BioHarvest Sciences Inc. (NASDAQ:BHST), a developer of plant-based biologics, reported a 47% year-over-year jump in first-quarter revenue on Thursday, driven by strong demand for its flagship VINIA line of wellness products.
Revenue for the quarter ended March 31 rose to $7.9 million, topping internal forecasts, as gross margins expanded by 227 basis points to 58.5%.
The company said it expects second-quarter revenue of at least $8.5 million and forecast adjusted EBITDA breakeven in the second half of 2025.
“Our first quarter of 2025 was highlighted by a step change in revenue growth and financial performance,” said CEO Ilan Sobel, citing growth in both consumer products and contract services.
VINIA, a functional food product derived from red grape cells, surpassed 50,000 active subscribers as of February, with cumulative revenue since launch reaching $50 million. BioHarvest has expanded the line with new formats targeting younger consumers, including espresso and tea pods and chewable supplements.
The company is also advancing its Contract Development and Manufacturing Organization (CDMO) business, announcing progress on contracts with a Nasdaq-listed pharmaceutical company and Tate & Lyle. It said both projects validate its ability to develop plant-based, non-GMO biologic compounds for pharmaceutical, nutraceutical, and food companies.
BioHarvest said it has begun Stage 1 development work on a next-generation plant-based sweetener for Tate & Lyle and entered Stage 2 of its pharma CDMO project.
Sobel said the company is in active talks with other potential partners and expects to sign several new CDMO contracts by year-end.
The CEO added that the company’s AI-driven R&D capabilities would help scale future development efficiently.