Revenue growth is modest (8%) and losses are widening, but CDMO contract momentum and maintained guidance provide a floor. Watch for Q2 revenue acceleration and D2C marketing efficiency improvements. Cash runway of ~4 quarters at current burn rate suggests no near-term financing urgency, but the path to profitability remains unclear.
Price Chart
Executive Summary
BioHarvest Sciences reported Q1 2026 revenue of $8.5M (+8% YoY), in line with its $42-$48M annual guidance. Net loss widened to $2.6M from $2.3M, and operating loss increased to $1.8M from $1.7M. CDMO revenue grew 135% YoY on two new Stage 2 contracts totaling >$2.2M, but D2C operating losses expanded. Cash burn was $3.8M in the quarter, leaving $20.2M in cash and deposits.
Key Facts
- Q1 2026 revenue of $8.5M, up 8% YoY from $7.9M
- Net loss of $2.6M vs $2.3M in Q1 2025
- Operating loss of $1.8M vs $1.7M in Q1 2025
- Adjusted EBITDA loss of $1.2M, flat YoY
- CDMO revenue grew 135% YoY; two Stage 2 contracts signed totaling >$2.2M
- D2C operating loss widened to $551K from $449K
- Cash and deposits of $20.2M at March 31, 2026, down from $23.0M at Dec 31, 2025
- Annual revenue guidance maintained at $42-$48M
- VINIA brand had 90,000 active users as of end of April
- New manufacturing site expected operational in H2 2027
Financial Impact
Revenue grew 8% YoY to $8.5M; net loss widened by $0.3M to $2.6M; cash burn of $3.8M in the quarter
Risk Factors
- D2C operating losses are increasing despite revenue growth
- Cash burn of $3.8M per quarter implies ~5 quarters of runway at current cash levels
- Annual guidance of $42-$48M implies H2 acceleration to ~$12-13M/quarter, which is not yet visible
- CDMO contracts are early-stage and may not progress to commercial revenue
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001723464-26-000030 |
| Document: bhsc_6k.htm | 0001723464-26-000030 |
| Document: 0001723464-26-000030-index-headers.html | 0001723464-26-000030 |
| Document: 0001723464-26-000030-index.html | 0001723464-26-000030 |
| Document: 0001723464-26-000030.txt | 0001723464-26-000030 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 13d ago | 6-K | $1.75 $1.67 | ▼ −4.18% | ▼ −4.64% | $1.68 (−3.72%) |
Oct 8, 2026 18d ago | 6-K | $1.50 $1.70 | ▲ +13.71% | ▲ +13.99% | $1.68 (+12.37%) |
Sep 15, 2026 5w ago | 6-K | $1.66 $1.46 | ▼ −12.05% | ▼ −14.61% | $1.68 (+1.20%) |
Sep 14, 2026 6w ago | 6-K | $1.78 $1.51 | ▼ −14.93% | ▼ −17.04% | $1.68 (−5.35%) |
Jul 15, 2026 14w ago | 6-K | $2.85 $2.18 | ▼ −23.51% | ▼ −22.53% | $1.68 (−41.05%) |
Jun 18, 2026 18w ago | 6-K | $3.26 $2.75 | ▼ −15.64% | ▼ −13.98% | $1.68 (−48.47%) |
May 28, 2026 21w ago | 6-K | $3.90 $3.56 | ▼ −8.72% | ▼ −8.67% | $1.68 (−56.92%) |
May 14, 2026 23w ago | 6-K | $4.16 $3.82 | ▼ −8.17% | ▼ −7.46% | $1.68 (−59.62%) |
May 14, 2026 23w ago | 6-K | $4.16 $3.82 | ▲ +8.17% | ▲ +7.46% | $1.68 (+59.62%) |
May 14, 2026 23w ago | 6-K | $4.16 $3.82 | ▼ −8.17% | ▼ −7.46% | $1.68 (−59.62%) |
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