Small-scale aquaculture in Malawi contributes to nutrition and food security, and serves as a rural income diversification strategy. Nevertheless, its adoption is low. Drawing on a recent survey of 732 small-scale fish farms across the country, this study assesses the production, yield, profit, and profit per square metre of small-scale fish farms and explores their determinants using regression analysis. Most fish farms are owned and managed by individual farm-households, though communally owned farms are also present. Small-scale aquaculture is found to be profitable, though the gross margins are slim. Regression results reveal that production and profit are positively associated with the use of farms for both fingerling and grow-out production and the number of years the farm has existed, while yield and profit/m2 are positively associated with the use of high-quality inputs such as commercial feed and inorganic fertilisers. These results suggest that small-scale fish farmers in Malawi and other similar settings should adopt improved technologies and follow best on-farm management practices to increase production and profits. This study contributes to the discourse on the pathway through which aquaculture in Malawi can best contribute to the country’s development.