Published on 7 Nov 2023 on GuruFocus.com via Yahoo Finance
AquaBounty Technologies Inc (AQB) Reports Q3 2023 Financial Results Amid Market Challenges
AquaBounty Technologies Inc (NASDAQ:AQB) reported a decline in market prices for Atlantic salmon impacting Q3 results, despite exceeding planned output at its Indiana farm.The company is evaluating the cost estimate for the completion of construction of its Ohio farm, with the total project cost now estimated to be in the range of $485 - $495 million.AquaBounty has entered into a non-binding memorandum of understanding with Noble Salmon to build and operate a Recirculating Aquaculture System (RAS) salmon farm in the Republic of Georgia.The company's cash and cash equivalents stood at $16,767,070 as of September 30, 2023, a significant decrease from $101,638,557 at the end of 2022.
Warning! GuruFocus has detected 6 Warning Signs with AQB.