Stonegate Updates Coverage on Burcon Nutrascience Corporation (BU) FY26 Q1

Core Insights - Burcon Nutrascience Corporation has made significant advancements in its commercialization strategy during Q1 FY26, achieving first commercial production of Peazazz® C pea protein and launching FavaPro fava protein [1][6] - The company entered into a multi-year production agreement worth $6.8 million, which supports its revenue target of $1-3 million for 2025 [1][6] - The Galesburg facility utilizes Burcon's proprietary protein technologies, allowing for scalable production across various plant-based proteins, addressing a total addressable market for pea protein estimated between $215 million to $392 million [1][6] Financial Performance - Revenue for Q1 FY26 increased by 44% year-over-year, reaching $0.34 million [6] - Startup costs associated with the Galesburg facility have impacted margins, with expenses now stabilizing at "new normal" levels [6]