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SEC filingBioHarvest Sciences reported Q1 2026 revenue of $8.5 million, up 8% YoY, with gross margins at 59%, alongside CDMO milestones and reaffirmed annual revenue guidance of $42-$48 million.
BioHarvest Sciences delivered Q1 2026 results with revenue growth of 8% to $8.5 million, primarily fueled by explosive 135% YoY expansion in CDMO revenue, offsetting moderated D2C growth. Gross margins edged up to 59% from 58%, reflecting improved efficiency amid higher volumes. Operating expenses rose to $6.9 million from $6.3 million, driven by $4.1 million in sales and marketing (up from $3.7 million) to fuel D2C expansion and increased CDMO costs. This led to a slightly wider operating loss of $1.8 million versus $1.7 million YoY, with net loss at $2.6 million or $0.11 per share, an improvement from $0.13 per share prior year due to share count dynamics. Adjusted EBITDA loss held steady at $1.2 million. Segmentally, CDMO operating loss was stable at $1.3 million while D2C loss widened to $551,000 from $449,000, reflecting marketing investments. CEO Dr. Zaki Rakib highlighted the 'two-lens' strategy separating CDMO and D2C, with key milestones including $1.2 million Stage 2 fragrance contract (20% ownership retained, royalties ahead) and over $1 million Stage 2 saffron deal with Saffron Tech, validating Botanical Synthesis platform versatility. D2C saw VINIA reach 90,000 active users, with new Blood Flow Hydration product contributing $920,000 cumulative revenue and 20% of new customer sales. Annual revenue guidance remains $42-$48 million, underscoring confidence despite Q1 losses. Cash position strengthened to $20.2 million from $3.4 million YoY, supporting new manufacturing site by H2 2027. Marketing shift to digital and younger demographics aims to boost lifetime value versus acquisition costs.