Noble Capital Markets analysts have highlighted MustGrow Biologics Corp. (TSX-V:MGRO, OTCQB:MGROF)’s growing commercial traction following the company’s second quarter results.
The analysts pointed to the early success of MustGrow’s TerraSante biofungicide, which sold out in the US during Q2 2025, and identified the product as a key driver of improved gross margins.
MustGrow reported record second-quarter revenue of $2.8 million, primarily from its NexusBioAg segment, up from no revenue in the same period last year.
TerraSante contributed $318,832 in sales, triple its full-year 2024 revenue.
“Initial sales ramp up of TerraSante has begun,” the analysts wrote, noting it is working to scale production to meet demand.
Noble projects that Q3 2025 revenue will be $2.5 million, slightly lower due to seasonal variation in NexusBioAg sales and the current absence of higher-margin TerraSante revenue.
Despite the revenue gains, the company recorded a net loss of $1.1 million, or $0.02 per share. Noble expects net losses to remain elevated due to high non-cash stock compensation.
The firm maintained its ‘Market Perform’ rating on MustGrow shares, noting that “substantial opportunity exists for natural alternatives in the company's targeted end markets, such as preplant soil fumigation, bioherbicides, postharvest food preservation, soil amendment, and biofertility.”
Noble sees MustGrow’s early TerraSante traction, combined with its NexusBioAg platform, as positioning the company to capture market share in sectors increasingly receptive to sustainable and natural agricultural solutions.