BioHarvest Sciences Inc. issued a shareholder letter on January 8, 2025, with CEO Ilan Sobel reflecting on 2024 as a "year of transformation and growth." Key highlights included the launch of the Contract Development and Manufacturing Organization (CDMO) Services division, anchored by the partnership with Tate & Lyle.
The company reported cumulative VINIA coffee sales of $1.6 million by December 2024 and announced plans for further product diversification. This includes the launch of Nespresso-compatible coffee pods and K-Cup compatible tea pods in Q1 2025, followed by VINIA Super-Chews in Q2 2025.
Strategic investments in 2024 included the acquisition of an 80,000 square foot corporate campus in Yavneh, Israel, to consolidate offices, expand CDMO R&D, and increase production capacity up to four times. Digitization of the production process improved gross margins from 44% in Q3 2023 to 56% in Q3 2024, with projections to reach over 60% in 2025. The successful uplisting to Nasdaq was also highlighted as a major capital markets milestone.
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