Stonegate Capital Partners Updates Coverage on Burcon Nutrascience Corporation (BU) FY26 Q2

Core Insights - Burcon Nutrascience Corporation has made significant advancements in commercialization, achieving first commercial production and sales of Puratein® C canola protein and FavaPro fava protein in Q2 FY26 [1][7] - The company recorded revenues of $0.36 million in Q2 FY26, representing a 783% increase compared to the same period last year, driven by initial protein sales and contract manufacturing [7] - Burcon received over $500,000 in commercial sales orders after the quarter-end, indicating growing demand as customers transition from evaluations to purchase orders [1][7] Company Developments - The Galesburg facility has successfully initiated commercial production of multiple proteins, including Puratein® C and FavaPro, while scaling Peazazz® C pea protein [1] - The company has strengthened its financing through up to $4.0 million in unsecured convertible debentures and a $0.7 million short-term loan, with at least $2.0 million of insider participation [7] - Operational flexibility allows Burcon to quickly meet evolving customer needs with consistent quality [1]