The following is a summary of the Atlantic Sapphire ASA (AASZF) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Atlantic Sapphire reported H1 2024 revenue of $11 million with smaller fish sizes largely affecting sales prices.

• EBITDA for H1 2024 was negative $40 million, reflecting challenges in achieving optimal fish sizes and pricing.

• Total asset value is at $328 million, with a net interest bearing debt of $23 million, and an equity ratio of 80%.

• The company needs additional capital, primarily to enhance production capacity and feasibility for Phase 2 development.

Business Progress:

• Pedro Courard reported operational improvements, including new chillers installed and bottleneck removals enhancing water quality and reducing mortality.

• Atlantic Sapphire is in the process of advancing from 5,000 tons to 8,000 tons HOG by end of 2025.

• Phase 2's engineering and design are to be completed by Q1 2025, with new well development being a significant component of investment.

Opportunities:

• The company aims to leverage land-based fish farming as a sustainable technology against increasing costs and challenges in traditional sea farming, providing a stable supply in response to growing market demands.

• Market shifts towards eco-friendly and sustainable protein sources enhance Atlantic Sapphire's positioning, especially within the U.S.

Risks:

• The ongoing need for significant capital to achieve operational efficiency and scalability poses a financial risk.

• External factors such as climate change, political pressures, and regulatory changes represent operational risks to stability and growth.

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