BioHarvest Sciences (BHST) Q2 2026 earnings summary

Executive summary

• Announced and secured first-ever CDMO manufacturing and supply agreement for a rare fragrance, supporting a 20-ton commercial production program over two years and validating the programmable plant cell biology platform.

• Strategic focus shifting from technology validation to converting high-value opportunities into recurring manufacturing revenue, royalties, and sustainable profitability, with capital redirected to manufacturing capacity and a path to EBITDA breakeven in 2027.

• Direct-to-consumer business remains stable, with 95,000 active customers and a deliberate shift toward margin and cash discipline over top-line growth, alongside new product launches.

Financial highlights

• Q2 2026 revenue was $8.8 million, up 3.8% year-over-year from $8.5 million, with gross profit of $5.1 million (58% margin), flat year-over-year.

• Net loss narrowed to $3.7 million ($0.17/share) from $4.1 million ($0.24/share) year-over-year.

• Adjusted EBITDA loss was $1.6 million, up from $1.2 million year-over-year.

• Cash and equivalents totaled $16.25 million as of June 30, 2026, up from $3.7 million a year prior.

• Operating loss for Q2 was $2.5 million, up from $1.8 million last year.

Outlook and guidance

• 2026 total revenue guidance revised to $37–$40 million (prior: $42–$48 million).

• CDMO business revenue guidance narrowed to $4–$5 million (from $4–$6 million), with expected EBITDA loss reduced to $1.5–$2.5 million.

• VINIA D2C business guidance lowered to $33–$35 million (prior: $38–$42 million), with expected EBITDA loss of $1.5–$2.5 million.

• Consolidated EBITDA loss for 2026 expected at $3–$5 million.

• Path to consolidated EBITDA breakeven targeted for 2027.