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- **Revenue Growth Accelerates**: Q3 2025 revenue up 39% YoY to $9.1M, driven by 722% CDMO surge and VINIA Inside expansion.
- **New Product Success**: VINIA BloodFlow Hydration launched to 75,000+ users, with early adopter feedback on taste and efficacy exceeding expectations.
- **Strategic Capital Raise**: $30.8M in funding secures liquidity for 2026 growth, including tripling manufacturing capacity.
- **CDMO Pipeline Strengthens**: 300+ active leads, with 4 deals in advanced stages and 25% ownership in Saffron Tech partnership.
- **Gross Margin Expansion**: 61% in Q3 2025, targeting 65%+ with scale and CDMO royalty-based margins >70%.
- **Breakeven Near**: Adjusted EBITDA loss of $0.4M in Q3, with Q4 2025 guidance for near breakeven and 2026 profitability.

**【CEO Opening Remarks】**
- Q3 2025 revenue grew 39% YoY to $9.1 million, with product revenue up 30% to $8.4 million and CDMO revenue surging 722% to $0.7 million.
- VINIA Inside strategy expanded with 75,000+ active users, driven by core capsules (88% of product revenue) and new products like VINIA 2X Formula Chews.
- CDMO partnership with Saffron Tech to develop high-value saffron compounds, with BioHarvest retaining 25% ownership.
- Launched VINIA BloodFlow Hydration in late November, targeting the $17B electrolyte market with a 90-day money-back guarantee.
- Gross margin improved to 61% due to scale and cost optimization.
- Secured $30.8M in capital via equity and debt conversions, reducing debt and warrant overhang.
- Q4 2025 guidance: $9-9.5M revenue, adjusted EBITDA near breakeven.

**【CFO Financial Commentary】**
- Q3 2025 GAAP net loss: $2.5M (-$0.14/share) vs. $2.7M (-$0.16/share) in Q3 2024.
- Adjusted EBITDA loss: $0.4M vs. $1.7M YoY, driven by cost control and revenue growth.
- Gross profit: $5.6M (61% of revenue) vs. $3.7M (57% of revenue) YoY.
- Operating expenses: $6.5M (+12% YoY) due to marketing and CDMO expansion.
- Cash balance: $11M as of Sep 30, 2025, plus $19.9M from recent equity raise.

**【Q&A Highlights】**
- **Hydration Product Ramp-Up**: VINIA BloodFlow Hydration launched to 75,000+ existing customers in late Nov, with broader rollout in Dec. Early adopter feedback on taste and efficacy is positive, with plans to expand to Amazon in early 2026.
- **Saffron Tech Partnership**: Running Stage 1 and 2 in parallel, targeting 9-month timeline to large-scale production. Potential to replicate VINIA's Resveratrol success with super-saffron.
- **CDMO Pipeline**: 300+ active leads, with 4 deals in advanced stages. Tate & Lyle partnership progressing with second plant sourcing.
- **Exosome Technology**: Medium-term opportunity for CDMO customers, with downstream process development for new manufacturing facility.
- **Health Pros Program**: Onboarded 75 professionals in Phase 1, targeting 300 by end-2025. Early conversion rates and commission structure (high-teens) are cost-effective alternatives to traditional marketing.
- **2026 Outlook**: CDMO revenue expected to grow >70% YoY, with long-term goal of 75%+ revenue from CDMO vs. 25% from DTC.


BioHarvest Sciences Inc. (BHST) Q3 2025 Earnings Call Transcript

- **Revenue Growth**: 41% YoY to $8.5 million, driven by VINIA subscriptions and CDMO services.
- **Gross Margin Expansion**: 60% (vs. 52% YoY) through scale and efficiency improvements.
- **Subscription Momentum**: 65,000 VINIA customers, 20% sales via Amazon, #1 resveratrol product.
- **CDMO Breakthrough**: First project advances to Stage 2, new fragrance molecule contract, AI discovery phase service.
- **Strategic Initiatives**: 300 Health Pros influencers by end-2025, Q4 hydration launch, and Q4 2025 EBITakevenDA breakeven target.
- **Financial Discipline**: $3.7 million cash, on track for bre with 14.7% EBITDA loss rate.

**【CEO Opening Remarks and Key Highlights】**
- **Revenue Growth**: Q2 2025 revenue rose 41% YoY to $8.5 million, driven by VINIA subscription and CDMO services.
- **Gross Margin Expansion**: Improved to 60% (from 52% YoY) due to larger bioreactors, yield optimization, and supply chain efficiencies.
- **VINIA Subscription Momentum**: 65,000 U.S. customers, with 20% sales via Amazon, making VINIA the #1 resveratrol product on Amazon.
- **New Product Launches**: 2X Formula chews (800mg resveratrol) and SuperFood Teas, targeting younger, active consumers.
- **CDMO Progress**: First project advanced to Stage 2 with 100% technical success rate; signed fragrance molecule contract leveraging AI discovery phase.
- **Strategic Initiatives**: Health Pros' Affiliate Program (targeting 300 influencers by end-2025) and VINIA Blood Flow Hydration launch in Q4 Commentary】**
- **Revenue.

**【CFO Financial**: $8.5 million (41% YoY), in-line with guidance.
- **Gross Profit**: $5.1 million (60% margin), up 65% YoY.
- **Operating Expenses**: $6.9 million (61% YoY increase) due to marketing and CDMO development.
- **Net Loss**: $4 million (-$0.24/share), vs. $0.7 million (-$0.04/share) YoY.
- **Adjusted EBITDA**: -$1.3 million (14.7% of revenue), improving from 20.7% YoY.
- **Cash**: $3.7 million as of Q2, up from $2.4 million at year-end.
- **Breakeven Target**: On track for Q4 2025 adjusted EBITDA breakeven.

**【Q&A Highlights】**
- **2X Chews Performance**: 25+ 5-star reviews, premium pricing ($79), and integration with Health Pros channel.
- **Hydration Launch**: Powered by VINIA matrix, Informed Sports certified, targeting $13B electrolyte market.
- **CDMO Pipeline**: 10+ active leads, discovery phase service (USD 35k-50k) to accelerate Stage 1 contracts.
- **Tariff Impact**: 15% Israel-US tariffs manageable via cost optimization, no major impact on Q4 breakeven.
- **Sales Channels**: 80% VINIA.com, 20% Amazon, expanding Health Pros (300 influencers by end-2025) and international purchases.
- **Margin Outlook**: 60%+ gross margin sustainable, with opportunities in higher-margin SKUs (coffee, tea, hydration).
- **Facility Expansion**: Next-gen 2,000L+ bioreactors planned for new facility, focusing on automation and yield.


BioHarvest Sciences Inc. (BHST) Q2 2025 Earnings Call Transcript

- **Revenue Growth**: 47% YoY to $7.9M, driven by VINIA expansion and CDMO milestones.
- **Profitability**: Gross margin up 227 bps to 58.5%; targeting EBITDA breakeven in H2 2025.
- **CDMO Momentum**: Phase 1 success with pharma partner; 3-4 new deals expected this year.
- **Innovation Pipeline**: 2026 olive cell launch for liver health; 2X Formula Chews for athletes.
- **Efficiency**: AI-driven R&D reduces timeline to 9-15 months for new compounds.

**【CEO Summary Section】**
- Q1 2025 revenue surged 47% YoY to $7.9 million, driven by VINIA product line expansion and CDMO progress.
- Gross margin improved 227 bps to 58.5%, benefiting from scale and bioreactor upgrades.
- Direct-to-consumer growth: 50,000+ active subscribers on VINIA, 90% recurring revenue, and 4.8/5 Amazon ratings.
- New product launches: VINIA SuperFood Tea, Espresso pods, and 2X Formula Chews (Informed Sport certified).
- CDMO milestone: Phase 1 success with NASDAQ-listed pharma partner, moving to liquid media trials.
- 2025 target: Adjusted EBITDA breakeven at $11-12M quarterly revenue; long-term 20% EBITDA margin.

**【CFO Financial Commentary】**
- Q1 2025 GAAP net loss: $2.3M (-$0.13/share), vs. $6.6M loss (-$0.48/share) in Q1 2024.
- Adjusted EBITDA loss: $1.4M vs. $1.1M prior year, reflecting higher CDMO expenses.
- Cash: $3.4M (vs. $2.4M prior quarter), with $3.9M debt financing.
- Operating expenses: $6.3M (+43% YoY), driven by marketing and CDMO investments.

**【Q&A Key Highlights】**
- **CDMO Pipeline**: Phase 2 trials expected to complete in 6-9 months; 3-4 new CDMO deals anticipated in 2025.
- **Olive Cell Launch**: 2026 target for liver health product, leveraging existing 50,000+ VINIA subscribers.
- **Margin Expansion**: Gross margin trend to continue; marketing spend as % of revenue declining.
- **CDMO Capacity**: AI tools and automation enable 5-7 concurrent projects in Stage 1.
- **Regulatory Tailwinds**: FDA pathways simplified for botanically synthesized compounds.

BioHarvest Sciences Inc. (BHST) Q1 2025 Earnings Call Transcript

- **Revenue Surge**: Q4 2024 revenue up 62% YoY to $7.3M, VINIA driving 99% full-year growth to $25.2M with 50,000+ subscribers.
- **Product Expansion**: VINIA Coffee ($2.3M+), teas in K-Cup, and 2X Formula Chew set to dominate 40M+ U.S. households. Gross margin hits 57% (51% YoY).
- **CDMO Breakthrough**: Tate & Lyle partnership advancing; 3x pipeline growth post-uplisting. Olive cell compound trials underway, targeting 2026 launch.
- **Financial Milestones**: Aiming for $11-12M Q2H 2025 EBITDA, with 57%+ gross margin and 17% G&A. $3.9M debt financing supports growth.
- **Strategic Scale**: 100-ton Israel facility in 2025, U.S. expansion planned. AI-driven R&D cuts costs 22%, positioning for 20%+ EBITDA margins.

**【CEO Summary Section】**
- **Revenue Growth**: Q4 2024 revenue reached $7.3 million, up 62% YoY, driven by VINIA's 99% full-year growth to $25.2 million. VINIA now has over 50,000 subscribers with 90% subscription revenue retention.
- **Product Expansion**: Launched VINIA Superfood Coffee ($2.3M+ in 15 months) and teas in K-Cup format, with plans for a 2X Formula Chew and functional hydration drinks. Gross margin improved to 57% in Q4 (51% YoY).
- **CDMO Momentum**: Signed Tate & Lyle partnership for plant-based sweeteners, with Phase 1 milestones achieved. CDMO pipeline includes pharma and nutraceutical deals, targeting 20-30%+ EBITDA margins.
- **Strategic Initiatives**: Investing in Botanical Synthesis 2.0 (AI-driven R&D), a 4x manufacturing expansion, and a 100-ton facility in Israel. Aims for $11-12M Q2H 2025 adjusted EBITDA profitability.

**【CFO Financial Commentary】**
- **Financial Highlights**: Q4 2024 GAAP net loss of $3M (-57% YoY), with adjusted EBITDA of $1.8M. Gross margin rose to 57% (51% YoY) due to scale and cost efficiencies. Operating expenses shrunk to 80% of revenue (107% YoY), with G&A at 17% (35% YoY).
- **Liquidity**: $2.4M cash as of Q4, with $3.9M debt financing post-quarter. Focus on EBITDA breakeven by mid-2025 through margin expansion and expense control.

**【Q&A Key Highlights】**
- **CDMO Pipeline**: Tate & Lyle project advanced to tissue culture; NASDAQ pharma partner in Phase 1 enzyme development. Pipeline deals up 3x post-uplisting, with no Phase 1-to-Phase 2 failures.
- **Product Innovation**: Olive cell compound (Verbascoside) shows liver fat reduction in preclinical trials; O-Liverina launch targeted for 2026. Coffee/espresso pods and chews to expand into 40M+ K-Cup households.
- **Supply Chain**: All manufacturing in Israel; 100-ton facility in 2025, with U.S. expansion plans. Digitized bioreactors reduce costs by 22% in Q1 2025.
- **Tariff Resilience**: No China dependency; VINIA pricing stable since 2021 despite 19% food inflation. CDMO R&D fees increased to $2.5-4.5M, reflecting demand and margins.

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