By: Jacob Kessler
THE VILLAGE REPORTER
jacob@thevillagereporter.com
AquaBounty Technologies is considering the sale of its unfinished aquaculture facility in Pioneer after disclosing that the Ohio project is now the company’s primary remaining asset.
The update was included in the company’s annual report for the fiscal year ending Dec. 31, 2025, which stated that AquaBounty has received a non-binding letter of interest to purchase its Ohio subsidiary and is reviewing its strategic options.
The company began construction of the Pioneer facility in early 2022 as part of its plan for a large recirculating aquaculture system farm designed to raise Atlantic salmon. Work on the site was halted in June 2023 after project costs continued to climb.
AquaBounty said it had spent roughly $145 million on the Ohio farm before construction stopped, with about 30 percent of the facility completed at that time.
According to the filing, AquaBounty later determined that completing the project under its original design would require roughly $400 million in additional funding, including the replacement of equipment that has already been sold.
The company estimated the total cost of the project, including construction, land, equipment, insurance, and related expenses, at between $485 million and $495 million, which it said was far beyond what it could finance.
The Ohio project remains central to the company after a series of major asset sales over the past two years.
AquaBounty sold its Indiana farm in July 2024, sold its Canadian farms and related intellectual property in March 2025, and has continued selling equipment originally intended for the Ohio facility in an effort to generate liquidity.
The company said those moves left the Pioneer property, along with remaining equipment and construction in progress, as its main asset.
AquaBounty’s financial report also underscored the company’s strained position. It posted a net loss of $18.5 million for 2025, compared to a net loss of $149.2 million in 2024.
The company reported just $501,295 in cash and cash equivalents as of Dec. 31, 2025, along with an accumulated deficit of approximately $388 million, and stated there is substantial doubt about its ability to continue as a going concern without additional capital.
The report stated that the Ohio Farm Project has now been classified as held for sale and included in discontinued operations.
AquaBounty also recorded an additional $14.4 million impairment charge tied to the Ohio project in 2025 after reassessing the potential net sale value of the assets.
In 2024, the company recorded over $129 million in impairment charges across multiple assets, including the Ohio site and equipment.
As of March 27, 2026, AquaBounty reported that its total headcount had been reduced to three employees, all in corporate roles.
The filing also indicated that the company is continuing to work with an investment bank to determine the best path forward for the Pioneer site, including a possible sale.