An Argentine crop solutions firm, Bioceres Crop Solutions Corp, is joining hands with the Colorado Wheat Research Foundation to commercialise a genetically modified wheat variety that is tolerant to drought in the US.  Bioceres said in a statement on its Website that it has entered into a strategic collaboration with the Colorado wheat organisation to develop and commercialise HB4 wheat in the US. HB4 technology incorporates a sunflower gene for drought tolerance and a Streptomyces hygroscopicus gene for gl ...

Group 1 - Lake Street analyst Ben Klieve lowered the price target on Bioceres (BIOX) to $5 from $8 while maintaining a Buy rating on the shares [1] - Q4 results were significantly below all estimates across each segment, indicating potential challenges for the company [1] - The firm anticipates that FY25 will represent an EBITDA trough and sees value in the next-generation products within Bioceres' portfolio [1]

Group 1 - The investment strategy focuses on long-only investment, evaluating companies from an operational and buy-and-hold perspective [1] - The approach does not prioritize market-driven dynamics or future price action, instead emphasizing the long-term earnings potential of companies [1] - The majority of recommendations will be holds, indicating a cautious approach to market conditions and a belief that only a small fraction of companies are suitable for buying at any given time [1] Group 2 - The articles aim to provide valuable information for future investors and introduce a healthy skepticism towards a generally bullish market [1]

Analyst Downgrades - Canaccord Genuity analyst Austin Moeller downgraded Bioceres Crop Solutions Corp. from Buy to Hold, lowering the price target from $6.5 to $2.5, with shares closing at $2.24 [6] - Compass Point analyst Floris Van Dijkum downgraded BXP, Inc. from Buy to Neutral, setting a price target of $75, with shares closing at $72.40 [6] - UBS analyst Manav Gupta downgraded Hess Midstream LP from Buy to Neutral, reducing the price target from $45 to $43, with shares closing at $40.70 [6] - Berenberg analyst Fulvio Cazzol downgraded Coty Inc. from Buy to Hold, lowering the price target from $6.5 to $5.05, with shares closing at $4.25 [6] - Evercore ISI Group analyst Amit Daryanani downgraded HP Inc. from Outperform to In-Line, maintaining a price target of $29, with shares closing at $29.04 [6]

Group 1 - The article highlights the previous recommendation of Bioceres Crop Solutions Corp. (NASDAQ: BIOX) as a Buy, emphasizing the potential of its HB4 drought-resistant technology and the consistent regulatory approvals it has received [1] - The focus of the analysis is primarily on small- to mid-cap companies, which are often overlooked by investors, while also occasionally reviewing large-cap companies to provide a broader market perspective [1]

Core Viewpoint - Airbus is on track to deliver approximately 820 commercial aircraft in 2025 despite ongoing engine production delays impacting its capabilities [1][2]. Group 1: Production and Deliveries - Airbus has delivered 61 planes in August, totaling 434 deliveries for the year so far [2]. - Boeing delivered 57 planes in August and has a total of 385 deliveries for 2025, continuing to lag behind Airbus [2]. Group 2: Engine Supply and Challenges - The focus for Airbus remains on engine deliveries from CFM International and Pratt & Whitney, with positive expectations for the latter half of the year [2]. - Engine production delays have been a persistent issue for aircraft manufacturers, with RTX (owner of Pratt & Whitney) indicating that manufacturing defects will affect hundreds of engines through 2027 [3].

Financial Data and Key Metrics Changes - In Q4 2025, the company reported revenues of $74.7 million, a 40% decline year-over-year, primarily due to a winding down of the seed business and reduced demand for crop inputs in Argentina [6][7][8] - For the full fiscal year, revenues totaled $335.3 million, down 28% year-over-year, with declines across all segments [8][12] - Adjusted EBITDA for Q4 was -$4.5 million, down from $19.9 million the previous year, largely due to a $22.7 million reduction in gross profit [13][15] - Full-year EBITDA was $28.3 million, down from $81.4 million in FY24, reflecting a $54.6 million decline in gross profit [15][18] Business Line Data and Key Metrics Changes - In the seed segment, revenues were $63.9 million for the year, a reduction of 34%, attributed to the transition to a royalty-based model [9][12] - Crop protection revenues for the full year were $181.9 million, down 20%, with a strong decline in Argentina offset by growth in bioprotection in the U.S. and adjuvants in Brazil [8][12] - Crop nutrition revenues were $89.5 million, down 37% year-over-year, driven by lower microbiota fertilizer sales in Argentina [8][12] Market Data and Key Metrics Changes - The company experienced a significant decline in sales in Argentina due to adverse on-farm economics and reduced spending on agricultural inputs [5][6] - International sales of core technologies grew, with adjuvant sales in Brazil almost doubling and bioprotection products in the U.S. growing nearly 40% [7][8] Company Strategy and Development Direction - The company is focusing on cash generation and improving working capital management, targeting a running rate of 5 to 6 months of sales [19][20] - Cost structure adjustments are being accelerated, with targeted operating expense savings of around 10% to 12% [19][20] - The company aims to scale up biological initiatives and support key partners in Latin America while onboarding new partnerships in the U.S. and Australia [21][22] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in fiscal 2025, attributing them to a combination of macroeconomic shifts in Argentina and changes in the HB4 seed business strategy [4][5] - The company expects to improve EBITDA margins and progress towards a more robust balance sheet with a normalized agricultural input market in Argentina and continued growth in the U.S. and Brazil [20][22] Other Important Information - Total financial debt stood at $255.5 million, slightly lower than the previous quarter, reflecting repayments of unsecured public bonds and working capital loans [17][18] - Cash and cash equivalents totaled $34.6 million, resulting in a net financial debt of $220.8 million as of June 30, 2025 [18] Q&A Session Summary Question: What metrics should be focused on in the next six to nine months? - Management emphasized cash generation and profitability expansion as key metrics, with less priority on top-line growth under current circumstances [24][25] Question: Can you elaborate on cost savings initiatives? - Management indicated that cost savings of $3 to $3.5 million per quarter are expected, achieved through workforce streamlining and right-sizing capacities [29][31] Question: What was the gross profit from the Syngenta agreement in fiscal 2025? - Management clarified that the gross profit from Syngenta for the fiscal year was approximately $18 million, with no upfront payment recognized this year [34][36] Question: What is the outlook for the HB4 product? - Management highlighted a significant agreement with GDM to reposition HB4 technology for weed control, which is expected to generate revenues in the upcoming fiscal year [42][43] Question: How is the inventory situation in Argentina? - Management noted that inventory levels have been almost depleted, indicating a potential recovery in sales as planting needs arise [60][61]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported revenues of $74.7 million, a 40% decline year-over-year, primarily due to the winding down of the seed business and reduced demand for crop inputs in Argentina [6][8][9] - For the full fiscal year, revenues totaled $335.3 million, down 28% year-over-year, with declines across all segments [8][12] - Adjusted EBITDA for Q4 was -$4.5 million, down from $19.9 million the previous year, largely due to a $22.7 million reduction in gross profit [13][15] - Full-year EBITDA was $28.3 million, down from $81.4 million in FY24, reflecting a $54.6 million decline in gross profit [15][18] Business Line Data and Key Metrics Changes - In the seed segment, revenues were $63.9 million for the year, a reduction of 34%, attributed to the transition to a royalty-based model [9][12] - Crop protection revenues for the full year were $181.9 million, down 20%, with a strong decline in Argentina offsetting growth in bioprotection in the U.S. and adjuvants in Brazil [8][12] - Crop nutrition revenues were $89.5 million, down 37% year-over-year, driven by lower microbiota fertilizer sales in Argentina [8][12] Market Data and Key Metrics Changes - International sales of core technologies grew, with adjuvant sales in Brazil almost doubling and bioprotection products in the U.S. growing nearly 40% [7] - The company experienced a significant decline in sales in Argentina due to adverse on-farm economics and reduced spending on agricultural inputs [5][6] Company Strategy and Development Direction - The company is focusing on cash generation and improving working capital management, targeting a running rate of five to six months of sales [19][20] - Cost structure adjustments are being accelerated, with targeted operating expense savings of around 10%-12% [19][20] - The company aims to scale up biological initiatives and support key partners in Latin America while onboarding new partnerships in the U.S. and Australia [21][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in fiscal 2025, primarily due to macroeconomic shifts in Argentina and a lack of inventory incentives for clients [4][5] - The company expects to improve EBITDA margins and progress towards a more robust balance sheet with a normalized agricultural input market in Argentina and continued growth in the U.S. and Brazil [20][21] - Management emphasized the importance of cash generation and profitability expansion over top-line growth in the current environment [25][26] Other Important Information - Total financial debt stood at $255.5 million, slightly lower than the previous year, with cash and equivalents totaling $34.6 million [17][18] - The company is working closely with creditors to comply with financial obligations and manage upcoming debt maturities [20] Q&A Session Summary Question: What metrics should be focused on in the next six to nine months? - Management indicated that cash generation and profitability expansion will be key metrics, with less emphasis on top-line growth under current circumstances [25][26] Question: Can you elaborate on cost savings initiatives? - Management expects to achieve quarterly savings of $3 million-$3.5 million through workforce streamlining and right-sizing capacities [29][31] Question: What was the gross profit from the Syngenta agreement in FY2025? - The gross profit from the Syngenta agreement for FY2025 was approximately $18 million, down from $16 million in the previous year [35][37] Question: What efforts have been made regarding the HB4 product? - Management highlighted a key agreement in soybeans to reposition HB4 technology, which is expected to generate revenues in the upcoming fiscal year [43][44] Question: What is the current state of inventories in the channel? - Management noted that inventory levels in Argentina have been almost depleted, indicating a potential recovery in sales [62][63]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported revenues of $74.7 million, a 40% decline year-over-year, primarily due to a winding down of the seed business and reduced demand for crop inputs in Argentina [6][9][10] - For the full fiscal year, revenues totaled $335.3 million, down 28% year-over-year, with declines across all segments [9][10] - Adjusted EBITDA for Q4 was -$4.5 million, down from $19.9 million the previous year, largely due to a $22.7 million reduction in gross profit [14][16] - Full-year EBITDA was $28.3 million, down from $81.4 million in FY24, reflecting a $54.6 million decline in gross profit [16] Business Line Data and Key Metrics Changes - In the seed segment, revenues were $63.9 million for the year, a reduction of 34%, attributed to the transition to a royalty-based model [10] - Crop protection revenues for the full year were $181.9 million, down 20%, with a strong decline in Argentina offsetting growth in bioprotection in the U.S. and adjuvants in Brazil [9][10] - Crop nutrition revenues were $89.5 million, down 37% year-over-year, driven by lower microbiota fertilizer sales in Argentina [9][10] Market Data and Key Metrics Changes - International sales of core technologies grew, with adjuvant sales in Brazil almost doubling and bioprotection products in the U.S. growing nearly 40% [8] - The company noted a significant decline in sales in Argentina due to adverse on-farm economics and reduced spending on agricultural inputs [5][6] Company Strategy and Development Direction - The company is focusing on cash generation and improving working capital management, targeting a running rate of 5 to 6 months of sales [20] - Cost structure adjustments are being accelerated, with targeted operating expense savings of around 10% to 12% [20][21] - The strategy includes scaling up biological initiatives and supporting key partners in Latin America while onboarding new partnerships in the U.S. and Australia [22] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in fiscal 2025, particularly due to macroeconomic shifts in Argentina [4][5] - There is cautious optimism regarding the upcoming planting season in Argentina, with favorable weather conditions expected to drive input sales [54] - The company aims to improve EBITDA margins and strengthen its balance sheet in the coming years, preparing for the next growth phase [21][22] Other Important Information - Total financial debt stood at $255.5 million, slightly lower than the previous quarter, with cash and equivalents totaling $34.6 million [18] - The net debt-to-adjusted EBITDA ratio was reported at 7.8 times, reflecting a stable net debt but lower adjusted EBITDA [18] Q&A Session Summary Question: What metrics should be focused on in the next six to nine months? - Management emphasized cash generation and profitability expansion as key metrics, with less priority on top-line growth under current circumstances [24][26] Question: Can you elaborate on cost savings initiatives? - The company expects to achieve quarterly operating expense savings of $3 to $3.5 million through workforce streamlining and right-sizing capacities [29][30] Question: What is the current state of inventories held in the channel? - Management indicated that inventory levels in Argentina have been almost depleted, suggesting a potential recovery in sales [61][63] Question: What is the outlook for the HB4 product? - The company highlighted a significant agreement with GDM to reposition HB4 technology, which is expected to generate revenues in the upcoming fiscal year [42][44] Question: How should we think about the Syngenta revenue ramp? - Management expects the Syngenta revenue to ramp up in the current fiscal year, with $18 million gross profit reported for FY2025 [57][58]

Financial Performance - FY25 revenue decreased by 28% to $335 million, compared to $465 million in FY24[12] - Crop Nutrition revenue decreased by 34% from $96.4 million in FY24 to $63.9 million in FY25[17] - Crop Protection revenue decreased by 20% from $227.2 million in FY24 to $181.9 million in FY25[17] - Seed & Integrated Products revenue decreased by 37% from $89.5 million in FY24 to $53.2 million in FY25[17] - Gross profit decreased by 29% year-over-year, from $186.6 million in FY24 to $131.7 million in FY25[22] - Adjusted EBITDA decreased from $81.4 million in FY24 to $28.3 million in FY25[29] Cash Flow - Net cash flows generated by operating activities increased by 27% from $41.7 million in FY24 to $53.0 million in FY25[31] - Net cash flows used in financing activities increased by 390% from $(10.1) million in FY24 to $(49.3) million in FY25[31] Strategic Initiatives - The company is pivoting its seed business to focus on trait development and partnerships for market access[41] - The company is refocusing its biological portfolio to prioritize profitability over topline growth[42] - The company expects $10-12 million in cost savings from restructuring efforts to streamline SG&A expenses[43]