Monday, December 01, 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.
3Q25 Results. Revenue came in at $789,178, compared to $279,182 in 3Q24, but below our $2.5 million estimate as all revenue came from NexusBio. There was no TerraSante revenue. Gross margin improved to 22.9% from 20.9% in 2Q25, driven by product mix. MustGrow reported a net loss of $2.4 million, or $0.04/sh, compared to a $1.7 million net loss, or $0.03/sh, in 3Q24.
TerraSante. As noted in the 2Q25 call, MustGrow ran out of TerraSante product, which negatively impacted 3Q25 revenue by $1.0-$1.5 million. The Company’s manufacturers are producing TerraSante, and we are hopeful there will be sufficient product to meet increasing demand during 4Q25 and 1Q26.
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