AQB

AquaBounty is no longer an operating company. Management has exited fish-rearing entirely, sold the Indiana Farm (July 2024), the Canadian Farms and Corporate IP (March 2025), and is selling off Ohio Equipment Assets piecemeal 'to generate liquidity.' The MD&A is explicit that the 'primary remaining asset is our investment in the Ohio Farm Project,' which has itself been reclassified to Assets Held for Sale and designated a discontinued operation after a non-binding Letter of Interest to buy the Ohio subsidiary. Revenue no longer even registers for FY2024–FY2025 (shown as '—'), and the P/S of 2.1 is computed off stale FY2023 revenue of $2.47M — the multiple is meaningless because the underlying business is gone.

The balance sheet is broken. Stockholders' equity is negative at -$1.89M against $12.2M of liabilities, cash is down to $501K, and the auditor-flagged filing carries an explicit going-concern warning: continuation 'is dependent upon our ability to raise additional capital, and there can be no assurance that such capital will be available.' Cumulative net losses total $388M. Operating cash flow was -$8.74M in FY2025 — burn that $501K of cash cannot cover, guaranteeing either dilutive financing or a distressed asset sale. Shares are already up 33% YoY, and the risk factors warn that new equity/convertible issuance will dilute holders further, potentially with liquidation preferences that sit ahead of common.