The company exhibits a severe structural margin deficit, evidenced by a thin 17.29% gross margin and a failure to generate consistent revenue, with multiple quarters reporting zero top-line growth.
| Sales/Revenue | 116.67K | 116.67K | 0 | 65K | 10K | 0 | 0 |
| Revenue Growth % | - | - | -100% | 550% | - | - | - |
| Cost of Goods Sold | 95.21K | 96.5K | 0 | 5.2K | 800 | 0 | 0 |
| COGS % of Revenue | - | 82.71% | - | 8% | 8% | - | - |
| Gross Profit | 21.46K | 20.17K | 0 | 59.8K | 9.2K | 0 | 0 |
| Gross Margin % | 18.39% | 17.29% | - | 92% | 92% | - | - |
| Gross Profit Growth % | - | - | -100% | 550% | - | - | - |
| Operating Expenses | 6.17M | 6.61M | 7.24M | 5.43M | 2.46M | 555.36K | 347.19K |
| OpEx % of Revenue | - | 5669.67% | - | 8349.73% | 24650% | - | - |
| Selling, General & Admin | 4.52M | 4.82T | 5.01M | 3.99M | 1.86M | 530.36K | 347.19K |
| SG&A % of Revenue | - | 99999900% | - | 6145.71% | 18557.31% | - | - |
| Research & Development | 1.66M | 1.8T | 2.22M | 1.43M | 609.27K | 25K | 0 |
| R&D % of Revenue | - | 99999900% | - | 2204.02% | 6092.7% | - | - |
| Other Operating Expenses | 0 | -6.62T | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -6.15M | -6.59M | -7.24M | -5.37M | -2.46M | -555.36K | -347.19K |
| Operating Margin % | -5273.54% | -5652.38% | - | -8257.73% | -24558.01% | - | - |
| Operating Income Growth % | - | 8.87% | -34.82% | -118.57% | -342.2% | -59.96% | - |
| EBITDA | -6.15M | -6.59M | -7.23M | -5.37M | -2.45M | -545.45K | -140.9K |
| EBITDA Margin % | -5272.06% | -5650.91% | - | -8255.08% | -24547.56% | - | - |
| EBITDA Growth % | 16.03% | 8.87% | -34.83% | -118.59% | -350.05% | -287.13% | - |
| D&A (Non-Cash Add-back) | 1.73K | 1.73K | 1.72K | 1.73K | 1.04K | 0 | 206.3K |
| EBIT | -6.07M | -6.49M | -6.98M | -5.28M | -2.46M | -545.45K | -329.92K |
| Net Interest Income | 72.91K | 96.57K | 242.74K | 104.61K | -346.69K | -40.4K | -11.77K |
| Interest Income | 78.5K | 102.2K | 260.89K | 183.7K | 459 | 0 | 0 |
| Interest Expense | 5.6K | 5.63K | 18.16K | 79.09K | 347.14K | 40.4K | 11.77K |
| Other Income/Expense | 78.97K | 96.57K | 242.74K | 11.65K | -346.69K | -30.48K | 5.5K |
| Pretax Income | -6.07M | -6.5M | -6.99M | -5.36M | -2.8M | -585.84K | -341.69K |
| Pretax Margin % | -5205.86% | -5569.61% | - | -8239.8% | -28024.87% | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -6.07M | -6.5M | -6.99M | -5.36M | -2.8M | -585.84K | -341.69K |
| Net Margin % | -5205.86% | -5569.61% | - | -8239.8% | -28024.87% | - | - |
| Net Income Growth % | 14.54% | 7.09% | -30.58% | -91.11% | -378.37% | -71.45% | - |
| Net Income (Continuing) | -6.07M | -6.5M | -6.99M | -5.36M | -2.8M | -585.84K | -341.69K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.47 | -0.63 | -0.85 | -0.89 | -0.46 | -0.10 | -0.06 |
| EPS Growth % | 34.52% | 25.88% | 4.49% | -93.48% | -360% | -65.29% | - |
| EPS (Basic) | - | -0.63 | -0.85 | -0.89 | -0.46 | -0.10 | -0.06 |
| Diluted Shares Outstanding | 12.95M | 10.34M | 8.25M | 6.05M | 6.09M | 5.65M | 5.65M |
| Basic Shares Outstanding | 12.95M | 10.34M | 8.25M | 6.05M | 6.09M | 5.65M | 5.65M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Liquidity and insolvency risk
As indicated by the company's recent financial disclosures, revenue remains sporadic and negligible, with a TTM total of only $116,670, suggesting that the firm has yet to transition from intermittent pilot-based consulting engagements to a scalable, recurring revenue model capable of supporting its current cost structure.
The absence of consistent quarterly revenue suggests that the bfLEAP platform has not yet achieved commercial market fit. Investors should monitor whether future periods demonstrate a shift toward multi-year licensing agreements, as the current reliance on project-based income provides little visibility into long-term growth durability.
Based on reported figures, the company's gross margin of 17.29% is exceptionally thin for a technology-oriented firm, reflecting the high direct costs associated with data acquisition and specialized cloud resources that currently overwhelm the firm's limited top-line output.
The extreme negative operating margins highlight a fundamental disconnect between the company's current organizational burn and its commercial output. Achieving sustainable profitability would likely require a pivot toward high-margin royalty streams, as the current cost structure appears heavily burdened by the expenses required to maintain its intellectual property portfolio.
According to quarterly income statements, the company consistently incurs operating losses exceeding $1.3 million per period, driven primarily by persistent R&D and SG&A expenditures that dwarf the nominal revenue generated from its nascent drug discovery collaborations.
Management's expense discipline appears constrained by the necessity of funding its siRNA and Mebendazole programs, which remain in early-stage development. The high level of stock-based compensation relative to revenue suggests that the firm is utilizing equity to preserve cash, a strategy that may lead to significant shareholder dilution if commercial milestones are not met.
As reported in financial filings, the company's cash position of approximately $2.18 million against a high quarterly burn rate suggests a precarious liquidity profile that may force dilutive financing or asset liquidation if clinical validation of its licensed therapeutic candidates fails to materialize.
Short-sellers would likely focus on the company's inability to generate meaningful revenue despite its proprietary AI claims, viewing the firm as a virtual biotech with binary clinical risk rather than a scalable software provider. The market may be overestimating the value of the bfLEAP platform while underestimating the immediate threat posed by the company's limited cash runway.
Quick answers to the most common questions about buying BFRGW stock.
For fiscal year 2025, Bullfrog AI Holdings, Inc. Warrants (BFRGW) reported total revenue of $0.1M.
Bullfrog AI Holdings, Inc. Warrants (BFRGW) reported a net loss of $6.5M for the fiscal year ending 2025.
Bullfrog AI Holdings, Inc. Warrants (BFRGW) reported an operating income of $-6.6M, resulting in an operating profit margin of -5652.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Bullfrog AI Holdings, Inc. Warrants (BFRGW) generated $0.0M in gross profit for the year, representing a gross profit margin of 17.3%. This demonstrates the company's core pricing power and production efficiency.