BioHarvest Sciences Inc. (CSE:BHSC, OTC:CNVCF)’s revenues surged 131% to $12.7 million in 2023, up from $5.5 million in the previous year.
This growth was largely fueled by the continued success of its VINIA products and the launch of new product lines, including the VINIA Functional Coffees.
BioHarvest also reported improvements in gross margins, which reached 45% for the full year and 51% in the fourth quarter.
Chief executive Ilan Sobel said: "2023 was a transformational year for BioHarvest, and our management team is of the opinion that the timing is now right to proceed with our strategic goal of pursuing a Nasdaq uplisting.
“The Nasdaq provides growth-oriented companies such as BioHarvest greater exposure to the largest capital market in the world.
“We have posted strong quarter-over-quarter revenue growth in our Products Business Unit, we have launched a CDMO Services Business Unit to accelerate research and revenues, and we recently announced a state-of-the-art campus to consolidate both of these growing verticals.
“Our commitment to operational execution now sees us working towards EBITDA break even by Q3 2024, and with the strong fundamentals that our growing business now boasts, we are confident that the revised capital structure and potential increase in liquidity associated with a Nasdaq listing will be attractive to both US institutional and retail investors."
BioHarvest said it is planning a share consolidation to meet the Nasdaq’s minimum share price requirement.
The company expects first-quarter 2024 revenues to be in the range of $5.2 -$5.3 million, with second-quarter revenue guidance set between $5.7-$6 million.