How Nuchev’s Vietnam Entry and 30% Revenue Surge Signal Bigger Growth Ahead

• Group revenue up 30% year-on-year to $6.5 million
• Oli6® Nutritional sales rise 56% driven by ANZ, China CBEC, and Vietnam
• Practitioner channel sales grow 46% quarter-on-quarter post bWellness acquisition
• New product Oli6® Grow launched targeting China’s Double 11 event
• Operating cash outflows impacted by production timing ahead of China Singles Day

Strong Revenue Growth Across Multiple Markets

Nuchev Limited has delivered a compelling start to FY26 with group revenue reaching $6.5 million in the first quarter, marking a 30% increase compared to the same period last year. This growth is underpinned by the company’s expanding footprint in Australia and New Zealand (ANZ), China’s cross-border e-commerce (CBEC) channel, and notably, its recent entry into the Vietnamese market, which contributed $0.6 million in sales during the quarter.

The company’s flagship brand, Oli6®, continues to drive momentum with nutritional sales surging 56% year-on-year to $4.0 million. In ANZ, sales through grocery and pharmacy channels grew 35%, supported by strategic partnerships with major retailers including Coles, Woolworths, and Chemist Warehouse. Oli6®’s scan sales outpaced the broader infant formula category by a significant margin, highlighting strong brand traction.

Practitioner Channel Expansion and Strategic Acquisitions

The acquisition of bWellness in June 2024 has proven pivotal, delivering channel diversification and boosting practitioner sales revenue by 46% quarter-on-quarter to $2.6 million. This segment now represents a vital growth vector for Nuchev, leveraging established relationships with key distributors and expanding the reach of prescription-only wellness products under brands like Bio Practica and Medicine Tree.

Further complementing this growth, Nuchev entered an exclusive sales agency agreement with Brauer Natural Medicines and H&S Brands in May 2025. This partnership generated an incremental $0.2 million in revenue for the quarter and is expected to evolve into a distribution agreement, aligning with the company’s profitability goals.

Product Innovation and Market Timing

Innovation remains central to Nuchev’s strategy, with the launch of Oli6® Grow in October 2025 timed to coincide with China’s major Double 11 sales event. Although initial sales contributed a modest $0.1 million, this product is positioned to capture incremental market share in a highly competitive environment.

However, the company’s operating cash flow was negatively impacted by the cyclical timing of production costs ahead of the China Singles Day event and short-term delays in cash receipts. Adjusted for these factors, net cash outflows were more moderate, and the company ended the quarter with $2.4 million in cash and $1.1 million in unused financing facilities, maintaining a healthy balance sheet with no debt.

Looking Ahead – Growth and Profitability Focus

CEO Nathan Cheong emphasized the importance of scale and diversification in driving Nuchev’s growth trajectory. The company’s focus remains on converting its robust new product development pipeline into sales, expanding its presence in emerging markets like Vietnam, and improving operating margins. With a recent $2 million working capital facility established post-quarter, Nuchev is well-positioned to support ongoing expansion and move towards positive operating cash flows and profitability.

Bottom Line?

Nuchev’s multi-channel growth and strategic partnerships set the stage for a pivotal year ahead as it balances expansion with the path to profitability.

Questions in the middle?

• How will Nuchev’s new distribution agreement with Brauer and H&S impact future revenue and margins?
• Can the company sustain its rapid growth in emerging markets like Vietnam amid increasing competition?
• What is the timeline and expected impact of the broader new product development pipeline on overall sales?