BioHarvest Sciences Inc (NASDAQ:BHST, FRA:8MV0) has reported its financial results for the fourth quarter and full year 2025, highlighting revenue growth, improved margins, and continued investment in its product and contract manufacturing businesses.
The company recorded full-year revenue of $34.5 million, representing a 37% increase compared to 2024. Fourth quarter revenue reached $9.1 million, up 25% year-over-year and within previously issued guidance.
Gross margins improved over the period, reaching 59% for the full year, an increase of 400 basis points from the prior year. Fourth-quarter gross margins were 58%, up 100 basis points year-over-year.
BioHarvest also reported a reduction in losses. Adjusted EBITDA loss for the fourth quarter narrowed to approximately $0.5 million from $1.8 million a year earlier, while the full-year adjusted EBITDA loss improved to $3.6 million from $5.9 million in 2024. Net loss for the fourth quarter was $2.2 million, compared with $3 million in the same period the previous year.
As of December 31, 2025, the company held $23 million in cash and cash equivalents, a significant increase from $2.4 million at the end of 2024. This improvement follows financing activities completed in late 2025, including an oversubscribed institutional raise of $19.9 million and earlier transactions that generated $10.9 million in proceeds while reducing debt by $3.8 million.
In its consumer products segment, BioHarvest said its VINIA line continued to expand, surpassing 85,000 active users as of March 2026. The company stated that VINIA holds the leading position in the US resveratrol polyphenol market. New product launches during the year included a hydration drink and performance-focused chewable supplements, contributing to customer growth.
The company also continued to develop its Contract Development and Manufacturing Organization (CDMO) division, securing multiple partnerships across sectors such as fragrance and plant-based compounds.
During the fourth quarter, BioHarvest reported progress on projects, including the completion of an initial development stage for a rare scent-producing plant.
"2025 was a year of strong execution, commercial validation, and continued capability-building across both our D2C products business and CDMO services platform,” BioHarvest Sciences CEO Ilan Sobel said in a statement.
Sobel highlighted the company’s strengthened financial profile, delivering an annualized revenue run rate exceeding $36 million and gross margins approaching 60%.
“Following the successful financing initiatives completed in late 2025, the company possesses the cash resources sufficient to fund its planned operational activities and obligations for at least 12 months from this date today,” Sobel said.
For 2026, the company forecast full-year consolidated revenue between $42 million and $48 million, driven primarily by its direct-to-consumer business, with additional contributions from the CDMO segment.
BioHarvest anticipates a modest adjusted EBITDA loss of $3 million to $4 million for the year, reflecting planned investments in expanding its CDMO capabilities.