Shares fell 7.8% as investors reacted negatively to a sharp revenue decline and volume contraction, driven by aggressive credit tightening that restrained sales amid a challenging agricultural environment. The cautious outlook and ongoing sector stress weighed on sentiment.

• Q1 revenue dropped to $1.7 million from $2.9 million year-over-year, reflecting a 41% decline.
• Volumes sold decreased substantially from 47,000 tonnes to approximately 27,000 tonnes.
• The company nearly eliminated bad debt provisions by stopping sales on credit to higher-risk customers, directly impacting top-line performance.
• EBITDA before non-cash items improved slightly but remained negative at $1.3 million, underscoring ongoing profitability challenges.
• Market headwinds remain severe, including high Brazilian interest rates, currency strengthening, and growing agribusiness insolvencies hurting customer payment capacity.