Burcon Announces Fiscal 2026 Second Quarter Results
Rhea-AI Summary
Burcon (OTCQB: BRCNF) reported fiscal Q2 results for the period ended September 30, 2025, highlighting first commercial production and sales of Puratein C canola and FavaPro fava proteins and expanded production of its pea protein.
Financials: Q2 revenue was $357,000 and six‑month revenue was $699,000 (up 783% and 152% vs prior year). Net loss was $7.1M (or $0.56/share); net cash used in operations was $4.6M. Cash on hand was $1.8M with a negative working capital of $8.2M. Post‑period items include >$500,000 in commercial orders, a $0.7M short‑term loan and a $4M convertible debenture offering.
AI-generated analysis. Not financial advice.
Positive
- Q2 revenue of $357,000 (783% increase YoY)
- Six‑month revenue of $699,000 (152% increase YoY)
- First commercial production and sales of Puratein C and FavaPro
- Post‑quarter commercial orders in excess of $500,000
- Announced up to $4.0M convertible debenture financing
Negative
- Net loss of $7.1M or $0.56 per share for six months
- Net cash used in operations of $4.6M in six months
- Cash balance of only $1.8M at September 30, 2025
- Negative working capital of $8.2M as at September 30, 2025
- Cost of sales increased by $3.5M due to Galesburg startup and production
News Market Reaction – BRCNF
On the day this news was published, BRCNF declined 12.82%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Vancouver, British Columbia--(Newsfile Corp. - November 12, 2025) - 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 second quarter ended September 30, 2025.
"Protein sales are gaining momentum as customers complete evaluations and transition to purchase orders," said Kip Underwood, Burcon's chief executive officer. "With recent production runs committed to multiple customers, we are reaffirming our calendar 2025 revenue target of
Operational highlights for the second quarter ended September 30, 20251:
During the quarter, Burcon:
- Achieved first commercial production and sales of Puratein® C canola protein;
- Achieved first commercial production of FavaPro™ fava protein;
- Advanced its robust customer pipeline of 200+ projects under evaluation; and
- Showcased entire protein portfolio at 2025 IFT FIRST Annual Event & Expo
Subsequent to the quarter-end, Burcon:
- Received in excess of
$500,000 in commercial sales orders for its next generation proteins; - Achieved first commercial sale of FavaPro™ fava protein;
- Announced a non-brokered private placement of convertible debentures for
$4 million ; and - Executed short-term loan agreement with entity related to a director of Burcon
Management Commentary
Fiscal 2026 second quarter was marked by strong operational execution and growing commercial traction for Burcon's portfolio of plant-based proteins. The team at Galesburg successfully commercialized Burcon's technology through the production of canola and fava protein. With a diversified portfolio of high-performance, functional protein ingredients, Burcon is well-positioned to meet increasing customer demand across the food, beverage, and lifestyle nutrition sectors.
With over 200 active customer projects, many of which have recently completed or are in their final stages of evaluation, Burcon expects demand to scale rapidly and transition into recurring commercial sales. Recent production runs have been largely allocated to entrepreneurial and innovative food and beverage companies. The Company is focused on delivering consistent, high-quality protein products and converting its expanding customer pipeline into ongoing revenue growth.
Subsequent to quarter-end, Burcon received commercial sales orders in excess of
Looking ahead, Burcon remains focused on executing its commercialization strategy, strengthening customer partnerships, and scaling production to meet growing global demand. With strong market validation, a diversified portfolio of differentiated proteins, and a clear path to recurring revenue growth, Burcon is on track to achieve its calendar 2026 revenue target of
Financial Results
In the three and six months ended September 30, 2025, Burcon generated revenue of
In the six months ended September 30, 2025, the launched commercial production of FavaProTM fava protein and Puratein® C canola protein and scaled production of its Peazazz® C pea protein. The Company reported net cash used in operating activities of
As at September 30, 2025, Burcon had
For full details on the Company's financial results, refer to the financial statements for the three and six months ended September 30, 2025 and management's discussion and analysis for such period filed on www.sedarplus.ca.
Conference Call Details
Burcon will hold an investor conference call and webcast on Wednesday, November 12, 2025 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 November 12, 2025
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: 57223
About Burcon NutraScience Corporation
Burcon is a global technology leader in high-performance plant-based proteins for the food and beverage industry. Our commercial ingredients offer superior taste, texture, and functionality-ideal for formulators seeking next-generation protein solutions. Backed by over two decades of innovation, Burcon holds an extensive patent portfolio covering novel proteins derived from pea, canola, soy, hemp, sunflower, and other plant sources. As a key player in the rapidly growing plant-based market, Burcon is committed to sustainability and to creating best-in-class protein solutions that are better for people and the planet. Learn more at www.burcon.ca.
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, 2025 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
Paul Lam
Director, Investor Relations and Communications
Burcon NutraScience Corporation
490 - 999 West Broadway, Vancouver, BC, V5Z 1K5
Tel (604) 733-0896, Toll-free (888) 408-7960
plam@burcon.ca www.burcon.ca
Media Contact:
Steve Campbell, APR
President
Campbell & Company Public Relations
Tel (604) 888-5267
TECH@CCOM-PR.COM
Burcon NutraScience Corporation
Condensed Consolidated Interim Statements of Financial Position
(Unaudited)
| As at September 30, 2025 and March 31, 2025 | ||||||
| (In Canadian dollars) | ||||||
| September 30, | March 31, | |||||
| 2025 | 2025 | |||||
| Assets | ||||||
| Current assets | ||||||
| Cash | 1,753,942 | 7,275,972 | ||||
| Amounts receivable and other receivables | 385,759 | 131,974 | ||||
| Inventory | 469,065 | 201,145 | ||||
| Prepaid expenses and deposits | 171,452 | 191,390 | ||||
| 2,780,218 | 7,800,481 | |||||
| Long-term deposit | 858,956 | 853,943 | ||||
| Property and equipment | 1,638,179 | 961,418 | ||||
| Right-of-use assets | 13,271,322 | 14,834,751 | ||||
| Deferred development costs | 4,741,896 | 4,952,647 | ||||
| Goodwill | 1,254,930 | 1,254,930 | ||||
| Total assets | 24,545,501 | 30,658,170 | ||||
| Liabilities | ||||||
| Current liabilities | ||||||
| Accounts payable and accrued liabilities | 1,218,933 | 1,271,743 | ||||
| Current portion of lease liabilities | 1,521,678 | 890,566 | ||||
| Current portion of secured loan | 8,243,489 | 2,085,567 | ||||
| Deferred revenue and government assistance | - | 46,870 | ||||
| 10,984,100 | 4,294,746 | |||||
| Secured loan | - | 5,792,049 | ||||
| Lease liabilities | 13,432,281 | 13,627,713 | ||||
| Total liabilities | 24,416,381 | 23,714,508 | ||||
| Shareholders' Equity | ||||||
| Capital stock | 131,581,539 | 131,581,539 | ||||
| Contributed surplus | 19,710,224 | 19,216,437 | ||||
| Options | 5,503,800 | 5,748,320 | ||||
| Warrants | 710,613 | 670,019 | ||||
| Restricted share units | 41,106 | 37,553 | ||||
| Foreign currency translation reserve | (29,863 | ) | 1,080 | |||
| Deficit | (157,388,299 | ) | (150,311,286 | ) | ||
| Total shareholders' equity | 129,120 | 6,943,662 | ||||
| Total liabilities and shareholders' equity | 24,545,501 | 30,658,170 |
Burcon NutraScience Corporation
Condensed Consolidated Interim Statements of Operations and Comprehensive Loss
(Unaudited)
| For the three and six months ended September 30, 2025 and 2024 | |||||||||||||
| (In Canadian dollars) | |||||||||||||
| Three months ended | Six months ended | ||||||||||||
| September 30, | September 30, | ||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| Revenue | 357,194 | 40,458 | 699,387 | 277,075 | |||||||||
| Cost of Sales | 2,105,060 | 159,952 | 3,881,744 | 372,246 | |||||||||
| Research and development | 379,706 | 1,150,201 | 714,499 | 1,833,868 | |||||||||
| General and administrative | 775,062 | 934,480 | 1,481,187 | 2,038,188 | |||||||||
| Loss from operations | (2,902,634 | ) | (2,204,175 | ) | (5,378,043 | ) | (3,967,227 | ) | |||||
| Interest and other income | 35,624 | 14,486 | 94,539 | 43,903 | |||||||||
| Interest and other expense | (822,552 | ) | (150,928 | ) | (1,607,190 | ) | (305,995 | ) | |||||
| Foreign exchange (loss) gain | 96,428 | (14,370 | ) | (186,319 | ) | 5,061 | |||||||
| Net loss | (3,593,134 | ) | (2,354,987 | ) | (7,077,013 | ) | (4,224,258 | ) | |||||
| Other comprehensive gain | |||||||||||||
| Foreign currency translation adjustment | (33,919 | ) | - | (30,943 | ) | - | |||||||
| Total comprehensive loss | (3,627,053 | ) | (2,354,987 | ) | (7,107,956 | ) | (4,224,258 | ) | |||||
| Basic and diluted loss per share | (0.28 | ) | (0.33 | ) | (0.56 | ) | (0.59 | ) | |||||
1 All amounts herein are presented in Canadian dollars ($)
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274177