BioHarvest Sciences (BHST) Q4 2025 earnings summary

Executive summary

• Achieved $9.1 million in Q4 2025 revenue, up 25% year-over-year, and $34.5 million for the year, up 37% from the prior year.

• Gross margins improved to 58% in Q4 and 59% for the year, reflecting manufacturing scale and product mix.

• Direct-to-Consumer (D2C) business, led by VINIA, is the #1 resveratrol polyphenol brand in the US, with over 85,000 active users.

• CDMO Services division generated $2 million in third-party revenue and is advancing four major development programs.

• Strong balance sheet with $23 million in cash at year-end 2025.

Financial highlights

• Q4 gross profit rose 27% to $5.2 million; gross margin up 100 bps year-over-year.

• Operating expenses increased to $6.3 million, mainly due to higher marketing and CDMO costs, but fell as a percentage of revenue.

• Net loss for Q4 narrowed to $2.2 million ($0.10/share) from $3 million ($0.17/share) a year ago.

• Adjusted EBITDA turned positive at $0.5 million, versus a $1.8 million loss in the prior year.

Outlook and guidance

• D2C business expected to reach profitability in 2026, with continued investment in growth and customer acquisition.

• CDMO revenue guidance for 2026 is $4–6 million from external customers, doubling or tripling prior year levels.

• Revenue growth in 2026 expected to be nonlinear, with Q2 and beyond showing accelerated growth due to strategic investments.

• Gross margins in D2C expected to improve steadily, targeting 64–65% over time.