From Riverina ponds to the Aquna Brand

Murray Cod Australia farms Murray cod, a native Australian freshwater species, at pond sites across the Riverina region of New South Wales, selling under the Aquna Sustainable Murray Cod brand. The Business is vertically integrated, spanning hatchery, grow-out, processing and distribution. Product reaches domestic retail and foodservice channels and selected export markets, positioned as a premium, chef-oriented fish. In early January 2026 the company said it had obtained 3-Star Best Aquaculture Practices certification, a third-party standard covering farm and processing practices. Distribution has widened: management has pointed to a Woolworths presence expanding from 67 to 134 stores, national reach through distributor PFD Food Services, and export traction in Singapore, Hong Kong and the Middle East following Halal certification. This analysis is based on information available at the time of writing on 3 August 2026.

Scaling biomass: the latest operational numbers

The December 2025 quarterly (Appendix 4C), released on 30 January 2026, showed strong Volume growth. Second-quarter FY26 sales reached 140.6 tonnes, up 61% year-on-year, split between 121.8 tonnes of processed fish and 18.8 tonnes of live fish. First-half harvest totalled 286 tonnes at an average weight of 1.56kg. Customer receipts were $3.7 million for the quarter, up 39%, and $6.5 million for the half, up 35%. Total biomass stood at 2,787 tonnes across 3.3 million fish at quarter-end, up 12% from June, with 582 tonnes of inventory above 2kg. The company now operates 128 ponds across four sites with combined capacity of about 4,000 tonnes at full utilisation. One softer note: the average realised price eased to $24.53 per kilogram from $26.92 a year earlier, as processed volumes grew faster than higher-value live sales.

Profit on paper: reading the FY25 result

For the year ended 30 June 2025, MCA reported Revenue of $10.85 million, up 2.6% on FY24. Headline Earnings looked dramatic: EBITDA of $18.61 million and net profit after tax of $8.56 million, against a prior-year loss. Those figures, however, were driven largely by a $43.26 million fair-value uplift on biological Assets rather than by cash from selling fish. Under agricultural accounting standards, live fish stocks are revalued each period, and gains flow through the profit statement before any sale occurs. Biological assets on the Balance Sheet rose to $69.54 million from $33.19 million, and grow-out biomass climbed 198% to 2,481 tonnes. The distinction matters: the reported profit reflects the accounting value of fish still in the water, not realised trading earnings.

A thin cash balance and repeated Capital calls

The funding picture is the clearest risk. FY25 closed with cash of just $0.36 million, down from $20.72 million a year earlier, as the company invested heavily in biomass. The December quarter showed net operating cash outflow of $5.3 million, a bank balance of $278,000, an overdraft of about $3.4 million, and $19.0 million of unused financing facilities. MCA has leaned on Equity markets to bridge the gap, raising roughly $17 million via a Placement in September 2025 to fund its transition toward a sales-led phase. The company frames the strategy as three years of "disciplined biomass Investment " now positioned to convert to cash generation, but on the reported figures that conversion remains unproven.

Industry tailwinds and the export pitch

The backdrop is supportive. Australian government data put the real gross value of aquaculture production at an estimated $2.31 billion in 2024-25, about 58% of a seafood sector worth close to $4 billion, with salmonids, tuna, oysters, prawns and barramundi the leading commodities. Producers increasingly target premium domestic and overseas buyers. Murray cod is a niche within that market, and Aquna's pitch rests on native provenance, sustainability credentials and premium positioning rather than Commodity scale. Unlike salmon or barramundi, farmed Murray cod has no large established Supply chain, which is both an opportunity, in the form of limited direct competition, and a challenge, given the need to build Demand and distribution for a less familiar species. Water access is central: pond aquaculture in the Riverina depends on secure irrigation water in a region exposed to drought cycles and Murray-Darling Basin water policy, making water entitlements and allocation costs a structural feature of the operating model.

Risks, Leadership and what to watch

The risks are material and interlinked. Biological risk is inherent: disease, water quality or temperature events could damage a biomass now valued near $70 million. Funding risk follows from persistent negative Operating Cash Flow and a slim cash balance; further capital may be required if sales conversion lags. Price realisation is softening as the product mix shifts. There has also been boardroom change: co-founder and chief executive Ross Anderson stepped down on 20 February 2026, with executive director Mat Ryan and non-executive director Roger Commins appointed interim joint chief executives. Near-term milestones to watch include completion of stocking at the Stanbridge cells (targeted for the March 2026 quarter), progress toward cash-flow breakeven, and the June 2026 full-year result. The investment case hinges on whether large, growing biomass finally translates into sustained operating cash. This article is general information only and not financial advice.