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We subsequently engaged an investment bank to pursue a range of funding and strategic alternatives, and to assist management in the prioritization of our core assets.
−Removed: These efforts resulted in the sale of our grow-out farm in Indiana (“Indiana Farm”) in July 2024, recurring sales throughout the year of selected equipment originally intended for the Ohio Farm Project (“Ohio Equipment Assets”), and the sale of our Canadian subsidiary, including the broodstock farms owned by the Canadian subsidiary in Prince Edward Island, Canada (“Canadian Farms”), and our intellectual property for the GE Atlantic salmon, along with trademarks and patents (“Corporate IP”) in March 2025.
−Removed: During 2024, we also focused on cost containment to preserve and extend our available cash.
+Added: These efforts resulted in the sale of our grow-out farm in Indiana (“Indiana Farm”) in July 2024, recurring sales throughout 2024 and 2025 of selected equipment originally intended for the Ohio Farm Project (“Ohio Equipment Assets”), and the sale of our Canadian subsidiary, including the broodstock farms owned by the Canadian subsidiary in Prince Edward Island, Canada (“Canadian Farms”), and our intellectual property for the GE Atlantic salmon, along with trademarks and patents (“Corporate IP”) in March 2025.
After completion of these transactions, our primary remaining asset is our investment in the Ohio Farm Project, consisting of the remaining Ohio Equipment Assets and the land and construction in process (the “Ohio Farm Site”).
−Removed: We continue to work with our investment bank to identify the optimal path forward for realizing the potential of this asset, either through new investment, partnership or other strategic options.
+Added: We continue to work with an investment bank to identify the optimal path forward for realizing the potential of this asset, including its possible sale.
Discontinued Operations
−Removed: As noted above, we sold our Indiana Farm in July 2024 and our Canadian Farms in March 2025.
−Removed: These farms have been designated as discontinued operations in our consolidated financial statements for the years ended December 31, 2024 and 2023 in this Form 10-K (see Note 4 to our consolidated financial statements for additional information).
+Added: As noted above, we sold our Indiana Farm in July 2024, our Canadian Farms in March 2025, and have been selling Ohio Equipment Assets to generate liquidity.
+Added: In conjunction with the work that our investment bank has done to help us realize the value of our Ohio Farm Project, we received a non-binding Letter of Interest to purchase our Ohio subsidiary.
+Added: Though this offer is currently being considered by the Company, we determined the actions in 2025 that contributed to receiving the non-binding Letter of Interest to be a triggering event for revaluing these assets and we designated the Ohio Farm Project as a discontinued operation, along with the Indiana Farm and the Canadian Farms in our consolidated financial statements for the years ended December 31, 2025 and 2024 in this Form 10-K (see Note 4 to our consolidated financial statements for additional information).
Impairment Charges
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At that time, we made the decision to continue to sell certain of our Ohio Equipment Assets in order to generate cash for liquidity, and therefore we reclassified our Ohio Equipment Assets as Assets Held for Sale on our consolidated balance sheet.
−Removed: We continued to sell Ohio Equipment Assets during the remainder of the year, and based on these additional transactions, we conducted an impairment analysis at year-end on the remaining Ohio Equipment Assets that were held for sale, along with the Ohio Farm Site.
+Added: We continued to sell Ohio Equipment Assets during the remainder of 2024, and based on these additional transactions, we conducted an impairment analysis at year-end on the remaining Ohio Equipment Assets that were held for sale, along with the Ohio Farm Site.
As a result of this analysis, we recorded impairment charges of $18.2 million and $57.3 million against the Ohio Equipment Assets and the Ohio Farm Site, respectively.
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Based on the net sale price, we recorded impairment charges of $5.4 million and $0.2 million against the Canadian Farms and Corporate IP, respectively.
−Removed: The table below depicts the impairments charges recorded during 2024 by asset group totaling $129.8 million.
+Added: During 2025, we continued to sell Ohio Equipment Assets to generate liquidity and at December 31, 2025, we reassessed the value of the Ohio Farm Project.
+Added: Based on the potential net sale value of the assets, we recorded an impairment charge of $14.4 million and reclassified the Ohio Farm Project assets as Assets Held for Sale on our consolidated balance sheet.
+Added: The table below depicts the impairment charges recorded during 2025 and 2024 by asset group totaling $14.4 million and $129.8 million, respectively.
Corporate History
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We have also sold the intellectual property for our GE Atlantic salmon, included in our Corporate IP.
−Removed: Our primary asset is our Ohio Farm Site, which consists of the land and the construction in process for a commercial scale recirculating aquaculture production facility, for which we have engaged an investment banker to advise us on a range of strategic alternatives.
−Removed: Reverse Stock Split
−Removed: On October 12, 2023, the stockholders of the Company approved a reverse stock split of the Company’s common stock, and the Board of Directors approved a split ratio of 1-for-20.
−Removed: The reverse stock split was implemented on October 16, 2023.
−Removed: In conjunction with the reverse stock split, the number of shares of common stock authorized for issuance was reduced from 150 million to 75 million.
−Removed: All share and per share information in this Annual Report on Form 10-K have been adjusted to reflect this change.
+Added: Our primary asset is our Ohio Farm Project, which consists of the land and the construction in process for a commercial scale recirculating aquaculture production facility, for which we have received a non-binding Letter of Interest purchase offer, which is under consideration by the Company.
Aquaculture Industry
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Feeding the growing population and meeting the demand for fish protein will require aquaculture production to nearly double by 2050.
−Removed: Salmon Farming
−Removed: Atlantic salmon farming is a major industry in the cold-water countries of the northern and southern hemispheres.
−Removed: According to Kontali, global Atlantic salmon aquaculture harvests grew by approximately 5% annually between 2017 and 2022, reaching 2.9 million metric tons with a value of $22 billion.
−Removed: Limitations of Conventional Sea-Cage Salmon Farming
−Removed: Conventional salmon aquaculture takes place in large cages (sea-cages) in coastal waterways exposed to currents, which can bring a variety of pathogens in contact with the farmed salmon.
−Removed: The presence of pathogens in an uncontrolled environment is a universally accepted fact in human and animal health.
−Removed: Such disease agents in these uncontrolled water currents can result in infection that spreads within the captive population.
−Removed: The risks and outcomes of conventional, open sea-cage systems are well established, including the susceptibility to extreme weather conditions, and are often evidenced by outbreaks of a variety of bacterial and viral diseases, as well as water fouling and contamination due to algal blooms and similar events.
−Removed: This risk of disease has led to the widespread use of antibiotics, vaccines, and other pharmacological agents.
−Removed: The most prevalent disease and health management issues are infectious salmon anemia (“ISA”) and sea lice.
−Removed: ISA is a viral disease in Atlantic salmon, and outbreaks have occurred in virtually every major salmon farming geography since 1984, including a major event in Chile in 2008 that impacted the country’s production for three years.
−Removed: There is currently no effective treatment for the disease, and the salmon farming industry relies on health management practices to mitigate its impact.
−Removed: Sea lice are marine parasites that occur naturally and attach to the skin of Atlantic salmon.
−Removed: Even a few sea lice can increase the likelihood of secondary infections and mortality, and the presence of significant numbers is likely to have adverse effects on fish health and aesthetic appearance.
−Removed: The cost of managing sea lice in sea-cage farming environments can be significant.
−Removed: Other viral diseases, such as salmonid rickettsial septicemia (“SRS”), continue to present significant challenges, while new emerging diseases caused by viruses, including heart and skeletal muscle inflammation (“HSMI”) and cardio myopathy syndrome (“CMS”), are on the rise.
−Removed: Another limitation of the conventional salmon production system is that the farms are not located near the ultimate consumers, and thus, an additional carbon footprint is created in transporting the fish from its production to its consumption location.
Land-Based RAS Production
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This method of land-based fish farming has been promoted by many environmental non-governmental organizations (“NGOs”), and it does not pose a threat to wild salmon populations.
−Removed: According to Kontali, in 2022, the supply of Atlantic salmon to the U.S.
−Removed: market reached a record 1.44 million pounds (652 thousand metric tons) with an aggregate market value of over $5.4 billion.
−Removed: The vast majority of the imported Atlantic salmon originated from Chile, Canada, and Norway.
−Removed: The Atlantic salmon farming industry in the United States contracted significantly beginning in the 1990s in the face of environmental concerns and lower costs of production from foreign sources, notably Chile.
−Removed: According to Kontali, a net of only 8 thousand pounds (4 thousand metric tons) of farmed Atlantic salmon was available in the United States in 2022, representing less than 1.0% of the total farmed Atlantic salmon supplied to the country.
−Removed: Despite intensive public consumer education campaigns promoting its health benefits, seafood consumption in the United States still lags behind other protein sources and trails consumption in overseas markets.
−Removed: According to the USDA, during the period from 2010 to 2020, the latest period of data available, annual seafood consumption in the United States ranged between 17 and 19 pounds per capita, significantly behind consumption of poultry (62 to 68 pounds), beef (51 to 55 pounds), and pork (43 to 47 pounds).
−Removed: In comparison, according to FAO, seafood consumption worldwide averaged 45 pounds per capita in the period from 2018 to 2020.
−Removed: The salmon distribution system in the United States is complex and varied.
−Removed: Participants include fishermen, fish farmers, processors, importers, secondary processors, broadline distributors, specialty seafood distributors, brokers, traders, and many different kinds of retail and food service companies.
−Removed: Salmon distribution channels are evolving, with fewer and larger distributors handling an increasing
−Removed: share of total volume and an increasing share of salmon being sold directly by large fish-farming companies and large wild salmon processors to major retail and food service chains.
−Removed: As a commodity food item, the price of Atlantic salmon is variable based on the supply and demand for product weekly.
−Removed: Urner Barry publishes an index that provides comprehensive market coverage across all major center-of-the-plate food proteins, taking into account differences for fish size and quality.
−Removed: The global Atlantic salmon farming industry includes several very large companies with operations in each of the major producing countries.
−Removed: Consolidation has been evident in the past few years as producers attempt to gain competitive cost advantages while overcoming the regulatory challenges associated with developing new marine farm sites.
−Removed: Major market producers include the following companies:
−Removed: Mowi, SalMar, Aquachile, Leroy Seafood Group, Cermaq Group, Cooke Aquaculture, Bakkafrost and Australis Mar Seafood.
−Removed: It is estimated that these eight companies accounted for approximately 53% of the Atlantic salmon produced in 2022.
Ohio Farm Project
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Plan for Completion
−Removed: We have been working with our investment bank on strategic alternatives for the Ohio Farm Site, including new investment to allow for the completion of the Ohio Farm Project construction.
−Removed: Alternatives include new equity funding, partnerships or joint ventures.
−Removed: We believe that funding of roughly $400 million will be required to complete the construction and replace the Ohio Equipment Assets that have been sold.
−Removed: This figure, however, is based on the current design and expected use of the facility as a salmon grow-out farm.
−Removed: Depending on the strategic alternative that we follow, the design (smaller or larger production volume) and use of the farm (salmon or other species) could be changed, which could result in a different cost of completion number.
−Removed: The picture below shows a design rendering of the inside of the Ohio Farm Project once completed.
+Added: We have been working with our investment bank on strategic alternatives for the Ohio Farm Site We believe that funding of roughly $400 million would be required to complete the construction according to its original design and replace the Ohio Equipment Assets that have been sold.
+Added: Given the magnitude of this figure, we are considering alternatives, including a potential sale of the Ohio Farm Project.
Human Capital Resources
−Removed: As of March 24, 2025, our total headcount was four, all of whom have corporate roles.
+Added: As of March 27, 2026, our total headcount was 3, all of whom have corporate roles.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.