
Tuesday, September 02, 2025
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
2Q25 Results. MustGrow reported record second quarter revenue of $2.8 million in 2Q25, compared to no revenue in the same period last year. Revenue was driven by the NexusBioAg segment, although TerraSante sales amounted to $318,832. Gross margin improved to 20.9%, up from 14.3% in the first quarter of 2025. MustGrow recorded a net loss of $1.1 million, or a loss of $0.02/sh in 2Q25, compared to a net loss of $0.96 million, or a loss of $0.02/sh, in 2Q24.
TerraSante. Initial sales ramp up of TerraSante has begun, with $318,832 of sales in the quarter, or triple its full year 2024 sales. MustGrow sold out of its TerraSante inventory in the U.S during the quarter. The improved TerraSante sales were a key driver in gross margin improvement. MustGrow is working on producing more TerraSante to meet demand.
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