Burcon NutraScience Corporation (BRCNF) Earnings Call Transcript & Summary

Burcon NutraScience is a leader in plant protein technologies. It's been a few weeks since we've chatted with CEO, Kip Underwood, and Kip is here to give us a quick update on how business is progressing. I'm Martin Gagel with Market Radius Research. Please remember this is neither a recommendation nor investment advice. We're here to learn about the company. Kip, welcome back. How is it going?

Going great. Martin, thanks for having us back.

All right. Burcon is in growth mode right now. So I guess the key thing with that is sales. How are sales ramping up?

Well, I think big picture, we can say is the customer's interest in our products has exceeded all of our expectations, right? So we have accelerating customer projects. We have over 200 active customer projects. We have over 30 customers who've progressed from a small sample to a couple of pound sample to buying bags multiple times, right? That's an indication that they're going through their decision-making process, and they are close to making a buying decision. So big picture, accelerating, exceeding all of our expectations.

All right. Good to hear. And along with sales, you need to have production to match it. And so how is the production ramping up to go along with those sales?

Also very well, we've communicated before. So we've successfully produced at commercial scale our pea protein, our fava protein and our canola protein, lots of customer interest in all of those. And now it's really about every day making a little bit more at consistent quality. And how do we know we're making consistent quality? I go back to the customer side. Each time a customer gets a sample of ours, they're checking does it perform, but they're also checking is the sample I received this time, the bag sample, was that the same as the couple of pound sample. Was the couple of pound sample the same as the 500-gram sample? And so we're getting direct customer affirmation by their activity that we're making consistent quality. And lastly, we need to make more, right? And we continually set production records about every week. We set daily or weekly production records, ramping up to meet the anticipated customer demand.

All right. Well, that sounds all very positive. All right. Well, thanks for that little update. Appreciate it. Glad things are ramping up as expected.

Thanks, Martin. Appreciate it.

All right. Talk to you soon. Cheers.