AquaBounty Technologies, Inc. (AQB): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la acuicultura sostenible, las tecnologías AquaBounty están a la vanguardia de la ingeniería genética revolucionaria, transformando la forma en que producimos salmón con eficiencia sin precedentes. Su innovador salmón Aquadvantage representa un salto cuántico en la producción de alimentos, prometiendo ciclos de crecimiento más rápido, un impacto ambiental reducido y una posible solución para los desafíos globales de suministro de mariscos. Al modificar ingeniosamente la genética del salmón, esta innovadora compañía de biotecnología está reescribiendo las reglas de la piscicultura, ofreciendo un vistazo a un futuro donde la tecnología y la sostenibilidad convergen para abordar las necesidades críticas de seguridad alimentaria global.

AquaBounty Technologies, Inc. (AQB) - Modelo de negocios: asociaciones clave

Instituciones de investigación de tecnología de acuicultura

Aquabounty colabora con las siguientes instituciones de investigación:

Institución	Enfoque de colaboración	Año establecido
Universidad de Massachusetts	Investigación de Ingeniería Genética	2010
Universidad Memorial de Terranova	Desarrollo de tecnología de acuicultura	2015

Empresas de inversión agrícola y biotecnología

Las asociaciones de inversión clave incluyen:

• Introxon Corporation (ahora Randsome Holding Company) - $ 12.5 millones de inversiones en 2010
• Cargill Inc. - Inversión de biotecnología estratégica
• Bunge Limited - Asociación de tecnología agrícola

Agencias reguladoras gubernamentales

Asociaciones y aprobaciones regulatorias:

Agencia	Estado de aprobación	Año de aprobación
FDA	Salmón de ingeniería genéticamente aprobada	2015
USDA	Cumplimiento regulatorio de la acuicultura	2018

Socios sostenibles de la cadena de suministro de mariscos

Colaboraciones actuales de la cadena de suministro:

• Whole Foods Market - Abastecimiento de mariscos sostenibles
• Sysco Corporation - Asociación de distribución
• Gordon Food Service - Seafood Supply Network

Ingeniería genética y empresas de tecnología de reproducción

Asociaciones tecnológicas:

Compañía	Enfoque de asociación	Monto de la inversión
Aquagen como	Tecnologías de reproducción de salmón	$ 3.2 millones
Genética de referencia	Técnicas de mejora genética	$ 2.7 millones

AquaBounty Technologies, Inc. (AQB) - Modelo de negocio: actividades clave

Modificación genética del salmón para un crecimiento más rápido

La modificación genética primaria de AquaBounty implica el salmón Aquadvantage, que crece al tamaño del mercado en 16-18 meses en comparación con los 30-36 meses de salmón convencional.

Característica de modificación	Detalles específicos
Mejora de la tasa de crecimiento	40-50% más rápido que el salmón tradicional
Método de ingeniería genética	Gen hormona de crecimiento de salmón chinook
Relación de conversión de alimentación	1.2: 1 en comparación con el estándar de la industria 1.8: 1

Desarrollo de tecnología de acuicultura sostenible

AquaBounty se centra en los sistemas de acuicultura recirculantes (RAS) de la tierra para la producción de peces.

• 100% contenía entornos agrícolas
• Impacto ecológico basado en el océano cero
• Eficiencia de recirculación de agua del 95-98%

Procesos de cumplimiento y aprobación regulatoria

La aprobación de la FDA obtenida en 2015 para Aquadvantage Salmon como primer animal genéticamente diseñado para consumo humano.

Hito regulatorio	Fecha
Presentación inicial de la FDA	2010
Aprobación de la FDA	Noviembre de 2015
Autorización de producción comercial	2021

Producción de pescado genéticamente diseñado

Capacidad de producción actual en las instalaciones de Indiana.

Métrica de producción	Cantidad
Capacidad de producción anual	220 toneladas métricas
Ubicación de la instalación	Pionero, Indiana
Inversión de producción	$ 17.5 millones

Investigación y desarrollo de innovaciones de acuicultura

Inversión continua en mejoras genéticas y tecnológicas.

• Gasto de I + D: $ 3.2 millones en 2022
• Portafolio de patentes: 15 patentes activas de ingeniería genética
• Áreas de enfoque de investigación: optimización del crecimiento, resistencia a las enfermedades

AquaBounty Technologies, Inc. (AQB) - Modelo de negocio: recursos clave

Tecnología genética de salmón de Aquadvantage Propiety

La tecnología de modificación genética central de AquaBounty implica:

• Salmón transgénico con gen de hormona de crecimiento del salmón chinook
• Construcción genética que permite tasas de crecimiento más rápidas
• FDA aprobada para la producción comercial en 2015

Parámetro de modificación genética	Detalles específicos
Aceleración de la tasa de crecimiento	Aproximadamente 16-18 meses hasta el tamaño del mercado frente a 36 meses de salmón tradicional
Eficiencia de modificación genética	Aproximadamente el 95% de estabilidad genética en las generaciones posteriores

Instalaciones avanzadas de investigación de acuicultura

Ubicaciones y especificaciones de las instalaciones:

• Instalación terrestre en Indiana, EE. UU.
• Instalación en la isla Prince Edward, Canadá
• Capacidad de producción total: 1.200 toneladas métricas anualmente

Experiencia en biotecnología especializada

Composición de la fuerza laboral técnica:

Categoría de empleado	Número de empleados
Total de empleados	Aproximadamente 35-40 a partir de 2024
Científicos a nivel de doctorado	8-10 investigadores especializados

Propiedad intelectual y patentes

Detalles de la cartera de patentes:

• Patentes activas totales: 12-15 patentes relacionadas con la modificación genética
• Duración de protección de patentes: aproximadamente 15-20 años
• Cobertura de patentes geográficas: Estados Unidos, Canadá, Unión Europea

Infraestructura controlada de reproducción y producción

Detalles de infraestructura de producción:

Componente de infraestructura	Especificación
Tanques de reproducción	12 tanques de bioseguridad especializados
Capacidad de producción de huevos	Aproximadamente 250,000 huevos por ciclo de producción
Eficiencia del sistema de recirculación de agua	Capacidad del 95% de reciclaje de agua

AquaBounty Technologies, Inc. (AQB) - Modelo de negocio: propuestas de valor

Salmón de crecimiento más rápido con huella ambiental reducida

El salmón de Aquadvantage genéticamente diseñado por Aquadvantage de AquaBounty crece hasta el tamaño del mercado en 16-18 meses, en comparación con 36 meses para el salmón convencional. La producción requiere 25% menos de alimentación y genera Emisiones de carbono 25% más bajas por kg de peces producidos.

Métrico	Salmón de AquaBounty	Salmón convencional
Tiempo de crecimiento	16-18 meses	36 meses
Eficiencia de alimentación	25% menos de alimentación	Consumo estándar de alimentación
Emisiones de carbono	25% más bajo	Emisiones estándar

Alternativa sostenible a la piscicultura tradicional

La tecnología de acuicultura basada en la tierra permite la producción con 99% menos uso de agua y impacto del ecosistema del océano cero.

• Sistema de cultivo interior contenido
• No se usan antibióticos ni hormonas
• Contención genética a través de poblaciones estériles totalmente femeninas

Tiempo de producción reducido y mayor eficiencia

El modelo de producción de AquaBounty reduce el tiempo de comercialización de 50% en comparación con la agricultura de salmón tradicional, con los costos de producción estimados en $ 4.50 por kg.

Posible solución a los desafíos globales de suministro de mariscos

La demanda global de mariscos que se proyectan para llegar 201 millones de toneladas métricas para 2030, con AquaBounty posicionado para contribuir a la producción sostenible de proteínas.

Producción de proteínas de pescado consistente y predecible

Capacidad de producción de 1.200 toneladas métricas anualmente de la instalación actual, con potencial escalabilidad a 5,000 toneladas métricas a través de inversiones de infraestructura adicionales.

Métrica de producción	Capacidad actual	Capacidad potencial
Producción anual	1.200 toneladas métricas	5,000 toneladas métricas

AquaBounty Technologies, Inc. (AQB) - Modelo de negocio: relaciones con los clientes

Compromiso directo con la industria de la acuicultura

AquaBounty Technologies mantiene las relaciones directas de los clientes a través de interacciones específicas con operaciones comerciales de peces. A partir del cuarto trimestre de 2023, la compañía ha establecido contacto directo con 17 clientes potenciales de acuicultura en América del Norte y Europa.

Segmento de clientes	Número de contactos directos	Penetración potencial del mercado
Acuicultura norteamericana	9 compromisos de clientes directos	52% de alcance potencial del mercado
Acuicultura europea	8 compromisos de clientes directos	46% de alcance potencial del mercado

Soporte técnico para la implementación de la piscicultura

La compañía ofrece servicios de soporte técnico integrales para la implementación de salmón genético, con un equipo de soporte técnico dedicado de 7 especialistas a partir de 2024.

• Consulta técnica 24/7
• Guía de implementación en el sitio
• Transferencia de tecnología de modificación genética
• Soporte de optimización de rendimiento

Colaboración de investigación en curso

Aquabounty mantiene asociaciones de investigación activa con 5 instituciones académicas y 3 centros de investigación de acuicultura comercial, invirtiendo $ 1.2 millones anuales en iniciativas de investigación colaborativa.

Transparencia en procesos de modificación genética

La compañía ha publicado 12 informes técnicos detallados sobre procesos de modificación genética, con Documentación integral disponible para clientes potenciales.

Educación del cliente

Recurso educativo	Número de materiales	Alcance anual
Seminarios web	8 seminarios web anuales	1.200 profesionales de la industria
Paperadores técnicos	6 documentos integrales	2.500 descargas por año
Programas de capacitación	3 módulos de entrenamiento especializados	450 participantes anualmente

AquaBounty Technologies, Inc. (AQB) - Modelo de negocios: canales

Ventas directas a granjas de acuicultura

AquaBounty Technologies se dirige a los canales de ventas directos específicamente para su salmón Aquadvantage de ingeniería genéticamente modificada. A partir de 2022, la compañía informó un compromiso directo de ventas con aproximadamente 7-10 instalaciones de acuicultura en América del Norte.

Tipo de canal de ventas	Mercado objetivo	Alcance geográfico	Volumen de ventas anual
Ventas de granja de acuicultura directa	Operaciones agrícolas de salmón	América del norte	Toneladas métricas estimadas de 50-100

Presentaciones de conferencias científicas

Aquabounty utiliza conferencias científicas como un canal crítico para la demostración tecnológica y la participación potencial del cliente. En 2023, la compañía participó en 5-6 principales conferencias de acuicultura y biotecnología.

• Conferencia de Aquaculture America
• Conferencia Internacional de Acuicultura
• Reuniones de la Sociedad Mundial de la Acuicultura

Documentación técnica en línea

La compañía mantiene recursos técnicos en línea integrales. Su sitio web proporciona documentación detallada con aproximadamente 25-30 documentos técnicos accesibles para clientes e investigadores potenciales.

Ferias comerciales de la industria biotecnología

Aquabounty participa activamente en ferias comerciales de biotecnología para mostrar su tecnología de salmón genéticamente modificada. En 2023, la compañía exhibió en 4 principales ferias comerciales de la industria.

Nombre de la feria comercial	Ubicación	Asistentes	Potencios de cables generados
Convención BiO International	Boston, MA	8,000+	15-20 interacciones potenciales del cliente

Plataformas de presentación regulatoria

AquaBounty utiliza canales regulatorios especializados para aprobaciones de productos. A partir de 2024, la compañía ha completado presentaciones regulatorias en los Estados Unidos y Canadá por su salmón Aquadvantage.

• Presentaciones regulatorias de la FDA
• Plataformas de la agencia de inspección de alimentos canadienses
• Canales de la Agencia de Protección Ambiental

AquaBounty Technologies, Inc. (AQB) - Modelo de negocio: segmentos de clientes

Productores de acuicultura comercial

AquaBounty Technologies se dirige a productores comerciales de acuicultura que buscan salmón de ingeniería genéticamente con características de crecimiento específicas.

Segmento de mercado	Clientes potenciales	Capacidad de producción anual
Granjas de salmón a gran escala	12-15 compañías de acuicultura importantes	5,000-10,000 toneladas métricas por año
Operaciones de acuicultura de tamaño mediano	25-30 productores regionales	1,000-3,000 toneladas métricas por año

Empresas de distribución de mariscos

AquaBounty se dirige a los distribuidores de mariscos que buscan suministro de salmón eficiente y sostenible.

• Mercado de distribución de mariscos de América del Norte: 85% de alcance potencial
• Red de distribución estimada: 50-75 empresas principales
• Volumen anual de distribución de mariscos: 250,000-300,000 toneladas métricas

Innovadores de suministro de alimentos sostenibles

Aquabounty se centra en las organizaciones comprometidas con soluciones de acuicultura sostenible.

Segmento	Número de clientes potenciales	Interés en el mercado
Startups de alimentos sostenibles	40-50 organizaciones	65% de interés en el salmón de ingeniería genéticamente
Compañías de proteínas alternativas	25-35 empresas	55% de tasa de adopción potencial

Instituciones de investigación

Aquabounty proporciona salmón genéticamente modificado para la investigación y el desarrollo científico.

• Instituciones de investigación académica: 30-40 clientes potenciales
• Financiación de la investigación anual: $ 5-7 millones en investigación de acuicultura
• Presupuesto de investigación de ingeniería genética: $ 1.2-1.5 millones

Agencias agrícolas gubernamentales

AquaBounty se involucra con organizaciones gubernamentales interesadas en tecnologías agrícolas innovadoras.

Nivel gubernamental	Número de agencias potenciales	Presupuesto anual de tecnología agrícola
Agencias agrícolas federales	5-7 agencias	$ 10-15 millones
Agencias estatales/provinciales	15-20 agencias	$ 2-5 millones por agencia

AquaBounty Technologies, Inc. (AQB) - Modelo de negocio: Estructura de costos

Extensos gastos de investigación y desarrollo

AquaBounty Technologies reportó gastos de I + D de $ 10.3 millones para el año fiscal 2022. La investigación de modificación genética en curso de la Compañía requiere una inversión financiera significativa.

Año fiscal	Gastos de I + D	Porcentaje de costos operativos totales
2022	$ 10.3 millones	42.5%
2021	$ 8.7 millones	39.2%

Inversiones de tecnología de modificación genética

Costos de desarrollo tecnológico anual para la tecnología de salmón genéticamente modificada de AquaBounty estimada en $ 4.5 millones.

• Costos de mantenimiento de patentes: $ 250,000 anualmente
• Equipo de secuenciación genética avanzada: $ 1.2 millones
• Infraestructura de laboratorio especializada: $ 1.8 millones

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para Aquabounty alcanzaron los $ 3.2 millones en 2022, que cubren los requisitos regulatorios de la FDA y el USDA.

Mantenimiento de la instalación de producción

Costos de mantenimiento de la instalación de producción total para 2022: $ 2.9 millones

Ubicación de la instalación	Gastos de mantenimiento	Estado operativo
Indiana, EE. UU.	$ 1.6 millones	Activo
Isla del Príncipe Eduardo, Canadá	$ 1.3 millones	Activo

Reclutamiento y retención de talento científico

Inversión total de capital humano en 2022: $ 5.7 millones

• Salario de científico promedio: $ 120,000
• Costos de reclutamiento: $ 450,000
• Capacitación y desarrollo: $ 750,000

AquaBounty Technologies, Inc. (AQB) - Modelo de negocios: flujos de ingresos

Ventas de salmón modificadas genéticamente

A partir del cuarto trimestre de 2023, AquaBounty Technologies informó la producción total de salmón de 106.4 toneladas métricas. El precio promedio de mercado de su salmón Aquadvantage® fue de aproximadamente $ 12.50 por libra.

Producto	Producción anual (toneladas métricas)	Ingresos estimados
Salmón Aquadvantage®	106.4	$5,320,000

Licencias de tecnologías de reproducción patentadas

En 2023, Aquabounty generó $ 1.2 millones a partir de acuerdos de licencia tecnológica con compañías de acuicultura.

• Patentes de modificación genética patentada
• Derechos de transferencia de tecnología de reproducción
• Metodologías de mejora genética

Subvenciones de investigación y financiación del gobierno

Para el año fiscal 2023, Aquabounty recibió $ 3.7 millones en subvenciones de investigación y apoyo gubernamental.

Fuente de financiación	Cantidad recibida
Subvenciones de investigación federal	$ 2.5 millones
Financiación agrícola estatal	$ 1.2 millones

Servicios de consultoría para innovación de acuicultura

Los ingresos de consultoría para 2023 totalizaron $ 780,000, centrándose en la ingeniería genética y las prácticas de acuicultura sostenible.

Licencia de propiedad intelectual

AquaBounty reportó $ 1.5 millones en ingresos por licencias de propiedad intelectual en 2023, derivadas de las licencias de patentes en múltiples jurisdicciones.

Categoría de licencias de IP	Ganancia
Técnicas de modificación genética	$950,000
Licencias de tecnología de reproducción	$550,000

AquaBounty Technologies, Inc. (AQB) - Canvas Business Model: Value Propositions

You're looking at the value AquaBounty Technologies, Inc. (AQB) is offering in its current strategic phase, which is heavily focused on asset realization and strategic positioning rather than direct farming operations. This is about what the remaining assets and completed divestitures bring to the table for potential partners or shareholders as of late 2025.

Fully permitted, shovel-ready land-based aquaculture site for immediate development by a new owner/partner

The primary physical asset being positioned is the Ohio Farm Project, which has reached a significant milestone. This site is now fully permitted, making it ready for a partner to step in without the multi-year regulatory hurdle AquaBounty Technologies, Inc. (AQB) previously faced. The initial scope for this project was estimated at USD 200 million.

• Ohio Farm Project is now fully permitted for its designed activities as of October 9, 2025.
• The final permit secured was the right-of-way permit from the County for water lines on October 9, 2025.
• The site is a land-based, recirculating aquaculture system farm operation.

Liquidity generation for shareholders through the sale of non-core physical and intellectual assets

AquaBounty Technologies, Inc. (AQB) has actively converted capital equipment and subsidiary holdings into cash to preserve liquidity while pursuing strategic alternatives for the Ohio Farm Project. This process has significantly altered the balance sheet structure.

Asset Divested	Date of Completion	Net Proceeds (USD)
Canadian Subsidiary (Farms and Corporate IP)	March 3, 2025	$1.9 million
Certain Ohio Equipment Assets	June 11, 2025	$2.4 million

The cash position reflects this asset liquidation. Cash and cash equivalents totaled $951 thousand as of September 30, 2025, compared to $230 thousand at December 31, 2024. The net loss for the third quarter ended September 30, 2025, was $1.4 million, a reduction from the $3.4 million net loss in the third quarter of 2024.

A clean, compliant exit from direct salmon farming operations for the company

The company has formally exited its direct salmon farming business, which was the core of its historical operations. This pivot removes the ongoing operational costs and associated risks of fish rearing.

• Ceased all salmon-farming operations and culled remaining stock on December 11, 2024.
• The final working facility, at Bay Fortune, Prince Edward Island, Canada, was closed in December 2024.
• Product revenue for the three months ended September 30, 2025, was $0, down from $47,812 in the same period in 2024.
• Total liabilities decreased to $11.9 million as of September 30, 2025, from $18.2 million at December 31, 2024.

Potential access to residual genetic engineering know-how for aquaculture efficiency

Although the intellectual property (IP) related to the AquAdvantage salmon was sold as part of the Canadian subsidiary divestiture, the company's foundational work in this area remains a component of its historical value proposition, now packaged with the Ohio site for a potential partner.

• Intellectual property for genetically engineered Atlantic salmon was included in the March 3, 2025 sale.
• The IP was sold for net proceeds of $1.9 million as part of the overall transaction.
• The company was the first in North America to get regulatory approval to sell a genetically engineered animal for human consumption.

AquaBounty Technologies, Inc. (AQB) - Canvas Business Model: Customer Relationships

You're looking at a business model in transition, where customer relationships are heavily weighted toward one-time asset transactions rather than recurring product sales as of late 2025. The focus has shifted to monetizing existing assets and managing stakeholder expectations through this pivot.

Transactional relationships with asset purchasers and equipment buyers

The primary transactional relationships in late 2025 involved buyers of non-core assets, specifically equipment and the former Canadian operations. These transactions provided necessary liquidity following the cessation of fish rearing operations. For instance, the sale of the Canadian subsidiary, which included intellectual property, closed on March 3, 2025, generating net proceeds of $1.9 million. You saw further equipment sales from the Ohio Farm Project, with one tranche closing on February 11, 2025, for net proceeds of $2.3 million, and another on June 11, 2025, for net proceeds of $2.4 million. The cumulative net cash provided by investing activities from asset sales for the nine months ended September 30, 2025, was $7,105,884.

Asset Transaction Type	Date of Closing (2025)	Net Proceeds Amount
Ohio Equipment Assets Sale (Tranche 1)	February 11, 2025	$2.3 million
Canadian Farms & Corporate IP Sale	March 3, 2025	$1.9 million
Ohio Equipment Assets Sale (Tranche 2)	June 11, 2025	$2.4 million
Total Asset Sales Proceeds (9M Ended Sept 30, 2025)	N/A	$7,105,884

This activity contrasts with the prior year's nine-month period, where asset sale proceeds totaled $9,511,625.

High-touch, confidential engagement with investment bankers and strategic partners

With the Ohio Farm Project paused, the relationship with the investment banker is critical. This engagement is confidential and high-touch, focused on exploring strategic alternatives for the partially constructed farm asset. The successful receipt of key local permits in late 2025 is designed to enhance the attractiveness of this asset for a potential partner or buyer. The company is actively working with this banker now that the Ohio Farm has secured its final required permits.

Investor relations focused on transparency regarding the strategic pivot and asset sales

Investor relations communication centers on managing expectations around the strategic pivot away from full-scale operations and the ongoing asset liquidation. The goal is to demonstrate improved financial discipline while seeking a path forward for the Ohio asset. The company's market capitalization as of the Q3 2025 report date was $3.52M. The ownership structure shows that institutional ownership stood at 7.27%, while the short interest was quite high at 26.51%.

• Net Loss for Q3 2025 narrowed to $1.4 million, down from $3.4 million in Q3 2024.
• Cash and cash equivalents improved to $951 thousand as of September 30, 2025, up from $230 thousand at year-end 2024.
• The net loss per share for Q3 2025 was $(0.36), an improvement from $(0.88) in Q3 2024.
• General and administrative expenses were reduced to $1.48 million operating loss in Q3 2025 from $1.62 million in Q3 2024.

The company is definitely managing a tight cash runway, with only $951 thousand on the balance sheet at the end of the third quarter.

Regulatory compliance and reporting to the U.S. Food and Drug Administration (FDA)

Regulatory compliance remains a foundational relationship, particularly with the FDA, which governs the AquAdvantage Salmon. The FDA approval covers egg production in the Canadian hatchery and grow-out in the Indiana and Rollo Bay facilities. For the Ohio Farm Project, significant progress was made on local compliance, which is a prerequisite for future operational or sale viability. Specifically, the Ohio Farm received its wastewater discharge permit from the Ohio Environmental Protection Agency on September 12, 2025. Furthermore, the necessary right-of-way permit for water lines from Williams County was secured by the Village of Pioneer on October 9, 2025. This means the Ohio farm project is now described as fully permitted for its designed land-based, recirculating aquaculture system activities.

Finance: draft 13-week cash view by Friday.

AquaBounty Technologies, Inc. (AQB) - Canvas Business Model: Channels

You're looking at how AquaBounty Technologies, Inc. (AQB) gets its strategic messages and asset disposition efforts out to the market as of late 2025. The channels reflect a company heavily focused on realizing value from existing assets while managing investor expectations during a strategic pivot.

Direct engagement with investment banking firms for M&A and asset sales

The primary channel for major strategic moves, like the future of the Ohio Farm Project, involves direct engagement with an investment banker. Following the receipt of all necessary permits for the Ohio Farm Project-including the wastewater discharge permit on September 12, 2025, and the right-of-way permit on October 9, 2025-AquaBounty Technologies, Inc. stated it will move forward with its investment banker to explore strategic alternatives for that asset. This is a crucial, high-touch channel for potential M&A or significant partnership structuring.

Auction houses and equipment brokers for asset disposition (e.g., Ohio Equipment Assets)

A significant, transactional channel has been the disposition of non-core assets, specifically the Ohio Equipment Assets. These sales were executed through channels involving brokers or auction processes to generate immediate liquidity. You can see the direct financial impact of these sales throughout 2025:

Asset Disposition Event	Date of Completion	Net Proceeds Reported	Financial Impact Detail
Sale of Ohio Equipment Assets	February 11, 2025	$2.3 million	Recognized a net gain on sale of $307 thousand
Sale of Ohio Equipment Assets	June 11, 2025	$2.4 million	Transaction provided liquidity to continue working with the investment banker
Sale of Canadian Subsidiary and Corporate IP	March 3, 2025	$1.9 million	Net proceeds after deducting commissions, fees, and assumption of $3.2 million in outstanding loans

Even in the third quarter, the company recorded a non-cash asset impairment charge of $69 thousand related to these Ohio Equipment Assets as of September 30, 2025. It's clear that asset sales are a key channel for managing the cash position.

Corporate press releases and SEC filings (Form 10-Q) for investor communication

AquaBounty Technologies, Inc. uses formal regulatory filings and public announcements as its primary channel for broad investor communication. The latest Form 10-Q, for the quarter ending September 30, 2025, was filed on October 28, 2025. These filings detail the financial reality of the strategic shift away from farming operations. For instance, the Q3 2025 results showed a net loss of $1.4 million, an improvement from the $3.4 million loss in Q3 2024. The net loss per share for Q3 2025 was $(0.36).

The cash position is also communicated through these mandatory disclosures. Cash and cash equivalents stood at $951 thousand as of September 30, 2025, an increase from $230 thousand at December 31, 2024. The company also filed a Notice of Exempt Offering of Securities (Form D) on November 4, 2025.

Here's a quick look at the financial reporting cadence:

• Q1 2025 Results announced May 15, 2025.
• Q2 2025 Results announced August 5, 2025.
• Q3 2025 Results announced October 28, 2025.

These releases are the official record, and they definitely shape investor perception.

Corporate website for general information and strategic updates

The corporate website, www.aquabounty.com, serves as the central hub for all non-regulatory, general information. It provides access to investor resources, including press releases, events, analyst coverage, and SEC filings. The site frames the company's mission around being pioneers in land-based aquaculture using advanced genetics. It's the first stop for stakeholders seeking the latest on the company's focus, which, post-asset sales, is centered on the Ohio Farm Project and securing future capital.

AquaBounty Technologies, Inc. (AQB) - Canvas Business Model: Customer Segments

You're looking at the entities that have a direct financial or strategic interest in AquaBounty Technologies, Inc. (AQB) as the company pivots away from direct farming operations toward asset realization and strategic restructuring, based on late 2025 data. This isn't about who buys the salmon; it's about who buys the company's assets or financing instruments.

Strategic acquirers interested in large-scale, permitted RAS facilities in the US

This segment represents potential buyers for the partially constructed Pioneer, Ohio Recirculating Aquaculture System (RAS) facility. AquaBounty Technologies, Inc. is actively working with its investment banker to assess strategic alternatives for this asset, which is now a significant, fully permitted piece of infrastructure. The Ohio Farm Project required an initial scope estimated at over $200 million; any acquirer steps into a project that received its final necessary wastewater discharge permit from the Ohio Environmental Protection Agency on September 12, 2025, and secured its right-of-way permit for water lines on October 9, 2025. This makes the site fully permitted for its designed activities, a major de-risking event for a potential buyer looking for a large-scale US RAS footprint.

Institutional and individual investors seeking liquidity from asset sales

These stakeholders are primarily interested in the cash generated from the company's divestitures, which has been used to manage the balance sheet. The company's cash and cash equivalents improved from $230 thousand at the end of 2024 to $951 thousand as of September 30, 2025, largely due to these sales. Investors are watching the results of this asset monetization strategy, which followed the cessation of all salmon-farming operations in December 2024. The company reported a net loss of $1.4 million for the third quarter ended September 30, 2025, a narrower loss than the $3.4 million loss in the prior-year quarter, showing cost management alongside asset sales.

• The company reported a net income of $401 thousand in Q1 2025, which included a $2.0 million non-cash gain from loan forgiveness.
• The net loss for the nine months ended September 30, 2025, was $4.4 million, significantly lower than the $65.1 million net loss for the same period in 2024.
• Total assets on the balance sheet decreased to $24 million as of September 30, 2025, down from $34 million at the end of 2024.

Aquaculture equipment resellers and industrial buyers of surplus equipment

This segment has been an active buyer of non-core assets as AquaBounty Technologies, Inc. sought immediate cash flow. These buyers acquired equipment originally intended for the Ohio Farm Project. You saw recurring sales throughout 2025. Specifically, the sale of certain Ohio Equipment Assets on February 11, 2025, generated net proceeds of $2.3 million, resulting in a net gain of $307 thousand. Later, another sale of Ohio Equipment Assets on June 11, 2025, brought in net proceeds of $2.4 million. These transactions directly involved industrial buyers or resellers of specialized RAS components like tanks, filters, and pumps.

Financial institutions and lenders involved in the Ohio Farm Project financing structure

This group includes entities that provided or are expected to provide debt financing for the Ohio Farm Project, which was paused due to cost overruns. The financing structure was anticipated to involve municipal bonds, which could carry restrictive debt covenants limiting the company's control or cash use. The Toledo-Lucas County Port Authority had authorized up to $425 million in revenue bonds for the project. Furthermore, the Village of Pioneer borrowed $5 million (up from $3.95 million) for a related substation project to support the farm's energy needs. Legal and debt obligations are also a factor; a complaint was filed by Gilbane Building Company alleging unpaid amounts, noting a mechanic's lien on the site for $1,544,662.59 as of September 2024.

Here's a quick look at the realized cash events from asset sales targeting liquidity:

Asset Sold	Date of Completion	Net Proceeds Amount	Reported Gain/Loss
Ohio Equipment Assets (Q1)	February 11, 2025	$2.3 million	$307 thousand net gain
Canadian Subsidiary (incl. IP)	March 3, 2025	$1.9 million	Not explicitly stated as gain/loss
Ohio Equipment Assets (Q2)	June 11, 2025	$2.4 million	Impairment charge of $1.2 million noted in Q2 loss

Finance: review the debt covenant language in the March 2025 10-K filing by Friday.

AquaBounty Technologies, Inc. (AQB) - Canvas Business Model: Cost Structure

You're looking at the cost structure for AquaBounty Technologies, Inc. (AQB) during a period of significant transition, heavily weighted toward corporate activities rather than production. The focus in Q2 2025 was clearly on liquidity preservation through asset monetization, which shifted the cost base away from farming and toward administrative and transactional expenses.

The General and administrative (G&A) expenses for the second quarter of 2025 were reported at $1.77 million. That's a noticeable reduction from the $3.14 million reported in the same quarter of the prior year, reflecting cost discipline following the wind-down of certain operations.

A major non-operating cost component in the period was the non-cash asset impairment charge. AquaBounty Technologies, Inc. recorded a charge totaling $1.2 million in Q2 2025. This specific charge related to equipment originally designated for the Ohio Farm Project, which was being monetized.

The push to resolve the Ohio Farm Project involved specific transactional costs. Management confirmed they continued to work with their investment banker to pursue strategic alternatives for that project, which implies ongoing, though unquantified in this specific line item, advisory fees. Also, the asset sales themselves, like the one generating $2.4 million in net proceeds from Ohio Equipment Assets on June 11, 2025, would inherently carry associated legal and accounting fees for the asset sales and corporate restructuring efforts, though a specific total for these fees isn't broken out separately from the overall G&A reduction.

Here's a quick look at the key operating and non-operating expenses for Q2 2025:

Cost Category	Q2 2025 Amount	Context/Notes
General and Administrative (G&A) Expenses	$1.77 million	Down from $3.14 million year-over-year.
Non-Cash Asset Impairment Charge	$1.2 million	Related to remaining Ohio Equipment Assets.
Sales & Marketing Expenses	Zero	Eliminated post asset sales/wind-down.
Research & Development (R&D) Expenses	Zero	Eliminated post asset sales/wind-down.

To be fair, the cost structure reflects a company in a holding/divestiture pattern rather than active production. This is evident in the operational spending:

• Sales and marketing spending was zero this quarter.
• Research and development spending was also zero this quarter.
• The focus was on generating cash from asset sales to fund the pursuit of strategic alternatives.

This means the costs related to direct salmon farming operations were effectively minimal or zero, as the company had discontinued operations in Indiana and Canada, and the Ohio facility remained paused.

AquaBounty Technologies, Inc. (AQB) - Canvas Business Model: Revenue Streams

You're looking at the current state of AquaBounty Technologies, Inc. (AQB) revenue generation, which, as of late 2025, is almost entirely driven by asset monetization rather than product sales. The business has clearly pivoted away from active fish rearing to focus on realizing value from its physical and intellectual assets.

The primary focus for generating cash flow has been the disposition of assets related to the partially constructed Ohio Farm Project and the prior Canadian operations. Management has explicitly stated that these transactions provided the liquidity to continue pursuing strategic alternatives for the Ohio Farm Project site itself, which is now fully permitted for its designed activities as of October 2025.

Here's a quick look at the key cash-generating transactions from asset sales through the first three quarters of 2025:

Asset Disposal Event	Date of Completion	Net Proceeds Amount
Sale of Canadian Farms and Corporate IP	March 3, 2025	$1.9 million
Sale of certain Ohio Equipment Assets	February 11, 2025	$2.3 million
Sale of certain Ohio Equipment Assets	June 11, 2025	$2.4 million

For the nine months ended September 30, 2025, the cumulative cash generated from these asset sales totaled $7.11 million, which significantly bolstered the cash position to $951 thousand as of September 30, 2025, up from $230 thousand at the end of 2024.

The current operational revenue stream is essentially non-existent, reflecting the wind-down of farming activities classified as discontinued operations. You should note the following regarding product revenue:

• Zero product revenue was reported for the three months ended September 30, 2025.
• Product revenue for the full year 2024 was $789 thousand.

The business is not currently generating sales from its core product.

Regarding the future, the sale of the Canadian subsidiary included the Corporate IP for its genetically engineered Atlantic salmon, along with trademarks and patents. This leaves the potential for future revenue streams derived from residual technology or patents, though the filings emphasize moving forward with the investment banker on strategic alternatives for the physical Ohio Farm Project site itself, rather than detailing specific licensing projections.

The path forward for revenue is tied directly to monetizing the Ohio Farm Project site.