Mission Statement, Vision, & Core Values (2024) of AquaBounty Technologies, Inc. (AQB)

An Overview of AquaBounty Technologies, Inc. (AQB)

General Overview of AquaBounty Technologies, Inc. (AQB)

AquaBounty Technologies, Inc. was incorporated in December 1991 in Delaware, primarily to explore the commercial viability of antifreeze proteins. The company gained exclusive licensing rights in 1996 for a gene construct to create genetically engineered (GE) Atlantic salmon that grow faster than conventional varieties. In 2015, it received FDA approval for its GE Atlantic salmon, followed by Health Canada approval in 2016, and Brazilian approval in 2021. The company began harvesting and selling its GE Atlantic salmon in both the U.S. and Canada in 2021. As of 2024, AquaBounty continues to focus on aquaculture, producing genetically modified salmon and conventional Atlantic salmon, eggs, and fry from its Rollo Bay farm. Current sales figures for 2024 reflect a significant shift in operations due to the sale of its Indiana farm, impacting revenue streams.

Company's Financial Performance in the Latest Financial Reports

In the latest financial reports, AquaBounty Technologies reported product revenues of $705,262 for the nine months ended September 30, 2024, a decline of 63% from $1,919,409 in the same period in 2023. The operating loss for the nine months was $62,829,544, compared to $18,999,558 in the previous year, reflecting a 231% increase in losses. The net loss for the nine months was $65,076,820, up from $19,132,927 in 2023. The company recorded a long-lived asset impairment charge of $48.7 million, primarily due to the sale and revaluation of its Indiana farm assets.

Introduction to AquaBounty as a Leader in the Industry

AquaBounty Technologies positions itself as a leader in the biotechnology sector of aquaculture, focusing on sustainable seafood production through innovative genetic engineering. The company is recognized for its pioneering work in creating genetically modified salmon, which offers a faster growth rate compared to traditional farming methods. As a result of its technological advancements and regulatory approvals, AquaBounty has established a unique market position. The ongoing efforts to streamline operations and focus on profitability indicate its commitment to leadership in the aquaculture industry.

Mission Statement of AquaBounty Technologies, Inc. (AQB)

Mission Statement of AquaBounty Technologies, Inc. (AQB)

AquaBounty Technologies, Inc. aims to lead the aquaculture industry by providing sustainable and innovative solutions that enhance food production while minimizing environmental impact. The mission statement reflects the company's commitment to responsible biotechnology practices and the production of high-quality genetically engineered salmon.

Core Component 1: Sustainability

AquaBounty emphasizes sustainability as a fundamental aspect of its mission. The company focuses on reducing the environmental footprint associated with traditional aquaculture. For instance, AquaBounty’s AquAdvantage salmon requires significantly less feed compared to conventional salmon, achieving a feed conversion ratio of approximately 1.1 to 1.2, compared to the industry average of 1.5 to 2.0. This efficiency translates into lower resource consumption and reduced greenhouse gas emissions.

Core Component 2: Innovation

Innovation drives AquaBounty's mission to enhance food production through advanced biotechnology. The company’s proprietary genetic engineering technology allows for faster growth rates, with AquAdvantage salmon reaching market size in approximately 18 months, compared to 30 months for conventional salmon. This rapid growth not only meets consumer demand but also contributes to food security.

In 2023, AquaBounty reported a harvest of 415 metric tons of GE Atlantic salmon, indicating a 12% increase from the previous year. This growth underscores the efficacy of their innovative approaches in aquaculture.

Core Component 3: Quality

Quality assurance is a key pillar of AquaBounty's mission. The company is dedicated to producing safe and nutritious seafood. The AquAdvantage salmon is designed to have enhanced nutritional profiles, including higher omega-3 fatty acids. The company follows rigorous safety protocols and adheres to regulatory standards set by the U.S. Food and Drug Administration (FDA) and Health Canada.

In 2024, AquaBounty achieved a product revenue of $705,262, reflecting its commitment to delivering high-quality products to the market. This revenue is primarily derived from the sale of GE Atlantic salmon, indicating strong consumer acceptance and trust in the brand.

Vision Statement of AquaBounty Technologies, Inc. (AQB)

Vision Statement Overview

The vision statement of AquaBounty Technologies, Inc. (AQB) aims to revolutionize the aquaculture industry through innovative technology and sustainable practices. The company focuses on producing genetically engineered salmon that grow faster than conventional species, thereby addressing the growing global demand for seafood while minimizing environmental impact.

Focus on Sustainability

AquaBounty's vision emphasizes sustainable aquaculture practices. The company aims to reduce the environmental footprint of fish farming by utilizing advanced breeding techniques. This approach not only enhances growth rates but also leads to a lower feed conversion ratio, which is critical in aquaculture.

As of 2024, AquaBounty has achieved a feed conversion ratio (FCR) of approximately 1.2:1 for its GE Atlantic salmon, significantly lower than the industry average of 1.5:1 for conventional salmon. This efficiency translates to reduced feed costs and lower resource consumption, reinforcing the company's commitment to sustainability.

Commitment to Innovation

AquaBounty's vision is rooted in continuous innovation. The company invests heavily in research and development to enhance its genetically engineered products. In 2024, the R&D expenses totaled $236,384, representing a 51% decrease from $486,532 in 2023, as part of a strategic initiative to streamline operations and focus on core innovations.

The company also focuses on leveraging technology to optimize production processes. For instance, AquaBounty's facilities are equipped with state-of-the-art systems that monitor water quality and fish health, ensuring optimal growth conditions.

Market Leadership and Growth Potential

AquaBounty envisions becoming a leader in the global aquaculture market. With the increasing demand for sustainable seafood, the company is well-positioned to capture market share. The global aquaculture market is projected to grow from $243 billion in 2023 to $329 billion by 2028, creating significant opportunities for AquaBounty.

In 2024, AquaBounty harvested 415 metric tons of GE Atlantic salmon, a 12% increase from 369 metric tons in 2023. However, product revenue dropped significantly to $705,262, down 63% from $1,919,409 in the previous year, primarily due to the sale of the Indiana farm, which affected revenue streams.

Financial Resilience and Future Outlook

The company's financial health is crucial to achieving its vision. As of September 30, 2024, AquaBounty reported a net loss of $65,076,820, a substantial increase from the $19,132,927 loss recorded in the same period of 2023. This continued loss underscores the challenges faced as the company transitions through operational changes and strives for profitability.

Despite these challenges, AquaBounty's vision remains focused on long-term growth and sustainability. The company maintains a cash position of $500,434, which poses challenges for liquidity but reflects ongoing efforts to manage financial resources effectively.

Table: Financial Summary of AquaBounty Technologies, Inc. (2024)

Global Impact and Community Engagement

AquaBounty's vision extends to making a positive impact on global food security. By producing fish that are not only faster-growing but also environmentally sustainable, the company aims to contribute to the reduction of overfishing and the depletion of natural fish stocks.

Additionally, AquaBounty engages with local communities and stakeholders to promote awareness of sustainable aquaculture practices. The company’s strategic initiatives include educational programs that highlight the benefits of genetically engineered seafood, aiming to foster acceptance and understanding among consumers.

Regulatory Compliance and Ethical Standards

As part of its vision, AquaBounty is committed to adhering to stringent regulatory standards. The company has received approvals from the U.S. FDA and Health Canada for its GE Atlantic salmon, ensuring that its products meet the highest safety and quality standards. This commitment to compliance not only builds consumer trust but also positions AquaBounty favorably in the competitive aquaculture market.

In 2024, AquaBounty continues to navigate the regulatory landscape, with ongoing efforts to expand its market reach while ensuring ethical practices across all operations.

Core Values of AquaBounty Technologies, Inc. (AQB)

Integrity

The core value of integrity at AquaBounty Technologies, Inc. (AQB) emphasizes ethical practices and transparency in all operations. This commitment is crucial for maintaining trust with stakeholders, including investors, customers, and regulatory bodies.

AquaBounty has demonstrated integrity through its adherence to regulatory standards, particularly in the approval and marketing of its genetically engineered AquAdvantage salmon. In 2021, the company secured regulatory approval from Brazil, further solidifying its commitment to compliance and ethical business practices.

Innovation

Innovation is at the heart of AquaBounty's mission, driving the development of its cutting-edge aquaculture technologies. The company's AquAdvantage salmon represents a significant advancement in aquaculture, showcasing the potential of genetic engineering to enhance growth rates.

In 2024, AquaBounty reported a 12% increase in the harvest of GE Atlantic salmon, totaling 415 metric tons. This reflects not only the company's innovative capabilities but also its ability to adapt and improve production techniques in response to market demands.

Sustainability

AquaBounty prioritizes sustainability as a core value, focusing on environmentally responsible practices in aquaculture. The company's production methods aim to reduce the environmental impact associated with traditional fish farming.

In its efforts to enhance sustainability, AquaBounty has implemented advanced farming techniques that minimize waste and optimize resource use. The recent sale of its Indiana farm, which was part of a strategic move to streamline operations, generated $9.5 million. Proceeds from this sale are intended to support further sustainable practices across its remaining operations.

Collaboration

Collaboration is essential for AquaBounty as it seeks to strengthen partnerships within the aquaculture industry. By working with various stakeholders, including regulatory agencies and research institutions, the company aims to foster innovation and drive industry standards.

In 2024, AquaBounty engaged in discussions with several partners to explore strategic alliances that could enhance its research and development efforts. This collaborative approach is vital for advancing its technology and expanding its market reach.

Commitment to Quality

AquaBounty's commitment to quality ensures that its products meet the highest standards for safety and sustainability. This value is integral to maintaining customer trust and satisfaction.

The company's rigorous quality control processes are evident in its product offerings, ensuring that all salmon produced adhere to both health and environmental regulations. In the nine months ended September 30, 2024, AquaBounty reported a total product revenue of $705,262, reflecting its dedication to delivering high-quality seafood products.

Updated on 16 Nov 2024

Resources:

1. AquaBounty Technologies, Inc. (AQB) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of AquaBounty Technologies, Inc. (AQB)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View AquaBounty Technologies, Inc. (AQB)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.