--- title: "Burcon Announces Fiscal 2026 Third Quarter Results" description: "Burcon NutraScience Corporation reported strong fiscal Q3 results for 2026, with revenue reaching $739,000, a 1100% increase from the previous year. The company is experiencing accelerating commercial" type: "news" locale: "en" url: "https://longbridge.com/en/news/275657154.md" published_at: "2026-02-11T21:07:25.000Z" --- # Burcon Announces Fiscal 2026 Third Quarter Results > Burcon NutraScience Corporation reported strong fiscal Q3 results for 2026, with revenue reaching $739,000, a 1100% increase from the previous year. The company is experiencing accelerating commercial momentum, driven by high demand for its plant-based protein products. Burcon is investing in production capacity and has closed a $1.25 million tranche of a $6.9 million private placement to support growth. Despite a net loss of $10.7 million, the company is focused on scaling operations and enhancing customer relationships. A loan agreement for $480,000 has also been established to support ongoing operations. Strong Q3 Revenue Growth Driven by Expanding Commercial Traction Vancouver, British Columbia--(Newsfile Corp. - February 11, 2026) - Burcon NutraScience Corporation (OTCQB: BRCNF) ("**Burcon**" or the "**Company**"), a global technology leader in plant-based protein innovation, reported results for the fiscal third quarter ended December 31, 2025. "Fiscal Q3 marked an important milestone in Burcon's commercial growth," said Kip Underwood, Burcon's chief executive officer. "We ramped production, fulfilled recurring customer orders, and strengthened key customer relationships, building momentum toward broader market adoption. With strong support from our manufacturing partner and insiders, we remain focused on scaling efficiently and executing our long-term growth strategy." Key Operational highlights for the third quarter ended December 31, 2025**1****:** **Strong revenue growth**: Revenue for the quarter was **$**739,000 up approximately **1100%** from **$61,000** in the prior-year period, driven by increased commercial production and repeat customer orders. **Accelerating commercial momentum**: Customer **demand continued to exceed expectations** resulting in the Company making targeted investments to accelerate growth and expand production capacity. **Strengthening balance sheet**: Closed a **$1.25 million** first tranche of a $6.9 million private placement of convertible debentures financing (the "**Private Placement**") through a direct investment from the Company's manufacturing partner owners, underscoring strong alignment and confidence in Burcon's long-term strategy. **Management Commentary** Fiscal 2026 third quarter was highlighted by strong revenue growth and expanding commercial momentum. Customer demand for Burcon's high-performance plant-based protein ingredients continue to exceed business plan expectations. The robust demand is translating into recurring commercial orders and prompting targeted investments to accelerate our growth. Burcon's robust pipeline of over 200 active customer projects continue to support ongoing commercial progress. New customers are transitioning from final product trials to commercial orders and existing customers are placing larger, repeat purchase orders. This momentum underscores the increasing adoption of Burcon's high-purity protein ingredients across multiple food and beverage consumer applications. In response to growing demand, Burcon is leaning into growth by investing in expanded production capacity and enhanced operational capabilities. 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. With strong commercial traction, Burcon is executing with discipline as we rapidly scale our operations. We continue to prioritize capital efficiency, operational excellence and long-term customer relationships. **Financial Results** 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. This increase was partially offset by a 56% decrease in research and development expenditures and a 26% decrease in general and administrative expenditures from the comparable period as the Company focused its efforts on commercialization and production at 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. The working capital deficiency is primarily driven by the current nature of the senior secured loan, whereby the lender is a related party and Burcon's largest shareholder. 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. For full details on the Company's financial results, refer to the financial statements for the three and nine months ended December 31, 2025 and management's discussion and analysis for such period filed on www.sedarplus.ca. **Execution of Loan Agreement** Burcon is also pleased to announce that it has entered into a loan agreement (the "**Loan Agreement**") pursuant to which an entity related to a director of Burcon (the "**Lender**") will provide Burcon with an unsecured loan (the "**Loan**") of $480,000 (the "**Loan Amount**") for a term expiring on the earlier of 30 days from the Closing Date (defined below) 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 “**Closing Date**”). 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. The Loan is considered a "related party transaction" pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Burcon is relying on the exemption available under Section 5.7(1)(a) of MI 61-101 minority shareholder approval requirement. Additionally, the Loan is exempt from the formal valuation requirement of MI 61-101 since it is a related party transaction under section (j) of the "related party transaction" definition of MI 61-101. **Conference Call Details** Burcon will hold an investor conference call and webcast on Wednesday, February 11, 2026 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 February 11, 2026* 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: 50822* **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 1 All amounts herein are presented in Canadian dollars ($) **Burcon NutraScience Corporation** Condensed Consolidated Interim Statements of Financial Position (Unaudited) As at December 31, 2025 and March 31, 2025 (In Canadian dollars) December 31, March 31, 2025 2025 Assets Current assets Cash 1,287,324 7,275,972 Amounts receivable and other receivables 481,542 131,974 Inventory 817,824 201,145 Prepaid expenses and deposits 111,684 191,390 2,698,374 7,800,481 Derivative financial asset 223,767 \- Long-term deposit 862,138 853,943 Property and equipment 1,741,811 961,418 Right-of-use assets 12,554,869 14,834,751 Deferred development costs 4,636,521 4,952,647 Goodwill 1,254,930 1,254,930 Total assets 23,972,410 30,658,170 Liabilities Current liabilities Accounts payable and accrued liabilities 2,192,558 1,271,743 Current portion of lease liabilities 1,836,968 890,566 Current portion of secured loan 8,361,548 2,085,567 Deferred revenue and government assistance \- 46,870 12,391,074 4,294,746 Secured loan \- 5,792,049 Convertible notes 682,195 \- Lease liabilities 13,385,445 13,627,713 Total liabilities 26,458,714 23,714,508 Shareholders' Equity Capital stock 131,614,299 131,581,539 Contributed surplus 20,462,211 19,216,437 Options 4,855,788 5,748,320 Warrants 710,614 670,019 Equity component of convertible notes 745,187 \- Restricted share units 9,302 37,553 Foreign currency translation reserve 81,291 1,080 Deficit (160,964,996 ) (150,311,286 ) Total shareholders' equity (2,486,304 ) 6,943,662 Total liabilities and shareholders' equity 23,972,410 30,658,170 **Burcon NutraScience Corporation** Condensed Consolidated Interim Statements of Operations and Comprehensive Loss (Unaudited) For the three and nine months ended December 31, 2025 and 2024 (In Canadian dollars) Three months ended Nine months ended December 31, December 31, 2025 2024 2025 2024 Revenue 739,095 61,492 1,438,482 338,567 Cost of Sales 2,332,116 287,375 6,213,860 659,621 Research and development 379,466 676,107 1,093,965 2,509,975 General and administrative 692,438 889,502 2,173,625 2,927,690 Loss from operations (2,664,925 ) (1,791,492 ) (8,042,968 ) (5,758,719 ) Interest and other income 22,199 5,384 116,738 49,287 Interest and other expense (829,276 ) (9,470 ) (2,436,466 ) (315,465 ) Foreign exchange (loss) gain (103,430 ) 11,634 (291,014 ) 16,695 Net loss (3,575,432 ) (1,783,944 ) (10,653,710 ) (6,008,202 ) Other comprehensive gain Foreign currency translation adjustment 77,235 \- 80,211 \- Total comprehensive loss (3,498,197 ) (1,783,944 ) (10,573,499 ) (6,008,202 ) Basic and diluted loss per share (0.28 ) (0.25 ) (0.84 ) (0.83 ) To view the source version of this press release, please visit https://www.newsfilecorp.com/release/283573 ### Related Stocks - [BRCNF.US - Burcon NutraScience Corporation](https://longbridge.com/en/quote/BRCNF.US.md) - [BRCND.US - BURCON NUTRASCIENCE CORP](https://longbridge.com/en/quote/BRCND.US.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | Burcon 報告第三季度收入為 74 萬加元，同比增加超過 11 倍 | Burcon NutraScience Corporation 報告第三季度收入為 74 萬加元，同比增長十二倍，截止到 2025 年 12 月 31 日的九個月收入為 144 萬加元。儘管第三季度出現了 350 萬加元的綜合虧損，公司將收 | [Link](https://longbridge.com/en/news/275657444.md) | | Burcon NutraScience 宣佈進行 690 萬美元的私人配售 | Burcon NutraScience Corporation 宣佈其 690 萬美元私募的最後一部分預計將在 2026 年 2 月 24 日左右完成。該資金將支持商業擴展和長期增長計劃，幫助加速 Burcon 蛋白質的生產和銷售 | [Link](https://longbridge.com/en/news/275657446.md) | | Formfactor｜10-K：2025 財年營收 7.85 億美元超過預期 | | [Link](https://longbridge.com/en/news/276485860.md) | | Capitalworks Emerging Markets Acq - Unit｜10-Q：2026 財年 Q3 營收 0 美元 | | [Link](https://longbridge.com/en/news/276455560.md) | | N-Able｜8-K：2025 財年 Q4 營收 1.3 億美元超過預期 | | [Link](https://longbridge.com/en/news/276330368.md) | --- > **Disclaimer**: This article is for reference only and does not constitute any investment advice.