Burcon Announces Fiscal 2026 Second Quarter Results

Executive Summary

• Burcon NutraScience reported Q2 2025 revenue of $357k (three‑month) and $699k (six‑month), a year‑over‑year increase of 783% and 152%, respectively.
• The company announced a non‑brokered private placement of convertible debentures for up to $4 million and obtained a $0.7 million short‑term loan, strengthening its balance sheet.
• Operational milestones include first commercial production and sales of Puratein® C canola protein and FavaPro™ fava protein, plus over $500k in post‑quarter commercial sales orders.

Key Details

• Revenue: $357,194 (Q2) and $699,387 (first half) – up 783% and 152% YoY.
• Net Loss: $3.59 M for Q2 ($0.28 per share); $7.08 M for six months ($0.56 per share).
• Cash Used in Operations: $4.6 M (Q2) vs. $3.0 M prior year period.
• Cost of Sales: $2.11 M (Q2), driven by startup and commissioning costs at Galesburg facility.
• R&D Expense: Decreased 61% YoY to $379,706 (Q2).
• G&A Expense: Decreased 27% YoY to $775,062 (Q2).
• Cash Position (Sept 30 2025): $1.75 M; negative working capital of $8.2 M due to senior secured loan.
• Financing Activities:
• Private placement – convertible debentures, up to $4 million total proceeds.
• Short‑term loan – $0.7 million, from entity related to a director.
• Operational Milestones:
• First commercial production & sales of Puratein® C (canola protein).
• First commercial production of FavaPro™ (fava protein).
• Over 200 active customer projects; $500k+ post‑quarter commercial orders received.
• Future Guidance: Reaffirmed FY 2025 revenue target of $1–3 M and FY 2026 revenue target of $10 M+, aiming for positive cash flow.

Notable Quotes

“Protein sales are gaining momentum as customers complete evaluations and transition to purchase orders,” – Kip Underwood, CEO.
“We remain on track to achieve our calendar 2026 revenue target of $10+ million and move toward positive cash flow.” – Kip Underwood, CEO.