Revenue growth remains highly volatile, evidenced by a 84.3% sequential decline in 2025Q2, while SG&A expenses of $2.3 million in 2025Q3 continue to dwarf quarterly revenue of $388,000.
| Sales/Revenue | 1.58M | 1.14M | 108K | 498K | 0 | 32K | 13.9M |
| Revenue Growth % | -22.07% | 957.41% | -78.31% | - | -100% | -99.77% | - |
| Cost of Goods Sold | 761K | 497K | 67K | 0 | 0 | 0 | 11.69M |
| COGS % of Revenue | - | 43.52% | 62.04% | - | - | - | 84.11% |
| Gross Profit | 823K | 645K | 41K | 498K | 0 | 32K | 2.21M |
| Gross Margin % | 51.96% | 56.48% | 37.96% | 100% | - | 100% | 15.89% |
| Gross Profit Growth % | - | 1473.17% | -91.77% | - | -100% | -98.55% | - |
| Operating Expenses | 9.37M | 9.25M | 9.22M | 3.58M | 3.33M | 4.69M | 1.8M |
| OpEx % of Revenue | - | 809.98% | 8537.96% | 718.07% | - | 14643.75% | 12.93% |
| Selling, General & Admin | 7.78M | 7.77M | 7.33M | 2.83M | 1.98M | 1.68M | 1.8M |
| SG&A % of Revenue | - | 680.21% | 6790.74% | 569.28% | - | 5253.13% | 12.93% |
| Research & Development | 1.59M | 1.48M | 1.95M | 741K | 1.27M | 2.93M | 0 |
| R&D % of Revenue | - | 129.77% | 1809.26% | 148.8% | - | 9143.75% | - |
| Other Operating Expenses | 0 | 0 | -67K | 0 | 77K | 79K | 0 |
| Operating Income | -8.55M | -8.61M | -9.18M | -3.08M | -3.33M | -4.65M | 411.85K |
| Operating Margin % | -539.77% | -753.5% | -8500% | -618.07% | - | -14543.75% | 2.96% |
| Operating Income Growth % | - | 6.26% | -198.25% | 7.54% | 28.47% | -1230.03% | - |
| EBITDA | -8.35M | -8.43M | -9.11M | -2.58M | -3.31M | -4.22M | 423.91K |
| EBITDA Margin % | -527.27% | -738.44% | -8437.96% | -518.88% | - | -13203.13% | 3.05% |
| EBITDA Growth % | 17.16% | 7.46% | -252.67% | 22.05% | 21.54% | -1096.67% | - |
| D&A (Non-Cash Add-back) | 198K | 172K | 67K | 0 | 14K | 429K | 12.06K |
| EBIT | -8.91M | -19.72M | -10.39M | -2.58M | -3.21M | -4.25M | 413.38K |
| Net Interest Income | 65K | -70K | -69K | -18K | -574K | -135K | 0 |
| Interest Income | 103K | 89K | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 38K | 159K | 69K | 18K | 574K | 135K | 0 |
| Other Income/Expense | -401K | -11.27M | -1.28M | 476K | -460K | 273K | 1.53K |
| Pretax Income | -8.95M | -19.88M | -10.46M | -2.6M | -3.79M | -4.38M | 413.38K |
| Pretax Margin % | -565.09% | -1740.54% | -9683.33% | -522.49% | - | -13690.63% | 2.97% |
| Income Tax | 5K | 5K | 2K | 1K | 0 | 0 | 0 |
| Effective Tax Rate % | -0.06% | -0.03% | -0.02% | -0.04% | 0% | 0% | 0% |
| Net Income | -8.96M | -19.88M | -10.46M | -2.6M | -3.79M | -4.38M | 413.38K |
| Net Margin % | -565.4% | -1740.98% | -9685.19% | -522.69% | - | -13690.63% | 2.97% |
| Net Income Growth % | 58.14% | -90.08% | -301.84% | 31.3% | 13.51% | -1159.8% | - |
| Net Income (Continuing) | -8.96M | -19.88M | -10.46M | -2.6M | -3.79M | -4.38M | 413.38K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.55 | -1.82 | -1.60 | -0.33 | -0.48 | -0.56 | 0.05 |
| EPS Growth % | 76.49% | -13.75% | -384.85% | 31.25% | 14.29% | -1166.67% | - |
| EPS (Basic) | - | -1.86 | -1.60 | -0.33 | -0.48 | -0.56 | 0.05 |
| Diluted Shares Outstanding | 16.23M | 13.5M | 6.55M | 7.87M | 7.87M | 7.87M | 7.87M |
| Basic Shares Outstanding | 16.23M | 13.2M | 6.55M | 7.87M | 7.87M | 7.87M | 7.87M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Unsustainable cash burn rate
According to the provided quarterly data, AIFF's revenue trajectory remains highly volatile, characterized by significant fluctuations such as the 84.3% sequential decline in 2025Q2 followed by a recovery, suggesting that the firm's current revenue base is driven by lumpy, project-based contracts rather than recurring software subscriptions.
The lack of consistent sequential growth indicates that the company has not yet achieved a repeatable commercial sales motion. Investors should monitor whether future revenue streams stabilize as the firm attempts to transition from clinical trial support to broader practitioner adoption.
As reported in financial statements, AIFF's gross margins have swung wildly from 100% in periods with minimal COGS to a negative 43.6% in 2024Q3, highlighting the lack of a standardized cost structure and the potential impact of variable hardware or data processing expenses.
The extreme variance in gross profitability suggests that the company's cost of revenue is not yet optimized or predictable. This instability complicates the assessment of the firm's underlying unit economics and its ability to scale profitably as a software-focused entity.
Based on the income statement history, AIFF's SG&A expenses consistently dwarf quarterly revenue, with 2025Q3 SG&A of $2.3 million against only $388,000 in revenue, indicating that the current overhead structure is significantly misaligned with the company's early-stage commercial output.
The persistent reliance on high SG&A spending suggests that the company is prioritizing market entry and public company compliance over immediate cost discipline. This structure appears to necessitate a rapid and substantial increase in top-line revenue to avoid further erosion of the firm's limited capital base.
Data from the most recent quarters reveals a persistent net loss trend, with 2026Q1 net income of -$2.0 million, which, when viewed alongside the company's limited cash reserves, suggests a high probability of near-term dilutive financing requirements to sustain ongoing research and development activities.
Short-sellers would likely focus on the widening gap between cash burn and revenue generation, which may indicate that the current business model is not yet self-funding. The reliance on external capital in a high-cost environment warrants significant caution regarding the company's long-term financial viability.
Quick answers to the most common questions about buying AIFF stock.
For fiscal year 2025, Firefly Neuroscience, Inc. (AIFF) reported total revenue of $1.1M. This represents a 91.8% decline compared to $13.9M in 2020.
Firefly Neuroscience, Inc. (AIFF) reported a net loss of $19.9M for the fiscal year ending 2025.
Firefly Neuroscience, Inc. (AIFF) reported an operating income of $-8.6M, resulting in an operating profit margin of -753.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Firefly Neuroscience, Inc. (AIFF) generated $0.6M in gross profit for the year, representing a gross profit margin of 56.5%. This demonstrates the company's core pricing power and production efficiency.