BioHarvest Sciences (BHST) Q3 2026 earnings summary

Executive summary

• Q3 reflected a deliberate shift toward selective VINIA customer acquisition and CDMO programs with nearer-term manufacturing potential, weighing on revenue and gross margin; cash preservation is the near-term priority.

• 2027 priorities include improving VINIA economics, advancing fragrance, Saffron and natural sweetener projects, licensing developed molecules, and phasing capacity investments to demonstrated demand.

Financial highlights

• Q3 2026 revenue was $7.9M vs. $9.1M YoY and $8.8M in Q2; gross profit was $4.2M vs. $5.6M, with gross margin of 54% vs. 61%.

• Cost of revenue was $3.6M vs. $3.5M; R&D expense was $1.8M vs. $1.4M, mainly reflecting accelerated rare-fragrance development; sales and marketing was $4.0M vs. $4.1M.

• G&A was $1.5M vs. $0.9M; the comparison reflects a one-time $0.4M income recognized in Q3 2025 that offset expenses.

• Operating loss was $3.0M vs. $0.9M YoY; net loss was $3.3M, or $0.15/share, vs. $2.5M, or $0.14/share.

• 9M revenue was $25.2M vs. $25.4M; net loss was $9.7M vs. $8.9M, while loss/share improved to $0.43 from $0.51.

Outlook and guidance

• FY2026 VINIA DTC revenue guidance is $31M-$32M; Adjusted EBITDA loss guidance remains $1.5M-$2.5M.

• FY2026 external CDMO revenue guidance is $1M-$1.5M, with Adjusted EBITDA loss of $4M-$5M; fewer new projects are expected as resources accelerate fragrance development.

• Consolidated FY2026 guidance is revenue of $32M-$33.5M and Adjusted EBITDA loss of $5.5M-$7.5M; VINIA growth benefits are expected to become evident from Q1 2027.

• 2027 priorities are completing fragrance, Saffron and natural sweetener development and licensing proprietary molecules; 2027 CapEx is targeted below $5M.