Quantifying the tradeoff between aquaponics and hydroponics

	B	C	D	F	G
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2	Cost Difference Between Aqauponics and Hydroponics w/o Selling Fish
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4	Assumptions	Aquaponics	Hydroponics	Notes
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6	Capacity toggle			To achieve the same net income as a hydroponic system, an aquaponic system must achieve a % of yield that is sold that is higher by however much more its operating costs are than a hydroponic system's.
7	% of yield that is sold	81.9%	80.0%
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9	Revenue assumptions
10	Total greens yield (lbs / year)	2,000,000	2,000,000	Based on Aerofarms' projection for Newark Facility
11	Revenue / lb greens yield ($$ / lb)	6.40	6.40	Assumes 50% retail markup on packaged salad sold $3.99 / 5 oz.
12	Total revenue ($$ / year)	10,483,200	10,240,000
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14	Cost of Goods Sold assumptions			Additional labor is for feeding fish and equipment cleaning and maintenance.
15	Additional aquaculture labor ($$ / year)	55,000	0
16	Fish feed or nutrient cost ($$ / lb greens yield)	$0.06	$0.02
17	Total fish feed or hydroponic nutrient cost ($$ / year)	129,188	33,279
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19	Overhead cost assumptions
20	Ground s.f. devoted to aquaculture or nutrient reservoirs (s.f.)	8,157	7,136	Hydroponic facilities require nutrient reservoirs while aquaponic facilities require fish tanks and additional take for biofiltration. The different space requirements for these two requirements are reflected here.
21	Ground s.f. devoted to growing (s.f.)	31,161	31,161
22	Ground s.f. devoted to post-harvest processing (s.f.)	31,161	31,161
23	Facility ground s.f. (s.f.)	70,479	69,459
24	Rent ($$ / s.f.)	10	10
25				This number covers all additional opearting expensives, including raw materials, labor, utilities, and overhead - that is common to both hydroponic and aquaponic farms. Gotham Greens projected a "greater than 15% EBITDA margin" in their analysis for their first farm, and so we use a 15% EBITDA margin as our benchmark to get to $8 million: https://www.nyserda.ny.gov/-/media/Files/Publications/Research/Environmental/Gotham-Greens-Sustainable-Urban-CEA.pdf
26	All non-variable costs (costs that similar in AP vs. HP)	8,000,000	8,000,000
27	Includes utiilities, growing medium, seeds, packaging, merchandising, delivery, labor, and additional farm supplies
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31	Net Income	$$		as % of revenue
32		Aquaponics	Hydroponics	Aquaponics	Hydroponics
33	Revenue	10,483,200	10,240,000	100.0%	100.0%
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35	Cost of goods sold
36	Aquaculture labor	55,000	0	0.5%	0.0%
37	Fish feed or nutrient cost	129,188	33,279	1.2%	0.3%
38	Overhead costs
39	Rent	704,791	694,590	6.7%	6.8%
40	Total variable costs	888,979	727,869	8.5%	7.1%
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42	Non-variable costs	8,000,000	8,000,000	76.3%	78.1%
43	Total operating costs	8,888,979	8,727,869	84.8%	85.2%
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45	EBITDA Margin	1,594,221	1,512,131	15%	15%
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