AquaBounty Technologies, Inc. (AQB): Business Model Canvas [Dec-2025 Updated]

You're looking at a company in a major strategic shift, and honestly, the numbers from late 2025 tell a clear story: AquaBounty Technologies, Inc. is no longer about farming salmon; it's about monetizing its assets. After reporting zero product revenue for the three months ending September 30, 2025, the focus is entirely on the disposition of its fully permitted Ohio Farm Project and residual technology, aiming to generate liquidity for shareholders. With only $951 thousand in cash as of that date and Q2 2025 G&A running at $1.77 million, understanding this asset-light, wind-down business model-where the main value proposition is a shovel-ready site for a new owner-is crucial for assessing the final returns. Dive in below to see the nine building blocks of this pivot.

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

You're looking at the critical relationships AquaBounty Technologies, Inc. (AQB) maintains while navigating the wind-down of core operations and focusing on the Ohio Farm Project's strategic future as of late 2025.

The company's immediate need for liquidity and a path forward for the Ohio site dictates the nature of these partnerships, which are heavily weighted toward transactional advisors and regulatory compliance.

Investment bankers for exploring strategic alternatives for the Ohio Farm Project

AquaBounty Technologies, Inc. is actively engaged with an investment bank to assess strategic alternatives for the partially constructed farm in Pioneer, Ohio, following the receipt of key permits. The Ohio Farm subsidiary, AquaBounty Farms Ohio LLC, secured its wastewater discharge permit from the Ohio Environmental Protection Agency on September 12, 2025. Furthermore, the Village of Pioneer obtained the necessary right-of-way permit from Williams County for water lines on October 9, 2025.

Potential strategic acquirers or joint-venture partners for the Ohio site

The engagement with the investment banker is specifically to identify optimal paths forward for the Ohio Farm Project, which management has stated will happen now that the project is fully permitted for its designed Recirculating Aquaculture System (RAS) activities. The initial estimated cost for the 479,000 square foot facility was between $485 million and $495 million.

Buyers of non-core assets and surplus equipment (e.g., Ohio Equipment Assets)

Liquidity generation has been a primary focus through the sale of non-core assets throughout 2025. These sales provided cash to continue pursuing strategic alternatives. The table below summarizes the reported asset sales in 2025:

Asset Category	Transaction Date	Net Proceeds	Related Gain/Loss
Ohio Equipment Assets (First Sale)	February 11, 2025	$2.3 million	$307 thousand net gain
Canadian Subsidiary (Farms & IP)	March 3, 2025	$1.9 million	N/A
Ohio Equipment Assets (Second Sale)	June 11, 2025	$2.4 million	N/A

The net proceeds from the two reported Ohio Equipment Asset sales in 2025 total $4.7 million. The cash and cash equivalents balance improved to $951 thousand as of September 30, 2025, up from $230 thousand at December 31, 2024.

Regulatory bodies for maintaining permits for the Ohio farm (e.g., wastewater discharge)

The successful permitting process involves several governmental entities:

• Ohio Environmental Protection Agency: Issued the wastewater discharge permit on September 12, 2025.
• Village of Pioneer: Secured the right-of-way permit from Williams County for water lines on October 9, 2025.
• Williams County: Controlled the existing right-of-way for the water lines.

The Ohio Farm Project is now described as fully permitted for its designed activities.

Key vendors for maintaining corporate functions during the wind-down phase

Following the winding down of fish rearing operations, AquaBounty Technologies, Inc. has significantly reduced its headcount and ongoing operating costs, maintaining a small core team to oversee strategic options and asset transactions. Specific financial details or contract amounts for key vendors supporting this reduced corporate function are not publicly itemized in the latest filings.

Finance: draft 13-week cash view by Friday.

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

You're managing a company in a deep strategic pivot, moving from operations to asset realization, so the Key Activities section of the Business Model Canvas reflects this shift. For AquaBounty Technologies, Inc. (AQB) as of late 2025, the focus is almost entirely on transactional work and cost control, not production.

Executing the sale and disposition of remaining physical assets and equipment

The primary activity here is converting remaining capital assets, particularly those intended for the Ohio Farm Project, into cash to support the corporate structure while strategic alternatives are explored. This follows the earlier divestiture of the Canadian Farms and Indiana Farm.

Key asset disposition events in 2025 include:

• Sale of certain Ohio Equipment Assets on February 11, 2025, yielding net proceeds of $2.3 million.
• Sale of the Canadian subsidiary, including Corporate IP, on March 3, 2025, for net proceeds of $1.9 million.
• Sale of additional Ohio Equipment Assets on June 11, 2025, generating net proceeds of $2.4 million.

This liquidation effort has been critical for liquidity. The company recognized a net gain of $307 thousand on the February 11, 2025, sale of Ohio Equipment Assets.

Strategic review and marketing of the fully permitted Ohio Farm Project

While construction is paused, the Ohio Farm Project in Pioneer, Ohio, has reached a significant regulatory milestone, which is now the basis for its marketing. The initial estimated cost to complete the project was over $200 million.

The key activity is engaging an investment banker to assess strategic alternatives now that permitting is complete. The final necessary permit, the wastewater discharge permit from the Ohio Environmental Protection Agency, was received on September 12, 2025. This was followed by the Village of Pioneer receiving its right-of-way permit from Williams County for the water lines on October 9, 2025. The wastewater discharge permit is valid through September 30, 2030.

Managing corporate overhead and reducing general and administrative (G&A) expenses

With fish rearing operations ceased in December 2024, the company has aggressively managed its burn rate. This is evident in the reduced operating losses and G&A figures reported for the third quarter of 2025.

The company recorded no revenue for the three months ended September 30, 2025, down from $47,812 in the same period in 2024. Sales and marketing, as well as research and development, were reported as zero for the second quarter of 2025.

Here's the quick math on the overhead reduction:

Metric	Q3 Ended Sept 30, 2025 Amount	Q3 Ended Sept 30, 2024 Amount
General and administrative expenses	$1,412,112	Not explicitly stated, but G&A reduction contributed to loss improvement.
Operating Loss	$1.48 million	$1.62 million
Net Loss	$1.38 million	$3.40 million

What this estimate hides is that the net loss reduction is heavily influenced by the asset sales and impairment charges, not just G&A cuts.

Maintaining regulatory compliance for remaining assets and corporate structure

This activity centers on maintaining the corporate structure and ensuring compliance for the remaining asset, the Ohio Farm Project, while the strategic review is underway. The company ceased its primary farming operations at its final site in Bay Fortune, Prince Edward Island, Canada, in December 2024.

The core compliance focus is on the Ohio site permits, which are now secured through 2030 for the water pipeline system.

Intellectual property management and potential licensing of residual technology

The primary Intellectual Property (IP), described as Corporate IP for its genetically engineered Atlantic salmon, along with trademarks and patents, was sold on March 3, 2025, as part of the Canadian Farms sale for net proceeds of $1.9 million. This suggests the current key activity is focused on the disposition of the physical Ohio asset rather than active IP monetization through licensing, as the core IP has been divested.

Key financial position metrics as of the end of Q3 2025:

• Cash and cash equivalents: $951 thousand as of September 30, 2025.
• Total assets: $24 million as of September 30, 2025.
• Total liabilities: $11.9 million as of September 30, 2025.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets AquaBounty Technologies, Inc. (AQB) has on the books as of late 2025, especially as they navigate a strategic shift. These aren't just line items; they represent the foundation for whatever comes next, whether that's a sale, licensing, or something else entirely.

The most immediate, hard number you need to track is the liquidity position. Honestly, it's thin, which drives a lot of the current strategy.

Resource Category	Specific Asset/Detail	Latest Reported Value/Status
Financial Assets	Cash and cash equivalents as of September 30, 2025	$951 thousand
Physical Asset (Strategic)	Ohio Farm Project Site (Pioneer, Ohio)	Fully permitted for designed activities as of October 9, 2025
Intellectual Property Status	Corporate IP (Patents/Trademarks for AquAdvantage salmon)	Sold as part of Canadian Farms sale on March 3, 2025, for net proceeds of $1.9 million
Corporate Structure	Stock Exchange Listing	Nasdaq Capital Market (AQB)

The Ohio Farm Project site itself is a major physical resource, even with construction paused since April 2022. The fact that it is now fully permitted-receiving the wastewater discharge permit on September 12, 2025, and the right-of-way permit on October 9, 2025-is a significant milestone for any potential buyer or partner looking at strategic alternatives. Remember, the initial scope for this recirculating aquaculture system (RAS) farm was estimated around USD 200 million.

Regarding the technology and patents, you need to note the divestiture. AquaBounty completed the sale of its Canadian subsidiary, which included the Corporate IP for its genetically engineered Atlantic salmon, trademarks, and patents, on March 3, 2025. That sale netted $1.9 million. What remains is the deep institutional knowledge and expertise in land-based aquaculture and the development of the AquAdvantage salmon, which is what the company was founded on.

The operational continuity, however thin, rests on the remaining leadership structure. You've seen significant turnover as the company wound down farming operations.

• David Frank: Serves as Chief Financial Officer and Interim Chief Executive Officer.
• Departed Leadership: CEO Dave Melbourne resigned effective December 6, 2024; COO Alejandro Rojas and Chief People Officer Melissa Daley also departed.
• Focus: The current team is tasked with managing financial obligations and maximizing value from remaining assets, including the Ohio Farm Project.

The company is listed on the Nasdaq Capital Market under the ticker AQB. This public listing is a key structural resource, providing a mechanism for any future transaction or capital raise, though it also subjects them to public reporting requirements during this wind-down phase. Finance: draft 13-week cash view by Friday.

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.