Total revenues in 3Q25 were $60.6 million

3Q25 net loss was $1.6 million and Adjusted EBITDA(1) was $9.0 million

ROSARIO, Argentina--(BUSINESS WIRE)--May 21, 2025-- 

Bioceres Crop Solutions Corp. (Bioceres) (NASDAQ: BIOX), a leader in the development and commercialization of productivity solutions designed to regenerate agricultural ecosystems while making crops more resilient to climate change, announced financial results for the fiscal third quarter ended March 31, 2025. Financial results are expressed in U.S. dollars and are presented in accordance with International Financial Reporting Standards. All comparisons in this announcement are year-over-year (YoY), unless otherwise noted.

Financial & Business Highlights

   -- Total revenues were $60.6 million in 3Q25, compared to $84.0 million for 
      the same quarter last year, primarily due to an expected $15.7 
      year-over-year negative difference related to the accrual in 3Q24 of 
      Syngenta's initial downpayment. 
 
   -- Net cash flow generated by operating activities reached $23.3 million 
      during 3Q25, an improvement of $40.7 million compared to 3Q24, driven by 
      efficiencies in working capital management. 
 
   -- Operating profit was $0.9 million and net loss was $1.6 million. Adjusted 
      EBITDA1 for the quarter was $9.0 million. 
 
   -- Obtained EPA registration of Rinotec$(TM)$ insecticide and nematicide 
      platform, a game changing biological solution for integrated pest 
      management. 

Management Review

Mr. Federico Trucco, Bioceres' Chief Executive Officer, commented: "Our third fiscal quarter is typically uneventful, as it falls in the off-season for most of our geographies. This year, however, it stands out for a non-P&L achievement: our exceptional cash flow performance. The $40 million improvement on a year-over-year basis reflects disciplined execution across the organization, and we are very pleased with the outcome.

An important contributor to our cash flow performance this quarter is the shift in our seed business strategy, which is also enabling a more focused approach. As we transition organizationally, we have exchanged some non-core traits and IP, streamlining third party royalty commitments and other obligations, and positioning us to better serve our partners and licensees. We also, implemented a significant reduction in operating expenses -- mainly in seed production and commercialization -- by transferring these activities to key customers. Some early benefits of these changes are already visible this quarter, with more expected in the quarters to come."

We are also very excited about the EPA approval of Rinotec in the US. We can now offer growers and partners a full suite of on-seed and on-field biological solutions -- biocontrols and plant health alike -- for both cash and row crops across the world's largest agricultural markets. We have never been better positioned to put sustainable innovation with an agronomic edge in the hands of growers."

Mr. Milen Marinov, Bioceres' Chief Commercial Officer, added: "Rinotec technology is a novel platform for insect, nematode and mite control in row and specialty crops. With regulatory approvals now secured in both the US and Brazil, Rinotec will expand our presence in seed treatment, foliar and soil applied markets. This innovation underscores our commitment to scalable, bio-based solutions that deliver strong agronomic performance with a lower environmental footprint. It exemplifies how innovation in biologicals can drive growth beyond the limits of traditional chemistry."

Mr. Enrique Lopez Lecube, Bioceres' Chief Financial Officer, noted: "We made strong progress in optimizing cash flow and realigning our cost structure to market conditions, despite this being a seasonally low quarter. After a challenging first half, it was crucial to drive progress in managing working capital and our efforts to tighten inventory management and accounts receivables yielded tangible results this quarter. Enhancing cash generation and ensuring efficient capital allocation-- with working capital as a key component--is central to our strategy as we prepare to fully leverage our portfolio of biological solutions in normalized market conditions and as new product introductions gain traction."

Key Financial Metrics

 
Table 1: 3Q25 Key Financial Metrics 
 
 (In millions of U.S. dollars)   3Q24  3Q25    %CHANGE 
-------------------------------  ----  ----  ----------- 
 Revenue by Segment 
-------------------------------  ----  ----  ----------- 
 Crop Protection                 46.8  38.0     (19%) 
-------------------------------  ----  ----  ----------- 
 Seed and Integrated Products    8.6   10.9      26% 
-------------------------------  ----  ----  ----------- 
 Crop Nutrition                  28.6  11.8     (59%) 
-------------------------------  ----  ----  ----------- 
 Total Revenue                   84.0  60.6     (28%) 
-------------------------------  ----  ----  ----------- 
 Gross Profit                    42.6  23.8     (44%) 
-------------------------------  ----  ----  ----------- 
 Gross Margin                    51%   39%   (1,142 bps) 
-------------------------------  ----  ----  ----------- 
 
 
                           3Q24  3Q25   %CHANGE 
-------------------------  ----  -----  ------- 
 GAAP Net income or loss   9.8   (1.6)  (116%) 
-------------------------  ----  -----  ------- 
 Adjusted EBITDA(1)        21.1   9.0    (57%) 
-------------------------  ----  -----  ------- 
 
 
                                                        3Q24    3Q25   %CHANGE 
-----------------------------------------------------  ------  ------  ------- 
 Adjusted EBITDA(1)                                     21.1    9.0     (57%) 
-----------------------------------------------------  ------  ------  ------- 
 Adjustments to reconcile Adjusted EBITDA(1) to net 
  cash flows                                           (16.2)  (6.8)     58% 
-----------------------------------------------------  ------  ------  ------- 
 Changes in Working Capital 
-----------------------------------------------------  ------  ------  ------- 
 Trade and other receivables                           (16.0)   30.9    293% 
-----------------------------------------------------  ------  ------  ------- 
 Inventories and biological assets                     (6.1)    13.5    320% 
-----------------------------------------------------  ------  ------  ------- 
 Trade and other payables                               4.8    (20.8)  (534%) 
-----------------------------------------------------  ------  ------  ------- 
 Other working capital variations                      (4.9)   (2.4)     51% 
-----------------------------------------------------  ------  ------  ------- 
 Net cash flows generated by operating activities      (17.4)   23.3    234% 
-----------------------------------------------------  ------  ------  ------- 
 

3Q25 Summary: Third quarter revenue, gross profit and gross margin results reflect expected year-over-year declines, primarily related to the absence of the Syngenta downpayment accrual that had positively impacted both metrics in 3Q24. Usual third-quarter seasonal slowdown and reduced market activity in Argentina was reflected in sales performance, particularly in Crop Nutrition and Crop Protection.

The Company continues to take action to improve its cash flow performance and align its overall cost structure and balance sheet with current market conditions. After tightening inventory management in the first half of the FY, during the third quarter the Company focused on improving its accounts receivables performance -- delivering strong operating cash flow. Net cash flow from operating activities reached $23.3 million during 3Q25, a $40.7 million increase compared to the year-ago quarter, primarily driven by inventory and accounts receivables management. The primary use of cash generated by operations was to reduce financial debt and bolster the cash position.

Adjusted EBITDA(1) decreased in line with gross profit. The anticipated decrease in Crop Nutrition results was partially offset by a $7.5 million contribution on Other Income from actions taken under the new seed reorganization strategy. This contribution results from a beneficial exchange of intangible seed assets, as some non-core traits from the Company's soybean tilling library have been exchanged in lieu of third-party royalty obligations and expanded geographical rights to continuing traits in the portfolio.

During the quarter, Bioceres obtained EPA registration of Rinotec, a game changing insecticide and nematicide platform, that will offer growers a powerful alternative to reduce reliance on traditional pesticides for row and specialty crops alike. With both U.S. and Brazilian registrations now in place, the Company is poised to capitalize on growing market opportunities in two of the world's largest agricultural economies. The technology comes with agronomic and economic benefits suitable for conventional agriculture.

 
1 Please refer to the "Use of non IFRS financial information" section in the 
full version of this document on our use of Adjusted EBITDA and its 
reconciliation to the most comparable IFRS financial measure. 
 

For a full version of Bioceres' third quarter fiscal year 2025 earnings release, click here.

Fiscal Third Quarter 2025 Earnings Conference Call

Management will host a conference call and question-and-answer session, which will be accompanied by a presentation available during the webcast or accessed via the investor relations section of the company's website.

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