Burcon NutraScience Corporation: Burcon Announces Fiscal 2026 Second Quarter Results

Vancouver, British Columbia--(Newsfile Corp. - November 12, 2025) - Burcon NutraScience Corporation (TSX: BU) (OTCQB: BRCNF) ("Burcon" or the "Company"), a global technology leader in plant-based protein innovation, reported results for the fiscal second quarter ended September 30, 2025.

"Protein sales are gaining momentum as customers complete evaluations and transition to purchase orders," said Kip Underwood, Burcon's chief executive officer. "With recent production runs committed to multiple customers, we are reaffirming our calendar 2025 revenue target of $1-3 million. We expect this growing demand to drive continued revenue acceleration and margin expansion into 2026."

Operational highlights for the second quarter ended September 30, 2025¹:

During the quarter, Burcon:

• Achieved first commercial production and sales of Puratein® C canola protein;
• Achieved first commercial production of FavaPro fava protein;
• Advanced its robust customer pipeline of 200+ projects under evaluation; and
• Showcased entire protein portfolio at 2025 IFT FIRST Annual Event & Expo

Subsequent to the quarter-end, Burcon:

• Received in excess of $500,000 in commercial sales orders for its next generation proteins;
• Achieved first commercial sale of FavaPro fava protein;
• Announced a non-brokered private placement of convertible debentures for $4 million; and
• Executed short-term loan agreement with entity related to a director of Burcon

Management Commentary

Fiscal 2026 second quarter was marked by strong operational execution and growing commercial traction for Burcon's portfolio of plant-based proteins. The team at Galesburg successfully commercialized Burcon's technology through the production of canola and fava protein. With a diversified portfolio of high-performance, functional protein ingredients, Burcon is well-positioned to meet increasing customer demand across the food, beverage, and lifestyle nutrition sectors.

With over 200 active customer projects, many of which have recently completed or are in their final stages of evaluation, Burcon expects demand to scale rapidly and transition into recurring commercial sales. Recent production runs have been largely allocated to entrepreneurial and innovative food and beverage companies. The Company is focused on delivering consistent, high-quality protein products and converting its expanding customer pipeline into ongoing revenue growth.

Subsequent to quarter-end, Burcon received commercial sales orders in excess of $500,000, reflecting strong and growing sales momentum. The orders include Burcon's pea, canola and fava proteins, to be utilized across a diverse range of food and beverage applications, highlighting broad customer adoption and multi-protein demand. These orders further validate the market demand for Burcon's next generation plant proteins and signal continued progress toward recurring revenue growth in the coming quarters.

Looking ahead, Burcon remains focused on executing its commercialization strategy, strengthening customer partnerships, and scaling production to meet growing global demand. With strong market validation, a diversified portfolio of differentiated proteins, and a clear path to recurring revenue growth, Burcon is on track to achieve its calendar 2026 revenue target of $10+ million and move toward positive cash flow.

Financial Results

In the three and six months ended September 30, 2025, Burcon generated revenue of $357,000 and $699,000, respectively, which represents a 783% and 152% 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 six months ended September 30, 2025, the launched commercial production of FavaPro^TM fava protein and Puratein® C canola protein and scaled production of its Peazazz® C pea protein. The Company reported net cash used in operating activities of $4.6 million as compared to $3.0 million in the same period in the prior year. The Company reported a net loss of $7.1 million or $0.56 per basic and diluted share, as compared to $4.2 million or $0.59 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 $3.5 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 61% decrease in research and development expenditures and a 27% 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 September 30, 2025, Burcon had $1.8 million of cash and had a negative working capital of $8.2 million. The working capital deficiency is due to the current nature of the senior secured loan, whereby the lender is a related party and Burcon's largest shareholder. Subsequent to September 30, 2025, the Company obtained a $0.7 million short-term loan, launched its offering of convertible debentures for proceeds of up to $4.0 million, and extended the maturity of second tranche of the senior secured loan, which collectively strengthen the Company's balance sheet and position the Company to capture the growing market demand.

For full details on the Company's financial results, refer to the financial statements for the three and six months ended September 30, 2025 and management's discussion and analysis for such period filed on www.sedarplus.ca.

Conference Call Details

Burcon will hold an investor conference call and webcast on Wednesday, November 12, 2025 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 November 12, 2025

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: 57223

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 [phone], Toll-free [phone]
[e-mail] www.burcon.ca

Media Contact:
Steve Campbell, APR
President
Campbell & Company Public Relations
Tel [phone]
[e-mail]

Burcon NutraScience Corporation
Condensed Consolidated Interim Statements of Financial Position
(Unaudited)

As at September 30, 2025 and March 31, 2025
(In Canadian dollars)
		September 30,			March 31,
		2025			2025
Assets
Current assets
Cash		1,753,942			7,275,972
Amounts receivable and other receivables		385,759			131,974
Inventory		469,065			201,145
Prepaid expenses and deposits		171,452			191,390
		2,780,218			7,800,481
Long-term deposit		858,956			853,943
Property and equipment		1,638,179			961,418
Right-of-use assets		13,271,322			14,834,751
Deferred development costs		4,741,896			4,952,647
Goodwill		1,254,930			1,254,930
Total assets		24,545,501			30,658,170
Liabilities
Current liabilities
Accounts payable and accrued liabilities		1,218,933			1,271,743
Current portion of lease liabilities		1,521,678			890,566
Current portion of secured loan		8,243,489			2,085,567
Deferred revenue and government assistance		-			46,870
		10,984,100			4,294,746
Secured loan		-			5,792,049
Lease liabilities		13,432,281			13,627,713
Total liabilities		24,416,381			23,714,508
Shareholders' Equity
Capital stock		131,581,539			131,581,539
Contributed surplus		19,710,224			19,216,437
Options		5,503,800			5,748,320
Warrants		710,613			670,019
Restricted share units		41,106			37,553
Foreign currency translation reserve		(29,863	)		1,080
Deficit		(157,388,299	)		(150,311,286	)
Total shareholders' equity		129,120			6,943,662
Total liabilities and shareholders' equity		24,545,501			30,658,170

Burcon NutraScience Corporation
Condensed Consolidated Interim Statements of Operations and Comprehensive Loss
(Unaudited)

For the three and six months ended September 30, 2025 and 2024
(In Canadian dollars)
			Three months ended						Six months ended
			September 30,						September 30,
			2025			2024			2025			2024
Revenue			357,194			40,458			699,387			277,075
Cost of Sales			2,105,060			159,952			3,881,744			372,246
Research and development			379,706			1,150,201			714,499			1,833,868
General and administrative			775,062			934,480			1,481,187			2,038,188
Loss from operations			(2,902,634	)		(2,204,175	)		(5,378,043	)		(3,967,227	)
Interest and other income			35,624			14,486			94,539			43,903
Interest and other expense			(822,552	)		(150,928	)		(1,607,190	)		(305,995	)
Foreign exchange (loss) gain			96,428			(14,370	)		(186,319	)		5,061
Net loss			(3,593,134	)		(2,354,987	)		(7,077,013	)		(4,224,258	)
Other comprehensive gain
Foreign currency translation adjustment			(33,919	)		-			(30,943	)		-
Total comprehensive loss			(3,627,053	)		(2,354,987	)		(7,107,956	)		(4,224,258	)
Basic and diluted loss per share			(0.28	)		(0.33	)		(0.56	)		(0.59	)

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¹ All amounts herein are presented in Canadian dollars ($)

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274177

SOURCE: Burcon NutraScience Corporation