MustGrow Biologics Corp. Sees Growth Despite Supply Constraints

MustGrow Biologics Corp. continues to focus on the commercial scaling of its TerraSante product, strengthened by a partnership with Bayer. The company achieved its first Bayer milestone, resulting in C$1.36m in high-margin licence revenue during H1 2026, validating their TerraMG technology. Additional milestone payments may follow as the programme progresses.

Sales of TerraSante were restricted by manufacturing delays, not lack of demand. New production lines in India and Thailand have not yet hit full capacity. By mid-August, sales reached approximately C$0.90m, up 46% from 2025 figures, driven primarily by repeat customers. Once fully operational, facilities are expected to generate annual revenues between C$15m and C$25m.

FY2026 revenue forecasts were adjusted from C$4.50m to C$3.50m, with EBITDA anticipated at C$-4.58m. Projections for FY2027 and FY2028 remain at C$14.05m and C$31.56m respectively, with EBITDA expected to improve due to increased volumes and reduced costs. Despite reducing the price target to C$2.51, GBC AG maintains a BUY rating.