PitchBook年二季度Agtech公共资产负债表和估值指南（英）

EMERGING TECH RESEARCHAgtech Public Comp Sheet and Valuation GuideQ220252PitchBook Data, Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligencePaul Condra Global Head of Private Markets ResearchJames Ulan Director of Emerging Technology ResearchInstitutional Research GroupAnalysisQ2 2025 AGTECH PUBLIC COMP SHEET AND VALUATION GUIDEPublished on August 1, 2025pbinstitutionalresearch@pitchbook.comAlex Frederick Senior Research Analyst, Agtech and Foodtech alex.frederick@pitchbook.comBen Riccio Associate Research Analyst ben.riccio@pitchbook.comKey takeawaysTrump administration trade and tariff policies: Several significant trade policy developments in Q2 2025 directly impacted agricultural sectors. US President Donald Trump’s tariff negotiations created substantial uncertainty for agricultural exports, particularly affecting soybean farmers who faced “paralyzing” market conditions due to trade uncertainty.1 The administration implemented a 15% tariff on Norwegian salmon effective in April 2025, directly benefiting companies like Atlantic Sapphire with its US-based production platform. These tariffs made imported salmon more expensive, providing a competitive advantage to domestic land-based salmon producers.New farm bill creates mixed implications for agtech innovation: The One Big Beautiful Bill Act—signed into law on July 4, 2025, by President Trump—extends many 2017 tax-cut provisions and injects more than $65 billion into farm safety nets, chiefly through higher reference prices, expanded crop-insurance subsidies, and up to 30 million new base acres. For agtech companies, the bill is a double-edged sword: On the positive side, it permanently restores immediate expensing for domestic research & development and reinstates 100% bonus depreciation and a higher $2.5 million Section 179 cap, sharply improving cash flow for firms investing in robotics, sensors, and other capital-intensive tools. Yet these benefits are offset by the bill’s subsidy structure, which channels most support to fewer than 0.3% of large commodity producers; that concentration reduces competitive pressure to adopt new technologies and shrinks the practical customer base for solutions aimed at small and midsized farms, limiting near-term market growth for many agtech ventures. Read more about the implications in our recently published analyst note: The One Big Beautiful Bill Act’s Impact on Agtech.Agtech lags while animal agriculture surges: Agtech stocks broadly underperformed broader market indexes in Q2 2025, rising a median of 6% QoQ compared with the S&P 500’s 10% gain. By contrast, animal agriculture names delivered a robust 16% median QoQ increase, led by Atlantic Sapphire, whose stock more than doubled—up 109%—after new CEO Pedro Courard orchestrated a sweeping operational turnaround. Courard’s improvements in biological performance reduced fish mortality, boosted harvest weights, and secured higher sale prices, reinvigorating the company’s US