Stonegate Updates Coverage on Burcon Nutrascience Corporation (BU) FY26 Q3

Core Insights - Burcon Nutrascience Corporation has transitioned from development-stage operations to commercial scale with its Galesburg production facility, achieving 3Q26 revenue of $739,000, which reflects approximately 107% quarter-over-quarter growth driven by protein sales and production activity [1] - The company entered CY2025 without a production facility but met its revenue target by the end of the year, highlighting the rapid commercialization following Galesburg's launch [1] - Management has established staffing and infrastructure, allowing for incremental volume growth with limited additional fixed costs, which supports operating leverage as throughput increases [1] - Approximately 65-70% of expected growth is tied to existing customers, with over 200 active projects in the pipeline, indicating a strong foundation for recurring revenue expansion [1][6] Revenue Performance - Burcon's revenue increased by 1,100% year-over-year, showcasing significant growth potential [6] - The company anticipates double-digit revenue growth in CY26, further indicating a positive outlook for future performance [6]