BioHarvest Sciences Inc. reported strong financial results for the fourth quarter and full year ended December 31, 2024. Q4 2024 revenue increased 62% year-over-year to $7.3 million, exceeding prior guidance, while full-year 2024 revenue reached $25.2 million, representing a 99% year-over-year increase.
Gross profit for Q4 increased 80% to $4.1 million, or 56.7% of total revenue, up from 50.7% in Q4 2023. Full-year gross margins improved by 1,000 basis points to 55%. The net loss for Q4 2024 narrowed to $3.0 million, or $0.17 per share, compared to $7.2 million, or $0.53 per share, in the prior year quarter.
Adjusted EBITDA loss for Q4 2024 improved to $1.8 million from $2.4 million in Q4 2023. The company raised $3.9 million in debt financing subsequent to quarter-end. Management expects Q1 2025 revenue of at least $7.8 million and reiterated its target of achieving adjusted EBITDA breakeven in the second half of 2025.
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