Financial flexibility is under extreme pressure as the debt-to-equity ratio surged to 4.39 in 2025Q2, while total equity contracted to just $1.2M.
| Total Assets | 9.34M | 12.49M | 11.91M | 10.59M | 12.38M | 14.6M | 9.02M | 8.69M | 17.15M | 10.57M | 1.07M | 1.22M |
| Asset Growth % | -40.92% | 4.88% | 12.46% | -14.45% | -15.16% | 61.79% | 3.84% | -49.33% | 62.24% | 891.59% | -12.34% | - |
| PP&E (Net) | 4.98M | 5.26M | 5.45M | 5.71M | 3.34M | 5.28M | 5.2M | 7.27M | 11.92M | 820.93K | 389.33K | 539.46K |
| PP&E / Total Assets % | 53.3% | 42.08% | 45.76% | 53.87% | 26.97% | 36.17% | 57.67% | 83.63% | 69.53% | 7.77% | 36.53% | 44.37% |
| Total Current Assets | 4.16M | 6.96M | 6.3M | 4.57M | 8.72M | 9.14M | 3.65M | 845.11K | 3.25M | 9.66M | 560.89K | 562.04K |
| Cash & Equivalents | 2.13M | 4.95M | 4.1M | 3.18M | 6.51M | 8.28M | 2.33M | 493.05K | 2.75M | 9.28M | 439.68K | 44.91K |
| Receivables | 0 | 283K | 253K | 478K | 1000K | 715K | 1000K | 352.06K | 496.15K | 377.63K | 0 | 0 |
| Inventory | 1.24M | 1.58M | 1.57M | 607K | 935K | 95K | 226.73K | -492.86K | -2.51M | -408.95K | 0 | 0 |
| Other Current Assets | 33K | 34K | 58K | 86K | 34K | 47K | 0 | 492.86K | 0 | 0 | 121.21K | 517.13K |
| Long-Term Investments | 380K | 275K | 74K | 85K | 85K | 179K | 171.61K | 123.05K | 1.42M | 84.97K | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 91K | 0 | 86K | 233K | 373K | 179K | 0 | 454.26K | 556.1K | 0 | 115.5K | 114.21K |
| Total Liabilities | 8.15M | 9M | 7.43M | 7.71M | 9.72M | 9.05M | 9.33M | 9.25M | 8.33M | 1.46M | 31.36M | 27.32M |
| Total Debt | 5.23M | 5.84M | 4.82M | 5.61M | 6.65M | 3.41M | 6.07M | 7.81M | 6M | 99.09K | 30.39M | 26.6M |
| Net Debt | 3.11M | 898K | 722K | 2.42M | 139K | -4.87M | 3.74M | 7.32M | 3.25M | -9.18M | 29.95M | 26.56M |
| Long-Term Debt | 4.88M | 3.4M | 4.3M | 4.46M | 4.25M | 0 | 2.21M | 20.84K | 353.78K | 0 | 0 | 0 |
| Short-Term Borrowings | 0 | 1.52M | 0 | 0 | 853K | 5K | 980K | 5.49M | 5.64M | 99.09K | 30.39M | 26.6M |
| Capital Lease Obligations | 1.74M | 924K | 520K | 1.14M | 1.54M | 3.4M | 2.87M | 2.3M | 25.14K | 0 | 0 | 0 |
| Total Current Liabilities | 3.2M | 5.22M | 2.8M | 2.72M | 2.65M | 4.16M | 3.52M | 7.08M | 7.94M | 1.03M | 31.36M | 27.32M |
| Accounts Payable | 333K | 133K | 276K | 321K | 246K | 264K | 241K | 242.91K | 1.04M | 271.34K | 375.57K | 183.5K |
| Accrued Expenses | 1.62M | 0 | 0 | 1.39M | 0 | 871K | 1M | 353.79K | 489.46K | 451.08K | 548.69K | 492.24K |
| Deferred Revenue | 0 | 667K | 387K | 387K | 418K | 1.09M | 676.47K | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 2.58M | 18K | 1.63M | 9K | 529K | 967K | 76.1K | 470.12K | 767.53K | 209.99K | 44.9K | 44.4K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 4K | 0 | 310K | 0 | 0 | 2.45M | 1.27M | 368.85K | 9.39K | 424.58K | 0 | 0 |
| Total Equity | 1.19M | 3.49M | 4.49M | 2.88M | 2.66M | 5.54M | -306.15K | -557.61K | 8.82M | 9.11M | -30.41M | -26.27M |
| Equity Growth % | -51.97% | -22.11% | 55.76% | 8.11% | -51.94% | 1910.53% | 45.1% | -106.33% | -3.25% | 129.96% | -15.76% | - |
| Shareholders Equity | 1.19M | 3.49M | 4.49M | 2.88M | 4.63M | 5.54M | -306.15K | -557.61K | 8.82M | 9.11M | -30.41M | -26.27M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Stock | 124K | 124K | 124K | 124K | 88K | 79K | 63K | 44.59K | 36.4K | 33.7K | 23.36K | 23.1K |
| Additional Paid-in Capital | 112.78M | 121.53M | 108.61M | 100.24M | 91.9M | 45.65M | 29.96M | 21.32M | 17.59M | 12.07M | 10.12K | 10.01K |
| Retained Earnings | -109.65M | -116.11M | -102.2M | -95.43M | -85.78M | -95.69M | -96.81M | -80.56M | -62.87M | -60.23M | -46.44M | -36.64M |
| Accumulated OCI | -2.05M | -2.05M | -2.05M | -2.05M | 56.83M | 55.5M | 55.01M | 58.63M | 54.06M | 57.23M | 15.99M | 10.33M |
| Return on Assets (ROA) | -118.99% | -113.93% | -60.17% | -83.98% | -82.04% | -93.29% | -107.07% | -94.09% | -51.91% | -144.21% | -822.74% | -801.98% |
| Return on Equity (ROE) | -445.32% | -348.5% | -183.87% | -348.05% | -269.7% | -420.75% | - | -294.34% | -80.25% | -92.06% | - | - |
| Debt / Equity | 4.39x | 1.67x | 1.08x | 1.95x | 2.50x | 0.61x | - | - | 0.68x | 0.01x | - | - |
| Debt / Assets | 56.04% | 46.76% | 40.48% | 52.91% | 53.68% | 23.34% | 67.28% | 89.88% | 35.01% | 0.94% | 2851.66% | 2188.26% |
| Net Debt / EBITDA | -0.27x | - | - | - | - | - | - | - | - | - | - | - |
| Book Value per Share | 21.24 | 42.74 | 29.99 | 51.64 | 63.74 | 32.02 | -1.35 | -2.58 | 48.18 | 63.21 | -2.37K | -2.04K |
Liquidity and capital exhaustion
As reported in recent financial statements, Brenmiller Energy's debt-to-equity ratio has surged to 4.39 in 2025Q2, reflecting a precarious capital structure where the reliance on debt has intensified as equity reserves have dwindled to a mere $1.2 million, signaling significant pressure on the company's financial flexibility.
The rapid escalation in leverage appears to be a function of shrinking equity rather than strategic debt deployment for asset expansion. Investors should monitor this trend closely, as the current debt-to-capital profile lacks the regulatory headroom typically required to sustain long-term infrastructure development in a utility-adjacent model.
Based on the company's reported figures, net property, plant, and equipment has remained stagnant at approximately $5.0 million as of 2025Q2, which suggests that the firm has yet to achieve the meaningful asset base growth necessary to support a stable, utility-style regulated revenue recovery mechanism.
The lack of significant growth in net PPE indicates that the company is not currently scaling its physical infrastructure at a pace consistent with commercial utility operations. This stagnation may imply that the firm remains in a perpetual pilot phase, unable to transition into a capital-intensive, rate-base-driven growth model.
According to recent SEC filings, cash reserves have declined to $2.1 million in 2025Q2, a substantial reduction from the $7.0 million reported in 2024Q2, which highlights a tightening liquidity position that may necessitate further dilutive financing to sustain the company's ongoing research and development activities.
The consistent erosion of cash balances suggests that the current burn rate is unsustainable without external capital injections. This liquidity profile appears to limit the company's ability to fund future project deployments, potentially forcing management to prioritize survival over the scaling of their thermal storage technology.
As indicated by the financial data, equity has contracted significantly from $6.5 million in 2024Q2 to $1.2 million in 2025Q2, a trend that underscores the impact of persistent net losses on the company's book value and its overall ability to maintain a stable capital base.
The rapid depletion of equity suggests that the company's current business model is failing to generate the retained earnings required to bolster its balance sheet. This deterioration warrants further investigation into whether future capital needs will be met through equity dilution, which would further pressure existing shareholder value.
Quick answers to the most common questions about buying BNRG stock.
As of 2025, Brenmiller Energy Ltd (BNRG) had total assets of $12.5M including $7.0M in current assets.
Brenmiller Energy Ltd (BNRG) carries total debt of $5.8M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Brenmiller Energy Ltd (BNRG) has total shareholders' equity (book value) of $3.5M ($42.74 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Brenmiller Energy Ltd (BNRG) reported a current ratio of 1.33x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.