Festive period drives 62% growth in Q4 sales for The Kingfish Company
The Netherlands seriola farmer ended the year on a strong note, with Q4 2024 sales volume reaching 556 tonnes, driven by strong holiday season demand and a well-executed go-to-market approach
Highlights Q4 2024:
- Volume sold up 62% to 556 tonnes (Q4 2023: 343 tonnes)
- Total revenue increased 44% to €7.5 million (Q4 2023: €5.2 million)
- Revenue per kg at €13.4/kg (Q4 2023: €15.2/kg)
- 2,001 tonnes shipped in 2024, up 37% vs. 2023
- Full year 2024 revenue reaching €28 million (2023: €22 million)
- Completed private placement of €14 million in January 2025
- Biomass adjustment plan leading to an inventory write down in Q4 2024
- Centralisation of hatchery activities in the Netherlands
Growth in both retail and food service channels reached new levels compared to previous years. However, revenue per kg declined to €13.4, impacted by seasonal promotions and the need to sell an increased amount of small sized fish to adjust the biomass.
Full-year shipments exceeded 2,000 tonnes for the first time in the company’s history, a milestone in its growth trajectory. Harvested volumes for Q4 2024 totalled 586 tonnes, with net biomass growth of 641 tonnes. By year-end, the standing biomass reached 1,118 tonnes.
Reduced biomass
As outlined in the January 15, 2025 press release, the company's recirculating aquaculture system (RAS) facility in Zeeland was operating above optimal biomass levels. To address this, Kingfish initiated a biomass reduction plan to bring the standing biomass to approximately 800-900 tonnes over the next 4-6 months. This biomass is sufficient to meet the 2025 sales forecast, and the reduction will improve biological performance and reduce production costs. This one-time adjustment will result in an inventory write-down in Q4 2024 financials but will not materially impact cash flow.
Since January 2023, the expanded and modernised hatchery in the Netherlands has been fully operational. The facility’s fourth-generation broodstock achieved a major milestone in Q4 2024, producing its first eggs six months ahead of schedule. Given the large production capacity and technical capabilities of the hatchery in the Netherlands, Kingfish - which also operated a small hatchery in Maine in the US - has decided to concentrate its global hatchery activities at its Zeeland facility. The company said this strategic move ensures that future US operations benefit from the advanced capabilities of the Dutch hatchery, maintaining high standards of quality, efficiency, and cost optimisation.
Waiting for court ruling
The US expansion plan, including the proposed 8,500-tonne-capacity Jonesport farm in Maine, remains unchanged and is waiting for the final outcome of the last appeal by opponents. Timing of the start of the construction will be determined once favourable legal, economic, and financing conditions are in place, supported by the supply of next-generation fingerlings from the Dutch hatchery.
Kingfish completed a successful €14 million private placement in January 2025 to support its operational and growth initiatives.
The company will publish its full-year 2024 financial results and annual report on March 27, 2025.
