Land-based salmon farming company Atlantic Sapphire has secured a USD 10 million (EUR 8.6 million) bridge loan as it continues to work to establish positive cash flow at its Miami, Florida, U.S.A.-based facility.
Atlantic Sapphire announced on 5 February that it was evaluating ways to secure the financing it need to move toward EBITDA breakeven. The company said in its H1 2025 results that it was expecting to see its first-ever positive EBITDA by the end of 2026, and reiterated those predictions in subsequent results announcements as its operational systems continued to improve.
However, in its 5 February announcement, it said cash flow development was being impacted by the timing of those improvements, and that working capital requirements and deviations in harvest volumes and weights were going to result in a cash crunch.
“The board and management are in discussions with the company’s largest shareholders regarding potential funding alternatives,” the company said in February.
Now, Atlantic Sapphire said it has entered into a bridge loan agreement for an aggregate amount of up to USD 10 million, payable in two tranches of USD 5 million (EUR 4.3 million) each. It also said it is continuing to work on refinancing the project, and as part of those discussions the company has entered into a non-binding term sheet with its investor group with an offer price of NOK 0.80 (USD 0.08, EUR 0.07) per share.
“Any such offer would be structured to satisfy the requirements of a mandatory offer under the Norwegian Securities Trading Act, without any acceptance level condition and forms part of a broader potential refinancing of the Company,” Atlantic Sapphire said.
The company said it is targeting 7,000 metric tons (MT) of harvest volume in 2026, and that it is “positioned to complete its turnaround” once it reaches its next stage.