The following is a summary of the Atlantic Sapphire ASA (AASZF) Q1 2023 Earnings Call Transcript:

Financial Performance:

• Atlantic Sapphire reported annual revenues of $14 million for 2023.

• The company harvested 1545 tons head-on gutted, showing a decrease from 2253 tons in 2022.

• It invested in infrastructure upgrades amounting to around $8 million.

• The net interest-bearing debt was reported to be $4 million at year-end 2023, with $42.1 million in drawn term debt.

• The company reported total assets of $42 million at the end of 2023.

• The adjusted EBITDA loss for 2023 amounted to $63.3 million.

Business Progress:

• The company showed improved operational performance with stable farm conditions leading to a strong biological development of the fish.

• Second quarter is expected to see a harvest of at least 1,000 tons, after a Q1 harvest of 1,150 tons.

• Significant progress has been made in their search for a new CEO, with an announcement expected by the end of the current quarter.

• Atlantic Sapphire has entered an agreement to start sourcing 30% of its energy from solar, beginning in the second half of 2024.

• The company's products are presently available in approximately 2,000 retail locations across North America.

• Atlantic Sapphire is making considerable progress in preparing for Phase 2, which will significantly benefit profitability and cash flow potential.

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