Full Press Release Details
• Total revenues for the three months ended June 30, 2026 were $8.8 million, an increase of 3.8% year-over-year, with three-month gross margins of 58% of revenue compared to 59% for the same period last year.
• Total Operating loss for the three months ended June 30, 2026 was $2.5 million compared to $1.8 million for the same period last year. Of this amount, operating loss for the CDMO services business for the three months ended June 30, 2026 was $1.5 million compared to $0.9 million for the same period last year, and operating loss for the D2C products business for the three months ended June 30, 2026 was $1 million compared to $0.9 million for the same period last year.
• Net loss for the three months ended June 30, 2026 was $3.7 million compared to $4.1 million for the same period last year.
• Adjusted EBITDA loss (a non-IFRS measure) totaled $1.6 million, compared to $1.2 million for the same period last year. The second quarter adjusted EBITDA losses of the CDMO Services and Products divisions are $0.9 million and $0.7 million respectively, as compared to $0.8 million and $0.4 million for the same period last year.
• In August, BioHarvest secured the CDMO division's first manufacturing and supply agreement. This exclusive agreement secures the scaled production of a rare, high-value, plant-based fragrance ingredient as part of an extension of multi-stage development program with an existing UAE-based customer.The rare source plant is endangered due to overharvesting and habitat loss, and this particular scent is widely regarded as one of the most valuable fragrance raw materials in the world, with premium grades commanding prices exceeding tens of thousands of U.S. dollars per kilogram and demand growing across the Middle East, Asia, and Western luxury perfume markets.Following the successful completion of Stage 1 development in March 2026, Stage 2 was initiated in May, with an expected 6-9 months to completion. Today's announced manufacturing and supply agreement will secure CDMO support of an anticipated 20 tons of fragrance composition production. BioHarvest anticipates that limited production of this ingredient could begin as early as the first half of 2027.
• In July, BioHarvest was awarded a $1.4M Grant from the Israel Innovation Authority (IIA). This grant will focus on transforming the early-stage R&D pipeline through predictive AI and supports existing initiatives to scale the manufacturing facility by integrating industrial automation and machine learning on the factory floor.
• In May, BioHarvest advanced its saffron development program to Stage 2 with a contract valued at $1.125 million. In partnership with SaffronTech, this program targets a sustainable solution for the production of saffron, one of the world's most valuable and health-promoting botanicals which often commands prices ranging from approximately $3,000 to $10,000 per kilogram. In addition to future commercial manufacturing royalties, BioHarvest also holds a 25% ownership position in saffron composition.
• Also in May, Tate & Lyle PLC and BioHarvest announced an expansion on their joint sweetener development program to now include multiple plant-based sweetener molecules. The expanded collaboration builds on the initial agreement signed in late 2024 and reflects strong technical progress to date, as well as Tate & Lyle's ambition to equip food and beverage manufacturers with a flexible toolkit of sweetening solutions that can be tailored to different formulation needs.
UnauditedIn USD thousandsFor the three months period ended June 30, |
| 2026 | 2025
| CDMO Services | Products | Total | CDMO Services | Products | Total
Operating (Loss) | (1,487) | (1,020) | (2,507) | (1,119) | (696) | (1,815)
Depreciation and Amortization | 416 | 76 | 492 | 284 | 123 | 407
Share Based Payment | 176 | 280 | 456 | 31 | 153 | 184
Adjusted EBITDA (Non-IFRS) | (894) | (665) | (1,559)* | (804) | (420) | (1,224)(*)
| Note | As of June 30, | As of December 31,
2026 | 2025
Assets | | |
Current assets | | |
Cash and cash equivalents | | $ 15,211 | $ 23,025
Bank deposits | | 1,012 | -
Trade accounts receivable | | 2,897 | 1,981
Other accounts receivable | | 1,281 | 935
Inventory | | 5,779 | 4,559
Total current assets | | 26,180 | 30,500
Non-current assets | | |
Restricted cash | | 463 | 433
Property, plant and equipment, net | | 8,945 | 8,326
Right-of-use assets, net | | 8,981 | 8,406
Total non-current assets | | 18,389 | 17,165
Total assets | | $ 44,569 | $ 47,665
Liabilities | | |
Current liabilities | | |
Trade accounts payable | | $ 2,747 | $ 2,627
Other accounts payable | | 3,290 | 2,173
Deferred revenue | | 415 | 492
Lease liabilities | | 1,758 | 1,405
Loans | 3 | 2,662 | 149
Liability for Agricultural Research Organization | 6 | 457 | 452
Accrued liabilities | | 347 | 386
Total current liabilities | | 11,676 | 7,684
Non-current liabilities | | |
Lease liabilities | | 11,275 | 10,130
Loans | 3 | - | 2,420
Liability for Agricultural Research Organization | 6 | 1,854 | 1,983
Total non-current liabilities | | 13,129 | 14,533
Shareholders' equity | | |
Share capital and contributed surplus | 4 | 133,673 | 133,001
Accumulated deficit | | (113,909) | (107,553)
Total Shareholders' equity | | 19,764 | 25,448
Total liabilities and shareholders' equity | | $ 44,569 | $ 47,665
| | Three MonthsEnded June 30, | Six MonthsEnded June 30,
| 2026 | 2025 | 2026 | 2025
Revenues | | $ 8,837 | $ 8,515 | $ 17,344 | $ 16,375
Cost of revenues | | (3,755) | (3,429) | (7,225) | (6,694)
Gross profit | | 5,082 | 5,086 | 10,119 | 9,681
Operating expenses | | | | |
Research and development | | (1,664) | (1,337) | (3,058) | (2,582)
Sales and marketing | | (4,380) | (3,987) | (8,506) | (7,668)
General and administrative | | (1,545) | (1,577) | (2,896) | (2,965)
Total operating expenses | | (7,589) | (6,901) | (14,460) | (13,215)
Operating loss | | (2,507) | (1,815) | (4,341) | (3,534)
Finance income | | 97 | - | 211 | -
Finance expenses | | (1,253) | (2,226) | (2,128) | (2,807)
Net loss before tax | | (3,663) | (4,041) | (6,258) | (6,341)
Taxes on income | | (52) | (39) | (98) | (77)
Net loss and comprehensive loss | | (3,715) | $ (4,080) | (6,356) | $ (6,418)
Basic and diluted loss per share | | (0.17) | (0.24) | (0.28) | (0.37)
Weighted average number of shares outstanding | | 22,667,842 | 17,328,348 | 22,667,605 | 17,328,347
| Number of shares | Share Capital and contributed surplus | Accumulated deficit | Total equity
Balance, December 31, 2024 | 17,327,716 | $ 97,748 | $ (96,418) | $ 1,330
Share-based compensation expense | - | 316 | - | 316
Issuance of shares upon vesting of RSUs | 5,714 | - | - | -
Modification of warrants (extension of expiration date) | - | 549 | - | 549
Comprehensive loss for the period | - | - | (6,418) | (6,418)
Balance, June 30, 2025 | 17,333,430 | $ 98,613 | $ (102,836) | $ (4,223)
| Number of shares | Share Capital and contributed surplus | Accumulated deficit | Total equity
Balance, December 31, 2025 | 22,666,842 | $ 133,001 | $ (107,553) | $ 25,448
Share-based compensation expense | - | 672 | - | 672
Issuance of shares upon vesting of RSUs | 1,000 | - | - | -
Comprehensive loss for the period | - | - | (6,356) | (6,356)
Balance, June 30, 2026 | 22,667,842 | $ 133,673 | (113,909) | $ 19,764
| Six Months Ended June 30,
| 2026 | 2025
Cash flows from operating activities: | |
Net loss | $ (6,356) | $ (6,418)
Adjustments to reconcile net loss to net cash used in operating activities: | |
Depreciation and Amortization | 920 | 806
Interest over Liability for Agricultural Research Organization | 111 | 139
Finance expense (income), net | 1,595 | 1,920
Share based compensation | 672 | 316
Adjustments for changes in working capital: | |
Change in Trade accounts receivable | (916) | (498)
Change in Other accounts receivable | (361) | (163)
Change in Inventory | (1,220) | (472)
Changes in Trade accounts payable, Other accounts payable and Accrued liabilities | 1,462 | 1,402
Changes in deferred revenue | (77) | 85
Net cash used in operating activities | (4,170) | (2,883)
Cash flow from investing activities: | |
Purchase of property and equipment | (1,161) | (1,276)
Deposit of restricted cash for bank guarantee, net of drawing | - | 4
Deposits placed in short-term bank deposits | (1,000) | -
Net cash used in investing activities | (2,161) | (1,272)
Cash flow from financing activities | |
Repayments of lease liabilities | (1,052) | (477)
Repayments of loans (principal and interest) | (198) | -
Repayment of royalties' liability to the Agricultural Research Organization | (215) | -
Proceeds from loans | - | 5,985
Payments of finder fees | (50) | -
Net cash (used in) provided by financing activities | (1,515) | 5,508
Exchange rate differences on cash and cash equivalents | 32 | (16)
Increase (decrease) in cash and cash equivalents | (7,846) | 1,353
Cash and cash equivalents at the beginning of the period | 23,025 | 2,390
Cash and cash equivalents at the end of the period | $ 15,211 | $ 3,727
Supplemental disclosure of significant non-cash transactions: | |
Recognition of right-of-use assets and lease liabilities | 199 | 399
Supplemental disclosure of cash flow information: | |
Taxes paid | - | -
Interest paid on loans | 48 | 201