Quarterly Revenue Growth
Total revenue for Q1 2026 was $8.5M, up 8% year-over-year from $7.9M in Q1 2025.
Improved Gross Margin
Gross profit was $5.0M, representing a 59% gross margin versus $4.6M and 58% in the year-ago quarter (≈ +1 percentage point).
Significant Cash Position Improvement
Cash, cash equivalents and bank deposits increased to $20.2M as of March 31, 2026, from $3.4M a year earlier (increase of $16.8M, ≈ +494%).
CDMO Technological and Commercial Milestones
Completed Stage 1 stable cell culture of a rare scent-producing plant and signed a Stage 2 contract for the fragrance program worth $1.2M; BioHarvest retains 20% ownership of compositions, creating a potential long-term royalty stream.
Saffron Program Advancement
Completed Stage 1 with Saffron Tech and advanced to Stage 2 after creating a stable saffron cell bank demonstrating key saffron actives (crocin, picrocrocin, safranal); planned production timing aligned with new facility capacity (targeted second half of 2027) and nutraceutical go-to-market expected as a dietary supplement.
CDMO Revenue Guidance and Pipeline
Reiterated 2026 total CDMO revenue guidance (including intercompany VINIA production) of $12M–$14M and additional project-driven revenue of $4M–$6M from a combination of existing and new projects; management expects 3–4 new projects in the near-term pipeline.
VINIA D2C Traction and Product Momentum
VINIA has >90,000 active users and cumulative VINIA-based sales near $100M; VINIA Blood Flow Hydration reached ~ $1M in sales since late November launch, is the #2 contributor to incremental new-customer sales (20% of new-customer revenue YTD on vinia.com and Amazon), and has an average rating of 4.7/5 across ~160 verified reviews.
D2C 2026 Guidance
D2C revenue guidance for 2026 remains $38M–$42M with projected adjusted EBITDA profit of $0.5M–$2M.
Adjusted EBITDA Stability
Company reported an adjusted EBITDA loss of $1.2M for Q1 2026, in line with the prior-year period; CDMO adjusted EBITDA loss improved to $904K from $953K year-over-year (≈ -5.1%).