Revenue growth has normalized significantly from triple-digit levels to 8.2% in 2026Q1, while the company struggles to convert its 59.2% gross margin into positive operating income.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Apr'19 | Apr'18 | Apr'17 | Apr'16 | Apr'15 | Apr'14 |
|---|
| Sales/Revenue | 35.16M | 34.51M | 25.19M | 12.67M | 5.5M | 2.1M | 396K | 218K | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 26.9% | 37% | 98.77% | 130.48% | 161.56% | 430.81% | 81.65% | - | - | - | - | - | - | - |
| Cost of Goods Sold | 14.24M | 14.03M | 11.25M | 7.04M | 4.28M | 1.43M | 258K | 189K | 0 | 0 | 483 | 0 | 0 | 0 |
| COGS % of Revenue | - | 40.66% | 44.65% | 55.55% | 77.83% | 68.13% | 65.15% | 86.7% | - | - | - | - | - | - |
| Gross Profit | 20.92M | 20.48M | 13.94M | 5.63M | 1.22M | 670K | 138K | 29K | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | 59.5% | 59.34% | 55.35% | 44.45% | 22.17% | 31.87% | 34.85% | 13.3% | - | - | - | - | - | - |
| Gross Profit Growth % | - | 46.87% | 147.51% | 362.1% | 81.94% | 385.51% | 375.86% | - | - | - | - | - | - | - |
| Operating Expenses | 26.61M | 26.05M | 20.93M | 15.6M | 11.83M | 9.16M | 6.3M | 2.34M | 4.36M | 160.8K | 93.7K | 127.46K | 199.08K | 70.25K |
| OpEx % of Revenue | - | 75.49% | 83.1% | 123.1% | 215.19% | 435.82% | 1591.92% | 1072.94% | - | - | - | - | - | - |
| Selling, General & Admin | 19.55M | 19.14M | 14.67M | 12.08M | 9.35M | 4.76M | 4.31M | 920K | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | 55.47% | 58.24% | 95.3% | 170.1% | 226.4% | 1089.39% | 422.02% | - | - | - | - | - | - |
| Research & Development | 5.46M | 5.31M | 4.8M | 3.37M | 2.31M | 4.13M | 1.26M | 1.35M | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 15.39% | 19.04% | 26.59% | 41.98% | 196.43% | 319.19% | 617.43% | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 1.6M | 1.47M | 154K | 171K | 273K | 726K | 73K | 4.36M | 160.8K | 93.7K | 127.46K | 199.08K | 70.25K |
| Operating Income | -5.69M | -5.58M | -6.99M | -9.97M | -10.61M | -8.49M | -6.17M | -2.31M | -4.36M | 0 | -93.08K | -127.74K | 0 | 0 |
| Operating Margin % | -16.19% | -16.16% | -27.75% | -78.65% | -193.02% | -403.95% | -1557.07% | -1059.63% | - | - | - | - | - | - |
| Operating Income Growth % | - | 20.23% | 29.87% | 6.09% | -24.98% | -37.71% | -166.93% | 46.96% | - | 100% | 27.13% | - | - | - |
| EBITDA | -4.04M | -3.95M | -5.74M | -9.13M | -9.9M | -8.11M | -5.88M | -1.98M | -4.36M | -159.63K | -92.6K | -127.22K | -198.81K | 0 |
| EBITDA Margin % | -11.48% | -11.45% | -22.78% | -72.02% | -180.07% | -385.61% | -1484.34% | -907.55% | - | - | - | - | - | - |
| EBITDA Growth % | 30.83% | 31.14% | 37.12% | 7.82% | -22.14% | -37.89% | -197.1% | 54.57% | -2628.18% | -72.39% | 27.21% | 36.01% | - | - |
| D&A (Non-Cash Add-back) | 1.65M | 1.62M | 1.25M | 840K | 712K | 385.58K | 288K | 331.53K | 0 | 250 | 484 | 526 | 274 | 0 |
| EBIT | -8.34M | -8.34M | -10.97M | -10.6M | -9.84M | -9.02M | -6.06M | -2.31M | -4.36M | -159.88K | -93.7K | -127.46K | -199.08K | -70.25K |
| Net Interest Income | -6.13M | -2.67M | -1.93M | -1.96M | -1.4M | -805K | -405K | -2.25M | -780K | -3.95K | -6.1K | -2.15K | -1.93K | -406 |
| Interest Income | 114K | 54K | 0 | 0 | 0 | 0 | 131K | - | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 6.24M | 2.72M | 1.93M | 1.96M | 1.4M | 805K | 535.89K | 2.25M | 780K | 3.95K | 6.52K | 2.15K | 1.93K | 406 |
| Other Income/Expense | -5.66M | -5.48M | -5.92M | -2.6M | -624K | -1.34M | -418K | -3M | 4.36M | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | -11.35M | -11.06M | -12.9M | -12.56M | -11.24M | -9.83M | -6.58M | -5.31M | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Margin % | -32.3% | -32.05% | -51.23% | -99.15% | -204.37% | -467.51% | -1662.63% | -2435.78% | - | - | - | - | - | - |
| Income Tax | 84K | 76K | 8K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.74% | -0.69% | -0.06% | 0% | 0% | 0% | 0% | 0% | - | - | - | - | - | - |
| Net Income | -11.44M | -11.13M | -12.91M | -12.56M | -11.24M | -9.83M | -6.58M | -5.31M | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Margin % | -32.54% | -32.27% | -51.27% | -99.15% | -204.37% | -467.51% | -1662.63% | -2435.78% | - | - | - | - | - | - |
| Net Income Growth % | -31.93% | 13.77% | -2.78% | -11.82% | -14.34% | -49.26% | -23.99% | - | - | - | - | - | - | - |
| Net Income (Continuing) | -11.44M | -11.13M | -12.91M | -12.56M | -11.24M | -9.83M | -6.58M | -5.31M | 0 | 0 | 0 | 0 | 0 | 0 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.56M | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.50 | -0.60 | -0.80 | -0.93 | -0.70 | -0.70 | -0.70 | -1.75 | -2.34 | -0.21 | -0.19 | -0.44 | -0.72 | -1.17 |
| EPS Growth % | -24% | 25% | 13.98% | -32.86% | 0% | 0% | 60% | 25.21% | -1014.29% | -10.53% | 56.82% | 38.89% | 38.46% | - |
| EPS (Basic) | - | -0.60 | -0.80 | -0.93 | -0.70 | -0.70 | -0.70 | -1.75 | -2.34 | -0.21 | -0.19 | -0.44 | -0.72 | -1.17 |
| Diluted Shares Outstanding | 22.67M | 18.41M | 16.19M | 13.53M | 13.05M | 12.45M | 9.71M | 2.95M | 1.63M | 578.47K | 416.06K | 393.08K | 277.71K | 57.14K |
| Basic Shares Outstanding | 22.67M | 18.41M | 16.19M | 13.53M | 13.05M | 12.45M | 9.71M | 2.95M | 1.63M | 578.47K | 416.06K | 393.08K | 277.71K | 57.14K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent Operating Cash Burn
As indicated by the most recent quarterly data, BHST's year-over-year revenue growth has decelerated significantly from the triple-digit expansion observed in early 2024 to 8.2% in 2026Q1, suggesting that the initial market penetration phase for the VINIA brand is encountering natural saturation headwinds.
The sharp decline in growth rates implies that the company is transitioning from a high-growth startup phase to a more mature, albeit slower, commercial stage. Investors should monitor whether the upcoming CDMO segment can provide a secondary growth engine to offset the cooling demand in the direct-to-consumer nutraceutical business.
Based on reported financial statements, BioHarvest has maintained a relatively consistent gross margin profile, hovering near 59% over the last several quarters, which suggests that the underlying bioreactor production process has achieved a degree of operational maturity despite the volatility in top-line revenue growth.
This margin stability indicates that the company has successfully managed its variable production costs, such as nutrient media and energy, even as it scales. However, the inability to expand these margins further suggests that the current technology may be reaching a plateau in terms of yield efficiency per liter.
According to the income statement history, BHST has struggled to demonstrate positive operating leverage, as SG&A expenses frequently fluctuate in tandem with revenue, resulting in persistent operating losses that reached -21.6% of revenue in the most recent quarter, as reported in the latest filings.
The lack of a clear downward trend in the SG&A-to-revenue ratio implies that the company is still heavily reliant on aggressive marketing spend to sustain its customer base. Without a decoupling of revenue growth from customer acquisition costs, the path to achieving sustainable operating profitability remains highly speculative.
While the company maintains a low debt-to-equity ratio, the persistent net losses, which totaled $2.6 million in 2026Q1, raise concerns regarding the long-term sustainability of the current business model without further capital injections, as evidenced by the consistent negative net margins across the last ten quarters.
Short-term observers may focus on the fact that the company has yet to prove it can generate positive cash flow from its core operations. The reliance on equity-based funding to cover these recurring losses warrants investigation into potential future dilution risks for existing shareholders.
Quick answers to the most common questions about buying BHST stock.
For fiscal year 2025, BioHarvest Sciences Inc. Common Stock (BHST) reported total revenue of $34.5M.
BioHarvest Sciences Inc. Common Stock (BHST) reported a net loss of $11.1M for the fiscal year ending 2025.
BioHarvest Sciences Inc. Common Stock (BHST) reported an operating income of $-5.6M, resulting in an operating profit margin of -16.2%. This margin reflects the operational efficiency of the business before interest and taxes.
BioHarvest Sciences Inc. Common Stock (BHST) generated $20.5M in gross profit for the year, representing a gross profit margin of 59.3%. This demonstrates the company's core pricing power and production efficiency.