Bioceres Crop Solutions Corp.

Total revenues were $39.4 million, down 23% year over year. Gross profit was $12.7 million versus $18.1 million a year ago, and gross margin declined from 35% to 32%. Adjusted EBITDA was negative $0.6 million compared with positive $9.1 million in the prior-year quarter. Crop Protection revenue was $24.6 million, down 18%; Seeds and Integrated Products revenue declined 71%; and Crop Nutrition revenue increased 15% to $11.6 million. As of March 31, 2026, total financial debt was approximately $229 million, cash/cash equivalents/short-term investments were approximately $14 million, and net financial debt was approximately $214 million. Management did not give next-quarter or full-year financial guidance on the call. Instead, it said it is prioritizing liquidity preservation, working capital discipline, tighter capital allocation, and a reprofiling process for Rizobacter debt in Argentina, while continuing to dispute the noteholder litigation and foreclosure process.

Federico Trucco framed the quarter as a transition period and said the business is being refocused around discipline, simplification, and cash preservation. He stressed that the company is advancing organizational streamlining, working capital management, cash generation initiatives, and a strategic review of continuing operations and capital allocation. His tone was cautious, with repeated references to market challenges, uncertainty from the litigation, and the need to stabilize the platform.

Ezequiel Simmermacher emphasized the financial impact of the Pro Farm foreclosure: about $194 million of net assets were recognized or reclassified, offset by the $15 million credit bid, resulting in an accumulated noncash loss of approximately $179 million. He said debt was approximately $229 million, cash and short-term investments about $14 million, and net financial debt about $214 million, all broadly stable sequentially, while substantially all related debt is now classified as short term after the acceleration notice. He also noted lower operating expenses from cost controls and streamlining, improved JV results, and the ongoing focus on liquidity, receivables collection, and capital allocation.

The only analyst question focused on collections and operating cash flow. Management said it is pushing receivables lower by offering customers incentives to advance collections and by using shorter terms on new sales during lower sell periods. When asked for operating cash flow for the quarter and year to date, management did not provide the number on the call and said it could be shared later, which reinforced the lack of detailed cash-flow disclosure in the prepared remarks.