BioHarvest Sciences (BHST) Q4 2024 earnings summary

Executive summary

• Achieved 99% year-over-year revenue growth, reaching $25.2 million for 2024, driven by strong performance of flagship Vinia product and expansion into new product categories.

• Uplisted to Nasdaq Global Market in November 2024, enhancing credibility and market reach.

• CDMO division secured a partnership with Tate & Lyle for plant-based sweeteners and expanded its pipeline with additional pharmaceutical and nutraceutical partners.

• Significant investments in R&D, AI-driven discovery, and manufacturing scale to support future growth.

• VINIA® subscriber base surpassed 50,000, with $50M cumulative revenue since launch; new SuperFood tea and coffee lines launched.

Financial highlights

• Q4 2024 revenue grew 62% year-over-year to $7.3 million, exceeding guidance.

• Gross profit for Q4 increased 80% to $4.1 million (56.7% margin); full-year gross margin improved to 55%.

• Net loss for Q4 narrowed to $3 million ($0.17/share) from $7.2 million ($0.53/share) year-over-year; full-year net loss was $12.9 million.

• Adjusted EBITDA for Q4 was $1.8 million, compared to a loss of $2.4 million in the prior year.

• Cash and equivalents at year-end were $2.4 million; $3.9 million in debt financing raised post-quarter.

Outlook and guidance

• Q1 2025 revenue guidance of no less than $7.8 million.

• Targeting adjusted EBITDA profitability at $11–$12 million in quarterly revenue, expected in the second half of 2025.

• Anticipates continued high double-digit growth in core capsule business and new product launches in coffee, tea, chews, and hydration.

• Plans to sign additional CDMO clients and expand product lines in 2025.

• Long-term goal of 20% adjusted EBITDA margin for products business, higher for CDMO.