AquaBounty Technologies(AQB) - 2025 Q1 - Quarterly Report

Financial Performance - As of March 31, 2025, the company reported an accumulated deficit of $369 million and cash and cash equivalents of $1.4 million[68]. - The company reported an operating loss of $1.26 million for the three months ended March 31, 2025, a 50% improvement from a loss of $2.53 million in 2024[76]. - Net income for the three months ended March 31, 2025, was $401 thousand, a significant improvement from a net loss of $11.16 million in 2024[76]. - The loss from discontinued operations decreased by 98% to $209 thousand for the three months ended March 31, 2025, from $8.45 million in 2024[76]. Expenses - Sales and marketing expenses decreased by 89% to $7 thousand for the three months ended March 31, 2025, compared to $64 thousand in the same period in 2024[76]. - General and administrative expenses decreased by 35% to $1.56 million for the three months ended March 31, 2025, down from $2.39 million in 2024[76]. Cash Flow - Cash used in operating activities was $2.36 million for the three months ended March 31, 2025, a 47% improvement from $4.42 million in 2024[83]. - The company generated $3.72 million from investing activities during the three months ended March 31, 2025, compared to a cash outflow of $1.13 million in 2024[86]. Debt and Liquidity - As of March 31, 2025, the company had $1.1 million in interest-bearing debt instruments for continuing operations, down from $1.3 million as of December 31, 2024[99]. - The company reported $0 in interest-bearing debt for discontinued operations as of March 31, 2025, compared to $1.6 million as of December 31, 2024[99]. - All interest-bearing debt is at fixed rates, mitigating exposure to interest rate fluctuations[99]. - The company plans to continue selling available Ohio Equipment Assets to increase cash liquidity and fund working capital and the construction of the Ohio Farm Project[91]. Currency and Foreign Operations - The company's functional currency is the U.S. Dollar, with its Canadian subsidiary previously operating in Canadian Dollars[100]. - The company does not expect to incur foreign translation gains or losses in the future due to the sale of its Canadian subsidiary[99].