Land-Based Indoor RAS Mediterranean Picarel / Spicara (Spicara smaris) Yield 2026

Underwrite circular flow raceways rearing Mediterranean Picarel (Spicara smaris, reaching 220g culinary fry size in 7 months), wholesale market pricing ($19.00/kg), and facility EBITDA.

Underwriting Assumptions

Annual Picarel Harvest (Metric Tonnes)

Wholesale Farm-Gate Spicara Price ($/kg)

Biological Feed Conversion Ratio (FCR)

Extruded Marine Pelleted Feed ($/kg)

Chilled RAS Power, UV Sanitation & Labor ($/yr)

Projected Economics

Gross Annual Picarel Sales

Annual Feed Expenditure

Net Annual Operating EBITDA