AquaBounty Technologies Announces Third Quarter 2024 Financial Results

Core Insights - AquaBounty Technologies reported a significant reduction in net loss for Q3 2024, amounting to $3.4 million compared to$6.1 million in Q3 2023, primarily due to the sale of the Indiana farm [2] - The company completed the sale of the Indiana farm for $9.2 million on July 26, 2024, which contributed to its cash flow management [2][3] - As of September 30, 2024, AquaBounty's cash and cash equivalents decreased to$500 thousand from $9.2 million at the end of 2023 [2] Financial Performance - Product revenues for Q3 2024 were$47,812, a significant drop from $733,133 in Q3 2023 [11] - Total costs and expenses for Q3 2024 were$2.4 million, down from $6.8 million in Q3 2023 [12] - The company reported a basic and diluted net loss per share of$1.60 for Q3 2024, compared to $16.87 in Q3 2023 [12] Asset Management - Total current assets as of September 30, 2024, were$37.3 million, up from $11.6 million at the end of 2023, largely due to the assets held for sale [7] - Total assets decreased to$117.8 million from $187.6 million at the end of 2023, reflecting the impact of asset sales and operational adjustments [7][10] Strategic Initiatives - The company is actively working with its investment banking partner to extend its cash runway and is exploring various financing initiatives [3] - AquaBounty has decided to sell its Rollo Bay farm operation to address immediate cash requirements without affecting its long-term strategy [3] - Management is focused on reducing costs, as evidenced by a significant reduction in operating expenses and net loss for the quarter [3]