Bioceres Crop Solutions (US:BIOX)2025-02-27 22:54Financial Performance - Total revenues in Q2 2025 were $106.7 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 $0.6 million, with Adjusted EBITDA at $15.4 million, reflecting a 36% decrease from $24.1 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 $23.3 million[15] - Gross profit for Q2 2025 was $45.1 million, a 12% decline from $51.5 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 $1.2 million in 2Q24, primarily due to lower operating profit and revenues[27] - Adjusted EBITDA decreased to $15.4 million in 2Q25 from $24.1 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 $140.3 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 $4.2 million in 2Q25 from $3.6 million in 2Q24, highlighting a focus on innovation[26] - Total financial results were stable at $7.5 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 $223 million in 2023 to $238.3 million in 2024, with short-term debt rising to $119.2 million[30] - The company reported a loss of $5.6 million for the first half of 2025, compared to a loss of $1.4 million in the first half of 2024[44] - Share-based compensation charges decreased to $1.6 million in 2Q25 from $2.3 million in 2Q24, reflecting cost management efforts[44] Asset and Equity Overview - Total current assets amounted to $383.7 million, a decrease from $408.7 million[46] - Total liabilities were reported at $489.2 million, compared to $501.2 million in the previous period[46] - Non-current liabilities totaled $200.4 million, down from $171.9 million[46] - The company's equity attributable to owners of the parent was $309.4 million, slightly down from $315.0 million[46] - Cash equivalents stood at $29.2 million, a decrease from $44.5 million[46] - Financial assets receivable decreased to $1.7 million from $2.2 million, reflecting a decline of 22.7%[46] - The company reported total assets of $835.2 million, down from $852.5 million[46] - Current liabilities were reported at $288.8 million, compared to $329.3 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]