Bioharvest Sciences Inc. (NASDAQ: BHST)

Bioharvest Sciences Inc. is a biotechnology company that has developed the Botanical Synthesis Platform Technology, which enables the industrial scale cultivation of active and beneficial ingredients from fruits and plants without growing the whole plant. The technology produces plant cells with significantly higher concentrations of active ingredients, enhanced solubility and bioavailability, while avoiding genetic modification, pesticides, heavy metals and seasonal variability. It is economical, ensures batch to batch consistency and provides a year round production cycle. Products derived from the platform are devoid of sugar, calories and contaminants such as pesticides, heavy metals and residues. The company focuses its operations on two business units: the Products Business Unit, which creates nutraceutical solutions, and the CDMO Services Business Unit, which offers contract development and manufacturing of plant based molecules.

Bioharvest Sciences Inc. generates revenue primarily from the sale of its nutraceutical products and from fees earned through its contract development and manufacturing services. Nutraceutical revenues come from dietary supplements, functional foods and beverages such as capsules, powders, chews, coffee, tea and electrolyte powders that are marketed to health conscious consumers. CDMO revenues are derived from end to end service agreements with pharmaceutical, cosmeceutical, nutraceutical and nutrition companies that seek to develop and manufacture specific plant based active molecules. For the fiscal year ended December 31, 2025, the company reported total revenues of $34,508 thousand and incurred a net operating loss. As of the same date, cash and cash equivalents amounted to $23,025 thousand. The company has a history of operating losses and has not yet achieved sustained cash flow profitability, which creates a need for additional financing to support its long term growth strategy and planned capital investments. Bioharvest Sciences Inc. is listed on the Nasdaq Capital Market and has previously accessed the capital markets through equity and debt offerings.

The company operates through the following two reportable segments.

• Products Business Unit Nutraceuticals: This segment researches, develops, manufactures, markets and sells science based health and wellness nutraceutical solutions that are formulated as dietary supplements, functional foods and beverages, including capsules, powders, chews, coffee, tea and powder electrolyte drinks. The segment leverages the Botanical Synthesis Platform to produce ingredients with high concentration, superior solubility and bioavailability, enabling the creation of products that deliver consistent potency without sugar, calories or contaminants.

• CDMO Services Business Unit: This segment provides contract development and manufacturing operations for clients in the pharmaceutical, cosmeceutical, nutraceutical and nutrition industries, delivering end to end services that include the discovery, optimization and scale up production of plant based active molecules under the Botanical Synthesis Platform. The segment works closely with partners to design molecules that meet specific potency, solubility and stability requirements, and it manages the entire process from cell line development to pilot scale manufacturing and commercial scale production.

Bioharvest Sciences Inc. occupies a niche position at the intersection of biotechnology and the nutraceutical market, distinguished by its proprietary Botanical Synthesis Platform that is the only non genetically modified system capable of delivering plant cells with markedly higher active ingredient concentrations and superior solubility. While traditional nutraceutical suppliers rely on agricultural extraction and synthetic chemistry, and many CDMOs focus on microbial or mammalian cell culture, the company’s technology offers a differentiated environmentally friendly alternative that ensures year round supply, consistent quality and freedom from contaminants such as pesticides and heavy metals. The platform’s ability to produce ingredients without sugar or calories gives it an advantage in the growing clean label and functional food segments. Competitors in the nutraceutical ingredient space include established firms supplying standard botanical extracts, whereas in the CDMO arena the company faces competition from contract manufacturers specializing in plant cell fermentation and synthetic biology platforms. Bioharvest Sciences Inc. seeks to leverage its technological edge to capture market share among health conscious consumers and to attract partners seeking innovative, sustainable sources of plant based actives.

The company sells its nutraceutical products directly to consumers through retail and online channels, while its CDMO services serve a diverse client base that includes pharmaceutical manufacturers seeking novel active ingredients, cosmeceutical firms looking for plant derived actives, nutraceutical brands requiring differentiated raw materials, and nutrition companies developing functional food and beverage formulations. Specific customer names are not disclosed in the filing, but the company indicates that its partners range from large multinational corporations to smaller specialty firms that value the platform’s ability to deliver high potency, consistent quality and sustainable production. By serving both the consumer facing nutraceutical market and the business to business CDMO market, Bioharvest Sciences Inc. diversifies its revenue streams and reduces reliance on any single sector.