Kingfish Company Enters Financing Talks as Q4 Revenue Growth Moderates

The Kingfish Company, a land-based yellowtail kingfish producer, has confirmed it has begun discussions with stakeholders over its financing arrangements after reporting slower revenue growth in the fourth quarter of 2025.

For the period ending December 31, 2025, the company posted €8.5 million ($9.2 million) in revenue, marking a 14% year-on-year increase. On a like-for-like basis, excluding fresh fish sales in the United States, revenue growth stood higher at 21%.

Sales volumes reached 621 tonnes, up 12% compared to the previous year, while quarterly production totaled 725 tonnes. The company reported an end-of-year biomass of 1,054 tonnes, with revenue per kilogram increasing by €0.3 during the quarter.

Kingfish noted that overall performance was affected by the planned discontinuation of its fresh fish commercial operations in the United States, which concluded on September 30, 2025. In addition, competitive pressures in European markets weighed on pricing and volumes, driven by a temporary surge in wild-caught fish supply.

However, the company said market conditions began to stabilize toward the end of the quarter, supported by resilient demand during the holiday season.

Despite these improvements, Kingfish described the quarter as softer than expected and indicated it does not anticipate complying with its EBITDA financial covenant as of December 31, 2025. While the company still expects to achieve EBITDA positivity in 2026, it no longer forecasts being cash flow positive from operations in that year.

In response, The Kingfish Company has initiated financing discussions with key stakeholders, focusing on its capital structure. The company stated that these talks may include the issuance of new equity and are aimed at ensuring sufficient funding to support farm capacity expansion and continued compliance with financial covenants.

Source: The Kingfish Company