Bioceres Crop Solutions Corp. announced its financial results for the fiscal first quarter ended September 30, 2024, reporting total revenues of $93.3 million, a 20% decrease from $116.6 million in the prior year. The company recorded a net loss of $5.3 million, compared to a net loss of $2.7 million in the same period last year, and Adjusted EBITDA declined by 48% to $8.5 million from $16.3 million.
The downturn was primarily attributed to a slower-than-usual start to the high season and challenging market conditions in Argentina, driven by unfavorable weather and a shift of corn acreage into soybeans. Despite these pressures, the company's gross profit for the quarter was $37.5 million, a 17% decline, but the overall gross margin improved to 40.2% from 38.6% due to a strategic focus on higher-margin products and more favorable cash conversion cycles.
In a positive development, Bioceres' RinoTec technology received the EPA's Green Chemistry Challenge Award in the Design of Safer and Degradable Chemicals category. Additionally, HB4 soy achieved regulatory clearance for cultivation in Uruguay and Bolivia, expanding its production approval footprint by 2 million hectares. This makes HB4 soy the second most broadly approved soybean GMO event globally, with a total cultivation approval footprint of 100.4 million hectares.
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