Eskifjordur, Iceland-based Kaldvik – which recently changed its name from Ice Fish Farm – posted increased revenues in Q2 2024, but low harvest volumes, as well as harvesting and wellboat costs, led to the company posting a loss.
The company achieved NOK 62 million (USD 5.9 million, EUR 5.3 million) in revenue in Q2 2024, up from NOK 20.6 million (USD 2 million, EUR 1.8 million) posted in the same period of 2023. That total came on 514 metric tons (MT) of harvest.
Kaldvik said in its recent earnings report its relatively low harvest volume led to high costs due to fixed harvest and wellboat costs, which pushed the company’s earnings down. Kaldvik said its EBIT per kilogram was a loss of NOK 28.60 (USD 2.72, EUR 2.45).
Kaldvik’s operational EBIT in Q2 2024 was a loss of NOK 14.7 million (USD 1.4 million, EUR 1.3 million), though that was a slight improvement from the NOK 23.6 million (USD 2.2 million, EUR 2 million) loss posted in Q2 2023. Year to date, the company’s EBIT stands at NOK 13.5 million (USD 1.3 million, EUR 1.2 million), up from the NOK 23.9 million (USD 2.3 million, EUR 2.1 million) loss it posted in 2023.
Despite the negative results, Kaldvik said its operations have been solid and its smolt production has been growing “at an unprecedented rate with improved survival,” which has helped the company be on track to increase its smolt output. The company said it expects to outstrip the 5.4 million smolt it produced in 2023 and achieve 7 million to 8 million smolt of between 300 and 400 grams in 2024.
The larger smolts, which the company is dubbing “super post-smolts,” have increased survivability at sea, the company said.
“This initiative will lower risk and contribute to our long-term goal of increasing production efficiency,” Kaldvik said.
The company is also planning to invest ...
