BioHarvest Sciences (BHST) Q4 2024 earnings summary

Executive summary

• Achieved 99% year-over-year revenue growth, reaching $25.2 million for 2024, with Q4 revenue up 62% to $7.3 million, driven by strong VINIA® product performance and new launches in coffee and tea.

• Gross margins expanded to 57% in Q4 and 55% for the year, reflecting improved scale and cost efficiencies.

• Net loss for Q4 narrowed to $3.0 million ($0.17/share) from $7.2 million ($0.53/share) year-over-year; full year net loss was $12.9 million.

• CDMO division secured a key partnership with Tate & Lyle for plant-based sweeteners and expanded its pipeline with additional pharmaceutical and nutraceutical partners.

• VINIA® subscribers surpassed 50,000, with $50 million cumulative revenue since launch.

Financial highlights

• Q4 2024 revenue grew 62% year-over-year to $7.3 million; full year 2024 revenue rose 99% to $25.2 million.

• Q4 gross profit increased 80% to $4.1 million (56.7% margin); full year gross profit was $13.9 million (55% margin).

• Net loss for Q4 narrowed to $3 million ($0.17/share) from $7.2 million ($0.53/share) year-over-year; full year net loss was $12.9 million.

• Adjusted EBITDA for Q4 was a loss of $1.8 million, improved from a $2.4 million loss year-over-year.

• Cash and equivalents at year-end were $2.4 million; $3.9 million in debt financing raised post-quarter.

Outlook and guidance

• Q1 2025 revenue guidance of at least $7.8 million.

• Adjusted EBITDA breakeven targeted for the second half of 2025.

• Anticipates continued high double-digit growth in core capsule business and new product launches in coffee, tea, chews, and hydration.

• Plans to sign additional CDMO clients and expand product lines in 2025.

• Long-term goal of 20% adjusted EBITDA margin for products business, higher for CDMO.