Bioceres Crop Solutions (BIOX) Q4 2025 earnings summary

Executive summary

• FY25 marked the first down year since 2019, with revenue down 28% to $335.3 million, driven by macroeconomic challenges in Argentina, weak on-farm economics, and a strategic shift in the seed business.

• Net loss for FY25 was $55.2 million, compared to a profit of $7.3 million in FY24.

• Adjusted EBITDA for FY25 was $28.3 million, a 65% decline year-over-year, mainly due to lower gross profit and non-recurring impairments.

• Extraordinary sales in FY24 created a high comparison base, amplifying the perceived decline in FY25.

• Management accelerated cost structure adjustments, targeting 10–12% OpEx savings and halved CapEx and R&D investment rates for FY26–27.

Financial highlights

• FY25 revenue was $335.3 million, down 28% year-over-year; Q4 revenue was $74.7 million, down 40% year-over-year.

• Gross profit for FY25 was $131.7 million, down 29% year-over-year; gross margin remained stable at 39%.

• Adjusted EBITDA for FY25 was $28.3 million, down from $81.4 million in FY24; Q4 Adjusted EBITDA was -$4.5 million.

• Net loss for FY25 was $55.2 million; Q4 net loss was $48.0 million.

• Net cash flow from operating activities increased 27% year-over-year to $53.0 million.

Outlook and guidance

• Strategic pivot underway: exiting breeding and seed production to focus on trait development and partnerships.

• Focus remains on cash generation, working capital efficiency, and scaling profitable products.

• Cost structure adjustments target 10–12% OpEx savings, with $3–3.5 million quarterly savings expected.

• CapEx and R&D investments reduced by 50%, now 2.5–3% of sales for FY26–27.

• EBITDA and gross margin expansion expected as new products scale and Argentine market normalizes.