BioHarvest Sciences (BHST) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue grew 47% year-over-year to $7.9 million, 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 manufacturing 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 with new contracts, including a major pharma contract and Tate & Lyle partnership, and successful validation of the botanical synthesis platform.

Financial highlights

• Q1 2025 revenue: $7.9 million, up from $5.3 million in Q1 2024 (+47%).

• 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, mainly due to increased marketing and CDMO costs.

• Net loss: $2.3 million ($0.13/share), improved from $6.6 million ($0.48/share) year-over-year; adjusted EBITDA loss: $1.4 million.

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

Outlook and guidance

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

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

• Long-term adjusted EBITDA margin goal of 20% for direct-to-consumer, higher for CDMO.

• Consumer sales of proprietary olive cell compound expected to begin in 2026.

• Several additional CDMO client contracts anticipated by year-end.