Land-based yellowtail kingfish farmer The Kingfish Company has reported moderated revenue growth for the fourth quarter of 2025 and announced that it has entered into discussions with stakeholders regarding its financing arrangements.
For the period ending December 31, 2025, the company recorded revenue of €8.5 million ($9.2 million). This figure represents an increase of 14 per cent compared to the same period in the previous year.
On a like-for-like basis, which excludes sales of fresh fish in the United States, revenue increased by 21 per cent.
Volume sold reached 621 tonnes, representing a 12 per cent increase year-on-year, while production for the quarter was 725 tonnes. The biomass at the end of the year stood at 1,054 tonnes. Revenue per kilogram rose by €0.3 during the fourth quarter.
The Kingfish Company stated that performance was impacted by the planned discontinuation of fresh fish commercial activities in the United States on September 30, 2025.
Competitive conditions in Europe also influenced the results, as a temporary increase in the availability of wild-caught fish placed pressure on pricing and volumes across several markets. The company noted that market conditions began to, “normalise,” toward the end of the quarter, as demand remained resilient during the holiday season.
Following a quarter that the company described as softer than anticipated, it stated it expects it will not comply with its EBITDA financial covenant at the end of December 31, 2025.
While the company stated it expects to be EBITDA positive in 2026, it reported that it no longer expects to be cash flow positive from operations during that year.
The Kingfish Company has initiated discussions with key stakeholders concerning its capital structure and financing arrangements. The company stated these talks, “could include issuance of new equity,” and are intended to ensure the firm remains adequately funded to support the ramp-up of farm capacity and maintain compliance with financial covenants.
