AquaBounty Technologies Announces Full Year 2024 Financial Results

Core Insights - AquaBounty Technologies, Inc. reported significant financial challenges for the year ended December 31, 2024, including a substantial net loss and a drastic decrease in product revenue compared to the previous year [3][8]. Financial Performance - Product revenue for 2024 was $789 thousand, a decrease of 68$2.5 million in 2023 [8]. - The net loss for 2024 increased to $149.2 million, compared to$27.6 million in 2023, with asset impairment charges of $129.8 million included in this loss [8][12]. - Cash, cash equivalents, and restricted cash totaled$230 thousand as of December 31, 2024, down from $9.2 million at the end of 2023 [8][13]. Operational Developments - The company attempted to raise funds to resume construction at its Ohio Farm Site but was unsuccessful, leading to the sale of non-core assets for liquidity [3][4]. - The Indiana Farm was sold in July 2024, and the Canadian Farms operations were closed in December 2024 [3][8]. - An auction of certain Ohio Equipment Assets yielded net proceeds of$2.2 million in February 2025, and the sale of Canadian Farms and Corporate IP generated $1.9 million in March 2025 [4][8]. Asset and Liability Overview - Total assets decreased from$187.6 million in 2023 to $34.1 million in 2024, reflecting significant asset impairment and the sale of operations [10][11]. - Total liabilities were reported at$18.2 million as of December 31, 2024, compared to $22.5 million in 2023 [11]. Future Outlook - The company plans to continue exploring strategic alternatives for the Ohio Farm Project and will keep stakeholders informed of progress [4][5].