Burcon NutraScience (BU) Q4 2025 earnings summary

Executive summary

• Achieved significant milestones, including closing a $9.4 million rights offering, acquiring the Galesburg, Illinois manufacturing facility, and launching first commercial production of pea protein, enabling direct market access and commercial growth.

• Entered a $6.8 million multi-year contract manufacturing agreement, providing a minimum of $1.4 million annual revenue.

• Expanded customer pipeline with over 100 prospects and strong interest in pea protein, with late-stage commercial-scale evaluations underway.

• Formed a strategic alliance with ProMan and executed a 20-to-1 share consolidation as part of a broader capital market strategy.

• Transitioned from innovation to execution, focusing on scaling production and commercial growth.

Financial highlights

• Rights offering raised $9.4 million, strengthening the balance sheet; ended fiscal year with $7.3 million in cash.

• Fiscal 2025 revenue was $381,000, up from $184,000 the prior year; revenue guidance for 2025 is $1.123 million, with expectations of $10+ million revenue and cash flow positive in 2026.

• Net loss increased to $8.3 million ($1.06/share) from $7.4 million ($1.23/share) year-over-year.

• Contract manufacturing agreement guarantees $1.4 million per year minimum revenue.

• Received $700,000 in government grants, up from $460,000 the previous year.

Outlook and guidance

• Targeting $1-3 million in revenue for calendar 2025, with profitability and double-digit million revenue expected in 2026.

• Plans to ramp production of sunflower and canola protein in the second half of 2025, with additional sales and supply contracts expected.

• Long-term strategy includes scaling Galesburg facility and pursuing licensing partnerships globally.

• Focused on scaling operations, fulfilling customer demand, and delivering consistent revenue growth in fiscal 2026.