Highlights

  • Murray Cod Australia (ASX:MCA) lifted FY26 sales volume about 53% to 558.4 tonnes.
  • FY26 customer receipts rose about 17.9% to A$13.38 million, with fourth-quarter receipts of A$3.44 million.
  • Biomass was about 3,784 tonnes at 30 June 2026, with an indicative wholesale value of about A$78.5 million.
  • A fully underwritten entitlement offer raised about A$18.6 million before costs.

Murray Cod Australia Limited, trading as Aquna, is a vertically integrated producer of Murray cod, controlling the process from hatchery and nursery through to grow-out ponds in the Murrumbidgee Irrigation Area of southern New South Wales. The company reported its June quarter and full-year sales in late July 2026, covering higher volumes, new retail ranges with Coles and Woolworths and a recapitalisation completed in May.

Company Business

Murray Cod Australia (ASX:MCA) is headquartered in Griffith, New South Wales, and farms Murray cod in land-based ponds on irrigation properties in the Riverina. It sells under two brands: AQUNA, positioned as the premium foodservice brand, and RIVERLI, the accessible retail brand. Products include fresh and frozen fillets.

Sales channels span supermarkets, foodservice distributors, hospitality groups and wholesalers, with distribution partners including PFD, Bidfood, Foodlink and Moco Foods. Named hospitality customers include Carnival Cruise Line, The Star and InterContinental Hotels Group.

Recent Development

In May 2026 the company completed a fully underwritten 1-for-1 accelerated non-renounceable entitlement offer at A$0.15 per new share, raising about A$18.6 million before costs. The institutional component raised about A$10.1 million, and the retail offer ran from 8 to 20 May 2026. Steven Chaur leads the company as Chief Executive Officer and Managing Director.

The June quarter report, released in late July 2026, set out the retail programme. Coles ranges the RIVERLI 200g chilled range in 230 stores in New South Wales and Victoria. Woolworths ranges RIVERLI 1kg frozen fillets nationally and fresh Murray cod in about 130 seafood departments under a six-month exclusive arrangement, with a chilled range expansion beyond 106 stores still to be confirmed.

On costs, headcount fell from 99 to 78 full-time equivalents, with expected annualised labour savings above A$1.0 million.

Financial Performance and Sector Context

FY26 sales volume rose about 53% to 558.4 tonnes from 364.4 tonnes, and customer receipts increased about 17.9% to A$13.38 million from A$11.35 million. Fourth-quarter sales volume was 147.5 tonnes, roughly flat on the third quarter and 43.8% above the prior corresponding period, while receipts of A$3.44 million were 9.5% higher. The company attributed the receipts figure to product mix, introductory pricing and the restart of live-fish sales in April 2026.

Biomass was about 3,784 tonnes across roughly 3.53 million fish at 30 June 2026, averaging about 1.07 kilograms. The company puts the indicative wholesale value at about A$78.5 million before processing and selling costs.

Net operating cash outflow was A$6.45 million in the fourth quarter, improved from A$8.72 million in the third, and A$26.93 million for the year. Cash at quarter end was about A$4.1 million after the entitlement offer. Total financing facilities were A$43.05 million, of which A$26.55 million was drawn. The company estimated funding runway at 3.2 quarters at the fourth-quarter burn rate, excluding a A$3.48 million R&D tax incentive received in July 2026 and expected revenue growth.

The company describes Murray cod as a premium table fish with no wild catch, and is converting stock held in ponds into sales through new retail programmes.

Risks to Consider

The company continues to record negative operating cash flow and relies on bank facilities secured over land, water assets and a general security agreement. Retail launches depend on execution and consumer demand, and Woolworths chilled store numbers are not yet confirmed. Equipment commissioning may be delayed. Introductory pricing may normalise, and feed and labour costs remain pressure points.

What to Watch Next

Management expects the Coles and Woolworths programmes to launch progressively in the first half of FY27. A refurbished spiral freezer was expected to ship by the end of August 2026 and be installed around the middle of the second quarter of FY27. For ASX:MCA, the next quarterly activities report and Appendix 4C will show whether receipts, harvest volumes and cash burn are moving in line with the stated priorities of converting biomass to sales and cash, commissioning equipment and cutting costs.

Key Insights

Murray Cod Australia (ASX:MCA) recorded higher FY26 volumes, completed a capital raising and secured wider supermarket distribution, while operating cash flow remained negative. Biomass of about 3,784 tonnes gives the business stock available for sale, but the pace of retail launches and cash conversion will shape the next reporting periods. Monitoring points for ASX:MCA include receipts per tonne, harvest rates, facility usage, cost savings and the progress of the Coles and Woolworths programmes.