Revenue generation has effectively ceased, with the company reporting zero revenue in 2026Q1 alongside a massive $621.6 million in SG&A expenses.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 3.14M | 1.17M | 127.66K | 186.74K | 84.52K | 53.28K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 56.87K | 281.08K | 642.68K | 777.58K |
| Revenue Growth % | 100% | - | - | -100% | 167.01% | 820.26% | -31.64% | 120.94% | 58.64% | - | - | - | - | - | - | - | - | -100% | -79.77% | -56.26% | -17.35% | - |
| Cost of Goods Sold | 0 | 0 | 904.14K | 2.16M | 13.63M | 10.79M | 6.68M | 3.57M | 921.54K | 235.72K | 154K | 105.95K | 0 | 0 | 225.42K | 0 | 0 | 0 | 39.37K | 198.76K | 333.41K | 481.68K |
| COGS % of Revenue | - | - | - | - | 434.53% | 918.09% | 5232.54% | 1913.84% | 1090.35% | 442.44% | - | - | - | - | - | - | - | - | 69.23% | 70.71% | 51.88% | 61.95% |
| Gross Profit | 0 | 0 | -904.14K | -2.16M | -10.49M | -9.61M | -6.55M | -3.39M | 6.36K | 2.5K | -154K | -106K | 0 | 0 | 0 | 0 | 0 | 0 | 17.5K | 82.32K | 309.27K | 295.89K |
| Gross Margin % | - | - | - | - | -334.53% | -818.09% | -5132.54% | -1813.84% | 7.53% | 4.69% | - | - | - | - | - | - | - | - | 30.77% | 29.29% | 48.12% | 38.05% |
| Gross Profit Growth % | - | 100% | 58.11% | 79.43% | -9.18% | -46.68% | -93.45% | -53331.49% | 154.42% | 101.62% | -45.28% | - | - | - | - | - | - | -100% | -78.74% | -73.38% | 4.52% | - |
| Operating Expenses | 622.73M | 4.02M | 8.62M | 11.51M | 11.83M | 12.51M | 9.7M | 9.79M | 10.37M | 9.23M | 8.06M | 7.03M | 7.13M | 4.88M | 4.12M | 5.42M | 5.32M | 4.92M | 7.08M | 7.96M | 8.05M | 5.44M |
| OpEx % of Revenue | - | - | - | - | 377.1% | 1064.88% | 7594.59% | 5243.46% | 12271.94% | 17333.61% | - | - | - | - | - | - | - | - | 12451.42% | 2831.6% | 1252.72% | 699.1% |
| Selling, General & Admin | 624.02M | 4.02M | 8.42M | 11.01M | 10.93M | 10.36M | 7.33M | 7.43M | 4.37M | 4.72M | 4.64M | 4.29M | 4.5M | 2.98M | 2.68M | 3.04M | 3.14M | 2.94M | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | - | - | - | 348.29% | 882.25% | 5742.36% | 3979.95% | 5165.05% | 8859.27% | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 203.3K | 506.24K | 903.98K | 2.15M | 2.36M | 2.36M | 3.46M | 3.37M | 3.43M | 2.63M | 2.5M | 1.9M | 1.63M | 2.17M | 1.95M | 1.68M | 2.34M | 2.44M | 3.54M | 2.81M |
| R&D % of Revenue | - | - | - | - | 28.82% | 182.63% | 1852.23% | 1263.5% | 4092.62% | 6329.07% | - | - | - | - | - | - | - | - | 4120% | 866.31% | 550.2% | 361.25% |
| Other Operating Expenses | -1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.24K | -5.95K | -5.91K | 0 | -193K | 0 | 0 | 0 | 0 | 0 | 3.52M | 5.52M | 0 | 2.63M |
| Operating Income | -925.96M | -4.02M | -9.52M | -13.67M | -22.32M | -22.12M | -16.25M | -13.18M | -10.37M | -9.23M | -8.06M | -7.03M | -7.13M | -4.88M | -4.41M | -5.42M | -5.32M | -4.92M | -7.06M | -7.88M | -7.92M | -5.14M |
| Operating Margin % | - | - | - | - | -711.63% | -1882.97% | -12727.13% | -7057.29% | -12264.84% | -17327.98% | - | - | - | - | - | - | - | - | -12421.53% | -2802.07% | -1231.72% | -661.03% |
| Operating Income Growth % | - | 57.81% | 30.34% | 38.76% | -0.91% | -36.15% | -23.29% | -27.13% | -12.28% | -14.47% | -14.77% | 1.51% | -46.36% | -10.64% | 18.65% | -1.82% | -8.04% | 30.31% | 10.31% | 0.51% | -54.01% | - |
| EBITDA | -925.81M | -2.02M | -8.62M | -11.51M | -20.3M | -20.33M | -14.75M | -11.89M | -9.52M | -9.05M | -7.91M | -6.92M | -6.99M | -4.73M | -4.18M | -5.2M | -5.09M | -4.59M | -6.75M | -7.64M | -7.67M | -4.94M |
| EBITDA Margin % | - | - | - | - | -647.08% | -1730.82% | -11556.39% | -6368.68% | -11266.96% | -16980.84% | - | - | - | - | - | - | - | - | -11872.81% | -2719.21% | -1193.84% | -635.14% |
| EBITDA Growth % | -1583.95% | 76.52% | 25.13% | 43.28% | 0.17% | -37.83% | -24.05% | -24.89% | -5.26% | -14.36% | -14.3% | 1.05% | -47.94% | -13.09% | 19.68% | -2.31% | -10.72% | 31.95% | 11.66% | 0.38% | -55.35% | - |
| D&A (Non-Cash Add-back) | 226.03K | 0 | 904.14K | 2.16M | 2.02M | 1.79M | 1.49M | 1.29M | 843.39K | 184.95K | 154K | 105.95K | 140.74K | 147.1K | 225.42K | 211.36K | 231.72K | 328.23K | 312.05K | 232.89K | 243.45K | 201.28K |
| EBIT | -2.77M | -2.02M | -111.47M | -13.61M | -21.87M | -22.01M | -16.25M | -13.16M | -10.36M | -9.24M | -8.07M | -7.03M | -7.13M | -4.88M | -4.41M | -2.71M | -5.31M | -4.81M | -5.85M | -7.88M | -7.92M | -5.14M |
| Net Interest Income | 299.89M | -206.05K | -2.29M | -304K | -291.18K | -316.44K | -152.37K | -62.99K | -22.26K | -21.54K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 406.84K | 1.02M | -141K | -2.36M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 87.31K | 431.97K | 1.05M | 0 | 0 |
| Interest Expense | -299.89M | 206.05K | 2.29M | 303.97K | 291.18K | 316.44K | 152.37K | 62.99K | 22.26K | 21.54K | 402.55K | 0 | 0 | 530 | 0 | 3.11K | 1.57K | 0 | 87.53K | 28.77K | 141.36K | 2.36M |
| Other Income/Expense | -276.94M | 1.79M | -104.23M | -169.28K | 166.34K | -200.82K | -152.16K | -49K | -16.26K | -26.55K | -406K | -4.94K | 7.9K | 186.45K | -103K | 2.71M | -1.56K | 87.43K | 406.84K | 1.02M | -141K | -2.36M |
| Pretax Income | -1.2B | -2.23M | -113.75M | -13.84M | -22.16M | -22.32M | -16.4M | -13.23M | -10.38M | -9.26M | -8.47M | -7.03M | -7.13M | -4.69M | -4.42M | -2.71M | -5.32M | -4.84M | -6.66M | -6.85M | -8.06M | -7.5M |
| Pretax Margin % | - | - | - | - | -706.33% | -1900.07% | -12846.31% | -7083.53% | -12283.77% | -17378.66% | - | - | - | - | - | - | - | - | -11705.85% | -2438.47% | -1253.65% | -964.41% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.99K | 15.59K | 0 | 0 | 0 | 0 | 102.81K | 3.11K | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.06% | -0.17% | 0% | 0% | 0% | 0% | -2.33% | -0.11% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -1.22B | -18.49M | -149.19M | -27.56M | -22.16M | -22.32M | -16.4M | -13.23M | -10.38M | -9.26M | -8.47M | -7.03M | -7.13M | -4.69M | -4.42M | -2.71M | -5.32M | -4.84M | -6.66M | -6.85M | -8.06M | -7.5M |
| Net Margin % | - | - | - | - | -706.33% | -1900.07% | -12846.31% | -7083.53% | -12283.77% | -17378.66% | - | - | - | - | - | - | - | - | -11705.85% | -2438.47% | -1253.65% | -964.41% |
| Net Income Growth % | -785.66% | 87.61% | -441.38% | -24.37% | 0.74% | -36.11% | -23.98% | -27.41% | -12.13% | -9.3% | -20.46% | 1.33% | -51.99% | -6.21% | -62.92% | 49.06% | -10.01% | 27.35% | 2.87% | 14.93% | -7.44% | - |
| Net Income (Continuing) | -1.2B | -2.23M | -113.75M | -13.84M | -22.16M | -22.32M | -16.4M | -13.23M | -10.38M | -9.26M | -8.47M | -7.03M | -7.13M | -4.69M | -4.42M | -2.71M | -5.32M | -4.84M | -6.66M | -6.85M | -8.06M | -7.5M |
| Discontinued Operations | -881.57K | -16.26M | -35.44M | -13.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -267.05 | -4.77 | -38.65 | -7.17 | -6.20 | -6.40 | -9.00 | -13.20 | -18.80 | -21.11 | -31.95 | -27.92 | -30.46 | -23.33 | -27.97 | -9.34 | -18.34 | -16.67 | -22.95 | -23.62 | -27.77 | -360.00 |
| EPS Growth % | 85.77% | 87.66% | -439.05% | -15.65% | 3.13% | 28.89% | 31.82% | 29.79% | 10.94% | 33.93% | -14.43% | 8.34% | -30.56% | 16.59% | -199.46% | 49.07% | -10.02% | 27.36% | 2.84% | 14.94% | 92.29% | - |
| EPS (Basic) | - | -4.77 | -38.65 | -7.17 | -6.20 | -6.40 | -9.00 | -13.20 | -18.80 | -21.11 | -31.95 | -27.92 | -30.46 | -23.33 | -27.97 | -9.34 | -18.34 | -16.67 | -22.95 | -23.62 | -27.77 | -360.00 |
| Diluted Shares Outstanding | 4.56M | 3.87M | 3.86M | 3.84M | 3.55M | 3.47M | 1.82M | 1M | 651.44K | 438.63K | 265.16K | 251.87K | 233.99K | 201.02K | 157.84K | 290.13K | 290.13K | 290.13K | 290.13K | 290.13K | 290.13K | 416.19K |
| Basic Shares Outstanding | 4.56M | 3.87M | 3.86M | 3.84M | 3.55M | 3.47M | 1.82M | 1M | 554.14K | 438.62K | 265.16K | 251.87K | 233.99K | 201.02K | 157.84K | 290.13K | 290.13K | 290.13K | 290.13K | 290.13K | 290.13K | 416.19K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent Liquidity Exhaustion
As indicated by the most recent quarterly financial filings, AquaBounty's revenue stream has effectively evaporated, with the company reporting zero revenue in 2026Q1, marking a complete departure from the modest, inconsistent sales figures observed in previous periods and highlighting the total collapse of its commercial operations.
The absence of revenue suggests that the company has transitioned away from its primary production activities, likely following the divestiture of its Indiana facility. This trend implies that the firm is no longer functioning as a commercial aquaculture entity, rendering previous growth projections entirely obsolete.
Based on reported income statements, the company incurred $621.6 million in SG&A expenses during 2026Q1, a figure that dwarfs all historical spending levels and suggests a complete lack of expense discipline as the firm attempts to navigate its current existential financial crisis without any offsetting revenue.
The massive spike in overhead costs relative to zero revenue indicates that the company is likely incurring significant non-recurring charges or restructuring costs. Investors should monitor whether these expenses represent a final liquidation effort or an unsustainable attempt to maintain corporate functions while the core business remains dormant.
According to the provided financial data, the company reported a net loss of $1.2 billion in 2026Q1, a staggering figure that underscores the poor quality of earnings and the extreme financial instability currently plaguing the organization as it struggles to maintain even basic corporate viability.
The erratic nature of the net income, which has swung between minor gains and massive losses, suggests that the bottom line is heavily influenced by non-operating items and asset impairments rather than core business performance. This volatility makes it nearly impossible to derive a normalized earnings baseline for valuation purposes.
As evidenced by the historical income statement data, the company has consistently failed to achieve positive gross margins, with 2024Q3 showing a negative 7.9% margin, which suggests that the fundamental unit economics of the land-based RAS model remain unproven and potentially unviable at current scale.
Short-sellers would likely focus on the persistent inability to cover COGS, which implies that the company's proprietary technology has not yet translated into a cost-competitive product. The recurring negative margins suggest that even if production were to resume, the cost structure may remain structurally prohibitive.
Quick answers to the most common questions about buying AQB stock.
For fiscal year 2025, AquaBounty Technologies, Inc. (AQB) reported total revenue of $0.0M. This represents a 100.0% decline compared to $0.8M in 2005.
AquaBounty Technologies, Inc. (AQB) reported a net loss of $18.5M for the fiscal year ending 2025.