Replenish Nutrients Holding (ERTH) Q4 2025 earnings summary

Executive summary

• Achieved key production milestones at Beiseker facility, ramping to 2,000 metric tonnes/month and targeting 24,000 tonnes/year of proprietary fertilizer.

• Signed significant licensing agreements with FUE (U.S. Midwest) and MJ Ag (Northern Alberta), expanding reach to over 110 million arable acres.

• Transitioned sales mix from legacy blended fertilizers to higher-margin granulated and pelletized products.

Financial highlights

• Q4 2025 revenue was $2.96M, with full-year revenue at $6.81M, up slightly year-over-year.

• Q4 gross profit was negative ($12.6K), with full-year gross profit at $192K, both down from prior year due to lower capitalized manufacturing costs and power segment pricing.

• Net loss increased to $4.65M in Q4 and $8.64M for the year, driven by higher finance costs and absence of prior-year non-cash gains.

• Adjusted EBITDA for the year was negative ($2.19M), reflecting ongoing investment and transition.

• Cash used in operating activities increased by $1.3M year-over-year, mainly due to working capital changes.

Outlook and guidance

• 2026 focus on scaling high-margin granulated fertilizer and expanding licensing revenues.

• Targeting 25–35% gross margins on initial licensing royalties during transition, with $40–$60/tonne at 90%+ margin post-transition.

• FUE and MJ Ag facilities expected to reach 50,000 and 10,000 tonnes/year capacity, respectively, with potential for further expansion.