Bioceres Crop Solutions Corp. (NASDAQ: BIOX), a leader in agricultural productivity solutions that enhance crop resilience to climate change and promote ecosystem regeneration, has released its financial results for the fiscal first quarter, which ended on September 30, 2024. All figures are reported in U.S. dollars and follow International Financial Reporting Standards (IFRS). Unless otherwise noted, comparisons are made on a year-over-year basis.
Financial and Business Highlights
- Total revenue for Q1 2025 was $93.3 million, down from $116.6 million in the same period last year. This decrease was largely due to a delayed start to Argentina’s summer crop season, influenced by delayed rainfall and just-in-time purchasing behavior. Growth in North America and Brazil partially offset the slower performance in Argentina, despite ongoing market challenges.
- Operating profit was $3.4 million, with a net loss of $5.3 million. Adjusted EBITDA for the quarter reached $8.5 million.
- The company’s RinoTec technology received the EPA’s Green Chemistry Challenge Award in the Design of Safer and Degradable Chemicals category.
- Regulatory approvals for HB4 soybean production were granted in Uruguay and Bolivia, marking complete regulatory clearance for the technology across all major soybean-producing nations in the Americas.
Management Commentary
Federico Trucco, Chief Executive Officer of Bioceres, remarked: “Agriculture is closely tied to weather, and our technologies are designed to help farmers adapt to these challenges. To manage weather-related impacts on our business, we focus on diversifying our product portfolio and geographic reach. This quarter, our strategy paid off, with strong contributions from our markets in Brazil, the U.S., and our Syngenta collaboration outside Argentina. This positive international growth significantly boosted our total gross profit. With rainfall normalizing in Argentina, we are optimistic for the remainder of the fiscal year.
Cost management and disciplined capital allocation remain priorities, as we adapt to current market conditions while advancing our unique technology portfolio. Our commitment is reinforced by the continued regulatory recognition of our innovations.”
Enrique Lopez Lecube, Chief Financial Officer, added: “The quarter began slower in Argentina due to challenging conditions, but North America and Brazil delivered strong performances, underscoring the importance of geographic and portfolio diversification. Going forward, capital allocation will focus on low-risk, near-term payback products, coupled with a disciplined approach to working capital. These efforts are aimed at increasing cash flow while maintaining the intrinsic value of our technology portfolio.”
Q1 2025 Summary
- Revenues totaled $93.3 million, down from $116.6 million in Q1 2024. Unfavorable conditions in Argentina, particularly a slow start to the planting season, impacted crop protection sales. Additionally, there was a shift in crop acreage from corn to soybeans, affecting fertilizer sales.
- Growth in North American and Brazilian markets partially offset these challenges.
- Gross profit reached $37.5 million, down 17% due to reduced sales, though gross margin improved. This improvement was driven by a focus on higher-margin products and a shift away from lower-margin third-party products, particularly in Argentina’s competitive crop protection market.
- Operating profit was $3.4 million, with a net loss of $5.3 million. Adjusted EBITDA for the quarter was $8.5 million.
