MustGrow Biologics Corp. (TSX-V:MGRO, OTCQB:MGROF), a provider of innovative regenerative agriculture solutions, has reported record revenue for the second quarter, with sales of $2.8 million for the three months ended June 30, 2025.
This compares with no recorded revenue in the same quarter of 2024.
The company posted a gross profit of $594,718, representing a 20.9% gross profit margin, an increase from 14.3% in the first quarter of 2025.
Revenue included $312,832 from sales of its TerraSante biofertility product in the US.
As of June 30, 2025, MustGrow held $1.8 million in cash and equivalents, along with $1.8 million in inventory.
"Our second quarter 2025 showed a gross profit margin improvement over the first quarter end March 31, 2025, resulting from sales of TerraSante biofertility product in the US,” MustGrow CEO Corey Giasson said in a statement.
He added that the company sold out of its TerraSante inventory in the US during Q2, noting that this was triple its 2024 TerraSante sales.
“The TerraSante initial sales ramp-up has started and we are working on producing more product to meet the growing demand,” Giasson said.
“For our Canadian sales and distribution division, NexusBioAg, Q2 and Q3 are considered the slower 'shoulder season' whereas Q1 and Q4 are traditionally stronger sales periods for Canadian farmers purchasing crop inputs. Margins in this segment have picked up from the first quarter and we are looking to finish the year with a strong Q4."
The company reported a net loss of $1.1 million for the quarter, or $0.02 per share.