Financial Performance - For the nine-month period ended September 30, 2025, the company reported revenues of $25,442,000, a 42% increase compared to $17,910,000 for the same period in 2024[6] - The gross profit for the nine-month period was $15,251,000, representing a 55% increase from $9,819,000 in the prior year[6] - Operating loss for the nine-month period was $4,454,000, a decrease from $5,302,000 in the same period of 2024[6] - The Company incurred a net loss of $2,513 for the three months ended September 30, 2025, and a comprehensive loss of $8,931 for the nine months ended September 30, 2025[87][89] - The Company recognized a segment loss of $4,454 for the nine months ended September 30, 2025, with the Products segment loss at $4,051 and CDMO Services at $403[89] Cash Flow and Liquidity - The company had cash and cash equivalents of $10,966,000 as of September 30, 2025, significantly up from $2,390,000 at the end of 2024[4] - The company incurred negative cash flows from operating activities of $4,974,000 for the nine-month period ended September 30, 2025[12] - The net proceeds from the Equity Offering and other events are expected to significantly strengthen the Company's liquidity position and support ongoing operations[25] Equity and Financing - The company completed an equity offering in September 2025, resulting in net proceeds and debt reduction of approximately $14,202,000[22] - The Company completed a Public Offering on November 10, 2025, resulting in gross proceeds of approximately $19.93 million and net proceeds of approximately $18.44 million after deductions[24] - The Company borrowed $1.68 million from private investors during the nine-month period ended September 30, 2025, with interest rates of 16% and 20%[52] - The outstanding balance of short-term loans as of September 30, 2025, is $3.08 million, with $678,000 at a 16% interest rate and $2.40 million at a 20% interest rate[52] - The Company issued 1,146,474 common shares as a result of the conversion of convertible loans, increasing share capital by $7.09 million[43] - The Company extended 503,033 Early Conversion Warrants and 257,143 Major Investor Warrants for an additional 24 months as part of its financing strategy[60] Revenue Segmentation - For the nine months ended September 30, 2025, total revenues were $25,442, with the Products segment at $24,134 and CDMO Services at $1,308[89] - For the three months ended September 30, 2025, external revenue from North America was $7,836 million, compared to $6,009 million in 2024, indicating an increase of 30.4%[96] - For the nine months ended September 30, 2025, external revenue from North America was $22,609 million, up from $16,321 million in 2024, representing a growth of 38.5%[91] - The Company has no single customer contributing 10% or more of total revenue for the three and nine months ended September 30, 2025, and 2024[92] Assets and Deficits - The company's accumulated deficit as of September 30, 2025, reached $105,349,000, up from $96,418,000 at the end of 2024[4] - The total assets increased to $35,188,000 as of September 30, 2025, compared to $25,001,000 at the end of 2024[4] Operational Focus - The Company is focused on developing therapeutic solutions using its Botanical Synthesis Platform Technology, which allows for the production of active ingredients without traditional agriculture[19] - The Company has not experienced any material impact on operations due to recent geopolitical events as of the date of the financial statements[31] Shareholder Actions - As of September 30, 2025, the Company issued and outstanding common shares increased to 19,616,380 from 17,327,716 as of December 31, 2024[42] - The Company granted 78,712 options at an exercise price of $9.00 and 18,572 options at $8.30 during the period, with total values of $284 and $79 respectively[48] - The exercise price of certain warrants was reduced from $7.77 and $11.52 to $6.50 per share as part of the Equity Offering[43] - The Company issued 1,786 common shares on October 14, 2025, from employee and consultant options, generating proceeds of $9 million[96] - Following September 30, 2025, the Company issued 189,279 common shares from warrant exercises, resulting in proceeds of $1,108 million[96]
BioHarvest Sciences Inc(BHST) - 2025 Q3 - Quarterly Report