2026-02-11, 2:13:07 p.m.
Vancouver, British Columbia — February 11, 2026 — Leads & Copy — Burcon NutraScience Corporation (TSX: BU) (OTCQB: BRCNF) reported results for the fiscal third quarter ended December 31, 2025. The plant-based protein innovation company saw strong revenue growth and expanding commercial momentum.
According to Burcon’s chief executive officer, Kip Underwood, fiscal Q3 marked an important milestone in the company’s commercial growth. Underwood stated that the company ramped production, fulfilled recurring customer orders, and strengthened key customer relationships, building momentum toward broader market adoption.
Revenue for the quarter was $739,000, up approximately 1100% from $61,000 in the prior-year period, driven by increased commercial production and repeat customer orders. Customer demand continued to exceed expectations resulting in the Company making targeted investments to accelerate growth and expand production capacity.
Burcon closed a $1.25 million first tranche of a $6.9 million private placement of convertible debentures financing through a direct investment from the Company’s manufacturing partner owners.
Customer demand for Burcon’s high-performance plant-based protein ingredients continue to exceed business plan expectations. New customers are transitioning from final product trials to commercial orders and existing customers are placing larger, repeat purchase orders. Burcon’s pipeline of over 200 active customer projects continue to support ongoing commercial progress.
The final tranche of the Company’s announced $6.9 million Private Placement is expected to close on or around February 24, 2026, and is intended to fund continued commercial expansion and support long-term growth.
In the three and nine months ended December 31, 2025, Burcon generated revenue of $739,000 and $1,439,000, respectively, which represents an approximately 1100% and 325% increase in revenues from the prior year comparable periods. The increase in revenue is a result of protein sales and the provision of contract manufacturing services at the Galesburg production facility.
In the nine months ended December 31, 2025, the Company launched commercial production of its plant proteins and continued to scale production and sales. The Company reported net cash used in operating activities of $6.2 million as compared to $4.5 million in the same period in the prior year. The Company reported a net loss of $10.7 million or $0.84 per basic and diluted share, as compared to $6.0 million or $0.83 per basic and diluted share in the same period last year. The increases in net cash used in operating activities and net loss were driven by the $5.5 million increase in cost of sales, which encompasses startup and commissioning costs and ongoing production costs of the Galesburg facility.
As at December 31, 2025, Burcon had $1.3 million of cash and had a negative working capital of $9.7 million. Subsequent to December 31, 2025, the Company obtained a $0.5 million short-term loan and is undergoing a $6.9 million Private Placement whereby the final tranche is expected to close on or about February 24, 2026.
Burcon has entered into a loan agreement pursuant to which an entity related to a director of Burcon will provide Burcon with an unsecured loan of $480,000 for a term expiring on the earlier of 30 days from the Closing Date and the completion of the Private Placement announced by Burcon on January 2, 2026 and January 9, 2026.
The Loan was drawn by Burcon on February 10, 2026. The Lender was paid a commitment fee of $2,700. The Loan Amount will bear interest at a rate of 12% per annum with interest payable on the last day of each calendar month with a minimum interest amount payable of $4,800. The Loan Amount and all unpaid interest are expected to be repaid from the proceeds of the Private Placement.
The net proceeds from the Loan will be used to accelerate the commercial production and sales of Burcon proteins, for general corporate purposes and as bridge funding until the Private Placement is closed.
Burcon will hold an investor conference call and webcast on Wednesday, February 11, 2026 at 5:00pm ET.
Burcon is a global technology leader in high-performance plant-based proteins for the food and beverage industry. Burcon holds an extensive patent portfolio covering novel proteins derived from pea, canola, soy, hemp, sunflower, and other plant sources.
Source: Burcon NutraScience Corporation
