BioHarvest Sciences (BHST) Q1 2026 earnings summary

Executive summary

• Quarterly revenue rose 8% year-over-year to $8.5 million, driven by growth in both D2C and CDMO segments.

• CDMO fragrance and saffron projects reached key milestones, with Stage 2 contracts valued at over $2 million.

• VINIA brand expanded to 90,000 active users, with new product launches contributing to customer growth and Blood Flow Hydration product generating $920,000 since launch.

• A two-lens strategy was enacted to optimize performance across CDMO and D2C businesses.

• Leadership transition implemented to optimize dual business model.

Financial highlights

• Gross margin improved to 59% from 58% year-over-year.

• Net loss widened to $2.6 million, or $0.11 per share, compared to $2.3 million, or $0.13 per share, in Q1 2025.

• Adjusted EBITDA loss was $1.2 million, consistent with the previous year; CDMO and D2C divisions contributed $904,000 and $286,000, respectively.

• Operating loss was $1.8 million, slightly higher than $1.7 million in the prior year.

• Cash and cash equivalents plus bank deposits totaled $20.2 million as of March 31, 2026.

Outlook and guidance

• Annual revenue guidance for 2026 remains at $42–$48 million, with adjusted EBITDA profit of $0.5–$2 million for D2C.

• CDMO 2026 revenue, including intercompany VINIA production, expected at $12–$14 million; $4–$6 million from external projects.

• Total adjusted EBITDA loss for 2026 projected at $4–$5 million.

• New manufacturing site expected to be operational in H2 2027, with CapEx ramping up in Q2 and Q3 2026.

• Anticipates quarter-over-quarter D2C revenue growth for the remainder of 2026 after Q1 reset.