BioHarvest Sciences Inc (NASDAQ:BHST, FRA:8MV0) reported an 8% jump in first quarter revenue as the company advanced several contract development and manufacturing organization (CDMO) projects and expanded its direct-to-consumer wellness business.
The company posted first quarter revenue of $8.5 million, up from $7.9 million a year earlier, while maintaining its full-year revenue guidance range of $42 million to $48 million. Gross margin improved slightly to 59% from 58% in the prior-year quarter.
BioHarvest said its CDMO business recorded 135% year-over-year revenue growth during the quarter, supported by progress in fragrance and saffron-related Botanical Synthesis programs.
Net loss for the quarter widened to $2.6 million, or $0.11 per diluted share, compared with a net loss of $2.3 million, or $0.13 per diluted share, in the same period last year. Adjusted EBITDA loss was $1.2 million, in line with the prior year.
Operating loss for the quarter totaled $1.8 million, compared with $1.7 million a year earlier. Sales and marketing expenses rose to $4.1 million from $3.7 million, primarily to support growth in the D2C business.
Cash, cash equivalents and bank deposits totaled $20.2 million as of March 31.
BioHarvest Sciences CEO Dr. Zaki Rakib said the company made progress across both its CDMO and direct-to-consumer operations during the quarter.
“We successfully advanced two major Botanical Synthesis programs into Stage 2 development with combined agreements valued at over $2 million,” Rakib said in the earnings release. “These milestones further validate the versatility and commercial potential of our Botanical Synthesis platform.”
During the quarter, BioHarvest completed Stage 1 of a multi-stage development program for a rare fragrance-producing plant and later signed a $1.2 million Stage 2 agreement tied to the project. The company said the program involves creating a stable cell culture for an endangered fragrance plant used in high-end perfumes.
BioHarvest also completed the first stage of a saffron-focused development program with Saffron Tech, triggering a Stage 2 agreement valued at more than $1 million. The project aims to develop bioactive saffron compounds for nutraceutical and culinary applications using the company’s Botanical Synthesis technology.
The company said it is operating under a “two-lens” strategy focused on scaling both its CDMO and direct-to-consumer (D2C) businesses. BioHarvest added that investments made last year to expand research and development capabilities are now being followed by plans to expand manufacturing capacity, including a new manufacturing site expected to become operational in the second half of 2027.
On the consumer side, BioHarvest said its VINIA wellness brand continued to grow, reaching 90,000 active users by the end of April. The company said VINIA represented 95% of total sales during the first quarter.
BioHarvest’s VINIA Blood Flow Hydration product generated $920,000 in cumulative revenue since launching in late November 2025 and accounted for 20% of new customer revenue year to date across VINIA.com and Amazon.
“We believe this product will be a major contributor to our growth in 2026 and moving forward,” Rakib added.
The company also said it has shifted much of its marketing strategy from television advertising toward digital channels targeting younger consumers.
Separately, BioHarvest announced the appointment of Nedira Salzman-Frenkel as vice president of business development for its CDMO division.
The company said Salzman-Frenkel will focus on sourcing and managing new contracts across pharmaceutical, nutraceutical, nutrition and cosmetic markets.
"Nedira brings over a decade of experience in the life sciences industry, including securing contracts with pharmaceutical companies and other related sectors,” Rakib said.
“She has strong experience leading licensing deals, operational scaling, and building cross-functional teams. Nedira will work closely with me to deliver on our revenue targets, in line with our anticipated growth and the launch of our new facility next year."
According to the company, Salzman-Frenkel previously served as vice president of business development at an Israeli biotech company, where she helped secure a licensing term sheet with a global pharmaceutical company for Phase 3 clinical development. She also previously served as CEO of the Salzman Group, where she secured approximately $30 million in CRO contracts.
"I am excited to join BioHarvest at such an important stage, particularly as demand continues to increase for innovative and sustainable CDMO solutions,” Salzman-Frenkel said.
“BioHarvest's Botanical Synthesis platform represents a differentiated approach to the development and manufacturing of plant-derived bioactive compounds, and I look forward to expanding strategic partnerships and commercial opportunities across multiple industries.