At the end of Q1 2026, I would like to reflect on our current position and the strong progress First Water has continued to deliver over the past quarter.
Following the successful completion and stocking of the 25m tanks in Q4, Q1 marked a step-change in our operations as we transitioned into full-scale harvesting. We delivered a record quarter, harvesting 1,268tons (LW)—surpassing our total harvest for all of 2025.
Operational performance remains robust, with strong biological results reflected in an average harvest weight of 4.1 kg HOG and a superior grade rate of 95%. This further validates both the quality of our system and the consistency of our production.
As expected, the increased harvesting activity reduced biomass during the quarter, positioning us well for continued optimized production cycles.
On the development side, our focus has now fully shifted from construction to operations and optimization of the existing facility. At the same time, we continue to advance the next phase of our expansion, including the 28m tanks, where design work is complete and financing discussions are ongoing.
Looking ahead, harvesting activity will temporarily moderate during thesummer months before ramping back up to a steady weekly run-rate.
With strong operational performance and key infrastructure in place, First Water is well positioned for continued growth and value creation.
Eggert Kristófersson, CEO
