BioHarvest Sciences Inc. (CSE:BHSC, OTC:CNVCF) preannounced preliminary financial results for the third quarter, noting that it expects record revenue of at least $6.5 million, marking a 100% increase from the year-ago quarter.
The leader in botanical synthesis technology also guided revenue of at least $7.2 million for the fourth quarter, representing a 60% jump from Q4 2023.
Growth is expected to be driven by the continued increase in VINIA subscriptions and product launches such as the company’s first functional VINIA Superfood Tea line, set to launch in November 2024.
The company also noted that is in the final stages of Nasdaq's review for its listing application.
Nasdaq has confirmed that the company meets the Market Value of Listed Securities Standard for the higher-tier Nasdaq Global Market, leading the company to uplist its application to that market.
"The third quarter of 2024 was highlighted by continued momentum in our VINIA subscription business, further bolstered by a strong response to our incremental coffee product line,” BioHarvest CEO Ilan Sobel commented.
"As we look towards the fourth quarter of 2024, we continue to complete all required filings regarding our Nasdaq application, with the goal of achieving an uplisting by year-end.”
BioHarvest will report its Q3 financials by the filing due date of November 14, 2024.
It expects a net loss for the quarter between $2.5 million and $2.8 million, equal to approximately $0.15 per share.
Gross margins are expected to be in the range of 53% to 56%.