MustGrow Biologics (MGRO) AI Stock Analysis

• Market Cap: C$43.55M
• Dividend Yield: N/A
• Average Volume (3M): 27.52K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.15
• Revenue Growth: 51.04%
• EPS Growth: -2521.74%
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Agricultural Inputs
• EPS (TTM): -0.04
• Shares Outstanding: 58,854,360
• 10 Day Avg. Volume: 43,344
• 30 Day Avg. Volume: 27,516
• PEG Ratio: -0.02
• Price to Book (P/B): 27.35
• Price to Sales (P/S): 149.08
• P/FCF Ratio: -16.58
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 51 Neutral
• Price Target: C$0.71 ▼(-3.51% Downside)

The score is held down primarily by weak financial performance—deep losses and significant negative free cash flow—despite modest leverage. Technicals are a relative bright spot with improving short- to mid-term momentum, but valuation remains pressured by negative earnings and no indicated dividend support.

Positive Factors

Revenue Growth

Sustained double-digit TTM revenue growth indicates product traction and expanding market adoption of MustGrow's offerings. Durable top-line expansion supports scaling, channel development, and justifies continued commercial investment, provided the company can translate revenue into improved unit economics over time.

Modest Leverage

A conservatively levered balance sheet provides financial flexibility to fund operations, R&D, or commercialization without immediate solvency pressure. Lower debt reduces near-term default risk and gives management room to pursue strategic investments or bridge financing while addressing operating losses.

Favorable Structural Market

MustGrow's bio-based crop protection aligns with long-term industry trends toward sustainable, non-chemical inputs and regulatory scrutiny of fumigants. Structural demand for biologicals can expand the addressable market and create durable adoption tailwinds if the company's technology proves scalable and cost-competitive.

Negative Factors

Negative Cash Flow

Deeply negative operating and free cash flows signal persistent cash burn and reliance on external funding. This constrains the firm's ability to scale manufacturing, sales, and regulatory activities, increases dilution risk, and elevates execution risk if cash generation doesn't improve within the next several quarters.

Compressed Gross Margins

Sharply compressed gross margins undermine the economics of product sales and limit internal funding for SG&A and R&D. Even with revenue growth, margin pressure reduces the likelihood of sustainable profitability and forces difficult trade-offs between price competitiveness and long-term margin restoration.

Volatile Negative Earnings

Persistent, volatile net losses point to an unstable operating model and execution risk. Unpredictable earnings make strategic planning and forecasting difficult, elevate the cost of capital, and may impede the company's ability to secure patient financing while it seeks to stabilize margins and cash generation.

MustGrow Biologics Business Overview & Revenue Model

Company Description

MustGrow Biologics Corp., an agricultural biotech company, focuses om development and commercialization of natural biopesticide, biofumigants, and bioherbicides derived from mustard seed. It provides preplant soil biofumigation, a technology to treat soil-borne diseases and pests for various crops, including fruit, vegetables, and other crops. The company is also developing bioherbicide to treat unwanted plant growth for use in organic agriculture, home, and garden markets, as well as agriculture markets; and postharvest food preservation, an application in sprout, disease, and pathogen treatment for storage and food preservation markets. In addition, it focuses on providing CannaPM, an active ingredient to treat fungal soil diseases, as well as foliar diseases. The company was formerly known as Duport Capital Ltd. and changed its name to MustGrow Biologics Corp. in March 2018. MustGrow Biologics Corp. was incorporated in 2014 and is headquartered in Saskatoon, Canada.

How the Company Makes Money

MustGrow Biologics generates revenue primarily through the commercialization and licensing of its proprietary biopesticide and bioherbicide technologies. The company collaborates with agricultural firms and farmers to implement its solutions, earning revenue from product sales and usage agreements. MustGrow also engages in partnerships with other agribusiness companies to co-develop and distribute products, enhancing its market reach and revenue potential. Additionally, the company may secure research and development funding from governmental and non-governmental entities interested in sustainable agricultural innovations.

MustGrow Biologics Financial Statement Overview

Summary

Revenue is up strongly in TTM, but profitability is very weak with sharply compressed gross margin, deep operating losses, and a large net loss versus sales. Cash flow is a major concern with deeply negative operating and free cash flow, implying continued reliance on external funding if burn persists. The balance sheet is modestly levered, offering some flexibility, but ongoing losses dominate the risk profile.

Income Statement

TTM (Trailing-Twelve-Months) revenue is up strongly versus the prior annual period, but profitability is very weak: gross margin compressed sharply and the company is running deep operating losses with a very large net loss relative to sales. While the business has shown the ability to generate revenue at times (notably in 2023 and again in TTM), earnings remain consistently negative and volatile year-to-year, indicating an early-stage or unstable operating model.

Balance Sheet

Leverage is modest with low debt relative to equity, which provides some financial flexibility. However, shareholder returns are materially negative, reflecting sustained losses, and equity has not translated into profitable operations. Overall, the balance sheet looks conservatively levered, but the key risk is ongoing losses rather than excessive debt.

Cash Flow

Cash generation is a major weakness: TTM (Trailing-Twelve-Months) operating cash flow and free cash flow are deeply negative and have deteriorated versus the prior annual period. Free cash flow roughly tracks net losses, suggesting limited cash-flow offset from non-cash items and an ongoing reliance on external funding if current burn persists.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	7.54M	398.02K	4.71M	6.48K	12.87K	0.00
Gross Profit	1.33M	300.75K	4.33M	6.48K	12.87K	0.00
EBITDA	-6.26M	-5.11M	-676.94K	-5.56M	-3.01M	-3.26M
Net Income	-6.37M	-4.89M	-676.94K	-5.57M	-3.06M	-3.36M
Balance Sheet
Total Assets	6.06M	5.42M	6.94M	7.13M	9.70M	3.37M
Cash, Cash Equivalents and Short-Term Investments	3.28M	3.00M	6.82M	7.02M	9.62M	3.31M
Total Debt	583.73K	517.99K	759.33K	759.33K	749.27K	902.24K
Total Liabilities	3.15M	3.25M	1.35M	1.90M	1.25M	1.05M
Stockholders Equity	2.91M	2.17M	5.58M	5.24M	8.46M	2.32M
Cash Flow
Free Cash Flow	-4.79M	-3.58M	-294.76K	-3.26M	-2.41M	-2.58M
Operating Cash Flow	-4.77M	-3.58M	-294.76K	-3.26M	-2.41M	-2.58M
Investing Cash Flow	-21.63K	0.00	0.00	0.00	0.00	0.00
Financing Cash Flow	4.48M	-241.34K	95.75K	653.75K	8.72M	1.86M

MustGrow Biologics Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.74
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:MGRO, the sentiment is Neutral. The current price of 0.74 is above the 20-day moving average (MA) of 0.68, above the 50-day MA of 0.64, and below the 200-day MA of 0.77, indicating a neutral trend. The MACD of 0.04 indicates Negative momentum. The RSI at 55.30 is Neutral, neither overbought nor oversold. The STOCH value of 42.16 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:MGRO.

MustGrow Biologics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NTR	75 Outperform	$45.31B	18.25	7.22%	3.52%	2.67%	154.37%
PLAN	74 Outperform	C$42.26M	13.05	21.19%	―	4.44%	156.52%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
NPK	53 Neutral	C$77.95M	-7.01	-37.27%	―	-36.30%	10.13%
MGRO	51 Neutral	C$43.55M	-6.14	-198.96%	―	51.04%	-2521.74%
GSP	50 Neutral	C$36.06M	-12.12	-28.86%	―	―	35.92%

MustGrow Biologics Corporate Events

MustGrow Raises $2 Million to Expand Inventory for TerraSante and NexusBioAg Platform

MustGrow Biologics has closed a non-brokered listed issuer financing exemption private placement, raising $2 million through the sale of 4 million units at $0.50 each, with each unit comprising one common share and one five-year warrant exercisable at $0.70. The funds will be directed toward inventory production of its mustard-derived organic biofertility product TerraSante, inventory to support sales via its Canadian distribution platform NexusBioAg, and general working capital, reinforcing the company’s commercial rollout and product availability in sustainable agriculture markets, subject to final TSX Venture Exchange approval.

The most recent analyst rating on (TSE:MGRO) stock is a Hold with a C$0.68 price target. To see the full list of analyst forecasts on MustGrow Biologics stock, see the TSE:MGRO Stock Forecast page.

MustGrow Seeks Up to $2 Million in LIFE Financing to Scale Organic Agri-Input Inventory

MustGrow Biologics has launched a non-brokered listed issuer financing exemption (LIFE) private placement of up to 4 million units at $0.50 per unit, aiming to raise as much as $2 million, with each unit comprising one common share and a five-year warrant exercisable at $0.70. The company plans to use the proceeds to ramp up inventory production of its TerraSante mustard-derived organic biofertility product, build inventory for agricultural products sold via its NexusBioAg distribution platform, and fund working capital, with the offering subject to TSX Venture Exchange approval and compliant insider participation rules under MI 61-101, signalling a push to scale commercialization and strengthen its position in the sustainable agri-inputs market.

The most recent analyst rating on (TSE:MGRO) stock is a Hold with a C$0.60 price target. To see the full list of analyst forecasts on MustGrow Biologics stock, see the TSE:MGRO Stock Forecast page.

MustGrow Shifts to Commercial Phase as TerraSante Demand Surges and Capacity Expands

MustGrow Biologics’ CEO reports that 2025 marked a shift from product development to commercialization, led by accelerating demand for its mustard-derived TerraSante biofertility product in the U.S. and initial sales through NexusBioAg in Canada. TerraSante has shown strong on-farm performance, including materially higher potato yields and quality with attractive return on investment, prompting the company to ramp up manufacturing capacity via Asian contract producers and plan dedicated, continuous production lines expected to enhance margins. Management also notes growing global interest from sales and distribution groups seeking to register TerraSante as a biofertility or biostimulant in other countries, positioning 2026 as a year of potentially significant sales growth and margin expansion, while the company advances TerraMG biopesticide registration efforts in Canada and the U.S. to build a broader biological crop input portfolio.

MustGrow Biologics Achieves Breakthrough in Potato Yield with TerraSanteTM

MustGrow Biologics has reported significant success with its TerraSanteTM biofertility product in large-scale potato field trials in Washington State and Idaho. The trials demonstrated a notable increase in potato yield, size, and quality, resulting in an estimated US$5,000 increase in value per acre at a cost of only US$180 per acre for TerraSanteTM. The product also showed substantial benefits to soil health when used alongside existing grower programs, aligning with MustGrow’s focus on improving soil and ecological health through its mustard-derived technologies.

MustGrow Biologics Achieves Record Q3-2025 Financial Results

MustGrow Biologics Corp. reported record Q3-2025 financial results, with sales revenue reaching $0.8 million, marking a significant improvement from no revenue in the same quarter of the previous year. The company’s gross profit margin increased to 22.9%, driven by higher margin product sales through its NexusBioAg division. MustGrow is optimistic about stronger sales in Q4 and Q1-2026 as farmers prepare for the upcoming growing season, and it continues to focus on revenue growth through its Canadian and U.S. business operations.