AquaBounty Technologies, Inc. (AQB): History, Ownership, Mission, How It Works & Makes Money

AquaBounty Technologies, Inc. (AQB) pioneered genetically engineered Atlantic salmon, but with a market capitalization of just over $4 million as of late 2025, is this biotech innovator on the cusp of a breakthrough or a complete pivot?

You've seen the Q3 2025 results: a net loss of $1.4 million, which was a significant improvement from the prior year, but largely driven by asset sales like the $1.9 million net proceeds from selling its Canadian intellectual property and farms.

This shift from farming to asset monetization defintely changes the story of their AquAdvantage Salmon; so, how do you value a company that is now exploring strategic alternatives for its Ohio Farm Project and has a mere $951 thousand in cash to execute its next move as of September 30, 2025?

AquaBounty Technologies, Inc. (AQB) History

You're looking at a company that spent decades in a regulatory marathon only to face a massive strategic pivot right when commercialization should have peaked. AquaBounty Technologies, Inc. is a biotech pioneer whose history is less about a steady climb and more about a 20-year fight for market access, culminating in a critical restructuring in 2024 and 2025.

Given Company's Founding Timeline

The company's DNA-literally and figuratively-traces back to academic research in the late 1980s, but its corporate structure evolved through several key reorganizations. The core technology, the growth-accelerating gene construct for Atlantic salmon, was developed in 1989 at Memorial University in Newfoundland, Canada.

Year established

The company was founded in 1991, originally incorporated in Delaware under the name A/F Protein, Inc.

Original location

The initial corporate focus was in Waltham, Massachusetts, to commercialize protein technology licensed from the University of California at Berkeley. The company later moved its principal corporate office to Maynard, Massachusetts, and then to Harvard, Massachusetts.

Founding team members

While the core technology came from Dr. Garth Fletcher and his team in Canada, the commercial entity was driven by figures like Co-Founder and Board Member Elliott Entiss. The early team was focused on translating academic genetic research into a viable commercial product, a complex task that defintely required deep scientific and regulatory expertise.

Initial capital/funding

The company's early capital came from licensing and grants. Its first major public capital raise was a 2006 Initial Public Offering (IPO) on the London Stock Exchange's Alternative Investment Market (AIM), which brought in $28 million. More recently, the company secured a $4 million Conventional Debt round on October 28, 2025, which shows the continued need for liquidity after its asset sales.

Given Company's Evolution Milestones

The timeline shows a long, slow regulatory process followed by an aggressive, then suddenly halted, expansion plan. It's a classic biotech story of regulatory lag creating a huge capital sink.

Given Company's Transformative Moments

The company's trajectory has been defined by three major shifts. First, the 20-year regulatory gauntlet was transformative because it forced the company to survive purely on investor capital and grants for two decades, which is an eternity in biotech.

Second, the 2015 FDA approval of AquAdvantage Salmon (AAS) was the ultimate validation, confirming the product was safe to eat and environmentally sound when farmed in contained, land-based recirculating aquaculture systems (RAS). This approval unlocked the potential for commercial scale, leading directly to the ambitious Ohio Farm Project.

The third, and most recent, shift is the 2024-2025 strategic pivot. This was a necessary, but painful, move. The Ohio facility's cost estimate ballooned from an initial $290-320 million to an estimated $375-395 million, forcing a construction pause. The company's response was to liquidate its operating assets-the Indiana and Canadian farms-to raise cash and reduce operating burn. For the first quarter of 2025, the company actually reported a net income of $401 thousand, but this was driven by non-cash gains and asset sales, not product revenue, which tells you everything about their current state: they are in survival mode, selling the past to fund a strategic future for the Ohio project.

This refocusing is about survival and maximizing the value of the Ohio site, which remains paused. You can read more about the long-term goals that underpin this risk-taking in their strategic documents:

• Navigating the long-term vision after asset sales is key to understanding the company's risk profile.
• The focus is now solely on finding a partner or buyer for the partially-constructed Ohio facility.
• The company's core mission is still to use biotechnology to improve aquaculture productivity, a goal detailed further in Mission Statement, Vision, & Core Values of AquaBounty Technologies, Inc. (AQB).

AquaBounty Technologies, Inc. (AQB) Ownership Structure

AquaBounty Technologies, Inc.'s ownership structure is defintely dominated by retail investors, which is common for smaller, high-risk biotechnology stocks, while institutional money holds a smaller but significant stake. This structure means the stock's price action is often more volatile and sensitive to retail sentiment than to large institutional block trades.

Given Company's Current Status

AquaBounty Technologies, Inc. is a publicly traded company on the NASDAQ Capital Market (NASDAQ-CM) under the ticker AQB. As of November 2025, it trades at a low share price, hovering around the $1.02 to $1.11 range, giving it a small market capitalization of roughly $4.07 million to $4.3 million. That's a micro-cap valuation, reflecting the extreme operational pivot the company underwent in late 2024 and early 2025.

The company has ceased its salmon-farming operations, including the sale of its Canadian farms for $1.9 million in March 2025, and is now primarily focused on exploring strategic alternatives for its remaining assets, like the Ohio farm project, and maximizing value from its intellectual property. This isn't a farming company right now; it's a technology and asset management play.

Given Company's Ownership Breakdown

The ownership breakdown, based on the latest filings from mid-2025, shows a clear concentration of shares in the hands of the public. This high retail ownership means liquidity can be thin, and the stock is susceptible to sharp moves on news or social media trends. Here's the quick math on the float:

Collectively, institutional ownership sits just above 7%, with key players like BlackRock, Inc. and The Vanguard Group, Inc. holding positions, though these are small relative to the total shares outstanding. What this estimate hides is the potential for a single large insider or private entity to hold a significant, non-institutional stake that could influence a strategic sale.

Given Company's Leadership

The leadership team steering AquaBounty Technologies, Inc. is currently operating under a transitional structure, a direct result of the operational wind-down announced in late 2024. This small team is focused on financial stability and strategic asset disposition.

• Interim Chief Executive Officer (CEO), Chief Financial Officer (CFO), and Treasurer: David Frank. Mr. Frank stepped into the Interim CEO role in December 2024, continuing his long-standing tenure as CFO.
• Vice President, Facilities Construction & Continuous Improvement: Chris Bucich. Mr. Bucich's primary focus remains on the complex buildout of the Ohio farm, despite the company exploring strategic alternatives for the project itself.
• Board Chair: Sylvia Wulf. The former CEO continues to provide governance and strategic oversight as the non-executive Board Chair.

The dual CEO/CFO role for Mr. Frank underscores the current priority: cash management and financial prudence over aggressive operational expansion. For a deeper look at the company's long-term vision, you should review the Mission Statement, Vision, & Core Values of AquaBounty Technologies, Inc. (AQB).

AquaBounty Technologies, Inc. (AQB) Mission and Values

AquaBounty Technologies, Inc.'s core purpose centers on addressing global food security and sustainability challenges through its advanced, land-based aquaculture technology, but its 2025 actions show a necessary pivot to financial viability over immediate operational scale.

AquaBounty Technologies, Inc.'s Core Purpose

The company's non-financial purpose is rooted in a fundamental shift in how the world produces protein, specifically Atlantic salmon. This mission, however, has been tested by the hard financial realities of scaling a first-of-its-kind product, leading to a complete cessation of farming operations in 2024 and a focus on strategic alternatives in 2025. You can get a clearer picture of this financial pressure in Breaking Down AquaBounty Technologies, Inc. (AQB) Financial Health: Key Insights for Investors.

Official Mission Statement

The mission is to enhance food security and reduce the environmental footprint of fish farming through biotechnology innovation (genetic engineering). To be fair, this is a high-stakes, long-term goal that requires massive capital. The core mission is defined by three pillars:

• Enhancing Food Security: Addressing the increasing global demand for protein through aquaculture.
• Sustainable Aquaculture: Reducing the environmental footprint of fish farming using Recirculating Aquaculture Systems (RAS).
• Biotechnology Innovation: Utilizing genetic engineering to improve the efficiency and productivity of farmed fish.

Here's the quick math: The AquAdvantage Salmon grows to market size in roughly half the time of conventional salmon, which is the core efficiency driver behind the entire mission.

Vision Statement

The stated vision is to be a leader in sustainable aquaculture, but the near-term reality is a focus on monetizing intellectual property (IP) and assets. The company's vision is one of industry transformation, not just incremental improvement.

• Sustainable Aquaculture Leadership: Pioneering land-based aquaculture to minimize ecological impact.
• Continuous Improvement: Ongoing research and development to enhance product quality and production efficiency.
• Financial Resilience: Achieving strong financial results by optimizing its IP and assets, a critical focus after reporting a net loss of $1.4 million in the third quarter of 2025.

What this estimate hides is that the company completed the sale of its Canadian Farms, including its Corporate IP, in March 2025 for net proceeds of $1.9 million, a move driven purely by the need for liquidity, not growth.

AquaBounty Technologies, Inc. Slogan/Tagline

The company's public-facing identity is simple and aspirational, capturing its long-term ambition for global impact.

• A Better Way to Feed the World.

The company's inferred core values of Innovation, Sustainability, and Integrity defintely guide its strategic pivot. For instance, the sale of certain Ohio Equipment Assets in the first half of 2025 generated net proceeds of $4.7 million ($2.3 million in February and $2.4 million in June), which was essential to maintaining a cash position of $951 thousand as of September 30, 2025, and pursuing a strategic alternative for the Ohio Farm Project. The mission is still there, but survival comes first.

AquaBounty Technologies, Inc. (AQB) How It Works

AquaBounty Technologies, Inc. is a land-based aquaculture pioneer that, as of November 2025, has pivoted from farming its flagship product to monetizing its remaining assets and intellectual property (IP) following a complete halt of salmon production operations in late 2024. The company's current function is focused on a strategic review to determine its future direction, utilizing the liquidity generated from significant asset sales in 2025.

You need to know that the business model is currently about selling assets, not selling fish. Here's the quick math: the company reported a net loss of $1.4 million in Q3 2025, but asset sales in the first three quarters of 2025, including the sale of the Canadian subsidiary and IP for $1.9 million, provided much-needed cash.

AquaBounty Technologies, Inc.'s Product/Service Portfolio

AquaBounty Technologies, Inc.'s Operational Framework

The operational framework has shifted entirely from a vertically integrated aquaculture producer to an entity managing a strategic pivot. The company ceased all genetically engineered (GE) salmon production in late 2024, selling its last operating facility in Bay Fortune, Canada, and its US farm in Indiana.

• Asset Sales: The company generated cash by selling key assets in 2025, including the sale of certain Ohio Equipment Assets for net proceeds of $2.4 million in Q2 2025.
• Liquidity Management: The focus is on maintaining liquidity, with cash and cash equivalents totaling $951 thousand as of September 30, 2025.
• Ohio Farm Project Status: The partially constructed Pioneer, Ohio farm is now fully permitted for its designed land-based Recirculating Aquaculture System (RAS) activities, having secured the wastewater discharge permit in September 2025.
• Strategic Review: Management is actively working with an investment banker to pursue strategic alternatives for the Ohio Farm Project, which was originally projected to produce over 22 million pounds of salmon per year.

AquaBounty Technologies, Inc.'s Strategic Advantages

The company's remaining value proposition lies in its regulatory approvals and the developed infrastructure, even as it winds down farming operations. What this estimate hides is the significant deficit of $374 million reported as of September 30, 2025, which makes the strategic assets defintely critical.

• Regulatory First-Mover Status: Holds the landmark FDA approval for AquaAdvantage Salmon, which remains the only GE food animal approved for human consumption in the US.
• Permitted RAS Infrastructure: The Ohio Farm site is fully permitted for a large-scale, land-based RAS operation, a valuable asset for any company looking to enter the US aquaculture market quickly.
• Reduced Environmental Risk: The land-based RAS technology eliminates the risk of escape into wild salmon populations and prevents pollution of marine ecosystems, which is a major selling point for environmentally conscious buyers.

If you want to dig deeper into the company's financial standing, you should review Breaking Down AquaBounty Technologies, Inc. (AQB) Financial Health: Key Insights for Investors.

Next Step: Finance: Analyze the Ohio Farm's permitted value against the total deficit by end of month.

AquaBounty Technologies, Inc. (AQB) How It Makes Money

AquaBounty Technologies, Inc.'s traditional business model was built on the commercial sale of its proprietary, fast-growing AquAdvantage Salmon, which is genetically engineered (GE) Atlantic salmon, raised in land-based Recirculating Aquaculture Systems (RAS). However, as of late 2024, the company ceased all salmon-farming operations, meaning its primary source of cash flow in 2025 has shifted entirely from product sales to asset monetization and strategic transactions.

To be clear, the company's Q3 2025 financial results showed $0.0 in quarterly product revenue, reflecting the complete operational wind-down. The cash generated in 2025 has come from selling off equipment and facilities, not selling fish.

AquaBounty Technologies, Inc.'s Revenue Breakdown

While the company's intended revenue model was based on selling its GE salmon, the table below reflects the current, near-zero reality of product sales, contrasting with the significant cash inflows from asset disposals in the first half of the 2025 fiscal year.

The reality is that product revenue for the trailing twelve months ending September 30, 2025, was reported as negative -$705.26 thousand, a stark indicator of the operational halt and restructuring. The company is defintely no longer a salmon producer.

Business Economics

The core economic challenge for AquaBounty Technologies was the high capital expenditure (CapEx) and operating costs of its land-based RAS facilities, which the premium price of AquAdvantage Salmon was intended to offset. That model is now suspended, and the current economics center on liquidity management and asset value recovery.

• Pricing Strategy: Historically, AquAdvantage Salmon commanded a premium price, approximately 20-25% higher than conventional farmed salmon, due to its faster growth cycle and perceived sustainability benefits. The premium was necessary to cover the high fixed costs of the RAS technology.
• Cash Generation Pivot: The company's immediate economic focus is on converting non-core assets into cash. In Q1 2025, this included the sale of Ohio Equipment Assets for net proceeds of $2.3 million and the Canadian subsidiary (including IP) for $1.9 million. A further $2.4 million in net proceeds came from the sale of Ohio Equipment Assets in Q2 2025.
• Cost Structure: The company has drastically cut costs, with sales and marketing, as well as research and development, being reported as zero in Q2 2025. This reflects a complete shift from an operating business to a holding company managing asset disposals.

AquaBounty Technologies, Inc.'s Financial Performance

The company's financial performance in 2025 reflects a deep restructuring and a focus on survival through asset sales, rather than operational profitability. The key metrics point to a company in a transitional phase, seeking a strategic buyer for its remaining major asset.

• Net Loss: The net loss for the third quarter ended September 30, 2025, was $1.4 million, a significant improvement from the $3.4 million loss in the prior-year quarter, largely due to the absence of large impairment charges from the prior year. The net loss for the nine months ended September 30, 2025, was $4.35 million.
• Liquidity: Cash and cash equivalents stood at $951 thousand as of September 30, 2025, up from $230 thousand at the end of 2024, an increase driven entirely by asset sales. This low cash balance underscores the urgency of the strategic review.
• Asset Focus: The primary remaining asset is the partially constructed Ohio Farm Project, which is now fully permitted for its designed activities. Management is actively working with an investment banker to pursue strategic alternatives for this project, which is the key to any potential long-term value creation.

For a deeper dive into the shareholder base and market sentiment during this pivot, you should check out Exploring AquaBounty Technologies, Inc. (AQB) Investor Profile: Who's Buying and Why?

AquaBounty Technologies, Inc. (AQB) Market Position & Future Outlook

AquaBounty Technologies, Inc. is no longer a salmon producer; it is a technology-licensing and asset-monetization entity. Following the cessation of all salmon-farming operations in late 2024, the company's future hinges on its ability to sell its remaining assets and license its proprietary genetics, pivoting away from its original capital-intensive business model.

The company's dramatic shift is a direct result of sustained financial challenges, including a net loss of $149.2 million in fiscal year 2024, largely from asset impairment charges. The focus is now on maximizing value from its intellectual property (IP) and the fully permitted, but paused, Ohio Farm Project to generate cash and pursue strategic alternatives.

Competitive Landscape

In the specialized market for advanced aquaculture genetics and technology, AquaBounty Technologies' competitive position has fundamentally changed. It is no longer competing on fish volume but on IP value, making its product market share effectively zero in late 2025.

Opportunities & Challenges

The company is at a critical juncture, having sold key assets like its Canadian Farms and Corporate IP for net proceeds of $1.9 million in Q1 2025, plus an additional $2.3 million and $2.4 million from Ohio equipment sales in Q1 and Q2 2025, respectively. This cash is buying time, but the path forward requires a defintely different strategy.

Industry Position

AquaBounty Technologies' standing has moved from a pioneer in commercial GM food production to a distressed seller of high-potential, yet high-risk, intellectual property.

• Technology Leader, Operational Laggard: The company holds the first-ever FDA-approved GE food animal, but its inability to scale operations profitably has created a massive credibility gap.
• Niche Competitor: It competes not with traditional salmon farmers, but with advanced genetics companies like Benchmark Genetics and Regional Fish, which focus on genomic selection and genome editing for a broader range of species and traits.
• Valuation Reality: The company's market capitalization of $5.66 million (as of October 28, 2025) reflects investor sentiment that its value is now largely tied to the sale of its remaining assets and the potential of its IP, rather than future production revenue.
• Strategic IP Focus: The most valuable remaining asset is the AquAdvantage technology itself, which offers a faster growth cycle in land-based Recirculating Aquaculture Systems (RAS). You can read more about the company's foundational goals here: Mission Statement, Vision, & Core Values of AquaBounty Technologies, Inc. (AQB).

Here's the quick math: The company's $789 thousand in FY 2024 product revenue tells you the commercial model failed to launch.