Bioceres Crop Solutions Corp. reported fiscal first‑quarter 2026 results that showed a 17% decline in total revenue to $77.5 million, driven by a 37% drop in its seed and integrated products segment to $12.6 million and a 16% decline in crop protection sales to $39.9 million. Crop nutrition revenue was essentially flat, falling only 2% to $25.1 million. Gross profit fell 3% to $36.2 million, but the company’s gross margin expanded from 40.2% to 46.7%, reflecting a shift toward higher‑margin biological platforms and tighter cost control. Operating expenses were trimmed, with selling, general and administrative costs falling 20% year‑over‑year, which helped lift adjusted EBITDA to $13.6 million—a 61% increase from $8.5 million in the same period last year. The company posted a net loss of $7.5 million, up from a $6.2 million loss, largely due to higher financial costs and tax accruals.
The revenue decline is largely a consequence of Bioceres’ strategic pivot away from a capital‑intensive seed business toward a royalty‑based model. The seed and integrated products segment, which has historically been a significant revenue driver, has been deliberately scaled back as the company focuses on high‑margin biological solutions such as RinoTec and UBP. Crop protection sales also fell, reflecting broader market softness and competitive pricing pressures. Argentina, a key market for the company, remains challenging, with weaker demand and higher input costs contributing to the flat crop nutrition revenue and the overall revenue contraction.
Margin expansion is driven by a combination of a more profitable product mix and disciplined cost management. The gross margin jump to 46.7% from 40.2% is largely attributable to the higher contribution from biological platforms and the reduction in lower‑margin seed sales. Operating expenses were reduced by $5.9 million, and SG&A costs fell 20% YoY, underscoring the company’s focus on cost discipline. These measures have helped the company maintain profitability in a period of revenue decline.
Adjusted EBITDA growth of 61% to $13.6 million demonstrates that the company’s cost‑control initiatives are paying off, even as revenue contracts. The widening net loss to $7.5 million reflects higher financial costs and tax accruals, but the company’s improved operating performance and margin expansion suggest a stronger balance sheet and a more capital‑efficient path forward. The company’s focus on high‑margin biological solutions is expected to drive future profitability as the seed business continues to wind down.
CEO Federico Trucco said the quarter “reflects clear progress on the priorities we set for the year: improve the quality of revenues, protect margins, and operate with discipline.” He added that the company is “prioritizing actions that strengthen our capital structure and enhance financial flexibility.” Head of Investor Relations Paula Savanti noted that the revenue decline “reflects to a large degree the strategy communicated in previous quarters, transitioning our seed business toward a more scalable and capital‑efficient model and deprioritizing lower‑margin working‑capital‑intensive sales.” She also highlighted the 47% gross margin and the $5.9 million reduction in operating costs as evidence of the company’s disciplined execution.
Analysts had expected a loss of $0.04 per share and revenue of $77.8 million. Bioceres reported a loss of $0.12 per share, missing the consensus by $0.08, and revenue of $77.5 million, falling 18.4% below expectations. The market reaction was mixed, with some investors focusing on the revenue miss and widening net loss, while others highlighted the margin expansion, cost discipline, and the company’s strategic shift toward higher‑margin biological platforms as positive indicators for the long‑term trajectory.
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