As we close out 2025, I would like to take a moment to reflect on our current position and the meaningful progress First Water has achieved over the past quarter.
During Q4, we reached a key milestone with the completion of all 25m tanks, now fully stocked with fish. This represents an important step in scaling our production, and I am pleased to report that both the tanks and supporting systems are performing in line with expectations.
With construction largely complete, only minor finishing work remains on site, allowing the team to shift focus toward operations and optimization.
At the same time, we have finalized the design of the 28m tanks and are preparing to launch the first phase of procurement in Q1 2026—marking the next step in our expansion.
From a financing perspective, we completed a €24 million equity raisein November and continue to advance discussions with banks and other partners to secure the remaining funding for the 28m tanks.
Operationally, we also achieved our first harvest of 5kg fish from the25m system, validating both biological performance and system robustness.
Overall, Q4 was a strong quarter for First Water, combining delivery of key infrastructure with proven operational performance. This positions us well as we move into the next phase—commencing construction of the 28m tanks.
Eggert Kristófersson, CEO
