BioHarvest Sciences (BHST) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue grew 41% year-over-year to $8.5 million, driven by VINIA product sales, new product launches, and CDMO services, meeting guidance.

• Gross margin expanded by 800 basis points to 60%, reflecting scale, technology leverage, and improved manufacturing yields.

• Adjusted EBITDA breakeven is targeted for Q4 2025, supported by margin growth, disciplined expenses, and maturing CDMO contracts.

• Direct-to-consumer business is scaling efficiently, with 65,000 active VINIA customers and strong Amazon performance.

• Major new initiatives include the Health Pros Affiliate Program, VINIA Blood Flow Hydration Solution, and AI-enabled CDMO discovery services.

Financial highlights

• Q2 2025 revenue: $8.5 million, up from $6 million in Q2 2024.

• Gross profit: $5.1 million (60% margin), up from $3.1 million (52%) year-over-year.

• Operating expenses: $6.9 million, up from $4.8 million, mainly due to marketing and CDMO development.

• Net loss: $4 million ($0.24/share), compared to $0.7 million ($0.04/share) year-over-year.

• Adjusted EBITDA loss: $1.3 million (14.7% of revenue), improved from 20.7% year-over-year.

• Cash and equivalents: $3.7 million as of June 30, 2025.

Outlook and guidance

• Adjusted EBITDA breakeven expected in Q4 2025, driven by VINIA growth, Amazon expansion, and CDMO maturation.

• Q3 2025 revenue expected to be at least $9.1 million.

• Health Pros channel and hydration product launches expected to impact Q4 results.

• CDMO revenue contribution to increase meaningfully in early 2026 as more projects advance phases.

• Additional products and CDMO services to launch in H2 2025.