AQUABOUNTY TECHNOLOGIES Business Summary

AquaBounty Technologies Inc. (AQB) is a land-based aquaculture company that historically generated revenue through the cultivation and sale of its proprietary AquAdvantage salmon, the first genetically engineered (GE) animal approved for human consumption. However, following severe liquidity constraints in 2024 and 2025, the company pivoted its business model from active fish production to asset monetization and the pursuit of strategic alternatives. In March 2025, AquaBounty sold its Canadian operations and the core intellectual property for AquAdvantage salmon to Cooke Aquaculture, effectively exiting the GE salmon production market. As of February 2026, the company’s primary business segment is the management and potential sale of its remaining non-core assets, specifically its partially completed 479,000-square-foot recirculating aquaculture system (RAS) facility in Pioneer, Ohio. AquaBounty currently operates as a distressed micro-cap entity relative to industry leaders like Mowi, SalMar, and Atlantic Sapphire, shifting from a biotechnology pioneer to a holding company focused on liquidating infrastructure to satisfy creditor obligations. AquaBounty was founded in 1991 by Elliot Entis and Garth Fletcher to commercialize growth-hormone technology licensed from the University of California, Berkeley. The current leadership team is headed by David Frank, who serves as the Chief Financial Officer and Interim Chief Executive Officer following the December 2024 resignation of David F. Melbourne Jr. The Board of Directors is chaired by Sylvia Wulf, the company’s former President and CEO, and includes notable members such as Rick Sterling (Audit Chair), Braeden Lichti, and Graydon Bensler. Despite its diminished market capitalization, the company maintains a base of institutional investors including Renaissance Technologies, BlackRock, and Vanguard. Most recently, on February 11, 2026, the company executed a registered direct offering to raise approximately $1.15 million in gross proceeds for working capital, underscoring its continued reliance on equity markets to sustain its remaining corporate functions during its restructuring phase.