BHST · BioHarvest Sciences Inc. Common Stock

BioHarvest Sciences reported Q1 2026 revenue of $8.5 million, an 8% increase from $7.9 million in Q1 2025, driven by growth in VINIA® product sales and CDMO services. Gross profit rose to $5.0 million from $4.6 million, with gross margin improving to 59.2% from 58.5%. However, operating expenses increased to $6.9 million from $6.3 million, led by higher sales and marketing ($4.1M vs $3.7M) and R&D ($1.4M vs $1.2M), resulting in an operating loss of $1.8 million, slightly wider than the $1.7 million loss a year ago. Net loss deepened to $2.6 million from $2.3 million, partly due to higher finance expenses ($0.9M vs $0.6M). The company ended the quarter with $19.2 million in cash, down from $23.0 million at year-end 2025, reflecting cash used in operations of $1.4 million and investing activities of $1.6 million. Management reiterated substantial doubt about the company's ability to continue as a going concern, citing a history of losses and need for additional capital. The company has access to capital markets but faces uncertainty. Geopolitical risks from the Israel conflict were also highlighted, though a business continuity plan is in place. No forward guidance was provided.