AquaBounty Technologies(AQB) - 2024 Q2 - Quarterly Results

Financial Performance - Net loss for Q2 2024 increased significantly to $50.5 million, compared to $6.5 million in Q2 2023, primarily due to a non-cash impairment charge of $44.5 million[1] - Product revenues for the three months ended June 2024 were $180,182, compared to $788,430 for the same period in 2023, representing a decrease of approximately 77%[10] - Total costs and expenses for the three months ended June 2024 were $49,700,069, significantly higher than $7,231,059 for the same period in 2023, indicating an increase of over 586%[10] - Net loss for the six months ended June 2024 was $61,672,489, compared to a net loss of $12,994,814 for the same period in 2023, reflecting an increase of approximately 373%[10] - Basic and diluted net loss per share for the three months ended June 2024 was $(13.08), compared to $(1.69) for the same period in 2023, indicating a substantial increase in loss per share[11] Cash and Assets - Cash, cash equivalents, and restricted cash decreased to $0.7 million as of June 30, 2024, down from $9.2 million as of December 31, 2023[1] - Total current assets as of June 30, 2024, were $36.7 million, compared to $11.6 million as of December 31, 2023[8] - Total assets decreased to $127.4 million as of June 30, 2024, from $187.6 million as of December 31, 2023[8] - Cash, cash equivalents, and restricted cash at the end of the period were $728,339, down from $43,842,280 at the end of the same period in 2023, indicating a decrease of approximately 98%[12] Liabilities and Deficits - Current liabilities increased to $18.7 million as of June 30, 2024, from $14.6 million as of December 31, 2023[8] - Accumulated deficit rose to $282.3 million as of June 30, 2024, compared to $220.6 million as of December 31, 2023[8] Research and Development - Research and Development efforts in PEI are advancing in breeding, fish health, nutrition, and gene editing initiatives[3] - Research and development expenses for the three months ended June 2024 were $64,502, compared to $178,394 for the same period in 2023, reflecting a decrease of approximately 64%[10] Financing and Investments - The company is exploring financing initiatives to maintain liquidity, including the sale of additional equipment assets from the Ohio farm[2] - Long-lived asset impairment for the six months ended June 2024 was $48,733,222, compared to no impairment recorded for the same period in 2023[12] - Total cash used in investing activities for the six months ended June 2024 was $(1,894,051), a significant decrease from $(46,590,261) for the same period in 2023, showing an improvement of approximately 96%[12] Orders and Sales - AquaBounty secured a large follow-up order for conventional Atlantic salmon eggs from a major customer[3] Interest and Expenses - Interest expense for the three months ended June 2024 was $(989,976), compared to $(65,789) for the same period in 2023, indicating an increase of approximately 1500%[10] - Net cash used in operating activities for the six months ended June 2024 was $(8,698,367), a decrease from $(12,246,286) for the same period in 2023, showing an improvement of approximately 29%[12]