BioHarvest Sciences (BHST) Q1 2025 earnings summary

Executive summary

• Revenue grew 47% year-over-year to $7.9 million in Q1 2025, surpassing guidance, driven by strong VINIA product sales and CDMO business momentum.

• Gross margin improved by 227 basis points to 58.5%, reflecting scale benefits and cost efficiencies.

• Net loss narrowed to $2.3 million ($0.13/share) from $6.6 million ($0.48/share) year-over-year, with adjusted EBITDA loss at $1.4 million.

• Over 50,000 VINIA subscribers as of February 2025, with $50 million cumulative revenue since launch.

• CDMO division advanced a major pharma contract to phase II and expects further deals in 2025.

Financial highlights

• Q1 2025 revenue: $7.9 million, up 47% year-over-year from $5.3 million.

• Gross profit: $4.6 million (58.5% margin), up from $3 million (56.2%) year-over-year.

• Operating expenses: $6.3 million, up from $4.4 million year-over-year, mainly due to marketing and CDMO costs.

• Cash and equivalents: $3.4 million as of March 31, 2025; $3.9 million raised in debt financing during the quarter.

• Loans increased to $7.5 million from $3.9 million at year-end 2024.

Outlook and guidance

• Targeting adjusted EBITDA break-even at $11–$12 million in quarterly revenue, expected in H2 2025.

• Q2 2025 revenue expected to be at least $8.5 million.

• Plans to launch olive cell product in 2026, with rapid ramp-up expected due to existing customer base.

• Expects to land several additional major CDMO deals in 2025.