Aquabounty Technologies, Inc. (AQB): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de l'aquaculture durable, Aquabounty Technologies est à l'avant-garde du génie génétique révolutionnaire, transformant la façon dont nous produisons du saumon avec une efficacité sans précédent. Leur saumon aquadvantage révolutionnaire représente un saut quantique dans la production alimentaire, promettant des cycles de croissance plus rapides, une réduction de l'impact environnemental et une solution potentielle aux défis mondiaux de l'offre de fruits de mer. En modifiant ingénieusement la génétique du saumon, cette entreprise de biotechnologie innovante réécrit les règles de la pisciculture, offrant un aperçu d'un avenir où la technologie et la durabilité convergent pour répondre aux besoins essentiels de la sécurité alimentaire mondiale.

Aquabounty Technologies, Inc. (AQB) - Modèle commercial: partenariats clés

Institutions de recherche sur la technologie de l'aquaculture

Aquabounty collabore avec les institutions de recherche suivantes:

Institution	Focus de la collaboration	Année établie
Université du Massachusetts	Recherche en génie génétique	2010
Université commémorative de Terre-Neuve	Développement de la technologie de l'aquaculture	2015

Société d'investissement agricole et biotechnologie

Les principaux partenariats d'investissement comprennent:

• Intrexon Corporation (maintenant Randsome Holding Company) - 12,5 millions de dollars d'investissement en 2010
• Cargill Inc. - Investissement stratégique de biotechnologie
• Bunge Limited - Agricultural Technology Partnership

Agences de réglementation gouvernementales

Partenariats et approbations réglementaires:

Agence	Statut d'approbation	Année d'approbation
FDA	Saumon génétiquement modifié	2015
USDA	Conformité réglementaire pour l'aquaculture	2018

Partners de la chaîne d'approvisionnement des fruits de mer durable

Collaborations actuelles de la chaîne d'approvisionnement:

• Marché de Whole Foods - Sourcing durable de fruits de mer
• Sysco Corporation - Partenariat de distribution
• Gordon Food Service - Seafood Supply Network

Génie génétique et technologie des technologies

Partenariats technologiques:

Entreprise	Focus de partenariat	Montant d'investissement
Aquagen comme	Technologies de reproduction du saumon	3,2 millions de dollars
Génétique de référence	Techniques d'amélioration génétique	2,7 millions de dollars

Aquabounty Technologies, Inc. (AQB) - Modèle d'entreprise: activités clés

Modification génétique du saumon pour une croissance plus rapide

La modification génétique principale d'Aquabounty implique le saumon aquadvantage, qui atteint la taille du marché en 16 à 18 mois par rapport aux 30 à 36 mois du saumon conventionnel.

Caractéristique de modification	Détails spécifiques
Amélioration du taux de croissance	40 à 50% plus rapide que le saumon traditionnel
Méthode de génie génétique	Gène hormonal de croissance du saumon chinois
Ratio de conversion d'alimentation	1,2: 1 par rapport à la norme de l'industrie 1,8: 1

Développement de technologie aquaculture durable

Aquabounty se concentre sur les systèmes d'aquaculture de recirculation terrestre (RAS) pour la production de poissons.

• Environnements agricoles à 100% contenus
• Impact écologique zéro océanique
• Efficacité de recirculation de l'eau de 95 à 98%

Processus de conformité et d'approbation réglementaires

L'approbation de la FDA a obtenu en 2015 pour le saumon aquadvant comme premier animal génétiquement conçu pour la consommation humaine.

Jalon réglementaire	Date
Soumission initiale de la FDA	2010
Approbation de la FDA	Novembre 2015
Autorisation de production commerciale	2021

Production de poissons génétiquement modifiés

Capacité de production actuelle à Indiana Facility.

Métrique de production	Quantité
Capacité de production annuelle	220 tonnes métriques
Emplacement de l'installation	Pionnier, Indiana
Investissement en production	17,5 millions de dollars

Recherche et développement des innovations aquacultures

Investissement continu dans les améliorations génétiques et technologiques.

• Dépenses de R&D: 3,2 millions de dollars en 2022
• Portefeuille de brevets: 15 brevets en génie génétique actif
• Les domaines d'intérêt de la recherche: optimisation de la croissance, résistance aux maladies

Aquabounty Technologies, Inc. (AQB) - Modèle commercial: Ressources clés

Technologie génétique du saumon aquadvantage propriétaire

La technologie de modification génétique de base d'Aquabounty implique:

• Saumon transgénique avec gène hormonal de croissance à partir du saumon chinois
• Construction génétique permettant des taux de croissance plus rapides
• La FDA a approuvé la production commerciale en 2015

Paramètre de modification génétique	Détails spécifiques
Accélération du taux de croissance	Environ 16 à 18 mois à la taille du marché vs 36 mois de saumon traditionnel
Efficacité de modification génétique	Une stabilité génétique d'environ 95% dans les générations suivantes

Installations de recherche aquaculture avancée

Emplacements et spécifications des installations:

• Installation terrestre dans l'Indiana, États-Unis
• Installation à Prince Edward, Canada
• Capacité de production totale: 1 200 tonnes métriques par an

Expertise en biotechnologie spécialisée

Composition technique de la main-d'œuvre:

Catégorie des employés	Nombre d'employés
Total des employés	Environ 35-40 à partir de 2024
Scientifiques de niveau doctorant	8-10 chercheurs spécialisés

Propriété intellectuelle et brevets

Détails du portefeuille de brevets:

• Brevets actifs totaux: 12-15 brevets liés à la modification génétique
• Durée de protection des brevets: environ 15-20 ans
• Couverture des brevets géographiques: États-Unis, Canada, Union européenne

Infrastructure d'élevage et de production contrôlée

Spécifications des infrastructures de production:

Composant d'infrastructure	Spécification
Réservoirs de reproduction	12 réservoirs de biosecure spécialisés
Capacité de production d'œufs	Environ 250 000 œufs par cycle de production
Efficacité du système de recirculation de l'eau	Capacité de recyclage à 95%

Aquabounty Technologies, Inc. (AQB) - Modèle d'entreprise: propositions de valeur

Saumon plus rapide avec une empreinte environnementale réduite

Le saumon aquadvantage génétiquement modifié d'Aquabounty atteint la taille du marché en 16 à 18 mois, contre 36 mois pour le saumon conventionnel. La production nécessite 25% de nourriture en moins et génère 25% des émissions de carbone inférieures par kg de poisson produit.

Métrique	Saumon aquabounty	Saumon conventionnel
Temps de croissance	16-18 mois	36 mois
Efficacité alimentaire	25% de nourriture en moins	Consommation d'alimentation standard
Émissions de carbone	25% inférieur	Émissions standard

Alternative durable à la pisciculture traditionnelle

La technologie d'aquaculture terrestre permet la production avec 99% en moins d'utilisation de l'eau et Impact de l'écosystème de l'océan zéro.

• Système agricole intérieur contenu
• Pas d'antibiotiques ou d'hormones utilisées
• Confinement génétique à travers des populations stériles entièrement féminines

Temps de production réduit et efficacité accrue

Le modèle de production d'Aquabounty réduit le délai de marché par 50% par rapport à la culture du saumon traditionnel, avec des coûts de production estimés à 4,50 $ par kg.

Solution potentielle aux défis mondiaux de l'offre de fruits de mer

La demande mondiale des fruits de mer prévoyait pour atteindre 201 millions de tonnes métriques d'ici 2030, avec Aquabounty positionné pour contribuer à la production durable de protéines.

Production de protéines de poisson cohérente et prévisible

Capacité de production de 1 200 tonnes métriques par an à partir de l'installation actuelle, avec une évolutivité potentielle à 5 000 tonnes métriques grâce à des investissements supplémentaires sur les infrastructures.

Métrique de production	Capacité actuelle	Capacité potentielle
Production annuelle	1 200 tonnes métriques	5 000 tonnes métriques

Aquabounty Technologies, Inc. (AQB) - Modèle d'entreprise: relations avec les clients

Engagement direct avec l'industrie de l'aquaculture

Aquabounty Technologies maintient les relations avec les clients directs grâce à des interactions ciblées avec les opérations commerciales des piscicultures. Au quatrième trimestre 2023, la société a établi un contact direct avec 17 clients aquaculture potentiels en Amérique du Nord et en Europe.

Segment de clientèle	Nombre de contacts directs	Pénétration potentielle du marché
Aquaculture nord-américaine	9 Engagements des clients directs	Port de marché potentiel de 52%
Aquaculture européenne	8 Engagements des clients directs	Port de marché potentiel de 46%

Soutien technique à la mise en œuvre des piscicultures

La société fournit des services de support technique complets pour la mise en œuvre génétique du saumon, avec une équipe de support technique dédiée de 7 spécialistes à partir de 2024.

• Consultation technique 24/7
• Conseils de mise en œuvre sur place
• Transfert de technologie de modification génétique
• Support d'optimisation des performances

Collaboration de recherche en cours

Aquabounty maintient des partenariats de recherche actifs avec 5 établissements universitaires et 3 centres commerciaux de recherche sur l'aquaculture, investissant 1,2 million de dollars par an dans des initiatives de recherche collaborative.

Transparence dans les processus de modification génétique

La société a publié 12 rapports techniques détaillés sur les processus de modification génétique, avec Documentation complète disponible pour les clients potentiels.

Formation client

Ressource éducative	Nombre de matériaux	Portée annuelle
Webinaires	8 webinaires annuels	1 200 professionnels de l'industrie
Blancs techniques	6 documents complets	2 500 téléchargements par an
Programmes de formation	3 modules de formation spécialisés	450 participants chaque année

Aquabounty Technologies, Inc. (AQB) - Modèle d'entreprise: canaux

Ventes directes vers des fermes aquacultures

Aquabounty Technologies cible les canaux de vente directs spécifiquement pour son saumon aquadvantage génétiquement modifié. En 2022, la société a déclaré un engagement direct des ventes avec environ 7 à 10 installations aquacultures en Amérique du Nord.

Type de canal de vente	Marché cible	Portée géographique	Volume des ventes annuelles
Ventes de ferme aquaculture directe	Opérations de saumon	Amérique du Nord	Estimé 50 à 100 tonnes métriques

Présentations de la conférence scientifique

Aquabounty utilise des conférences scientifiques comme canal critique pour la démonstration technologique et l'engagement potentiel des clients. En 2023, la société a participé à 5 à 6 conférences d'aquaculture et de biotechnologie majeures.

• Conférence Aquaculture America
• Conférence internationale sur l'aquaculture
• Réunions de la World Aquaculture Society

Documentation technique en ligne

La société maintient des ressources techniques en ligne complètes. Leur site Web fournit une documentation détaillée avec environ 25 à 30 documents techniques accessibles aux clients et chercheurs potentiels.

Biotechnology Industry Trade Show

Aquabounty participe activement aux salons du commerce de la biotechnologie pour présenter sa technologie de saumon génétiquement modifiée. En 2023, la société a exposé 4 grands salons commerciaux de l'industrie.

Nom de salon	Emplacement	Participants	Les pistes potentielles générées
Convention internationale de bio	Boston, MA	8,000+	15-20 interactions potentielles du client

Plates-formes de soumission réglementaires

Aquabounty utilise des canaux de réglementation spécialisés pour les approbations de produits. Depuis 2024, la société a terminé les soumissions réglementaires aux États-Unis et au Canada pour son saumon aquadvantage.

• Soumissions réglementaires de la FDA
• Plateformes de l'agence d'inspection des aliments canadiens
• Canaux de l'agence de protection de l'environnement

Aquabounty Technologies, Inc. (AQB) - Modèle d'entreprise: segments de clientèle

Producteurs commerciaux d'aquaculture

Aquabounty Technologies cible les producteurs d'aquaculture commerciaux à la recherche de saumon génétiquement modifié avec des caractéristiques de croissance spécifiques.

Segment de marché	Clients potentiels	Capacité de production annuelle
Salle de saumon à grande échelle	12-15 grandes sociétés d'aquaculture	5 000 à 10 000 tonnes métriques par an
Opérations d'aquaculture de taille moyenne	25-30 producteurs régionaux	1 000 à 3 000 tonnes métriques par an

Sociétés de distribution de fruits de mer

Aquabounty cible les distributeurs de fruits de mer à la recherche d'un approvisionnement efficace et durable du saumon.

• Marché de la distribution des fruits de mer nord-américaine: portée potentielle de 85%
• Réseau de distribution estimé: 50-75 grandes entreprises
• Volume annuel de distribution des fruits de mer: 250 000 à 300 000 tonnes métriques

Innovateurs de fournitures alimentaires durables

Aquabounty se concentre sur les organisations engagées dans des solutions d'aquaculture durables.

Segment	Nombre de clients potentiels	Intérêt du marché
Startups alimentaires durables	40-50 organisations	65% d'intérêt pour le saumon génétiquement modifié
Sociétés protéiques alternatives	25-35 entreprises	Taux d'adoption potentiel de 55%

Institutions de recherche

Aquabounty fournit du saumon génétiquement modifié pour la recherche et le développement scientifiques.

• Institutions de recherche universitaire: 30-40 clients potentiels
• Financement de la recherche annuelle: 5 à 7 millions de dollars en recherche sur l'aquaculture
• Budget de recherche en génie génétique: 1,2 à 1,5 million de dollars

Agences agricoles du gouvernement

Aquabounty s'engage avec les organisations gouvernementales intéressées par les technologies agricoles innovantes.

Niveau du gouvernement	Nombre d'agences potentielles	Budget annuel de technologie agricole
Agences agricoles fédérales	5-7 agences	10-15 millions de dollars
Agences d'État / provinciales	15-20 agences	2 à 5 millions de dollars par agence

Aquabounty Technologies, Inc. (AQB) - Modèle d'entreprise: Structure des coûts

Dépenses de recherche et développement approfondies

Aquabounty Technologies a déclaré des dépenses de R&D de 10,3 millions de dollars pour l'exercice 2022. La recherche en modification génétique en cours de la société nécessite un investissement financier important.

Exercice fiscal	Dépenses de R&D	Pourcentage du total des coûts opérationnels
2022	10,3 millions de dollars	42.5%
2021	8,7 millions de dollars	39.2%

Investissements technologiques de modification génétique

Les coûts annuels de développement de la technologie pour la technologie du saumon génétiquement modifiée d'Aquabounty estimé à 4,5 millions de dollars.

• Coûts d'entretien des brevets: 250 000 $ par an
• Équipement de séquençage génétique avancé: 1,2 million de dollars
• Infrastructure de laboratoire spécialisée: 1,8 million de dollars

Coûts de conformité réglementaire

Les frais de conformité réglementaire pour Aquabounty ont atteint 3,2 millions de dollars en 2022, couvrant les exigences réglementaires de la FDA et de l'USDA.

Entretien des installations de production

Coûts de maintenance totale des installations de production pour 2022: 2,9 millions de dollars

Emplacement de l'installation	Frais de maintenance	Statut opérationnel
Indiana, États-Unis	1,6 million de dollars	Actif
Prince Edward, Canada	1,3 million de dollars	Actif

Recrutement et rétention des talents scientifiques

Investissement total du capital humain en 2022: 5,7 millions de dollars

• Salaire moyen des scientifiques: 120 000 $
• Coûts de recrutement: 450 000 $
• Formation et développement: 750 000 $

Aquabounty Technologies, Inc. (AQB) - Modèle d'entreprise: Strots de revenus

Ventes de saumon génétiquement modifiées

Depuis le quatrième trimestre 2023, Aquabounty Technologies a signalé une production totale de saumon de 106,4 tonnes métriques. Le prix moyen du marché pour leur saumon Aquadvantage® était d'environ 12,50 $ la livre.

Produit	Production annuelle (tonnes métriques)	Revenus estimés
Saumon Aquadvantage®	106.4	$5,320,000

Licence des technologies d'élevage propriétaires

En 2023, Aquabounty a généré 1,2 million de dollars à partir des accords de licence technologique avec des sociétés aquacultures.

• Brevets de modification génétique propriétaire
• Droits de transfert de technologie d'élevage
• Méthodologies d'amélioration génétique

Subventions de recherche et financement gouvernemental

Pour l'exercice 2023, Aquabounty a reçu 3,7 millions de dollars de subventions de recherche et de soutien gouvernemental.

Source de financement	Montant reçu
Subventions de recherche fédérales	2,5 millions de dollars
Financement agricole de l'État	1,2 million de dollars

Services de conseil pour l'innovation aquaculture

Les revenus de consultation pour 2023 ont totalisé 780 000 $, en se concentrant sur le génie génétique et les pratiques d'aquaculture durables.

Licence de propriété intellectuelle

Aquabounty a rapporté 1,5 million de dollars de revenus de licence de propriété intellectuelle en 2023, provenant de l'octroi de licences de brevets dans plusieurs juridictions.

Catégorie de licence IP	Revenu
Techniques de modification génétique	$950,000
Licences de technologie de reproduction	$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.