First half year 2023 financial results

The Kingfish Company

7 September 2023
Phase 2 Construction on Track and Fully Financed

Highlights H1 2023

    • Total volume sold: 740 tons (H1 2022: 702 tons)
    • Revenue per kg increased 26% to € 15.1 (H1 2022: € 12.0 per kg)
    • Gross margin per kg up 43% to € 2.1 (H1 2022: € 1.5 per kg)
    • Operational EBITDA per kg sold was € -3.0 per kg (H1 2022: € -3.1 per kg)
    • Path to profitability – on track to reach positive operational EBITDA in the second half of 2024, and positive free cash flow in the second half of 2025

Subsequent events

    • On July 5, 2023, the Company signed a convertible loan agreement of € 32 million
    • Maine’s Superior Court denied an appeal on August 28, 2023. Kingfish Maine upholds the permits to build 8,500 tons facility in Jonesport, Maine (US)

Kats, Netherlands – September 7, 2023: The Kingfish Company N.V. (the “Company”; “Kingfish”; OSE: KING), pioneer and leader in sustainable land-based production of yellowtail kingfish, announces its Q2 and H1 2023 financial results.

“Our financial results for the first half of 2023 are marked by key progress in operations and in strengthening our balance sheet. We have laid out a solid foundation to accelerate growth and reach profitability. In the second half of the year, we will complete the Phase 2 expansion in the Netherlands, continue our efforts to improve our operational performance, and increase sales volume”, said Vincent Erenst, CEO of The Kingfish Company.

Financial review

In H1 2023, revenue increased 31% to € 11.2 million (H1 2022: € 8.4 million). Revenue per kg was € 15.1 (H1 2022: € 12.0 per kg). Total volume sold amounted to 740 tons, an increase of 5%. The demand for Dutch Yellowtail, particularly fresh large size fish, continues to surpass the available supply.

In the first half year, the Company achieved record production of 932 tons net growth (H1 2022: 742 tons). This has resulted in sector leading productivity of 0.90 kg net growth per installed cubic meter per day and eFCR for the period of 1.30 compared to 1.49 in H1 2022. Operations at Kingfish started more than five years ago and the 58th cycle was in production at the end of June 2023.

Gross margin increased 50% to € 1.5 million (H1 2022: € 1.0 million), or to 13.9% of revenue (H1 2022: 12.1%), despite significantly higher input costs. Increased feed prices have been partially offset by an improved biological performance and the introduction of new feed formulations. Energy costs, which peaked in H2 2022, were lower in H1 2023 as we benefitted from a favorable contract. Overall, the increased sales prices offset the higher input costs leading to an increase in gross margin to € 2.1 per kg (H1 2022: € 1.5 per kg).

In the first half of 2023, operational EBITDA amounted to € -2.2 million (H1 2022: € -2.2 million). EBITDA per kg was € -3.0 (H1 2022: € -3.1 per kg). SG&A costs increased year-on-year by 19% mainly related to one-off transformation related costs to strengthen the organization and to anticipate the additional volume as of Q1 2024.

The net loss after tax in the first half of 2023 was € -4.2 million (H1 2022: € -2.8 million), driven mainly by higher financial expenses.

Capital expenditure

The Group spent € 16.1 million in capital expenditure during the first half of 2023, including € 1.3 million farm and US growth capex. Operations in Phase 2 started in May, with 60% of the grow-out systems operational as of end of August. Growth and performance have been outstanding. The farm biomass is expected to more than double before year-end, compared to Phase 1 steady-state level.

Cash flow

The Company reported € -2.2 million (H1 2022: € -1.5 million) of operating cash flow in the first half of the year. The difference is mainly driven by a reduction in capex payable and an increase in biomass after the start-up of the Phase 2 grow-out systems.

Net debt on June 30, 2023, amounted to € 60.4 million (€ 54.8 million at December 31, 2022), an increase of € 5.6 million compared to December 31, 2022.


At the start of July 2023, the Company successfully raised € 32 million by way of a convertible loan with a fixed interest rate and a duration of 4 years. By mid-August, the total amount had been received by the Company. The convertible loan and the other remaining facilities from PCP and Rabobank provide full funding for the completion of the Phase 2 expansion and the period until the Company reaches positive cash flow and profitability.

1 Figures are unaudited.


Management remains positive about the outlook for The Kingfish Company. With financing secured for the completion of Phase 2 and a clear path to profitability, we can focus fully on growing the business and optimizing operations.

The Group capacity will more than double after the new extension of the farm in the Netherlands is fully commissioned, enabling us to meet the growing demand for high-quality Dutch Yellowtail. The Company expects to benefit from the scaling effect and further improvement in operations and productivity to become profitable and cash positive. Where the current focus is on completion of the Zeeland project, management continues to develop expansion plans in the US and Europe.


CEO Vincent Erenst and CFO Jean-Charles Valette will present the H1 2023 financial results on Thursday September 7, 2023, at 14:00 CEST. The online presentation will be followed by a Q&A session. The presentation will be available on our website before the start of the webcast.

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