Burcon Announces Fiscal 2026 Results
Rhea-AI Summary
Burcon (OTCQB:BRCNF, TSX:BU) reported fiscal 2026 results for the year ended March 31, 2026, highlighting its shift to commercial production.
Revenue reached $2.3 million, up about 494% year-over-year, with a $14.3 million net loss, increased cash burn, new financings and a senior loan maturity extension.
AI-generated analysis. Not financial advice.
Positive
- Revenue grew to $2.3 million, approximately 494% higher year-over-year
- First commercial production and sales from Galesburg across pea, canola and fava proteins
- Double-digit sequential ingredient sales growth in last two fiscal 2026 quarters
- Commercial pipeline above 200 customer projects, over 30 customers purchasing ingredients
- R&D expenses decreased 65% and G&A expenses decreased 23% versus prior year
- Raised $4.0 million and $2.9 million gross via convertible debentures
- Extended first-tranche senior secured loan maturity to December 17, 2026
- $3.0 million undrawn capacity remaining on second tranche of senior secured loan
Negative
- Net loss widened to $14.3 million, or $1.12 per share
- Net cash used in operating activities increased to $9.2 million from $5.5 million
- Cost of sales increased by $8.5 million due to Galesburg startup and production
- Cash balance only $1.0 million with negative working capital of $10.6 million
- Senior secured loan interest set at 15% per annum on first tranche
- Working capital deficit driven by current classification of related-party senior secured loan
News Market Reaction – BRCNF
On the day this news was published, BRCNF declined 15.62%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Vancouver, British Columbia--(Newsfile Corp. - June 24, 2026) - Burcon NutraScience Corporation (TSX: BU) (OTCQB: BRCNF) ("Burcon" or the "Company"), a global technology leader in plant-based protein innovation, reported results for the fiscal year ended March 31, 2026.
"Fiscal 2026 marked Burcon's transition from technology development to commercial execution," said Kip Underwood, Chief Executive Officer of Burcon. "During the year, we commissioned our production facility, achieved first commercial production and sales across our pea, canola and fava protein platforms, secured commercial agreements and expanded our customer pipeline. We also experienced growing commercial adoption of our protein ingredients, reflected in increasing sales activity and customer engagement across multiple food and beverage categories. We believe these milestones demonstrate the scalability of our commercialization platform."
Fiscal 2026 Operational Highlights
During fiscal 2026, Burcon achieved several significant milestones that advanced the commercialization of its plant protein platform, including:
- Successfully integrated Burcon's proprietary protein extraction and purification technologies into the commercial-scale production facility in Galesburg, Illinois;
- Completed the commissioning and startup of the Galesburg production facility;
- Achieved first commercial production and sales of Peazzaz® pea protein, Puratein® C canola protein and FavaPro™ fava protein;
- Achieved double-digit sequential growth in ingredient sales during last two quarters of fiscal 2026;
- Advanced a commercial pipeline consisting of more than 200 customer projects under evaluation; and
- Completed a non-brokered private placement of convertible debentures for gross proceeds of
$4.0 million .
Subsequent to fiscal year-end, Burcon:
- Surpassed 30 customers purchasing Burcon ingredients;
- Completed the final tranche of its non-brokered private placement of convertible debentures, raising an additional
$2.9 million in gross proceeds; and - Extended the maturity date of the first tranche of the senior secured loan with Large Scale Investments Limited to December 17, 2026.
Management Commentary
Retirement of Randy Willardsen
Burcon also announced the retirement of Randy Willardsen, who has served as Senior Vice President, Process since 2001.
"Randy has played an important role in the development of Burcon's protein technologies and most recently in the successful commissioning of our Galesburg production facility," said Kip Underwood, Chief Executive Officer. "On behalf of the Board and the entire Burcon team, I thank Randy for his many contributions and wish him all the best in his retirement."
Mr. Willardsen will continue to support Burcon as a consultant as the Company advances its production capacity expansion initiatives.
Senior Secured Loan Amendment
On June 24, 2026, Burcon and Large Scale Investments Limited ("Lender") agreed to extend the maturity date of the first tranche under the loan agreement dated June 20, 2022 between the two parties. The maturity date of the first tranche has been extended to December 17, 2026. As well, as of June 24, 2026, the interest payable on the principal balance outstanding under the first tranche has been amended to fifteen percent (
Large Scale Investments Limited is wholly-owned by Firewood Elite Limited ("Firewood"), an insider and related party of Burcon. Firewood currently indirectly holds 1,867,197 common shares of Burcon ("Common Shares"), representing approximately
Financial Results (in Canadian dollars)
In the year ended March 31, 2026, Burcon generated revenue of
In fiscal 2026, the Company launched commercial production of its plant proteins at the Galesburg production facility and continued to scale production and sales. The Company reported net cash used in operating activities of
As at March 31, 2026, Burcon had
For full details on the Company's financial results, refer to the consolidated financial statements for the year ended March 31, 2026 and management's discussion and analysis for such period filed on SEDAR+ at www.sedarplus.ca.
Conference Call Details
Burcon will hold an investor conference call and webcast on Wednesday June 24, 2026 at 5:00pm ET.
A link to the webcast of the conference call is available on Burcon's website under "Presentations" or directly here. The webcast will also be archived for future playback.
Investors interested in participating in the live call can dial in using the details below:
Date: Wednesday June 24, 2026
Time: 5:00 p.m. Eastern time (2:00 p.m. Pacific Time)
Toll-free dial-in (North America): 1-800-717-1738
Dial-in (toll/international): 1-646-307-1865
Conference ID: 32594
About Burcon NutraScience Corporation
http://www.burcon.ca/
Burcon is a global technology leader in plant-based proteins for food and beverage applications. The Company has developed a portfolio of high-performance protein ingredients, including Peazzaz® pea proteins, FavaProTM fava proteins and Puratein® canola proteins, and is focused on commercializing its technologies through manufacturing partnerships and growing customer adoption worldwide.
Forward-Looking Information Cautionary Statement
The TSX has not reviewed and does not accept responsibility for the adequacy of the content of the information contained herein. This press release contains forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements or forward-looking information involve risks, uncertainties and other factors that could cause actual results, performances, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements or forward-looking information can be identified by words such as "anticipate," "aim", "intend," "plan," "goal," "project," "estimate," "expect," "believe," "future," "likely," "may," "should," "could," "will" and similar references to future periods. All statements included in this release, other than statements of historical fact, are forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements or information. Important factors that could cause actual results to differ materially from Burcon's plans and expectations include the implementation of our business model and growth strategies; trends and competition in our industry our future business development, financial condition and results of operations and our ability to obtain financing cost-effectively; potential changes of government regulations, and other risks and factors detailed herein and from time to time in the filings made by Burcon with securities regulators and stock exchanges, including in the section entitled "Risk Factors" in Burcon's annual information form for the year ended March 31, 2026 and its other public filings with Canadian securities regulators on SEDAR+ at www.sedarplus.ca. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements or information. Any forward-looking statement or information speaks only as of the date on which it was made, and, except as may be required by applicable securities laws, Burcon disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. Although Burcon believes the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance, and, accordingly, investors should not rely on such statements.
| Industry and Investor Contact Investor Relations and Communications Burcon NutraScience Corporation 490 - 999 West Broadway, Vancouver, BC, V5Z 1K5 Tel (604) 733-0896 info@burcon.ca www.burcon.ca | Media Contact: Steve Campbell, APR President Campbell & Company Public Relations Tel (604) 888-5267 |
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