Revenue remains highly erratic with a 52.8% contraction in 2026Q1, while gross margins have fluctuated wildly from a negative 84.2% in 2025Q4 to 78.8% in 2026Q2.
| Sales/Revenue | 2.09M | 2.14M |
| Revenue Growth % | -39.6% | - |
| Cost of Goods Sold | 1.18M | 1.3M |
| COGS % of Revenue | - | 60.74% |
| Gross Profit | 910.3K | 838.91K |
| Gross Margin % | 43.49% | 39.26% |
| Gross Profit Growth % | - | - |
| Operating Expenses | 26.23M | 16.89M |
| OpEx % of Revenue | - | 790.17% |
| Selling, General & Admin | 21.32M | 10.87M |
| SG&A % of Revenue | - | 508.61% |
| Research & Development | 2.09M | 6.02M |
| R&D % of Revenue | - | 281.57% |
| Other Operating Expenses | 1000K | 0 |
| Operating Income | -25.32M | -16.05M |
| Operating Margin % | -1209.55% | -750.92% |
| Operating Income Growth % | - | - |
| EBITDA | -25.04M | -15.66M |
| EBITDA Margin % | -1196.37% | -732.94% |
| EBITDA Growth % | -98.53% | - |
| D&A (Non-Cash Add-back) | 275.9K | 384.17K |
| EBIT | -25.32M | -16.05M |
| Net Interest Income | 77.32K | 192.91K |
| Interest Income | 77.32K | 192.91K |
| Interest Expense | 0 | 0 |
| Other Income/Expense | -9.65M | 405.96K |
| Pretax Income | -34.97M | -15.64M |
| Pretax Margin % | -1670.74% | -731.92% |
| Income Tax | -684.12K | -684.12K |
| Effective Tax Rate % | 1.96% | 4.37% |
| Net Income | -34.48M | -15.16M |
| Net Margin % | -1646.94% | -709.46% |
| Net Income Growth % | -368.39% | - |
| Net Income (Continuing) | -34.29M | -14.96M |
| Discontinued Operations | -325.81K | -392.73K |
| Minority Interest | -375.61K | -363.05K |
| EPS (Diluted) | -3.54 | -134.23 |
| EPS Growth % | -114.23% | - |
| EPS (Basic) | - | -134.23 |
| Diluted Shares Outstanding | 9.74M | 517.67K |
| Basic Shares Outstanding | 9.74M | 517.67K |
| Dividend Payout Ratio | - | - |
Imminent liquidity and dilution
As indicated by the quarterly financial data, BNBX's revenue trajectory remains highly volatile, with a 52.8% contraction in 2026Q1 followed by a 4.1% recovery in 2026Q2, suggesting that the company has yet to establish a predictable or sustainable commercial footprint in its target diagnostic markets.
The lack of consistent sequential growth highlights the challenges inherent in a transactional, non-recurring revenue model. Investors should monitor whether the recent uptick in 2026Q2 represents a genuine inflection in physician adoption or merely a temporary fluctuation in diagnostic test demand.
Based on reported income statements, BNBX's gross margin has fluctuated wildly from a negative 84.2% in 2025Q4 to a peak of 78.8% in 2026Q2, reflecting significant instability in the cost of goods sold and a lack of economies of scale in its laboratory operations.
This extreme variance suggests that the company's cost structure is highly sensitive to batch-level inefficiencies or reagent pricing volatility. Such unpredictability in gross profitability complicates any attempt to forecast a path toward sustainable operating margins.
According to the provided financial records, BNBX's operating expenses consistently dwarf gross profit, with SG&A costs reaching $13.3M in 2026Q1 alone, which indicates that the company is currently unable to achieve the necessary operating leverage to support its existing laboratory and administrative infrastructure.
The massive disconnect between revenue generation and overhead suggests that the current business model is fundamentally misaligned with its scale. Without a drastic reduction in fixed costs or a substantial increase in test volume, the company appears to be trapped in a cycle of persistent operating losses.
As reported in financial statements, the company's net income figures are heavily distorted by non-operating items and extreme quarterly swings, such as the $18.6M loss in 2026Q1, which makes traditional EPS analysis largely irrelevant for assessing the underlying health of the diagnostic business.
The presence of significant stock-based compensation in 2026Q1, coupled with erratic bottom-line results, suggests that reported earnings are not currently reflective of operational performance. Investors should focus on cash burn rates rather than net income, as the latter appears to be a poor proxy for value creation.
Based on the provided data, the most significant risk to the narrative is the company's inability to scale revenue while maintaining a $1.6M cash position, which suggests that the current operating model may be fundamentally unsustainable without continuous, highly dilutive external capital injections.
Short-sellers would likely focus on the widening gap between cash reserves and the burn rate, which implies that the company is rapidly approaching a liquidity crisis. The reliance on transactional revenue in a competitive diagnostic landscape warrants further investigation into the company's long-term viability.
Quick answers to the most common questions about buying BNBX stock.
For fiscal year 2025, BNB Plus Corp. (BNBX) reported total revenue of $2.1M. This represents a 0.0% increase compared to $2.1M in 2025.
BNB Plus Corp. (BNBX) reported a net loss of $15.2M for the fiscal year ending 2025.
BNB Plus Corp. (BNBX) reported an operating income of $-16.0M, resulting in an operating profit margin of -750.9%. This margin reflects the operational efficiency of the business before interest and taxes.
BNB Plus Corp. (BNBX) generated $0.8M in gross profit for the year, representing a gross profit margin of 39.3%. This demonstrates the company's core pricing power and production efficiency.