Murray Cod Australia Faces Critical FY26 as Cash Flow Turns Positive
Murray Cod Australia Limited reports a profitable FY25 with a significant biomass increase and completes a $17 million capital raise to fund infrastructure and market expansion ahead of a commercial inflection in FY26.
- FY25 NPAT of $8.6 million marks a turnaround from prior losses
- Grow-out biomass nearly triples to 2,481 tonnes, underpinning future sales
- Completed major infrastructure expansion with 128 ponds and 4,000t capacity
- Secured $43 million Westpac financing and raised $17 million via institutional placement
- Expanding domestic and international sales channels with certifications pending
A Profitable Turning Point
Murray Cod Australia Limited (MCA) has reported a landmark financial year ending June 2025, posting a net profit after tax of $8.6 million, a dramatic turnaround from a $6.2 million loss the previous year. This profitability reflects the success of MCA’s strategic focus on growing its biological assets and premium inventory, setting the stage for a transition from investment to cash generation in FY26.
The company’s revenue grew modestly by 2.6% to $10.9 million, a deliberate decision to hold back smaller fish in favour of cultivating larger, higher-margin specimens. This approach has resulted in a record biological asset valuation of $67.8 million, more than doubling from $32.1 million in FY24, driven by a 198% increase in grow-out biomass to 2,481 tonnes.
Scaling Infrastructure and Capacity
MCA has completed a major infrastructure expansion, now operating 128 ponds across four sites within the Murray-Darling Basin, with a total holding capacity of 4,000 tonnes. The Stanbridge site alone has 51 operational ponds, with plans to stock an additional 27 ponds in spring 2025, confirming full utilisation of available capacity. The company also holds land and water assets valued at approximately $70 million, providing a solid foundation for future growth.
Supporting this expansion, MCA secured a $43 million financing facility from Westpac, replacing previous arrangements and providing the capital flexibility needed to support the upcoming harvest and sales inflection. To further strengthen its balance sheet and fund growth initiatives, MCA is undertaking a $17 million institutional placement priced at $0.95 per share, representing a discount to recent trading prices but positioning the company for accelerated development.
Market Expansion and Premium Positioning
On the sales front, MCA is expanding its domestic footprint, with its Aquna Sustainable Murray Cod brand featured in fine dining establishments nationwide and growing presence in Woolworths stores. Export markets in Southeast Asia are active, with registrations pending in China and certifications such as Halal and Best Aquaculture Practices (BAP) expected to unlock access to the Middle East and other premium markets.
The company is targeting a harvest volume exceeding 1,000 tonnes in the first half of FY26, with a focus on larger fish averaging 2.8 kilograms or more, which command premium prices of around $27 per kilogram domestically and a 20% premium internationally. This premium positioning is supported by MCA’s vertically integrated, land-based aquaculture model, which boasts one of the lowest environmental footprints in the industry.
Sustainability and Innovation at the Core
MCA emphasizes sustainability through full traceability, efficient water reuse, and selective breeding programs developed in partnership with CSIRO, aiming to improve growth rates and fish health. The company’s commitment to environmental stewardship and quality has earned it multiple awards and certifications, reinforcing its appeal to increasingly eco-conscious consumers.
Looking ahead, MCA plans to launch new product innovations including Aquna Gold Caviar and smoked fish products, alongside expanding its sales channels to include online direct-to-consumer platforms and premium foodservice partnerships.
Bottom Line?
As MCA moves from biomass build to harvest and sales, FY26 will be a critical year to watch for sustainable cash flow and market expansion execution.
Questions in the middle?
- Will MCA’s pending certifications and China market approvals materialize on schedule to support export growth?
- How will the company manage margin pressures amid domestic expansion and increased international competition?
- What risks could environmental or disease challenges pose to the planned harvest and cash flow inflection?
