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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

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

BHST

BHST fundamentals

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