Bioceres Crop Solutions posts loss in Q3 2025 amid markets slowdown

Bioceres Crop Solutions (NASDAQ: BIOX) reported a net loss of $1.6 million for its fiscal third quarter ended March 31, 2025. Revenue declined 28% year-on-year to $60.6 million, impacted by seasonal factors and the absence of a one-time downpayment received in the same quarter a year ago. Adjusted EBITDA for the quarter fell to $9.0 million from $21.1 million in the prior-year period, in line with a 44% drop in gross profit to $23.8 million. Gross margin declined to 39%, from 51% in the third quarter of fiscal 2024.

Key figures, 3Q FY2025 (vs. 3Q FY2024)

• Revenue: $60.6 million (–28%)
• Gross profit: $23.8 million (–44%)
• Gross margin: 39% (–1,142 basis points)
• Adjusted EBITDA: $9.0 million (–57%)
• Net income: –$1.6 million (from $9.8 million)
• Net cash from operating activities: $23.3 million (vs. –$17.4 million)

The company attributed much of the year-over-year revenue decline to a $15.7 million negative variance related to the 3Q24 accrual of an initial downpayment from Syngenta. Segment-wise, Crop Nutrition revenue declined 59% to $11.8 million, while Crop Protection fell 19% to $38.0 million. Seed and Integrated Products rose 26% to $10.9 million.

Despite the decline in topline performance, Bioceres generated positive net cash flow from operating activities of $23.3 million, compared with a $17.4 million cash outflow in the year-ago period. The turnaround was driven by tighter inventory and receivables management, with trade receivables contributing a $30.9 million inflow.

CEO Federico Trucco said the quarter, typically a low season for the company’s key markets, was notable for its cash flow performance, supported by ongoing restructuring in the seed business. This included the transfer of production and commercialization functions to selected customers and the exchange of non-core seed traits for reduced royalty obligations.

“Disciplined execution enabled a $40 million year-over-year improvement in cash flow,” Trucco said in a statement. “Early benefits from our streamlined seed strategy are starting to materialize and should continue in future quarters.”

The company also announced that it had secured registration from the U.S. Environmental Protection Agency (EPA) for its Rinotec platform — a biological insecticide and nematicide solution for row and specialty crops. The approval follows similar regulatory clearance in Brazil.

Chief Commercial Officer Milen Marinov said the Rinotec technology would enable Bioceres to expand its footprint in seed treatment, foliar, and soil-applied markets with a lower environmental footprint. “It exemplifies how innovation in biologicals can drive growth beyond the limits of traditional chemistry,” he said.

Bioceres said proceeds from operating activities during the quarter were mainly used to reduce financial debt and improve liquidity. Net financial results showed a loss of $6.5 million, while operating profit was $0.9 million.

CFO Enrique Lopez Lecube noted that working capital optimization remained a strategic focus, with reductions in inventory and improved collections playing a key role in enhancing cash generation. “Efficient capital allocation will be critical as we prepare to scale our biological portfolio in more favorable market conditions,” he said.