Murray Cod Australia Surges Biomass 192%, Poised for Sales Expansion

Biomass Growth Accelerates Ahead of Schedule

Murray Cod Australia Ltd (ASX:MCA) has delivered a striking update in its March 2025 quarterly report, revealing biomass growth of 192% compared to the previous corresponding period. The company’s total biomass now stands at approximately 2,100 tonnes, driven by improved feeding methods and accelerated summer growth. This positions MCA well ahead of its target trajectory, aiming for a sustainable 4,000 tonnes of biomass by the end of FY27.

Notably, the number of fish exceeding the preferred saleable size of 1.2kg has more than doubled, rising by 105% year-on-year to over 500,000 fish. This robust growth underpins MCA’s readiness to commence sales from May 2025, marking a pivotal shift from inventory build-up to market expansion.

Sales Strategy: Balancing Inventory and Market Expansion

While total receipts declined in Q3 due to deliberate sales restrictions to build inventory, fresh fish sales still increased by 7.6% year-on-year. Live fish sales fell by 18.6%, reflecting a strategic pause to ensure sustainable supply. Management anticipates a sales rebound starting Q1 FY26, supported by the growing biomass and expanding sales footprint.

Domestically, MCA plans to deepen relationships with foodservice distributors and major retailers like Woolworths, focusing initially on rewarding long-term customers and expanding market presence. Internationally, the company is re-engaging markets in the United States, Japan, Europe, and Southeast Asia, leveraging positive receptions at recent seafood expos in Japan and Singapore. MCA is also preparing for the Barcelona Seafood Expo in May 2025, where it aims to solidify partnerships with European distributors and corporate clients.

Certifications and Regulatory Progress

To support market expansion, MCA is progressing through key sustainability and export certifications. The company expects to secure Halal certification by Q4 FY25 and Best Aquaculture Practices (BAP) certification by Q1 FY26, enabling access to Middle Eastern and Southeast Asian retail and hospitality sectors. Additionally, MCA’s registration to export processed Aquna Cod products to China is underway, with approval anticipated in Q4 FY25, contingent on regulatory timelines.

Infrastructure and Leadership Strengthened

Infrastructure development at the Stanbridge site is now complete, with 51 ponds fully stocked and operational, contributing to a total capacity of over 3.5 million fish across 78 ponds. The remaining ponds are scheduled for stocking in the spring spawning season of FY26, supporting the company’s biomass targets.

In a strategic move to bolster sales and marketing expertise, MCA appointed Steven Chaur as a Non-Executive Director. Chaur brings over 30 years of experience in branded consumer food products and export markets, including China, Asia, the UAE, the US, and Europe. His appointment aligns with MCA’s ambitions to expand both domestic and international sales channels.

Financial Position and Outlook

Despite a negative operating cash flow of $1.3 million for the quarter, MCA maintains a strong liquidity position with $1.78 million in cash and $22.66 million in unused financing facilities, providing an estimated 19 quarters of funding runway. The company continues to exercise prudent capital management while focusing on opening sustainable sales channels and securing strategic partnerships.

Overall, MCA’s March quarter report signals a company transitioning from growth investment to commercialisation, with operational milestones and market engagement setting the stage for accelerated revenue growth in FY26 and beyond.