Key Takeaways
- MustGrow Biologics Corp. (TSXV: MGRO, OTC: MGROF) reported 2025 sales revenue of $8.3 million, up from $0.4 million in 2024, with the increase driven primarily by the NexusBioAg Canadian sales division, which was subsequently closed in April 2026 to redirect resources toward TerraSante™ growth in the U.S.
- TerraSante™ biofertility sales in the United States reached $0.6 million in 2025, a 377% increase from approximately $0.1 million in 2024, with a gross margin of 20%; demand from U.S. retailers and farmers exceeded available inventory supply during the year.
- Net losses widened to $7.3 million in 2025 from $4.9 million in 2024, and total expenses rose to $7.7 million from $5.4 million, primarily due to the operating costs associated with running the NexusBioAg Canadian distribution division; cash on hand at December 31, 2025 was $0.9 million with inventory of $2.0 million.
- In January 2026, MustGrow raised $2 million through an equity issuance to strengthen its capital position; in April 2026, the Company closed its NexusBioAg Canadian distribution division to concentrate capital and manufacturing capacity on TerraSante™ U.S. production and sales.
- For 2026, MustGrow is targeting continued TerraSante™ U.S. sales growth, improved gross margins through a shift from batch to continuous production with contract manufacturers, and initial commercialization of TerraSante™ in new international markets where fast-tracked registrations are available.
MustGrow Posts $8.3 Million in 2025 Revenue as TerraSante™ U.S. Sales Rise 377%
MustGrow Biologics Corp. (TSXV: MGRO, OTC: MGROF, FRA: 0C0), a provider of biological and regenerative agriculture solutions, reported audited financial results for the year ended December 31, 2025. Total sales revenue was $8.3 million, compared to $0.4 million in 2024. The increase was largely attributable to the NexusBioAg Canadian sales division, which MustGrow subsequently closed in April 2026 as a strategic decision to reallocate capital and manufacturing resources toward its higher-growth TerraSante™ product line in the United States.
TerraSante™ biofertility sales in the U.S. reached $0.6 million in 2025, an increase of 377% from approximately $0.1 million in 2024, with a gross margin of 20%. The company noted that demand from U.S. retailers and farmers exceeded available inventory throughout the year, constraining sales growth during the period. At December 31, 2025, MustGrow held cash of $0.9 million and inventory of $2.0 million.
NexusBioAg Division Closed to Concentrate Resources on TerraSante™
Total expenses for 2025 were $7.7 million, up from $5.4 million in 2024, driven primarily by the cost of operating the NexusBioAg Canadian distribution division. Net losses widened to $7.3 million from $4.9 million in 2024. In April 2026, MustGrow closed the NexusBioAg Canadian division, citing the need to direct capital and operational resources toward TerraSante™ production capacity and U.S. market expansion rather than the lower-margin Canadian distribution business.
“Throughout 2025, management focused on securing capital and increasing third-party manufacturing capacity to prepare for growing TerraSante™ demand in the U.S.,” stated Corey Giasson, President and CEO of MustGrow. “TerraSante™ sales were up 377% in 2025 versus 2024, as demand from U.S. retailers and farmers outstripped our inventory supply. For 2026, we anticipate continued growth in TerraSante™ sales and an improvement in gross margins with more favourable U.S. tariffs and as we shift from small scale batch production to continuous production with our contract manufacturers.”
MustGrow Raises $2 Million and Targets International Expansion in 2026
In January 2026, MustGrow raised $2 million through an equity issuance to support its operational and growth plans following a capital-constrained year. For 2026, the Company is focused on three priorities: meeting accelerating U.S. demand for TerraSante™ through a transition from small-scale batch production to continuous production with contract manufacturers; improving gross margins partly through more favorable U.S. tariff conditions; and pursuing commercialization of TerraSante™ in new countries where regulatory fast-tracking is possible. The Company’s full 2025 audited financial statements and Management’s Discussion and Analysis are available on SEDAR+ at www.sedarplus.ca
MustGrow Biologics 2025 Financial Summary
| Metric | FY 2025 | FY 2024 | Change |
|---|---|---|---|
| Sales Revenue | $8.3M | $0.4M | N/A |
| Total Expenses | $7.7M | $5.4M | +43% |
| Net Loss | $(7.3)M | $(4.9)M | +49% |
| TerraSante™ U.S. Sales | $0.6M | ~$0.1M | +377% |
| TerraSante™ Gross Margin | 20% | — | — |
| Cash & Equivalents (Dec 31) | $0.9M | — | — |
| Inventory (Dec 31) | $2.0M | — | — |
| Subsequent Events | |||
| Equity Raise (Jan 2026) | $2.0M new equity issuance | ||
| NexusBioAg Division | Closed April 2026 | ||
