Continued strong biological conditions | Third quarter 2022 financial results

Andfjord Salmon reports continued good biological conditions in the company’s first land-based pool at Kvalnes, Andøya, Norway. Consequently, the fish continues to grow well, and the salmon’s survival rate remains industry leading.

2 December 2022

As of 30 November 2022, the average weight of the salmon is 1,350 grams, a healthy weight gain from 560 grams at the end of September. The average weight of the smolt was 120 grams when it was released on 25 June 2022.

The salmon’s survival rate remains high. As of 30 November 2022, survival rate stood at 98.7 percent. There will always be some fish mortality as the weakest individuals shall be removed from the pool, while the company also regularly extracts fish to conduct examinations of fish health.

“Fish health, growth and survival rate are all interconnected. The foundation is strong biological conditions and a pool eco system that is as close as possible to the salmon’s natural habitat in the ocean outside Andøya,” says Martin Rasmussen, CEO of Andfjord Salmon.

Energy consumption at Andfjord Salmon’s Kvalnes pool continues to be low and well within the company’s target of 1 kwh/kg salmon produced.


In parallel with the first production cycle at Kvalnes, Andfjord Salmon is currently working on detailing the most cost-efficient build-out process for Kvalnes Phase 2, which aims to increase production volume at Kvalnes from 1,000 to 19,000 tonnes HOG.

The company is about to enter the final stages of contract discussions with suppliers regarding the most cost-efficient plan for development. Andfjord Salmon will in due course invite shareholders to a capital markets update to present the build-out plan and timeline for Kvalnes Phase 2.


Subsequent to the end of the third quarter, Andfjord Salmon and a top chef conducted the first tasting session of the company’s salmon. The feedback from the chef, who has won both world and Norwegian championships, was that the texture, colour and overall condition and taste of the fish were excellent. The fish used for the first tasting was just above 1 kilogram.


Andfjord Salmon is in the middle of its first production cycle, which means that it does not yet generate revenues. The company’s first operating revenues will be generated in 2023 following first harvest.

The company had an operating loss of 14.7 million in this year’s third quarter, compared to a loss of NOK 11.4 million in the same quarter last year.

At the end of September 2022, Andfjord Salmon held cash and deposits of approximately NOK 117 million. This figure does not include a NOK 5 million remaining loan facility, a NOK 20 million undrawn credit facility, or NOK 5 million in unpaid grants.


This is information that Andfjord Salmon AS is obliged to make public pursuant to the EU Market Abuse Regulation (MAR) Article 17 no. 1. The information was submitted for publication, through the NTB Kommunikasjon service by the contact persons listed below.



Martin Rasmussen, CEO, +47 975 08 665,


Bjarne Martinsen, CFO, Andfjord Salmon AS, +47 975 08 345,


Located at Kvalnes on the island of Andøya on the Arctic Archipelago of Vesterålen, Norway, Andfjord Salmon has developed an innovative and sustainable aquaculture concept for land-based farming of Atlantic salmon, based on a flow-through technology solution. The company's ambition is to build the world's most sustainable and fish-friendly aquaculture facility of its kind.

Andfjord Salmon AS is listed on Euronext Growth under the ticker ANDF.

Andfjord Salmon is a Norwegian company established in 2014. The company is listed at Oslo Stock Exchange (ANDF), and located at Kvalnes on the northernmost island of Andøya in Vesteraalen, Norway.