BioHarvest Sciences (BHST) Q2 2026 earnings summary

Executive summary

• Announced and secured first-ever CDMO manufacturing and supply agreement for a rare fragrance, supporting a 20-ton commercial production program over two years and validating the programmable plant cell biology platform.

• Strategic focus shifts from technology validation to converting high-value opportunities into recurring manufacturing revenue, royalties, and sustainable profitability, with capital redirected to manufacturing capacity.

• Direct-to-consumer business remains stable, with 95,000 active customers and a deliberate shift toward margin and cash discipline over top-line growth, alongside new product launches.

Financial highlights

• Q2 2026 revenue was $8.8 million, up 3.8% year-over-year; gross profit was $5.1 million (58% margin).

• Net loss for Q2 2026 was $3.7 million ($0.17 per share), improved from $4.1 million loss ($0.24 per share) year-over-year.

• Adjusted EBITDA loss was $1.6 million, compared to $1.2 million in Q2 2025.

• Cash and equivalents totaled $16.25 million as of June 30, 2026, up from $3.7 million a year prior.

• Operating loss for Q2 was $2.5 million, up from $1.8 million last year.

Outlook and guidance

• 2026 total revenue guidance revised to $37 million-$40 million, down from $42 million-$48 million.

• CDMO revenue guidance narrowed to $4 million-$5 million, with expected EBITDA loss reduced to $1.5 million-$2.5 million.

• VINIA D2C business guidance revised to $33 million-$35 million, with expected EBITDA loss of $1.5 million-$2.5 million.

• Consolidated EBITDA losses expected at $3 million-$5 million for 2026.

• Path to EBITDA breakeven targeted for 2027, with no anticipated need for equity-based funding.