Bioceres Crop Solutions Corp. reported its financial results for the fiscal fourth quarter and full-year ended June 30, 2025, highlighting a challenging period. For 4Q25, total revenues were $74.7 million, a 40% year-over-year decline, resulting in a net loss of $48.0 million and negative Adjusted EBITDA of $4.5 million.
Full-year fiscal 2025 revenues totaled $335.3 million, down 28% from FY24, with a net loss of $55.2 million and Adjusted EBITDA of $28.3 million, a 65% decrease. The declines were attributed to weaker demand in Argentina, lower HB4-related sales due to the business model transition, and a less favorable product mix.
Despite the significant drop in profitability, the company generated $29.9 million in operating cash flow in 4Q25, up 28% year-over-year, and $53.0 million for the full year, up 27%. This underscores a focus on cash discipline amid the challenging environment.
In response to the headwinds, Bioceres accelerated adjustments to its cost structure, targeting operating expense savings of 10-12%, equivalent to approximately $3 million to $3.5 million per quarter. The company also reduced incremental CapEx and R&D investments by 50%, aiming for 2.5% to 3% of sales for fiscal years 2026 and 2027, without impacting near-term growth.
As of June 30, 2025, total financial debt stood at $255.5 million, with a net financial debt of $220.8 million, leading to a net debt to adjusted EBITDA ratio of 7.8x. The company amended note purchase agreements to extend convertible note maturities and made related changes to its Board composition. A search for a new CFO is underway following Enrique Lopez Lecube’s departure, and the CCO role is being re-engineered.
Management is targeting a 40% gross margin and a 22% EBITDA margin over time, assuming a normalized agricultural input market in Argentina and continued positive momentum in the U.S. and Brazil. The diversification strategy aims to reduce Argentina's contribution to half of the top line over the next three years.
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