BioHarvest Sciences Reports Six-Month Revenue of $17.3 Million
The company held $16.2 million in cash and bank deposits as of June 30, 2026
BioHarvest Sciences Inc. (BHST), a biotechnology company, reported revenues of $17.3 million for the six months ended June 30, 2026, compared to $16.4 million for the same period in 2025. The Products Business Unit accounted for 94% of those revenues.
Growth diverged between the company's two primary segments. The CDMO services Business Unit grew 43% compared to the prior-year period, while the Products Business Unit grew 4%. Total cost of revenues rose to $7.2 million from $6.7 million in the prior-year period, which the company attributed to revenue mix, demand, and growth in production and sales. Gross margins for the six-month period were 58%, down from 59% in the same period last year.
Operating expenses increased across several categories. Research and development expenses rose to $3.1 million from $2.6 million, a change the company attributed primarily to technology development expenditures within the CDMO Services Business Unit. Sales and marketing expenses, which mainly relate to the Products Business Unit, rose to $8.5 million from $7.7 million. The company said this increase was due to higher wages, salaries, and marketing expenditure required to support sales growth in both segments. General and administrative expenses decreased slightly to $2.9 million from $3.0 million.
Net finance expenses were $1.9 million for the six months ended June 30, 2026, compared to $2.8 million in the prior-year period. The company stated these expenses are primarily non-cash items, including exchange rate impacts and the accretion of interest on accounting provisions, and do not affect liquidity.
For the three-month period ended June 30, 2026, the company reported a net loss of $3.7 million, or 0.17 a share. This compared to a net loss of $4.1 million, or 0.24 a share, for the three-month period ended June 30, 2025.
As of June 30, 2026, the company held $15.2 million in cash and cash equivalents and $1.0 million in bank deposits. This represents an increase from the $3.7 million in cash and bank deposits held on June 30, 2025.
The company noted that its history of operating losses and the need for continued investment in operations raise substantial doubt about its ability to continue as a going concern. To fund its long-term growth strategy and capital investments, the company intends to raise capital through debt financing, strategic collaborations, licensing arrangements, the issuance of equity or equity-linked securities, or other financing transactions.