Burcon NutraScience (BU) Q3 2026 earnings summary

Executive summary

• Achieved significant Q3 revenue growth, reaching $740,000, up 1100% year-over-year and doubling sequentially, driven by increased commercial production and repeat customer orders.

• Over 200 active customer projects and strong recurring sales validate robust market demand and commercial momentum.

• Focused on scaling production capacity, launching and optimizing differentiated protein products across diverse food categories.

Financial highlights

• Q3 revenue reached $740,000, a 1100% increase year-over-year and doubled from Q2; nine-month revenue was $1,439,000, up 325% year-over-year, meeting 2025 guidance.

• Net loss for the nine months ended December 31, 2025, was $10.7 million ($0.84 per share), compared to $6.0 million ($0.83 per share) in the prior year.

• Research and development expenses decreased by 56% year-over-year in Q3; general and administrative expenses down 26% from prior year.

• Cost of sales increased by $5.5 million due to startup and commissioning costs at the Galesburg facility.

• Net cash used in operating activities was $6.2 million for the nine months, compared to $4.5 million in the prior year.

Outlook and guidance

• Affirmed guidance for double-digit revenue growth and cash flow positive status by end of calendar 2026.

• Robust customer order book and recurring sales expected to drive substantial revenue growth through 2026.

• Facility capacity and current sales funnel support profitability and margin expansion well beyond 2026 guidance.

• Final tranche of a $6.9 million private placement expected to close post-February 2026 shareholder meeting to fund continued commercial expansion.

• Management remains focused on capital efficiency, operational excellence, and scaling to meet demand.