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Bioceres Crop Solutions (BIOX) - 2025 Q2 - Quarterly Report
BIOXBioceres Crop Solutions (BIOX)2025-02-27 22:54
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Financial Performance - Total revenues in Q2 2025 were 106.7million,a24106.7 million, a 24% decline from the record 140.2 million in Q2 2024, primarily due to market contraction in Argentina[5] - Net income for Q2 2025 was 0.6million,withAdjustedEBITDAat0.6 million, with Adjusted EBITDA at 15.4 million, reflecting a 36% decrease from 24.1millioninQ22024[12]−CropProtectionrevenuesfellto24.1 million in Q2 2024[12] - Crop Protection revenues fell to 55.2 million, down 23% year-over-year, while Seed and Integrated Products revenues decreased by 28% to 23.3million[15]−GrossprofitforQ22025was23.3 million[15] - Gross profit for Q2 2025 was 45.1 million, a 12% decline from 51.5millioninQ22024,butgrossmarginimprovedfrom3751.5 million in Q2 2024, but gross margin improved from 37% to 42%[20] - Net Income for 2Q25 was 0.6 million, a decline of 50% compared to 1.2millionin2Q24,primarilyduetoloweroperatingprofitandrevenues[27]−AdjustedEBITDAdecreasedto1.2 million in 2Q24, primarily due to lower operating profit and revenues[27] - Adjusted EBITDA decreased to 15.4 million in 2Q25 from 24.1millionin2Q24,reflectingreducedgrossprofitinCropProtectionandnegativeimpactsfromjointventures[28]−Totalrevenuesfromcontractswithcustomersfellto24.1 million in 2Q24, reflecting reduced gross profit in Crop Protection and negative impacts from joint ventures[28] - Total revenues from contracts with customers fell to 106.8 million in 2Q25, down from 140.3millionin2Q24,indicatingasignificantrevenuedecline[45]−Grossprofitmarginimprovedto42140.3 million in 2Q24, indicating a significant revenue decline[45] - Gross profit margin improved to 42% in 2Q25 from 37% in 2Q24, despite lower overall gross profit[45] - The first half of FY25 revenues declined by 22% compared to the previous year, but the company did not lose market share[12] Strategic Changes - The company is exiting breeding and seed production to focus on trait development and partnerships, including an alliance with GDM for soybean solutions[5] - The strategic pivot in the seed business aims to enhance profitability and cash flows while transitioning to a more asset-light model[10] - The company is focused on expanding its biotech platform and developing next-generation Crop Nutrition and Protection solutions[34] Expenses and Liabilities - SG&A expenses increased by 6% to 33.2 million, primarily due to higher costs in Argentina related to macroeconomic conditions[25] - Research and Development expenses increased to 4.2millionin2Q25from4.2 million in 2Q25 from 3.6 million in 2Q24, highlighting a focus on innovation[26] - Total financial results were stable at 7.5millionin2Q25,withinterestexpensesrisingby687.5 million in 2Q25, with interest expenses rising by 68% to 5.5 million due to higher debt and market interest rates[29] - Total debt increased from 223millionin2023to223 million in 2023 to 238.3 million in 2024, with short-term debt rising to 119.2million[30]−Thecompanyreportedalossof119.2 million[30] - The company reported a loss of 5.6 million for the first half of 2025, compared to a loss of 1.4millioninthefirsthalfof2024[44]−Share−basedcompensationchargesdecreasedto1.4 million in the first half of 2024[44] - Share-based compensation charges decreased to 1.6 million in 2Q25 from 2.3millionin2Q24,reflectingcostmanagementefforts[44]AssetandEquityOverview−Totalcurrentassetsamountedto2.3 million in 2Q24, reflecting cost management efforts[44] Asset and Equity Overview - Total current assets amounted to 383.7 million, a decrease from 408.7million[46]−Totalliabilitieswerereportedat408.7 million[46] - Total liabilities were reported at 489.2 million, compared to 501.2millioninthepreviousperiod[46]−Non−currentliabilitiestotaled501.2 million in the previous period[46] - Non-current liabilities totaled 200.4 million, down from 171.9million[46]−Thecompany′sequityattributabletoownersoftheparentwas171.9 million[46] - The company's equity attributable to owners of the parent was 309.4 million, slightly down from 315.0million[46]−Cashequivalentsstoodat315.0 million[46] - Cash equivalents stood at 29.2 million, a decrease from 44.5million[46]−Financialassetsreceivabledecreasedto44.5 million[46] - Financial assets receivable decreased to 1.7 million from 2.2million,reflectingadeclineof22.72.2 million, reflecting a decline of 22.7%[46] - The company reported total assets of 835.2 million, down from 852.5million[46]−Currentliabilitieswerereportedat852.5 million[46] - Current liabilities were reported at 288.8 million, compared to 329.3millionpreviously[46]−Thecompany’stotalrevenuefromoperationswas329.3 million previously[46] - The company’s total revenue from operations was 5.9 million, an increase from $4.8 million, showing a growth of 22.9%[46]