AquaBounty Technologies, Inc. (AQB): BCG Matrix [Dec-2025 Updated]

You're looking at AquaBounty Technologies, Inc. (AQB) right now, and honestly, the picture is stark: the company has completely exited its production business, leaving its core assets scattered across the BCG quadrants as it scrambles for liquidity. We're seeing a business defined by asset sales, like the $9.5 million Indiana farm exit, against ongoing cash drains, evidenced by a $1.4 million net loss in Q3 2025 and only $951 thousand in cash left by September 30, 2025. The future hinges entirely on resolving the paused, ballooning $395 million Ohio project site, which currently sits as a massive Question Mark against a backdrop of former assets categorized as Dogs. Dive in below to see precisely where the remaining pieces of AquaBounty Technologies, Inc. fit into this strategic framework.

Background of AquaBounty Technologies, Inc. (AQB)

You're looking at AquaBounty Technologies, Inc. (AQB), which you know as the pioneer in land-based aquaculture, specifically for its genetically engineered (GM) Atlantic salmon, the AquAdvantage salmon. Honestly, the story of AquaBounty Technologies, Inc. as of late 2025 is less about current production and more about a massive, strategic pivot away from it.

The company has been actively winding down its core fish-farming operations, a decision that followed significant financial difficulties throughout 2024. To be fair, this restructuring involved several major asset dispositions. AquaBounty Technologies, Inc. sold its Indiana Farm in July 2024 and completed the sale of its Canadian subsidiary, which included broodstock farms and the valuable Corporate IP, in March 2025.

This pivot is clearly reflected in the financials, as the company reported no revenue for the three months ended September 30, 2025, a decline from the $47,812 seen in the same period in 2024, due to these operational sales. Still, the company has managed to improve its bottom line by reducing operating costs and realizing gains from asset sales. For the third quarter ending September 30, 2025, the net loss narrowed to $1.4 million, a significant improvement over the $3.4 million net loss reported in Q3 2024.

Liquidity has been a major focus, with management actively marketing remaining assets, like the Ohio Equipment Assets, which generated net proceeds of $2.3 million in Q1 2025 and another $2.4 million in Q2 2025. This activity helped boost the cash position to $951 thousand as of September 30, 2025, up from $230 thousand at the close of 2024.

The partially constructed Ohio Farm Project remains a key asset under review, with the company working with an investment banker on strategic alternatives. What's important here is that as of October 2025, the Ohio Farm Project is now fully permitted for its designed Recirculating Aquaculture System (RAS) activities, having secured both the wastewater discharge permit and the right-of-way permit for its water lines.

To give you a sense of the turnaround, AquaBounty Technologies, Inc. reported a net income of $401 thousand for the first quarter of 2025, a stark contrast to the $11.3 million net loss in Q1 2024, though this Q1 result included a $2.0 million non-cash gain from loan forgiveness.

AquaBounty Technologies, Inc. (AQB) - BCG Matrix: Stars

You're looking for the high-growth, high-market-share products that are driving the future for AquaBounty Technologies, Inc. based on the Boston Consulting Group (BCG) framework. However, the current operational reality for AquaBounty Technologies, Inc. as of late 2025 dictates a stark assessment for this quadrant.

None. The company has ceased all fish farming operations as of December 2024. The Board of Directors announced the wind down of the Bay Fortune hatchery operations, its only remaining operating farm, including the culling of all remaining fish. This action effectively ended the direct production of the AquAdvantage salmon, which would have been the candidate for a Star product.

No core product line currently holds a high market share in the high-growth land-based aquaculture market. While the land-based aquaculture market was valued at approximately USD 201.5 billion in 2024 and is projected to grow at a Compound Annual Growth Rate (CAGR) of 4.5% from 2025 to 2033, AquaBounty Technologies, Inc. is no longer an active producer competing for share. For context, one report indicated that Pure Salmon held 5% of the global share in 2025. The company's product revenue for the full year 2024 was only $789 thousand, a 68% decrease year-over-year from $2.5 million in 2023. Furthermore, revenue for the three months ended September 30, 2025, was $0.

The AquAdvantage Salmon technology's potential growth is moot without a production base. The technology itself, while innovative, cannot function as a Star product without the necessary high-growth, high-share production capacity to support it. The company's focus has shifted entirely away from direct farming.

The company is focused on asset sales, not market share capture. The strategic pivot is toward generating liquidity through divestitures. This is clearly reflected in the financial reporting, which now classifies the former farm operations as discontinued operations following the sale of the Indiana Farm in July 2024 and the Canadian Farms in March 2025.

Here's a quick look at the financial position that underscores the shift away from investment in growth:

The current activities are centered on managing the remaining assets, specifically the Ohio Farm Project, where the company is exploring strategic alternatives with its investment banker. This is the activity of a company managing a portfolio of assets, not one aggressively investing in a Star product.

The operational status that defines the current portfolio positioning can be summarized as follows:

• Cessation of all fish farming operations as of December 2024.
• Winding down of the Bay Fortune hatchery facility.
• Focus on realizing value from asset sales, including Ohio Equipment Assets.
• Net loss for the three months ended September 30, 2025, was $1.38 million.

AquaBounty Technologies, Inc. (AQB) - BCG Matrix: Cash Cows

You're looking at the Cash Cow quadrant, which is typically where mature, market-leading products reside, generating more cash than they consume. For AquaBounty Technologies, Inc. (AQB), the reality is quite different right now. Honestly, the company has no operating asset generating positive, self-sustaining cash flow that would qualify for this category.

The financial picture clearly shows a unit consuming cash rather than producing it. For instance, the quarterly performance was defined by a net loss of $\text{$1.4 million$ in Q3 2025. This immediate cash burn is the antithesis of a Cash Cow's function, which is to fund other parts of the business.

To generate necessary liquidity, AquaBounty Technologies, Inc. took a significant step by selling the Indiana farm, which had a capacity of 1,200 metric tons, in July 2024 for $\text{$9.5 million$. This divestiture was a move to secure cash, not a sign of a stable, cash-generating asset.

Furthermore, the revenue outlook suggests continued pressure. The analyst revenue forecast for the full year 2025 is only around $\text{$5.09 million$, which, as you can see, is insufficient to cover expected operating costs, let alone generate the surplus cash required of a Cash Cow.

Here's a quick look at the key financial indicators that place AquaBounty Technologies, Inc. outside the Cash Cow profile:

When a business unit doesn't generate positive cash flow, it cannot fulfill the role of a Cash Cow, which is to provide the cash required to turn a Question Mark into a market leader or service corporate debt. Instead, AquaBounty Technologies, Inc. is in a position where it needs external support or internal asset sales to maintain operations.

• The current operating structure consumes capital rather than producing it.
• The $\text{$1.4 million$ Q3 2025 loss indicates negative cash generation for that period.
• The $\text{$5.09 million$ revenue forecast for 2025 is below the level needed to cover operating expenses.
• The $\text{$9.5 million$ asset sale in July 2024 was a liquidity measure, not a dividend from a mature business.

Because of this profile, the strategy isn't about 'milking' gains passively; it's about finding a path to market leadership or restructuring. You can't invest low in promotion and placement when the core product isn't yet a market leader generating surplus cash.

AquaBounty Technologies, Inc. (AQB) - BCG Matrix: Dogs

You're looking at the remnants of what were once core growth drivers, now firmly categorized as Dogs in the Boston Consulting Group Matrix. These are the business units or assets that require significant management attention but offer little in return-low market share in low-growth or exited markets. Expensive turn-around plans for these units rarely pay off, so the strategy here is minimization and divestiture, which AquaBounty Technologies, Inc. has clearly executed.

The AquAdvantage Salmon Product Line, the company's original focus, is now represented by assets that have been sold off. The definitive signal of low market acceptance and non-core status was the sale of the former Canadian Farms on March 3, 2025. This unit, which housed the production capacity, was sold for net proceeds of only $1.9 million, which included the Corporate IP. Honestly, that net amount, after accounting for assumed debt, confirms the asset was a drag, not a driver.

The current financial structure reflects this divestiture strategy, but also highlights the cash drain from the remaining overhead supporting the wind-down. The company's cash position as of September 30, 2025, stood at an extremely tight $951 thousand in cash and cash equivalents. This residual cash base is critical, yet it's not productively deployed in a high-growth area; it's what's left after liquidating the Dogs. To be fair, the Q3 2025 revenue from continuing operations was reported as zero for the three months ended September 30, 2025.

The ongoing operational cost, primarily the General and Administrative (G&A) Overhead, acts as a persistent cash consumption point against near-zero operating revenue. For the second quarter of 2025, G&A spending was $1.77 million. This expense base represents the cost of maintaining the corporate structure while pursuing strategic alternatives for the remaining major asset, the Ohio Farm Project, which itself is currently stalled.

Here's a quick look at how the monetization of these non-performing assets compares to the ongoing cash burn from the corporate structure:

The company's strategic pivot involved shedding these low-return units, which is the textbook action for Dogs. You can see the results of this necessary pruning in the shift from the large net loss in 2024 to a much smaller one in Q3 2025, largely due to reduced operating costs and asset sales. Still, the low cash position relative to the G&A burn means liquidity management is paramount.

Finance: draft 13-week cash view by Friday.

AquaBounty Technologies, Inc. (AQB) - BCG Matrix: Question Marks

You're looking at the high-growth, low-market-share segment of AquaBounty Technologies, Inc. (AQB)'s portfolio, which is dominated by the future potential tied up in the Ohio Farm Project and the underlying genetic trait.

The Ohio Farm Project Site represents a massive, stalled investment in a high-growth market-land-based farming. Construction was paused after cost estimates ballooned. The initial cost estimate was USD 200 million, but the updated estimate rose to the range of $485 - $495 million. To be fair, this surge incorporated the highly inflationary environment for materials like concrete and piping.

The strategic pivot here is clear: AquaBounty Technologies is actively working with an investment banker to sell or find a partner for this partially constructed asset. This is the classic Question Mark dilemma-high risk, but if a partner is found, the reward is a fully permitted, large-scale facility in a growing sector.

To generate short-term liquidity while pursuing these strategic alternatives, AquaBounty Technologies has been liquidating assets. You saw proceeds from equipment sales, such as the $2.4 million net received on June 11, 2025. This followed an earlier auction in February 2025 that brought in net proceeds of $2.2 million. These cash injections are critical for survival, as the cash and cash equivalents balance stood at $951,000 as of September 30, 2025, up from $230,000 at the end of 2024.

The core AquAdvantage genetic trait is the technology underpinning this entire quadrant. It is a breakthrough in a growing market, but its commercial viability is currently unproven due to low market share, which is partly explained by the sale of the Corporate IP. AquaBounty Technologies completed the sale of its Canadian Farms, including the Corporate IP for AquAdvantage salmon, for net proceeds of $1.9 million on March 3, 2025. The company's product revenue for the full year 2024 was only $789 thousand, reflecting the wind-down of operations.

Here is a snapshot of the financial context surrounding this Question Mark asset as of the latest reported quarter:

The path forward for this unit requires a quick decision, as the narrative suggests a need to increase market share rapidly or risk becoming a Dog. The key developments supporting its high-growth potential are the recent permit achievements:

• Wastewater discharge permit received from the Ohio Environmental Protection Agency on September 12, 2025.
• Right-of-way permit received from Williams County on October 9, 2025.
• The Ohio farm project is now fully permitted for its designed activities.

The current strategy is clearly focused on investment via partnership or divestment, as the company is using asset sales to fund the process of finding strategic alternatives for the Ohio Farm Project. Finance: draft the 13-week cash view by Friday, focusing on burn rate against current cash of $951,000.