BioHarvest Sciences (BHST) Q4 2025 earnings summary

Executive summary

• FY2025 revenues reached $34.5 million, up 37% year-over-year, with Q4 revenues at $9.1 million, up 25% year-over-year.

• VINIA brand secured the No. 1 resveratrol polyphenol position in the US, with over 85,000 active users.

• Successful Q4 institutional-led financing raised $19.9 million; cash and equivalents at $23 million as of Dec 31, 2025.

• Significant product launches and expansion in both D2C and CDMO segments, including VINIA Blood Flow Hydration.

• CDMO Services division generated $2 million in third-party revenue and is advancing four major development programs.

Financial highlights

• Full-year gross margin expanded to 59.3%; Q4 gross margin at 58%, up 100 bps year-over-year.

• Operating expenses reduced to 70% of revenue in Q4 from 80% year-over-year.

• Net loss for Q4 narrowed to $2.2 million ($0.10/share), and FY2025 net loss was $11.1 million, improved from $12.9 million in FY2024.

• Adjusted EBITDA loss for FY2025 was $3.6 million, improved from $5.9 million in FY2024; Q4 Adjusted EBITDA loss was $536,000, improved from $1.8 million in Q4-24.

• Cash and cash equivalents increased to $23 million from $2.4 million year-over-year.

Outlook and guidance

• 2026 consolidated revenue guidance: $42–48 million; D2C: $38–42 million, CDMO: $4–6 million (external), $12–14 million (including intercompany sales).

• D2C business expected to reach profitability in 2026, with continued investment in growth and customer acquisition.

• 2026 Adjusted EBITDA loss expected at $3–4 million; D2C business to achieve positive adjusted EBITDA of $0.5–2 million, CDMO adjusted EBITDA loss of $4–5 million due to investment.

• Revenue growth in 2026 expected to be nonlinear, with Q2 and beyond showing accelerated growth due to strategic investments.

• Gross margins in D2C expected to improve steadily, targeting 64–65% over time.