Burcon NutraScience (BU) Q1 2026 earnings summary

Executive summary

• Achieved first commercial production and sales of Peazazz pea protein and fiber protein at the Galesburg, Illinois facility, demonstrating proven production capability and quality.

• Entered a $6.8 million multi-year production agreement, supporting a robust sales funnel and recurring revenue potential.

• Technology platform upcycles grain byproducts into 90%-95% pure protein, offering superior taste, color, and functionality for food manufacturers.

• Showcased full protein portfolio at IFT FIRST, driving strong customer engagement and expanding the sales pipeline.

• Completed a 20:1 share consolidation as part of capital market strategy.

Financial highlights

• Revenue reached $342,000 for the quarter, a 44% increase year-over-year, driven by initial protein sales and contract manufacturing.

• Net loss widened to $3.5 million ($0.27 per share) from $1.9 million ($0.26 per share) year-over-year, mainly due to higher cost of sales from Galesburg startup.

• Net cash used in operating activities was $2.7 million, up from $1.8 million in the prior year period.

• R&D and G&A expenses decreased meaningfully year-over-year, with one-time startup production costs impacting the quarter.

• Cash balance at quarter-end was $4.2 million, with $1.3 million in committed payments over the next 12 months for manufacturing.

Outlook and guidance

• Reaffirmed financial targets: $1–$3 million revenue in 2025, double-digit revenue and cash flow positive in 2026.

• Focus for the remainder of 2025 is on execution, commercial-scale production of canola and sunflower proteins, and growing recurring revenue.

• Management anticipates meaningful revenue growth and long-term shareholder value in the coming year.

• Focus remains on converting customer pipeline into long-term supply agreements and expanding the product portfolio.