Group 1 - Bioceres (BIOX) reported its 1Q26 results (3Q25 calendar), indicating ongoing challenges in revenue across all markets [1] - The company experienced improved gross margins, which somewhat offset the revenue challenges [1] - Significant reductions in operating expenses (OpEx) contributed to enhanced profitability [1]

Financial Data and Key Metrics Changes - Total revenues for Q1 2026 were $77.5 million, a 17% decline compared to the same period last year, primarily due to the transition towards a more scalable seed business model and lower-margin sales [8][9] - Gross profit remained almost equal at $36 million, with a gross margin expansion of 650 basis points, reflecting improved product mix and margin expansion [4][11] - Adjusted EBITDA for the quarter was $13.6 million, a 61% increase compared to $8.5 million in the same period last year, driven by a significant reduction in operating costs [12] Business Line Data and Key Metrics Changes - Crop protection revenues were $39.9 million, a 16% decline year-over-year, attributed to sluggish demand in Argentina and lower sales in the US and Brazil [8][9] - Seed and integrated products revenues were $12.6 million, a 37% decline compared to last year, expected to continue for at least two more quarters due to the unwinding of the HB4 downstream program [9][10] - Crop nutrition revenues were $25.1 million, broadly in line with last year, with higher biostimulant sales offset by weaker fertilizer dynamics [10] Market Data and Key Metrics Changes - Demand for microbe-based fertilizers improved in Argentina, particularly in terms of volume, supported by strong corn planting intentions, although delayed purchases in Paraguay and Uruguay offset these gains [10] - The company noted sluggish demand in Argentina for crop protection products, with tight credit conditions and uncertainty ahead of midterm elections impacting sales [9] Company Strategy and Development Direction - The company is focused on improving the quality of revenues, protecting margins, and operating with discipline while pursuing its core purpose of enabling better agriculture [5][6] - A target was set to operate above a 40% gross margin level, achieve profitability above 20% of adjusted EBITDA over sales, and reduce annual SG&A costs by $10-$12 million [6][12] Management Comments on Operating Environment and Future Outlook - Management acknowledged the complex operating environment but emphasized a disciplined approach to profitability, liquidity, and capital efficiency [16] - The company is actively managing liquidity and debt maturities while maintaining constructive dialogue with lenders [16] Other Important Information - Total financial debt as of September 30, 2026, was $242.5 million, down from $260.2 million, primarily due to the repayment of working capital loans in Argentina [14] - Cash, cash equivalents, and short-term investments totaled $16.6 million, resulting in a net financial debt of $225.9 million, essentially flat versus the prior quarter [16] Q&A Session Summary Question: Potential for imports from Argentina to the US post-election - Management noted that beef production and profitability in Argentina are high, and the low tariff classification could benefit the company in serving the US market with Argentine-manufactured ag input products [18] Question: Status of Corteva sales of biopesticides into Europe - Management indicated that there are currently no bioprotection products registered in Europe, but biostimulant sales have improved in Argentina and Latin America, with Corteva Europe sales expected later in the year [19]

Fiscal First Quarter 2026 November 2025 BIOCERES CROP SOLUTIONS Disclaimer Industry and Market Data This Presentation is for informational purposes only and does not constitute an offer or invitation to sell, a solicitation of an offer to buy, or a recommendation to purchase any equity, assets, business, debt or other financial instruments of the Company or any of its affiliates, and shall not form the basis of any contract, nor shall it be construed in any manner as a commitment on the part of any person t ...

分组1 - Bioceres Crop reported a quarterly loss of $0.12 per share, missing the Zacks Consensus Estimate of a loss of $0.04, and compared to a loss of $0.09 per share a year ago, indicating an earnings surprise of -200.00% [1] - The company posted revenues of $77.3 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 18.37%, and down from $92.6 million year-over-year [2] - Bioceres Crop shares have declined approximately 68.3% since the beginning of the year, contrasting with the S&P 500's gain of 16.4% [3] 分组2 - The current consensus EPS estimate for the coming quarter is $0.07 on revenues of $112.4 million, and for the current fiscal year, it is -$0.21 on revenues of $353 million [7] - The Agriculture - Operations industry, to which Bioceres Crop belongs, is currently ranked in the bottom 20% of over 250 Zacks industries, indicating potential challenges for stock performance [8]

Core Insights - Bioceres Crop Solutions reported total revenues of $77.5 million for the fiscal first quarter 2026, reflecting a 17% decline year-over-year due to a strategic shift away from low-margin sales [1][5][6] - The company experienced a net loss of $7.5 million, compared to a loss of $6.2 million in the same quarter last year, while Adjusted EBITDA increased by 61% to $13.6 million [1][8][6] Financial Performance - Total revenues decreased from $93.2 million in 1Q25 to $77.5 million in 1Q26, with significant declines in Crop Protection (down 16%) and Seed and Integrated Products (down 37%) [4][5] - Gross profit was $36.2 million, a 3% reduction from the previous year, but gross margin improved from 40.2% to 46.7%, indicating a more profitable product mix [4][5][7] - Operating profit for the quarter was $7.1 million, with Adjusted EBITDA showing a substantial increase of 61% year-over-year, reflecting improved margin quality and cost discipline [5][8] Management Commentary - CEO Federico Trucco emphasized the company's focus on improving revenue quality, protecting margins, and maintaining operational discipline, despite challenging conditions in Argentina [3] - The management is prioritizing actions to strengthen the capital structure and enhance financial flexibility while focusing on margin quality and working-capital efficiency [3] Market Conditions - The revenue decline was attributed to a planned reduction in low-margin sales and the timing of sales in certain Latin American markets, particularly Uruguay [6][8] - In Argentina, while there are signs of demand recovery for select products, the overall recovery remains gradual [6][8]

Financial Instruments - The aggregate principal amount of the Convertible Notes has increased to $67,868,227, bearing an annual interest rate of 15%, with maturity extended to August 31, 2027[44]. - The Non-Convertible Notes have an aggregate principal amount of $29,081,233, with an annual interest rate of 19% and require scheduled monthly amortization[44]. - As of June 30, 2025, $102.3 million from the Notes were reclassified as a current liability due to breaches of financial covenants[48]. - As of June 30, 2025, the company's total indebtedness was $260.2 million, with $222.0 million maturing in the fiscal year ending June 30, 2026[88]. - The company may incur a contingent purchase price of $17.3 million related to the acquisition of Rizobacter, depending on ongoing litigation outcomes[87]. Capital and Funding - The company may require additional capital to fund technology sourcing and product development projects, which could limit its ability to execute its business plan[50]. - The company may seek to issue additional equity securities, which could result in dilution to existing shareholders[52]. Product Development and Market Viability - The product development cycle for crop productivity products averages between five and twelve years, with no assurance of commercial viability[55]. - The company may not be successful in developing marketable technologies, which could adversely affect its financial condition and growth strategy[56]. - The company has transitioned from direct seed sales to a licensing-based model for its HB4 technology, which is expected to significantly influence future revenue streams[67]. - The exclusivity of the HB4 wheat licenses was extended worldwide as of May 16, 2025, but the company faces risks if the licensing agreement is declared unenforceable[64]. Regulatory and Compliance Risks - The company is subject to complex regulatory frameworks in key markets, including Argentina and the United States, which may impact the commercialization of its products[60][61]. - Regulatory approvals are necessary before genetically modified products can be commercialized, and delays or failures in obtaining these approvals could adversely affect operations[62][63]. - Compliance with Nasdaq listing standards may not be assured, potentially affecting trading volume and market price[46]. - The dynamic regulatory environment may affect future business operations and timelines, particularly in jurisdictions where the company has limited experience[59][62]. Operational Challenges - The company faces challenges in entering new joint ventures or collaborations due to a limited number of prospective partners in the market[69]. - The company may experience difficulties in collecting payments or royalties from licensees, which could adversely impact its financial condition[77][78]. - The integration of acquired businesses, such as Pro Farm and Rizobacter, may face challenges, including unexpected costs and difficulties in achieving anticipated revenue or profitability targets[84]. - The company may not realize the expected benefits and synergies from acquisitions, which could adversely affect its financial condition and operating results[82]. - The company faces risks associated with maintaining its subsidiary in Russia and compliance with international sanctions, which could materially affect its operations and financial performance[100]. Market and Economic Conditions - The company faces risks related to global economic conditions, including impacts from geopolitical conflicts and trade restrictions[40]. - Adverse global economic conditions, including inflation and geopolitical conflicts, may negatively impact product demand and profitability[99]. - The agricultural industry is susceptible to commodity price volatility, which may negatively affect the company's ability to commercialize products and maintain operating results[130]. - Fluctuations in commodity prices, such as grains and biofuels, could adversely affect the company's earnings and growers' purchasing decisions, impacting sales of proprietary technology products[103]. Competition and Industry Risks - The company faces intense competition in the crop productivity market, requiring continuous technological development and adaptation to maintain market position[122]. - Climate change and crop diseases pose risks to crop productivity, potentially leading to increased costs and decreased revenues[110][111]. Intellectual Property Risks - The company holds eight patents granted by the Russian Federation, which may no longer receive effective intellectual property protection due to a decree allowing use without compensation[157]. - The Argentine Patent Office has issued regulations that restrict the patentability of several categories of inventions in the agricultural field, impacting the company's ability to protect its technologies[164]. - The company faces risks related to the enforcement of its intellectual property rights in jurisdictions like China, where patent enforcement is historically weak[161]. - Changes in U.S. and Argentine patent law could diminish the value of patents, impairing the company's ability to protect its product candidates[162]. - The company relies on a combination of licensed patents, PVP, trademarks, and trade secret laws to protect its intellectual property, but technological advancements by competitors could reduce the competitiveness of its products[170]. Economic and Political Environment - The Consumer Price Index (CPI) in Argentina increased by 211% in 2023 and 117% in August 2024, with a year-on-year increase of 33.6% in 2025[179]. - The Argentine Peso depreciated by 354% against the U.S. dollar in 2023 and 27.37% in 2024, based on official exchange rates[195]. - High inflation and government intervention in Argentina could adversely affect the company's business and financial condition[176]. - The company is subject to political uncertainties in Argentina, including potential expropriation or nationalization of assets[193]. - The implementation of economic reforms under President Milei has led to a successful reduction of inflation and flexibilization of exchange controls[205]. Miscellaneous Risks - The company is vulnerable to cyber-attacks and system failures, which could disrupt operations and lead to reputational damage[144]. - Labor union disputes could arise, potentially distracting management and adversely affecting costs and operations[146]. - The company is subject to anti-corruption laws, and non-compliance could result in significant legal and financial repercussions[147]. - The company is classified as a "foreign private issuer" under SEC rules, allowing it to file less information than U.S. companies[151]. - The company prepares financial statements in accordance with IFRS and is not required to reconcile them to U.S. GAAP[151].

Core Insights - Bioceres Crop Solutions Corp. is a leader in developing and commercializing productivity solutions aimed at regenerating agricultural ecosystems and enhancing crop resilience to climate change [1] Company Information - The company will hold a conference call on November 13, 2025, at 8:30 a.m. Eastern Time to discuss its fiscal first quarter results for the period ending September 30, 2025 [1] - A press release detailing the financial results will be issued prior to the conference call [1]

Core Viewpoint - Bioceres Crop Solutions Corp is collaborating with the Colorado Wheat Research Foundation to commercialize a drought-tolerant genetically modified wheat variety, HB4, in the US, with USDA approval expected in August 2024 [1][2]. Group 1: Collaboration and Technology - The partnership aims to combine Bioceres' HB4 proprietary technology with the Colorado Wheat Research Foundation's expertise in US wheat innovation to create a next-generation wheat production system [3]. - HB4 technology includes a sunflower gene for drought tolerance and a gene from Streptomyces hygroscopicus for glufosinate herbicide tolerance [2]. Group 2: Adoption Timeline and Market Strategy - Analysts estimate that it will take at least 3-4 years for US farmers to adopt the new HB4 wheat variety [3]. - Bioceres will grant the Colorado Wheat Research Foundation exclusive sublicensable rights to the HB4 trait in the US, allowing broad access for third-party breeding programs and commercial channels [4]. Group 3: Regulatory and Market Access - Bioceres will lead all regulatory activities for the GM wheat variety, ensuring compliance with US Wheat Industry Principles for Biotechnology Commercialization and securing approvals in key export markets [6]. - The GM wheat trait will be available to any interested public or private wheat breeding program in the US through an open licensing model [6].

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]