Bioceres Crop Solutions (NASDAQ:BIOX) reported fiscal 2026 revenue from continuing operations of $238 million, down 18% from the prior year, as litigation with certain creditors and changes to its seed business weighed on results. The company said its fourth-quarter performance showed signs of stabilization, with revenue broadly flat year over year and adjusted EBITDA returning to positive territory.
Chief Executive Officer Federico Trucco said fiscal 2026 was “a challenging year” marked by the creditor disputes and their business consequences. He said the company’s priorities have been to concentrate on core capabilities, reduce costs and strengthen operating discipline.
Fourth-Quarter Revenue Holds Steady
Fourth-quarter revenue totaled $55.9 million, compared with $55.4 million in the prior-year period. Chief Financial Officer Ezequiel Simmermacher said revenue growth in the Crop Nutrition segment, where sales rose 36% year over year, was driven primarily by microbeaded fertilizer performance.
That increase was offset by lower revenue in Crop Protection and Seeds. For the full year, about half of the revenue decline was related to the company’s seed-business reconfiguration, Simmermacher said. Most of the remaining decrease occurred in Crop Protection, while annual Crop Nutrition revenue was broadly stable.
Within Crop Nutrition, higher microbeaded fertilizer sales were offset by lower inoculant revenue, according to the company.
Margins Affected by Inventory Charge
Fourth-quarter gross profit declined 6% to $12.7 million, producing a gross margin of 22.8%. Simmermacher said reported gross profit included about $4 million in nonrecurring inventory adjustments related to obsolescence following a comprehensive review.
The charge masked improved profitability in several product categories, he said. Crop Nutrition gross profit increased 37%, led by higher revenue and improved margins in microbeaded fertilizers. The company’s adjuvants portfolio within Crop Protection also posted higher gross profit and improved margins, while seed treatment packs recorded higher sales and approximately 40% growth in gross profit.
For fiscal 2026, gross profit was $82.9 million, down 21%, and gross margin was 34.8%. The annual results were affected by the inventory obsolescence charge and the wind-down of the seed business model. Bioceres said Crop Protection margins were broadly stable despite lower revenue, while microbeaded fertilizers increased gross profit by about 20% for the year.
Trucco said that, after adjusting for nonrecurring obsolescence related to the portfolio transition, gross-profit percentage expanded from fiscal 2025 to fiscal 2026.
Cost Cuts Support Return to Positive Quarterly EBITDA
Adjusted EBITDA improved by approximately $10 million in the fourth quarter, reaching positive $0.6 million from negative $9.6 million a year earlier. SG&A expense fell 19% as the company reduced both fixed and variable costs, Simmermacher said.
Other income also aided the quarter through gains from joint-farming and barter arrangements. Simmermacher described the quarterly EBITDA level as modest but said the year-over-year improvement reflected the impact of the company’s fiscal 2026 cost actions.
For the full year, adjusted EBITDA totaled $25.5 million, compared with $28.9 million in fiscal 2025. Gross profit fell by roughly $22 million, but the company offset much of that decline with more than $20 million of operating-expense improvement, according to Simmermacher.
- Fourth-quarter revenue: $55.9 million, versus $55.4 million a year earlier
- Fiscal 2026 revenue: $238 million, down 18%
- Fourth-quarter adjusted EBITDA: positive $0.6 million, versus negative $9.6 million
- Fiscal 2026 adjusted EBITDA: $25.5 million, versus $28.9 million
- Fiscal 2026 gross profit: $82.9 million, down 21%
Debt, Litigation and Fiscal 2027 Priorities
As of June 30, total financial debt was $225.9 million, broadly unchanged from the end of the third quarter. Cash and short-term investments totaled $12.2 million, resulting in net financial debt of $213.6 million.
Simmermacher said substantially all of the $118.6 million in secured notes related to the noteholder dispute remained classified as short-term following an acceleration notice. The balance did not reflect any reduction related to the Pro Farm foreclosure. Bioceres continues to dispute both the note acceleration and foreclosure process in ongoing legal proceedings.
The company also said it reprofiled about $28 million of bank debt obligations at Rizobacter and completed a voluntary maturity-extension process for $46.5 million in aggregate principal amount of local bonds in Argentina.
Looking ahead, Trucco said Bioceres has substantially completed its nearly two-year seed-business reconfiguration and concluded an external strategic assessment of continuing operations. The company plans to rationalize its portfolio and go-to-market channels, revisit commercial policies and strategic relationships, align research and development investments with financial objectives, pursue additional operating-expense efficiencies and consider monetizing non-core assets.
Bioceres is targeting gross margins of about 40% for fiscal 2027 and beyond, with growth focused on higher-quality core revenue streams, particularly in Brazil. It also targets combined SG&A equal to 23% of revenue by fiscal 2028 through new systems and a simplified organizational structure.
Trucco said the company will remain focused on cash generation, working-capital discipline, liquidity and capital-structure management while continuing to pursue its legal course in New York and evaluate constructive alternatives where possible.
About Bioceres Crop Solutions (NASDAQ:BIOX)
Bioceres Crop Solutions Corp. is an agricultural biotechnology company focused on developing, manufacturing and commercializing a range of crop inputs designed to enhance yields and improve sustainability. The company’s portfolio includes biological seed treatments, inoculants for nitrogen fixation, specialty fertilizers and proprietary biopesticides, which are formulated to support plant health and resilience under varying environmental conditions.
Among its flagship offerings is the HB4 drought-tolerant wheat technology, the first genetically modified wheat developed to withstand water stress, which has received regulatory approval in several markets.
