Burcon NutraScience (BU) Q2 2026 earnings summary

Executive summary

• Achieved significant business momentum with first commercial production and sales of Puratein C canola protein and Fava Pro fava protein, marking a milestone in commercialization efforts and record production in Q2 2026.

• Secured recurring sales and a robust customer pipeline with over 200 active projects, many transitioning from evaluation to purchase orders.

• Announced a new funding round to accelerate growth in response to increasing customer demand.

• Showcased full protein portfolio at the 2025 IFT FIRST Annual Event & Expo, expanding market visibility.

Financial highlights

• Q2 2026 revenue was $357,000 (CAD 350,000), up 783% year-over-year; six-month revenue reached $699,000, up 152%.

• Orders since October 1 surpassed $500,000, including multiple repeat commercial sales.

• Net loss for the six months was $7.1 million ($0.56 per share), compared to $4.2 million ($0.59 per share) last year.

• Reduced R&D and G&A expenses by 61% and 27% year-over-year, respectively.

• Cost of sales increased by $3.5 million due to startup and commissioning costs at the Galesburg facility.

Outlook and guidance

• Affirmed 2025 sales guidance of $1–3 million and 2026 guidance of $10 million+, targeting positive cash flow.

• Guidance is considered de-risked due to proven technology and recurring sales.

• Plans to invest in capacity expansion, including more operating days, shifts, and equipment.

• Expectations for continued revenue acceleration and margin expansion into 2026.