohio equipment auction generated $2.2M (Feb 11, 2025); Canadian farms and corporate IP sold for $1.9M (Mar 3, 2025) .
  • No discrete Q4 2024 quarterly metrics were furnished in the press release; management provided full-year figures and emphasized working with an investment banker on strategic alternatives for the Ohio project amid severe liquidity constraints .
  • Wall Street consensus estimates (S&P Global) for Q4 2024 EPS and revenue were unavailable; therefore, a beat/miss assessment cannot be made (values via S&P Global)*.
  • Near-term stock reaction catalysts: wind-down announcement, severe cash depletion, and impairment-related losses; the company highlights risk around maintaining Nasdaq listing in forward-looking statements .

What Went Well and What Went Wrong

What Went Well

  • Cost actions reduced quarterly losses: Q3 2024 net loss improved to $3.4M vs $6.1M in Q3 2023, aided by the Indiana farm sale and operating spend reduction .
  • Liquidity events executed: Indiana farm sale ($9.2M net) and subsequent Ohio equipment auction ($2.2M), plus sale of Canadian farms and corporate IP ($1.9M), providing runway to pursue Ohio strategic alternatives .
  • Management highlighted continued R&D progress in breeding, fish health, nutrition, and gene editing, supporting potential value for traditional net-pen and land-based farming operations: “Our R&D team made further progress … gene editing initiatives” .

What Went Wrong

  • Significant impairments and losses: FY 2024 net loss was $149.2M with $129.8M of asset impairments related to Indiana, Canadian, and Ohio assets and corporate IP, reflecting balance sheet stress and project halts .
  • Liquidity collapse: cash declined to $0.230M by Dec 31, 2024 vs $9.2M a year earlier; operations were wound down and workforce reduced, including culling remaining fish at Bay Fortune .
  • Financing failure and operational pause: construction at the Ohio site remained on hold throughout 2024; management acknowledged unsuccessful capital-raising efforts and closure of Canadian farms in December .

Financial Results

Note: The Q4 2024 press release furnished full-year data without discrete Q4 quarterly figures; Q2 and Q3 quarterly detail is available from prior 8-K releases .

MetricQ2 2024Q3 2024FY 2024 (includes Q4)
Product Revenues ($USD)$180,182 $47,812 $789,000
Operating Loss ($USD)$(49,519,887) $(2,361,319) $(111,439,114)
Net Loss ($USD)$(50,514,241) $(3,404,331) $(149,192,660)
Basic & Diluted Net Loss per Share (EPS)$(13.08) $(0.88) $(38.65)
Cash & Cash Equivalents (period-end)$728,339 $500,434 $230,362

Margins and ratios (computed from disclosed figures):

MetricQ2 2024Q3 2024FY 2024
Net Loss Margin % (Net Loss / Revenues)N/M due to low revenues N/M due to low revenues N/M due to low revenues
Operating Loss Margin % (Operating Loss / Revenues)N/M due to low revenues N/M due to low revenues N/M due to low revenues

Continuing vs. Discontinued Operations (FY 2024):

MetricFY 2024
Loss from Continuing Operations ($USD)$(113,752,933)
Loss from Discontinued Operations ($USD)$(35,439,727)

Liquidity and balance sheet KPIs:

MetricFY 2023Q2 2024Q3 2024FY 2024
Total Assets ($USD)$187,551,428 $127,437,408 $117,785,364 $34,061,798
Total Liabilities ($USD)$22,534,710 $24,092,760 $17,713,714 $18,221,088
Long-term Debt, net ($USD)$7,711,866 $5,161,394 $5,298,947 $1,996,558
Accumulated Deficit ($USD)$(220,579,878) $(282,252,367) $(285,656,698) $(369,772,538)

Vs. Estimates (S&P Global) – Q4 2024:

MetricQ4 2024 ConsensusActual Q4 2024
Revenue ($USD)N/A*Not disclosed (company furnished only full-year)
Primary EPS ($USD)N/A*Not disclosed (company furnished only full-year)

*Values retrieved from S&P Global.

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
RevenueFY 2025+NoneNone provided; management focusing on asset sales and strategic alternatives for Ohio project Maintained (no formal guidance)
Operating PlanNear-termMaintain Bay Fortune operations (prior intent)Cease fish farming operations; cull remaining fish; substantial workforce reduction Lowered (operations terminated)
Capital PlanNear- to mid-termExplore financing to resume Ohio site constructionContinue marketing and selling assets; assess strategic alternatives; Ohio construction remains paused Maintained focus on alternatives (no resumption)

Earnings Call Themes & Trends

Note: No Q4 2024 earnings call transcript was found in filings or the company’s document set; themes reflect press releases over Q2–Q4 .

TopicPrevious Mentions (Q2 2024)Previous Mentions (Q3 2024)Current Period (Q4/FY 2024)Trend
Liquidity & FinancingBridge loan executed; exploring financing; Indiana farm sale to increase cash Focused on extending cash runway; cost reduction and asset sales Asset auctions/sales; cash at $0.230M; operations ceased due to insufficient liquidity Deteriorating
Ohio Farm ProjectConstruction paused; seeking financing Continued financing pursuit; project not resumed Still paused; assessing strategic alternatives; market/sell assets Stalled
Asset SalesIndiana farm sold; Ohio equipment to be sold Indiana sale closed; plan to sell Rollo Bay Ohio equipment auction ($2.2M); Canadian farms & corporate IP sold ($1.9M) Ongoing
OperationsRunning PEI operations; selling conventional eggs Cost reductions; operations ongoing at reduced scale Ceased fish farming; culling remaining fish at Bay Fortune Ceased
R&D/TechnologyBreeding/health/nutrition/gene editing progress Continued R&D progress Not emphasized; focus on wind-down and asset sales Deprioritized
Management & GovernanceCEO transition to David Melbourne —CEO resignation; David Frank appointed Interim CEO/CFO Leadership turnover
Listing/Regulatory Risk——FLS include risk of maintaining Nasdaq listing Elevated risk disclosure

Management Commentary

  • “AquaBounty entered 2024 with the goal of raising new funds … we therefore had to pivot our focus to selling non-core assets to generate liquidity … we had no alternative but to close down our remaining Canadian Farms operations in December and reduce our staff.” — David Frank, Interim CEO & CFO .
  • “With the sale of the Indiana farm now complete, we will continue to work with our investment banking partner to extend our cash runway, including the sale of additional equipment assets from our Ohio farm.” — Dave Melbourne, CEO at the time .
  • “We continue to focus our efforts on working with our investment banking partner to extend our cash runway … decision to market our Rollo Bay farm for sale … significant reduction in … operating spend and net loss.” — Management .
  • “AquaBounty will immediately begin to wind down its Bay Fortune operation … including the culling of all remaining fish and a reduction of substantially all personnel.” — David Frank, Interim CEO & CFO .

Q&A Highlights

  • No Q4 2024 earnings call transcript or Q&A session was available in the company’s filings or document set; therefore, we cannot provide Q&A-specific clarifications .

Estimates Context

  • S&P Global consensus estimates for Q4 2024 EPS and revenue were unavailable; as a result, an estimates-based beat/miss analysis cannot be performed (values via S&P Global)*.
MetricQ4 2024 ConsensusActual Q4 2024
Revenue ($USD)N/A*Not disclosed (company furnished only full-year)
Primary EPS ($USD)N/A*Not disclosed (company furnished only full-year)

*Values retrieved from S&P Global.

Key Takeaways for Investors

  • Liquidity crisis and operational cessation: With cash at $0.230M at year-end and cessation of fish farming operations in December, the near-term thesis hinges on asset monetization and strategic alternatives rather than operating recovery .
  • Impairment-heavy FY 2024: $129.8M in impairments reflect significant write-downs across Indiana, Canadian, and Ohio assets and corporate IP; this reset suggests limited residual asset value versus prior book carrying amounts .
  • Strategic optionality focused on Ohio: Management aims to work with bankers on solutions; however, the project remains on pause pending financing and/or alternative transaction structures .
  • Execution on asset sales: Indiana farm sale ($9.2M net), Ohio equipment auction ($2.2M), and Canadian farms & corporate IP sale ($1.9M) demonstrate ability to raise some cash, but proceeds have not supported ongoing operations; monitor additional sales .
  • Listing risk awareness: Forward-looking statements highlight concerns about maintaining Nasdaq listing amid volatility and financial distress; increased risk disclosure may weigh on investor sentiment .
  • Estimates unavailable: Lack of Street coverage complicates near-term consensus anchoring and beat/miss trading setup; trading focus shifts to newsflow on asset monetization and strategic decisions (values via S&P Global)*.
  • Trading implications: Expect heightened sensitivity to incremental liquidity events (asset sale closings, financing announcements) and corporate actions; with operations ceased, headline risk is elevated and liquidity events could drive asymmetric moves .