BioHarvest Sciences (BHST) investor relations material

Executive summary

• Q3 2025 revenue grew 39% year-over-year to $9.1 million, driven by core VINIA capsules, new product launches, and expanding CDMO services.

• Gross profit margin improved to 61% from 57% year-over-year, with gross profit up 50% to $5.6 million.

• Net loss narrowed to $2.5 million ($0.14/share) from $2.7 million ($0.16/share) year-over-year.

• Adjusted EBITDA loss improved to $0.4 million from $1.7 million year-over-year.

• Balance sheet strengthened with $19.9 million institutional equity raise and $14.7 million from warrant exercises and debt conversions.

Financial highlights

• Revenue rose 39% year-over-year to $9.1 million; product revenue up 30% to $8.4 million; CDMO revenue surged 722% to $0.7 million.

• Gross profit: $5.6 million (61% margin), up from $3.7 million (57% margin) year-over-year.

• Operating expenses were $6.5 million, up from $5.8 million, mainly due to marketing and CDMO development.

• Cash and cash equivalents were $11 million as of September 30, 2025, up from $2.4 million at year-end 2024.

• Net loss per share: $0.14, improved from $0.16 year-over-year.

Outlook and guidance

• Q4 2025 revenue expected between $9 million and $9.5 million; Adjusted EBITDA guidance between -$0.6 million and break-even.

• Positive Adjusted EBITDA targeted for early 2026 if not achieved in Q4.

• Focus on scaling Health Pros program, launching VINIA BloodFlow Hydration, and expanding CDMO partnerships.