The company's shift toward industrial operations has stabilized gross margins at 18.3% in 2026Q1, though this is insufficient to overcome an operating margin of -31.6%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Sales/Revenue | 1.52M | 747K | 43K | 420K | 0 | 0 | 0 | 0 | 150K | 0 | 843K | 1.94M | 1.73M | 1.08M | 69K | 699K | 686K | 911K | 877K | 129K | 387K | 356K |
| Revenue Growth % | 10792.86% | 1637.21% | -89.76% | - | - | - | - | -100% | - | -100% | -56.64% | 12.11% | 59.96% | 1471.01% | -90.13% | 1.9% | -24.7% | 3.88% | 579.85% | -66.67% | 8.71% | - |
| Cost of Goods Sold | 1.25M | 609K | 0 | 0 | 32K | 43K | 20K | 4.66M | 4.33M | 4.24M | 9.48M | 12.38M | 18.28M | 0 | 0 | 360K | 875K | 1.21M | 2.29M | 1.12M | 1.12M | 1.32M |
| COGS % of Revenue | - | 81.53% | - | - | - | - | - | - | 2884.67% | - | 1124.2% | 636.93% | 1054.04% | - | - | 51.5% | 127.55% | 133.15% | 261.23% | 871.32% | 290.44% | 371.35% |
| Gross Profit | 279K | 138K | 43K | 420K | -32K | -43K | -20K | -4.66M | -4.18M | -4.24M | -8.63M | -10.44M | -16.54M | 0 | 0 | 339K | -189K | -302K | -1.41M | -995K | -737K | -966K |
| Gross Margin % | 18.3% | 18.47% | 100% | 100% | - | - | - | - | -2784.67% | - | -1024.2% | -536.93% | -954.04% | - | - | 48.5% | -27.55% | -33.15% | -161.23% | -771.32% | -190.44% | -271.35% |
| Gross Profit Growth % | - | 220.93% | -89.76% | 1412.5% | 25.58% | -115% | 99.57% | -11.52% | 1.42% | 50.93% | 17.28% | 36.9% | - | - | -100% | 279.37% | 37.42% | 78.64% | -42.11% | -35.01% | 23.71% | - |
| Operating Expenses | 3.92M | 8.56M | 12.05M | 25.87M | 27.66M | 22.39M | 10.62M | 5.02M | 5.37M | 5.25M | 5.52M | 5.73M | 5.89M | 18.99M | 15.11M | 16.73M | 16.08M | 17.64M | 32.36M | 29.99M | 32.4M | 19.81M |
| OpEx % of Revenue | - | 1146.59% | 28016.28% | 6160.24% | - | - | - | - | 3580.67% | - | 654.33% | 294.86% | 339.91% | 1751.66% | 21901.45% | 2392.99% | 2343.59% | 1935.89% | 3689.97% | 23246.51% | 8372.09% | 5564.33% |
| Selling, General & Admin | 3.89M | 7.72M | 5.39M | 6.72M | 7.38M | 7.46M | 5.88M | 5.02M | 5.37M | 5.25M | 5.52M | 5.73M | 5.89M | 7.71M | 8.52M | 7.52M | 9.66M | 7.87M | 13.49M | 10.42M | 11.2M | 3.97M |
| SG&A % of Revenue | - | 1033.07% | 12539.53% | 1599.52% | - | - | - | - | 3580.67% | - | 654.33% | 294.86% | 339.91% | 711.35% | 12347.83% | 1075.97% | 1408.6% | 863.89% | 1538.43% | 8076.74% | 2892.76% | 1114.61% |
| Research & Development | 24K | 848K | 6.66M | 19.16M | 20.27M | 14.93M | 4.74M | 4.66M | 4.33M | 4.24M | 9.48M | 12.38M | 18.28M | 11.28M | 6.59M | 9.21M | 6.41M | 9.77M | 18.87M | 19.57M | 21.2M | 15.84M |
| R&D % of Revenue | - | 113.52% | 15476.74% | 4560.71% | - | - | - | - | 2884.67% | - | 1124.2% | 636.93% | 1054.04% | 1040.31% | 9553.62% | 1317.02% | 934.99% | 1072.01% | 2151.54% | 15169.77% | 5479.33% | 4449.72% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.66M | -4.33M | -4.24M | -9.48M | -12.38M | -18.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -3.64M | -8.43M | -12M | -25.45M | -27.66M | -22.39M | -10.64M | -9.68M | -9.55M | -9.49M | -14.15M | -16.17M | -22.44M | -17.97M | -15.1M | -16.39M | -16.27M | -17.94M | -33.77M | -30.98M | -33.14M | -20.77M |
| Operating Margin % | -238.49% | -1128.11% | -27916.28% | -6060.24% | - | - | - | - | -6365.33% | - | -1678.53% | -831.79% | -1293.94% | -1658.12% | -21888.41% | -2344.49% | -2371.14% | -1969.04% | -3851.2% | -24017.83% | -8562.53% | -5835.67% |
| Operating Income Growth % | - | 29.8% | 52.84% | 7.97% | -23.52% | -110.5% | -9.85% | -1.4% | -0.6% | 32.93% | 12.49% | 27.93% | -24.83% | -19.01% | 7.84% | -0.75% | 9.32% | 46.89% | -9.01% | 6.5% | -59.5% | - |
| EBITDA | -3.63M | -8.42M | -12M | -25.42M | -27.62M | -22.35M | -10.62M | -9.66M | -9.52M | -9.46M | -14.02M | -15.96M | -22.26M | -17.9M | -15.04M | -16.15M | -15.81M | -17.27M | -31.91M | -29.86M | -32.01M | -19.45M |
| EBITDA Margin % | -238% | -1127.44% | -27902.33% | -6052.86% | - | - | - | - | -6346% | - | -1662.75% | -820.99% | -1283.91% | -1651.66% | -21801.45% | -2310.01% | -2304.52% | -1895.72% | -3638.88% | -23146.51% | -8272.09% | -5464.33% |
| EBITDA Growth % | 71.38% | 29.8% | 52.8% | 7.97% | -23.62% | -110.49% | -9.87% | -1.5% | -0.63% | 32.52% | 12.17% | 28.31% | -24.35% | -19.02% | 6.84% | -2.14% | 8.46% | 45.88% | -6.88% | 6.73% | -64.57% | - |
| D&A (Non-Cash Add-back) | 7.5K | 5K | 6K | 31K | 32K | 43K | 20K | 20K | 29K | 32K | 133K | 210K | 174K | 70K | 60K | 241K | 457K | 668K | 1.86M | 1.12M | 1.12M | 1.32M |
| EBIT | -3.64M | -8.43M | -12M | -25.45M | -27.66M | -22.39M | -9.68M | -9.68M | -9.55M | -9.49M | -14.15M | -16.17M | -22.44M | -11.88M | -15.11M | -15.81M | -16.63M | -20.34M | -41.82M | -25.87M | -31.25M | -19.89M |
| Net Interest Income | 65K | 62K | 12K | 266K | 210K | 16K | 42K | 224K | 331K | 118K | 37K | 9K | 6K | 13K | 22K | 45K | -6K | -75K | 1.06M | 3.33M | 2.07M | 827K |
| Interest Income | 65K | 62K | 12K | 266K | 210K | 16K | 42K | 224K | 331K | 118K | 37K | 9K | 6K | 13K | 22K | 45K | 37K | 102K | 1.38M | 3.55M | 2.33M | 887K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 43K | 177K | 318K | 223K | 254K | 60K |
| Other Income/Expense | 560K | 5.44M | 10K | -98K | 1.74M | 204K | 955K | 556K | 923K | 1.03M | 376K | -316K | -212K | 6.09M | -4K | 580K | -412K | -2.58M | -8.36M | 4.89M | 1.63M | 827K |
| Pretax Income | -3.08M | -2.99M | -11.99M | -25.55M | -25.91M | -22.18M | -9.68M | -9.13M | -8.63M | -8.46M | -13.77M | -16.49M | -22.65M | -11.88M | -15.11M | -15.81M | -16.68M | -20.52M | -42.13M | -26.09M | -31.5M | -19.95M |
| Pretax Margin % | -201.77% | -400.4% | -27893.02% | -6083.57% | - | - | - | - | -5750% | - | -1633.93% | -848.05% | -1306.17% | -1095.94% | -21894.2% | -2261.52% | -2431.2% | -2252.25% | -4804.45% | -20227.91% | -8140.31% | -5603.37% |
| Income Tax | 37K | 7K | -782K | -3M | -4.72M | -3.73M | -1.24M | 1.3M | 1.34M | 993K | 1.98M | 2.14M | 3.24M | -1.67M | -1.35M | -565K | -657K | -948K | -1.75M | -2.04M | -2.25M | -1.9M |
| Effective Tax Rate % | -1.2% | -0.23% | 6.52% | 11.73% | 18.2% | 16.8% | 12.77% | -14.2% | -15.5% | -11.73% | -14.4% | -13% | -14.32% | 14.06% | 8.94% | 3.57% | 3.94% | 4.62% | 4.15% | 7.82% | 7.13% | 9.52% |
| Net Income | -3.11M | -3M | -11.21M | -22.55M | -21.2M | -18.46M | -8.45M | -7.83M | -7.29M | -7.47M | -11.79M | -14.34M | -19.39M | -10.15M | -13.19M | -15.24M | -16.02M | -19.57M | -40.39M | -24.05M | -29.26M | -18.05M |
| Net Margin % | -204.2% | -401.34% | -26074.42% | -5370.24% | - | - | - | - | -4858.67% | - | -1398.7% | -737.76% | -1118.05% | -936.62% | -19110.14% | -2180.69% | -2335.42% | -2148.19% | -4605.02% | -18645.74% | -7560.21% | -5069.66% |
| Net Income Growth % | 62.69% | 73.26% | 50.29% | -6.4% | -14.85% | -118.56% | -7.85% | -7.44% | 2.44% | 36.65% | 17.79% | 26.02% | -90.95% | 23% | 13.49% | 4.86% | 18.13% | 51.54% | -67.9% | 17.79% | -62.11% | - |
| Net Income (Continuing) | -3.11M | -3M | -11.21M | -22.55M | -21.2M | -18.46M | -8.45M | -7.83M | -7.29M | -7.47M | -11.79M | -14.34M | -19.41M | -10.21M | -13.76M | -15.24M | -16.02M | -19.57M | -40.39M | -24.05M | -29.26M | -18.05M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19K | 57K | 570K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.57 | -6.45 | -501.60 | -6420.00 | -6840.00 | -7704.00 | -12306.00 | -35426.00 | -44584.00 | -140400.00 | -252000.00 | -388800.00 | -768960.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 |
| EPS Growth % | 99.4% | 98.71% | 92.19% | 6.14% | 11.21% | 37.4% | 65.26% | 20.54% | 68.25% | 44.29% | 35.19% | 49.44% | 30.47% | 23.81% | 25% | 38.46% | 40.91% | 55.56% | -63.64% | 49.58% | 84.11% | - |
| EPS (Basic) | - | -6.45 | -501.60 | -6420.00 | -6840.00 | -7704.00 | -12306.00 | -35426.00 | -44584.00 | -140400.00 | -252000.00 | -388800.00 | -768960.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 |
| Diluted Shares Outstanding | 5.46M | 2.19M | 22.31K | 3.54K | 3.13K | 2.48K | 1.01K | 227 | 168 | 106 | 48 | 38 | 25 | 18 | 10 | 8 | 6 | 4 | 3 | 3 | 0 | 0 |
| Basic Shares Outstanding | 5.46M | 2.19M | 22.31K | 3.54K | 3.13K | 2.48K | 1.01K | 227 | 168 | 106 | 48 | 38 | 25 | 18 | 10 | 8 | 6 | 4 | 3 | 3 | 0 | 0 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Unsustainable cash burn rate
According to the provided financial data, BGMS reported a revenue of $778,000 in 2026Q1, representing a significant departure from the near-zero revenue periods seen in 2025, which suggests the company has successfully transitioned toward consolidating the Fitters Sdn. Bhd. industrial fire protection business into its core operations.
The dramatic revenue jump appears to be driven by the acquisition of the Malaysian fire safety business rather than organic growth within the biopharmaceutical segment. Investors should monitor whether this project-based revenue can maintain consistency, as the reliance on construction-linked contracts may introduce cyclical volatility that is not yet fully reflected in the short-term data.
As reported in the income statement, the company's gross margin has stabilized at approximately 18.3% in 2026Q1, a sharp decline from the historical highs observed when the firm was primarily focused on speculative biopharmaceutical research activities that lacked meaningful commercial scale or consistent cost of goods sold.
The current margin profile reflects the transition to a labor-intensive and material-heavy industrial service model. This structural shift suggests that the company is unlikely to achieve the high-margin profile typical of the healthcare sector unless the biopharmaceutical pipeline reaches a commercialization stage that provides higher-margin revenue streams.
Based on the most recent quarterly filings, BGMS continues to struggle with extreme operating leverage, as evidenced by an operating margin of -31.6% in 2026Q1, which indicates that the current revenue base is insufficient to cover the substantial corporate overhead required to maintain a dual-industry public entity.
The persistent gap between gross profit and operating expenses suggests that the company is burdened by excessive administrative costs relative to its current scale. Without a significant increase in revenue or a drastic reduction in corporate overhead, the company may continue to face difficulty in achieving operational break-even.
Financial statements indicate that the company's strategy of operating in two unrelated industries—biopharma and fire safety—has resulted in a -1128% operating margin over the trailing twelve months, raising concerns about whether management can effectively allocate capital across such disparate business units without further diluting shareholder value.
Short-sellers would likely focus on the high probability of future equity dilution, as the current cash burn rate appears unsustainable relative to the company's $3.5 million cash position. The lack of operational synergy between the Malaysian fire protection business and the US-based biopharma arm warrants further investigation into whether this structure is designed for long-term value creation or merely survival.
Quick answers to the most common questions about buying BGMS stock.
For fiscal year 2025, Bio Green Med Solution, Inc. (BGMS) reported total revenue of $0.7M. This represents a 109.8% increase compared to $0.4M in 2005.
Bio Green Med Solution, Inc. (BGMS) reported a net loss of $3.0M for the fiscal year ending 2025.
Bio Green Med Solution, Inc. (BGMS) reported an operating income of $-8.4M, resulting in an operating profit margin of -1128.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Bio Green Med Solution, Inc. (BGMS) generated $0.1M in gross profit for the year, representing a gross profit margin of 18.5%. This demonstrates the company's core pricing power and production efficiency.