BioHarvest Sciences Inc (NASDAQ:BHST) said its first full year as a Nasdaq-listed company was marked by revenue growth, expanding operations, and balance sheet improvements, according to a shareholder letter released on Wednesday by CEO Ilan Sobel.
In the letter, Sobel outlined operating and financial progress made in 2025 and described the company’s position entering 2026. He said BioHarvest ended the year with an annualized revenue run rate exceeding US$36 million and gross margins above 60%, following what he described as a year of execution across its direct-to-consumer products business and its contract development and manufacturing organization services unit.
“2025 marked an important milestone for BioHarvest Sciences: our first full year as a Nasdaq-listed company,” Sobel wrote, adding that the company strengthened its capital base and moved closer to adjusted EBITDA breakeven.
Sobel said the company’s D2C Products business, led by the VINIA brand, continued to grow through product expansion and increased customer engagement.
He noted that the “VINIA Inside” strategy has supported broader demographic reach through multiple product formats, including capsules, beverages, hydration products, and chews, positioning the brand across consumer wellness categories such as longevity, vitality, and cognitive health.
The letter also highlighted the recent launch of VINIA Blood Flow Hydration Solution, which has been on the market for roughly six weeks.
Sobel described it as “the world’s first hydration formula with the power of VINIA’s rapid absorption Piceid Resveratrol,” designed to improve circulation while delivering fluids and electrolytes. He said consumer feedback has been positive and that the company plans to increase investment behind the product in 2026 as it targets the US electrolyte hydration market.
Sobel also reported that total VINIA active users now exceed 85,000, with more than 90% of purchases on Vinia.com made through subscriptions. He added that VINIA has ranked as the top resveratrol-only product on Amazon over the past six months and has accumulated more than 10,000 verified reviews on Vinia.com with an average rating of 4.7 out of 5, contributing to what he described as a predictable and growing revenue stream.
On the CDMO side, Sobel said 2025 represented an inflection point as BioHarvest secured partnerships across pharmaceutical, nutrition, fragrance, and nutraceutical markets, validating the commercial relevance of its Botanical Synthesis platform.
During the year, the company began work on two new plant-based compounds, including a fragrance ingredient derived from a plant species under supply pressure and a saffron-derived compound developed in partnership with Saffron Tech, in which BioHarvest holds a 25% ownership interest.
“Our expectation is that CDMO revenues will ultimately surpass our Products division revenues,” Sobel wrote, noting that the business is less than two years old and continues to build a pipeline of potential customers.
Sobel also detailed balance sheet improvements completed during the year, including approximately $30.8 million in gross proceeds raised through warrant exercises, debt conversions, and an oversubscribed institutional equity financing. He said the additional capital positions the company to invest in scaling operations, improving efficiency, and expanding manufacturing capacity, including plans for a 100-ton manufacturing footprint at its corporate campus.
Looking ahead, Sobel said BioHarvest enters 2026 fully funded and focused on accelerating revenue growth, expanding margins, and reaching adjusted EBITDA breakeven.
“BioHarvest today is a company with two complementary growth engines,” he wrote, adding that continued execution and improving profitability are expected to support long-term value creation for shareholders.
Shares of BioHarvest added 5.4% on Wednesday morning at $5.50.