ATLANTIC SAPPHIRE ASA
Sector unknown·ASA · Oslo Børs·Fiscal year to 31/12/2024
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Aquaculture and fish feed
End markets
StrategyPositive impact: strengthens
“Strategies and Objectives The Group’s goal is to strengthen its position as the leading producer of land-based farmed salmon globally. To achieve this objective, the Group focuses on innovation and execution of the following key strategies: • Endeavour stable production with optimal parameters towards fish quality and welfare. • Continuous identification, investment, and implementation of risk mitigation strategies in all areas of its business. • Promote environmental sustainability, efficiency, and cost reduction opportunities by developing integrated facilities in the market. • Capitalize on consumer trends and branding towards premium, healthy, and sustainable products. • Partner in vertical integration opportunities including value-added products, genetics, feed, renewable energy, sustainable packaging, and oxygen production. • Continue the development and protection of patents and other intellectual property rights related to our Bluehouse facilities.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Phase 2 is expected to increase production capacity of approximately 15,000t HOG. In 2023, the Group decided to pause Phase 2 construction while focusing on delivering the Phase 1 business improvements first. The Group expects to be ready to resume construction with a final budget and design by the end of 2025, but the decision to move ahead remains solely at the Company’s discretion and subject to having the necessary financing in place.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“The Group’s long-term goal is to achieve an annual production capacity of approximately 220,000 tons HOG.”
Annual report 2024A · The company itself
Market
“Business The Group’s objective is defined in Article 3 of ASA’s Articles of Association as follows: “The objective of the Company is to engage and participate in land-based salmon production, both nationally and internationally, including through investments in other companies, and other activities in relation to this.” The Group aims to transform salmon farming by managing an integrated value chain of salmon production and bring full traceability from egg to final product. Our activities include farming, harvesting, processing, marketing, and sales of its products.”
Annual report 2024A · The company itself
Automation and robotics
Technology
StrategyPositive impact: strengthens
“To achieve this objective, the Group focuses on innovation and execution of the following key strategies: • Endeavour stable production with optimal parameters towards fish quality and welfare. • Continuous identification, investment, and implementation of risk mitigation strategies in all areas of its business. • Promote environmental sustainability, efficiency, and cost reduction opportunities by developing integrated facilities in the market. • Capitalize on consumer trends and branding towards premium, healthy, and sustainable products. • Partner in vertical integration opportunities including value-added products, genetics, feed, renewable energy, sustainable packaging, and oxygen production. • Continue the development and protection of patents and other intellectual property rights related to our Bluehouse facilities.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“During 2024 the Group insourced filet processing operations into the Bluehouse facility. The equipment used for producing pin bone out filets was already owned by the Group, but the operation was outsourced to an external company at their facility in Miami. During 2024, the Group relocated the equipment to the Bluehouse and commissioned the pin bone out line to operate at the Bluehouse by the end of the year.”
Annual report 2024A · The company itself
Industrial manufacturing
End markets
StrategyPositive impact: strengthens
“In contrast to the US Phase 1 construction project, the Group now has the appropriate staffing level for a large-scale project, and has strategically selected a design and engineering partner with proven experience on water facilities. The Group is planning to strengthen the organization with construction execution and management resources to further improve the execution of phase 2 construction.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Construction The Group strategically partnered with Hazen & Sawyer, an engineering company with extensive and proven experience in designing large scale US wastewater projects, as our US Phase 2 construction design consultants, in cooperation with proven suppliers of fish farming related components and solutions.”
Annual report 2024A · The company itself
Retail
End markets
Market
“Sales and Marketing The Group has positioned itself over the last decade with strong relationships with retailers, food service players, distributors, and other selected partners.”
Annual report 2024A · The company itself
Market
“During the ordinary course of business, the Group has sold salmon products to NovoMar, Inc. (“NovoMar”), an entity under majority ownership by a related party of Johan E. Andreassen, the previous CEO of ASA. For the years ended 31 December 2024 and 2023, the Group sold USD 1.6m and USD 0.7m of salmon products to NovoMar, respectively.”
Annual report 2024A · The company itself
Chains in: Consumer spending strengthens
Artificial intelligence
Technology
StrategyPositive impact: strengthens
“To achieve this objective, the Group focuses on innovation and execution of the following key strategies: • Endeavour stable production with optimal parameters towards fish quality and welfare. • Continuous identification, investment, and implementation of risk mitigation strategies in all areas of its business. • Promote environmental sustainability, efficiency, and cost reduction opportunities by developing integrated facilities in the market. • Capitalize on consumer trends and branding towards premium, healthy, and sustainable products. • Partner in vertical integration opportunities including value-added products, genetics, feed, renewable energy, sustainable packaging, and oxygen production. • Continue the development and protection of patents and other intellectual property rights related to our Bluehouse facilities.”
Annual report 2024A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Cement and building materials
Raw materials and inputs
StrategyPositive impact: strengthens
“Construction The Group strategically partnered with Hazen & Sawyer, an engineering company with extensive and proven experience in designing large scale US wastewater projects, as our US Phase 2 construction design consultants, in cooperation with proven suppliers of fish farming related components and solutions.”
Annual report 2024A · The company itself
Chains in: Carbon tax and ETS prices weakens, Reconstruction of Ukraine strengthens
Circular economy and recycling
Regulation
StrategyPositive impact: strengthens
“Sustainability Atlantic Sapphire is founded on sustainability as a key principle.”
Annual report 2024A · The company itself
Chains in: EU climate and energy policy strengthens
Construction
End markets
StrategyPositive impact: strengthens
“Phase 2 is expected to increase production capacity of approximately 15,000t HOG. In 2023, the Group decided to pause Phase 2 construction while focusing on delivering the Phase 1 business improvements first. The Group expects to be ready to resume construction with a final budget and design by the end of 2025, but the decision to move ahead remains solely at the Company’s discretion and subject to having the necessary financing in place.”
Annual report 2024A · The company itself
Chains in: Interest rates weakens, Housing market strengthens, Public investment and infrastructure strengthens, Business cycle and GDP growth strengthens, Reconstruction of Ukraine strengthens
Digitalisation
Technology
StrategyPositive impact: strengthens
“To achieve this objective, the Group focuses on innovation and execution of the following key strategies: • Endeavour stable production with optimal parameters towards fish quality and welfare. • Continuous identification, investment, and implementation of risk mitigation strategies in all areas of its business. • Promote environmental sustainability, efficiency, and cost reduction opportunities by developing integrated facilities in the market. • Capitalize on consumer trends and branding towards premium, healthy, and sustainable products. • Partner in vertical integration opportunities including value-added products, genetics, feed, renewable energy, sustainable packaging, and oxygen production. • Continue the development and protection of patents and other intellectual property rights related to our Bluehouse facilities.”
Annual report 2024A · The company itself
Chains in: Cybersecurity (products and services) strengthens, Public investment and infrastructure strengthens
Chains out: this strengthens IT consulting and public-sector IT
E-commerce
Technology
Market
“The Miami Bluehouse has been harvesting weekly since September 2020. The Group continues to draw new customers, which demonstrates the strong demand for Bluehouse Salmon.”
Annual report 2024A · The company itself
Energy efficiency
Technology
StrategyPositive impact: strengthens
“In 2024 the Group has initiated de-bottlenecking projects to reduce bottlenecks in the farm that limits the water treatment capacity and ultimately the feeding capacity. The projects will improve CO2 removal, improve water filtration and reduce other bottlenecks in the farm and is expected to increase the daily feeding capacity in 2025 and 2026 as a result of improved water treatment capacity.”
Annual report 2024A · The company itself
Chains in: Carbon tax and ETS prices strengthens, EU climate and energy policy strengthens
EU climate and energy policy
Regulation
StrategyPositive impact: strengthens
“Sustainability Atlantic Sapphire is founded on sustainability as a key principle.”
Annual report 2024A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
Hospitality and leisure
End markets
Market
“Sales and Marketing The Group has positioned itself over the last decade with strong relationships with retailers, food service players, distributors, and other selected partners.”
Annual report 2024A · The company itself
Chains in: Consumer spending strengthens
Media and entertainment
End markets
StrategyPositive impact: strengthens
“We continue to promote our mission of Sustainable Profitable Growth by being relevant and top of mind, meeting consumers at the point of sale, and engaging consumers with social media and education. We have found that such methods have been successful in achieving consumer engagement above benchmark levels.”
Annual report 2024A · The company itself
Shipping and logistics
End markets
Market
“Sales and Marketing The Group has positioned itself over the last decade with strong relationships with retailers, food service players, distributors, and other selected partners.”
Annual report 2024A · The company itself
Chains in: Carbon tax and ETS prices weakens, Global trade volumes strengthens, Fuel strengthens
Business cycle and GDP growth
Macro
DriverPositive impact: strengthens
“The Group’s financial position depends significantly on salmon spot prices which have historically been volatile.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“Since the first US harvest in September 2020, Atlantic Sapphire has consistently achieved a revenue per kg of above USD 11 for superior fish branded as Bluehouse Salmon, however due to small harvest size, a limited share of the fish qualified for the premium segment in 2024. Notably, the premium price achievement has been stable despite significant fluctuations in the salmon commodity price, proving that Bluehouse Salmon is not seen as a direct substitute for other farmed Atlantic salmon.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“The global commodity market for farmed Atlantic salmon is expected to continue to be strong for the rest of 2025, supporting the sales efforts of the Group.”
Annual report 2024A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Climate change and extreme weather
Macro
DriverNegative impact: weakens
“Warm water, which was caused by inadequate water-cooling capacity during the third quarter of 2023, had triggered maturation in most batches and thus harvesting in the first half had low average harvest weight and poor quality and low sales price. The temperature issue was caused by inadequate water-cooling capacity, and the prior water-cooling solution was replaced by the fourth quarter of 2023 and Atlantic Sapphire has not experienced severe temperature challenges from the fourth quarter 2023 and onwards.”
Annual report 2024A · The company itself
Chains out: this weakens Agriculture and food production
Consumer preference shifts
End markets
DriverPositive impact: strengthens
“Customer health and safety 1. FOOD SAFETY: Land-based farming allows for greater control over production conditions, reducing the risk of contamination from pollutants, pathogens, or other hazards that might affect fish health and, subsequently, human health.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“PUBLIC PERCEPTION AND REPUTATION: Consumer awareness and concern for animal welfare is growing. Prioritizing animal welfare is prioritizing consumer trust.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“Adhering to food safety regulations and standards is essential for compliance and maintaining consumer confidence. Failure to meet these requirements can lead to regulatory penalties, recalls, and damage to the reputation of the farm.”
Annual report 2024A · The company itself
Chains out: this mixed effect Beer and beverages
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“The Group imports salmon feed from Canada and is exposed to risk of changes in international trade regulatory conditions such as tariffs.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“The Group imports equipment, components, and services from various countries and is exposed to changes to international trade conditions.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“The introduction of tariffs on some salmon imports as well as salmon feed imports to the American market creates some uncertainty to future volume and price development of salmon in the American market.”
Annual report 2024A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
Air freight
Raw materials and inputs
DriverPositive impact: strengthens
“Our operation reduces carbon footprint by eliminating the need for air freight to the US market. Due to our domestic production in the US market, Atlantic Sapphire sells fresher products with longer shelf life than imported salmon, enabling reduced food waste.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“Airfreight prices for commodity salmon are high for fresh, imported salmon from South America or Europe, which further improves the competitiveness of the Group’s product in the North American market.”
Annual report 2024A · The company itself
Water
Raw materials and inputs
DriverPositive impact: strengthens
“Effective effluent management strategies such as recycling and reuse systems within the Bluehouse help conserve Florida’s aquifer by reducing the amount of freshwater needed for salmon production.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“Water temperatures and quality was stable during 2024. Mortality was low throughout 2024.”
Annual report 2024A · The company itself
Banks and insurance
End markets
DriverPositive impact: strengthens
“The table below shows the Group’s registered and allowed patents: To support this expansion, the Group intends to secure financing for the construction of Phase 2, finalize further improvements to Phase 1, and ramp up production. Management is actively pursuing additional funding and aims to raise capital in the second half of 2025 through a combination of equity and debt financing.”
Annual report 2024A · The company itself
Contract manufacturers as a business (EMS, CMO, CRO)
End markets
InputNegative impact: weakens
“Skretting continues to partner as our global feed supplier, and we entered into an agreement in 2021 that aims to secure local feed supply in the future.”
Annual report 2024A · The company itself
Chains in: Biotech and drug development strengthens
Currency exposure
Macro
DriverMixed impact: mixed
“The Group’s foreign currency risk relates to the Group’s operating, investing, and financing activities denominated in a foreign currency. This includes the Group’s revenues, expenses, capital expenditures, and net investments in foreign subsidiaries. The Group’s reporting currency is the United States dollar (“USD”), and the predominant currencies transacted by the Group’s subsidiaries are the USD, the Norwegian krone (“NOK”), the Danish krone (“DKK”), and the EU euro (“EUR”).”
Annual report 2024A · The company itself
Equity and capital markets
Macro
DriverPositive impact: strengthens
“The table below shows the Group’s registered and allowed patents: To support this expansion, the Group intends to secure financing for the construction of Phase 2, finalize further improvements to Phase 1, and ramp up production. Management is actively pursuing additional funding and aims to raise capital in the second half of 2025 through a combination of equity and debt financing.”
Annual report 2024A · The company itself
Fuel
Raw materials and inputs
DriverPositive impact: strengthens
“Our operation reduces carbon footprint by eliminating the need for air freight to the US market. Due to our domestic production in the US market, Atlantic Sapphire sells fresher products with longer shelf life than imported salmon, enabling reduced food waste.”
Annual report 2024A · The company itself
Chains out: this strengthens Shipping and logistics, strengthens Aviation and travel
Grain and agricultural commodities
Raw materials and inputs
InputNegative impact: weakens
“Other liquidity risks include the impacts from fluctuations in production and harvest volumes, biological issues, and changes in feed prices. Feed prices generally correlate to the marine and agricultural commodity prices of the main ingredients.”
Annual report 2024A · The company itself
Chains out: this strengthens Beer and beverages, mixed effect Agriculture and food production
Healthcare and hospitals
End markets
DriverPositive impact: strengthens
“Adhering to food safety regulations and standards is essential for compliance and maintaining consumer confidence. Failure to meet these requirements can lead to regulatory penalties, recalls, and damage to the reputation of the farm.”
Annual report 2024A · The company itself
Chains in: Ageing population strengthens, GLP-1 and obesity treatment mixed effect
Interest rates
Macro
DriverNegative impact: weakens
“Market Risk The Group is exposed to interest rate risk and exchange rate risk. The Group’s interest rate risk relates primarily to borrowings from financial institutions with variable interest rates.”
Annual report 2024A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Labour and wages
Raw materials and inputs
InputNegative impact: weakens
“Human Resources The Group employed 237 people at the end of 2024 compared to 158 at the end of 2023. The main cause for the increase in headcount is that the Group insourced large part of maintenance and processing operations that was previously outsourced.”
Annual report 2024A · The company itself
Solar power
Technology
InputNegative impact: weakens
“Atlantic Sapphire sources 45% of the electricity needed from solar power sources.”
Annual report 2024A · The company itself
United States
Geography
Geography
“Fish processed from the Miami Bluehouse is transported via ground freight to most states within the US.”
Annual report 2024A · The company itself
Geography
“Salmon Market Outlook US consumption of fresh, farmed Atlantic salmon continues to increase higher than the single-digit global supply growth of farmed Atlantic salmon, highlighting the relative attractiveness of the US salmon market. With the Group’s offtake focused on the North American market, it is ideally positioned to take advantage of the strong growth in demand that is expected to continue, while also offering a product with a lower carbon footprint and lower logistical cost thanks to the avoidance of airfreight.”
Annual report 2024A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Asia and emerging markets
Geography
Geography
“Salmon Market Outlook US consumption of fresh, farmed Atlantic salmon continues to increase higher than the single-digit global supply growth of farmed Atlantic salmon, highlighting the relative attractiveness of the US salmon market. With the Group’s offtake focused on the North American market, it is ideally positioned to take advantage of the strong growth in demand that is expected to continue, while also offering a product with a lower carbon footprint and lower logistical cost thanks to the avoidance of airfreight.”
Annual report 2024A · The company itself
Denmark
Geography
Geography
“Denmark Operations The Group’s initial production facility in Hvide Sande, Denmark is a wholly owned subsidiary located on the west coast of Denmark and was in operation from 2011 to 2022. Since commencement of operations, approximately 45 batches of Atlantic salmon were introduced into the Denmark Bluehouse. The Denmark Bluehouse had an annual production capacity of approximately 2,400 tons HOG and a tank volume of approximately 17,000 m³, distributed across twenty tanks.”
Annual report 2024A · The company itself
Labour regulation
Regulation
DriverNegative impact: weakens
“The Group implemented comprehensive work policies to ensure equality, promote employee well-being, and foster a culture of safety, and respect. These policies support fair treatment, accountability, professional development, and facilitating a positive working environment for all team members.”
Annual report 2024A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 0.02 bn USD |
| Revenue growth vs. the year before, same method | 63.1 % |
| EBITDA reported by the company | -0.15 bn USD |
| Net debt debt incl. leasing minus cash | N/A |
| Diluted EPS per share | -17.19 USD |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✗ |
| Growing | ✓ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (USD), not converted to DKK. Quotes are shown as the company's own words in the report's original language.