Land-based salmon producer Atlantic Sapphire posted a narrowed net loss of $30.9 million for the first half of 2026, compared with a $36.1 million loss during the same period last year.
Revenue for the six months ended June 30 rose to $26.5 million from $21.5 million a year earlier, driven by a 14 per cent increase in harvest volumes to 2,842 tonnes.
Operational gains at the US facility also lifted standing biomass to 3,592 tonnes at period end, up from 3,235 tonnes recorded a year earlier.
Feeding rates rose to 27.3 tonnes per day following upgrades to biofiltration and water cooling systems, whilst average sales prices reached $9.32 per kilogram.
To address ongoing liquidity demands, the company secured $20 million in bridge financing under a wider financial restructuring agreement and plans to raise up to $26 million through a private placement.
Investor consortium Coral HoldCo launched an unconditional mandatory tender offer at NOK0.80 ($0.086) per share on July 30, intending to acquire full ownership and delist the business from the Oslo Stock Exchange.
Preliminary results confirmed that Coral HoldCo secured acceptances for 2,341,744 shares, representing approximately 6.53 per cent of the company and lifting its total holding to 68.73 per cent.
The group announced on August 24 that lenders extended the maturity of the bridge facility to October 31, while agreeing to provide an additional $1.5 million loan carrying a 20 per cent annual interest rate. Under the proposed restructuring, the bridge debt is slated to be converted into equity at NOK0.10 per share, subject to approval at an extraordinary general meeting.
Atlantic Sapphire stated that biomass growth and harvest volumes are expected to increase in the second half of 2026 compared with the first six months.
