Burcon NutraScience (BU) investor relations material

Executive summary

• Achieved first commercial production of PZSP, PeazazzⓇ C, and FavaPro™ proteins at the Galesburg facility, validating cost and quality targets.

• Entered a $6.8M multi-year production agreement and completed a 20:1 share consolidation as part of capital market strategy.

• Customer response and market growth for plant proteins exceeded expectations, supporting robust sales funnel and recurring revenue potential.

• Showcased full protein portfolio at IFT trade show, driving strong customer engagement and expanding the sales pipeline.

• Technology platform upcycles grain byproducts into high-purity proteins for food manufacturers.

Financial highlights

• Revenue reached $342,000 for the quarter, a 44% increase year-over-year, primarily from a multi-year production agreement.

• Net loss widened to $3.5 million ($0.27 per share) from $1.9 million ($0.26 per share) year-over-year, mainly due to Galesburg startup costs.

• R&D and G&A expenses decreased meaningfully year-over-year, with one-time startup costs impacting production expenses.

• Net cash used in operating activities was $2.7 million, up from $1.8 million in the prior year period.

• Cash balance at quarter-end was $4.2 million, with $1.3 million in committed payments over the next 12 months for manufacturing.

Outlook and guidance

• Production ramping at Galesburg is expected to support a 2025 revenue target of $1–3 million.

• Focus remains on converting customer pipeline into long-term supply agreements and expanding the product portfolio.

• Anticipate recurring revenue growth as more customers incorporate products into their offerings.

• No current plans for new financing; balance sheet supports business plan execution.

• Management anticipates meaningful revenue growth and long-term shareholder value in the coming year.