BioHarvest Sciences Inc. (NASDAQ:BHST) earlier this week reported its financial results for 2024, showing a 99.00% year-over-year increase in revenue to 25.20 million US dollars.
The company said fourth-quarter revenue was 7.30 million US dollars, up 62.00% compared to the prior year, and ahead of previously issued guidance. It also marked the third consecutive year of doubling its top-line performance.
CEO Ilan Sobel told Proactive that this performance reflects growing demand for its botanical synthesis technology, which is used to develop plant-based compounds for both wellness and industrial applications.
Proactive: You’ve released your 2024 financials and fourth-quarter results. Another record-setting year?
Ilan Sobel: Yes — another strong quarter. We exceeded our guidance, delivering $7.3 million for Q4, a 62% year-on-year increase. For the full year, revenue reached $25.2 million, a 99% increase. That marks our third consecutive year of doubling revenue.
It reflects the momentum in our business, the strength of our technology, and demand for life-changing plant-based compounds. We now have over 50,000 active subscribers in the U.S., and demand is strong in our CDMO business from major players like Titan Lars in the sweetener space.
Was that growth mainly due to Vinia, or are there other contributing factors?
Vinia remains a major driver within the DTC wellness segment, but our CDMO operations are becoming more meaningful. In 2025, we expect more R&D revenue as we progress projects from plant to compound within a two-year cycle, then move to royalty-based manufacturing.
We’ve also seen operating leverage — sales and marketing as a percentage of revenue declined, and G&A dropped 1.8% year-over-year and 4% in Q4. That puts us on track for EBITDA profitability in H2 2025, and long-term targets of 20% EBITDA margins, especially with CDMO scaling.
You’ve also got a Nasdaq uplisting in the works — how important is that?
Very. I feel we’ve been one of the best kept secrets. As investors better understand our botanical synthesis technology, they also see our margin growth and business scale. Gross profit margin improved from 45% to 65%, and we expect further gains.
The uplisting will increase trading volume and institutional awareness, helping investors understand the broad ecosystem we’ve built — and the team behind it.
Quotes have been lightly edited for style and clarity