Bakhu Holdings Corp. Reports No Revenue and $3.4 Million Net Loss for Fiscal Year Ending July 31, 2024

Bakhu Holdings Corp. reported a significant decline in its financial performance for the fiscal year ending July 31, 2024, with no revenue generated, mirroring the previous fiscal year. The company recorded a net loss of $3.4 million, a reduction of 67% from the $10.3 million loss reported in 2023. This decrease in losses was attributed to a substantial reduction in consulting fees and operational expenses, which fell from $8.4 million in 2023 to $1.8 million in 2024. The company’s working capital deficit improved to $2.8 million from $9.8 million, primarily due to the reclassification of $7.5 million in liabilities from short-term to long-term, following successful negotiations with creditors.

Strategically, Bakhu has faced challenges in advancing its commercialization efforts for its licensed cell-extraction and replication technology, which is intended for producing cannabis-related products. The company has struggled with securing necessary funding, which has hindered its ability to conduct further testing and development of its technology. In July 2023, Bakhu authorized the OZ Company to seek up to $20 million in external funding through the issuance of secured promissory notes. However, the company has yet to secure significant financing, and its efforts to attract potential commercialization partners have stalled.

Operationally, Bakhu's employee count has dwindled, with only three employees reported as of July 31, 2024. The company has also faced governance challenges, including a deadlock in its board of directors, which has impeded decision-making regarding potential sublicensing agreements and capital raising efforts. Following a series of resignations in early 2025, Konstantia (Nadia) Galazi was appointed as the new CEO and sole director in March 2026, with the hope of revitalizing the company's operations and governance structure.

Looking ahead, Bakhu's management has indicated that substantial additional financing will be required to resume its planned laboratory work and commercialization efforts. The company estimates needing approximately $8.5 million in external capital over the next 12 months to fund its activities. However, the ongoing challenges of securing financing, coupled with the uncertain regulatory environment surrounding the cannabis industry, pose significant risks to Bakhu's future operations and ability to achieve profitability. The company’s ability to continue as a going concern remains contingent on its success in obtaining necessary funding and executing its business plan.