Norcod reports revenue growth and narrower losses in Q1 2025

Norcod reported first-quarter results for 2025 showing strong revenue growth alongside a reduction in losses, reflecting a combination of higher harvest volumes and operational improvements.

The Norwegian farmed-cod producer reported operating revenue of NOK193 million ($18.4 million) in Q1 2025, up 63 per cent from NOK118 million ($11.3 million) in Q1 2024. Harvest volumes rose 42 per cent to 3,930 tonnes, reflecting strong production and processing activity.

Operating expenses were NOK247 million ($23.5 million) during Q1 2025, up from NOK166 million ($15.8 million) in Q1 2024. The production cost per kilogram of whole-fish-equivalent (WFE) rose to NOK44 ($4.18) from NOK39.8 ($3.79) previously, mainly due to an early harvest to manage maturity. Nonetheless, Q1 production cost represented an improvement from the 2024 average of NOK45.9 ($4.37).

The net loss for Q1 2025 fell to NOK49.8 million ($4.74 million) from NOK55.0 million ($5.23 million) a year earlier. The company’s financial position was supported by a private placement of NOK156 million ($14.8 million) during the quarter and available liquidity of NOK174 million ($16.5 million) at quarter’s end.

Norcod said it remained committed to strengthening operations and securing future growth through ongoing cost optimisation and operational control measures.

“It’s a strong start to the year, reflecting our progress toward profitable growth,” the company said in its Q1 2025 report. “We are well positioned to meet growing market demand for farmed cod.”

Norcod’s outlook for 2025 remained broadly positive, supported by strong pricing trends and growing market acceptance of its products.