Burcon NutraScience (BU) Q4 2025 earnings summary

Executive summary

• Achieved significant milestones, including closing a $9.4 million rights offering and acquiring the Galesburg, Illinois manufacturing facility for direct market access.

• Launched first commercial production of pea protein and executed a 20-to-1 share consolidation as part of a broader capital market strategy.

• Entered a $6.8 million multi-year contract manufacturing agreement, providing a minimum of $1.4 million in annual revenue.

• Expanded customer pipeline with over 100 prospects and strong interest in pea protein, with late-stage customer evaluations underway.

• Transitioned from innovation to execution, focusing on scaling production and commercial growth.

Financial highlights

• Raised $9.4 million through a rights offering, ending the fiscal year with $7.3 million in cash.

• Fiscal 2025 revenue was $381,000, up from $184,000 the prior year.

• Net loss increased to $8.3 million ($1.06/share) from $7.4 million ($1.23/share) year-over-year.

• Revenue guidance for 2025 is $1.123 million, with expectations of $10+ million in 2026 and cash flow positive by 2026.

• Current cash burn rate is $1–2 million per quarter, considered sustainable given the cash position and revenue ramp.

Outlook and guidance

• Targeting $1-3 million in revenue for calendar 2025, with double-digit million revenue and positive cash flow in 2026.

• Anticipates ramping production and sales of sunflower and canola protein in the second half of 2025.

• Confident in achieving communicated milestones and financial targets.