BioHarvest Sciences (BHST) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 rose 8% year-over-year to $8.5 million, driven by both D2C and CDMO segments.

• CDMO revenue surged 135% YoY, with major milestones in fragrance and saffron projects.

• Net loss widened to $2.6 million, or $0.11 per share, compared to $2.3 million, or $0.13 per share, in Q1 2025.

• Adjusted EBITDA loss remained stable at $1.2 million, with CDMO and products divisions contributing $904,000 and $286,000, respectively.

• Cash and equivalents totaled $20.2 million as of March 31, 2026, up from $3.4 million a year earlier.

Financial highlights

• Gross profit margin improved to 59% from 58% year-over-year, with gross profit at $5 million.

• Operating expenses increased to $6.9 million, mainly due to higher marketing and CDMO-related costs.

• Sales and marketing expenses rose to $4.1 million from $3.7 million, while G&A expenses held steady at $1.4 million but declined as a percentage of revenue.

• Operating loss was $1.8 million, slightly higher than $1.7 million last year.

Outlook and guidance

• D2C revenue guidance for 2026 remains $38–$42 million, with adjusted EBITDA profit of $0.5–$2 million.

• Annual revenue guidance maintained at $42–$48 million.

• CDMO 2026 revenue, including intercompany VINIA production, expected at $12–$14 million; $4–$6 million from external projects.

• New manufacturing site expected to be operational in H2 2027, with CapEx ramping up in Q2 and Q3 2026.

• Anticipates quarter-over-quarter D2C revenue growth for the remainder of 2026 after Q1 reset.