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BioHarvest revenue rises in Q2 as it shifts toward manufacturing capacity
BioHarvest reported $8.8 million in Q2 revenue and said cash and cash equivalents and bank deposits totaled $16.25 million as of June 30, up from $3.7 million a year earlier.
BioHarvest Sciences Inc. (NASDAQ:BHST) reported higher second-quarter revenue as the plant-based molecule developer increased its focus on manufacturing capacity. Revenue rose to $8.8 million, up 3.8% year over year, while its net loss narrowed to $3.7 million, or $0.17 per share, from $4.1 million, or $0.24 per share, a year earlier, according to Yahoo Finance.
Gross profit was $5.1 million, representing 58% of revenue, compared with 59% of revenue a year earlier. Operating expenses rose to $7.6 million from $6.9 million, with Yahoo Finance citing technology development spending in the CDMO services unit and investment in a new marketing strategy for the products business.
BioHarvest said cash and cash equivalents plus bank deposits totaled $16.25 million as of June 30, compared with $3.7 million a year earlier. The company also revised its full-year outlook, tightening expected CDMO revenue to $4 million to $5 million from $4 million to $6 million, and lowering VINIA D2C revenue to $33 million to $35 million from $38 million to $42 million, while expecting consolidated EBITDA losses of $3 million to $5 million.
Separately, BioHarvest announced a manufacturing agreement with an existing UAE-based customer for a rare fragrance ingredient. The deal covers anticipated production of 20 tons, with limited production expected to begin as early as the first half of 2027, Yahoo Finance said.
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