BioHarvest Sciences Inc. reported robust financial performance for the third quarter ended September 30, 2024, with total revenues increasing 101% year-over-year to $6.5 million, surpassing management's guidance. Gross profit rose 157% to $3.7 million, and gross margins expanded by 1,200 basis points to 57% of sales.
The company's net loss for Q3 2024 was $2.7 million, or $0.16 per share, compared to $1.7 million, or $0.13 per share, in Q3 2023. Adjusted EBITDA loss totaled $2.1 million. Total VINIA subscribers increased by 128% year-over-year, contributing to the strong revenue growth.
Concurrently, BioHarvest launched its VINIA SuperFood Functional Tea line, entering the $3.3 billion North American functional tea market. This new line features four premium blends infused with piceid resveratrol, aiming to disrupt the category with superior taste, science, and efficacy. Management expects Q4 2024 revenues of at least $7.2 million and anticipates reaching adjusted EBITDA breakeven in the second half of 2025.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.