$280B Industry, page-186

From what I understand the initial sales deal for 100t is for frozen maw therefore they just take this piece when processing the fish and freeze it then ship it. The buyer processes it into whatever product they see fit, maybe soups etc or perhaps they dry it and further refine as finished goods with value added.

This is a nice earn while they establish themselves as a value added processor, something they are coming along leaps and bounds with. The company have stated that they expect their maw sales to become the lower revenue part of their business in coming months. So this implies that in the coming months they will have a revenue run rate of ~$10m plus per year. Pretty epic for a company with high margin and such a low MC.

"While ling maw was still its biggest seller, Miccio predicted this would change in the next few months as it developed the nutraceutical business."

https://www.stuff.co.nz/business/fa...-powders-and-oils-new-market-for-kiwi-company