Firefly Neuroscience Inc. Financials

AIFF

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE March

This page shows Firefly Neuroscience Inc. (AIFF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 44/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Firefly Neuroscience Inc. has an operating margin of -1088.0%, meaning the company retains $-1088 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -9309.3% the prior year.

Growth

100

Firefly Neuroscience Inc.'s revenue surged 653.7% year-over-year to $814K, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

Firefly Neuroscience Inc. carries a low D/E ratio of 0.37, meaning only $0.37 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 94/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Firefly Neuroscience Inc.'s current ratio of 1.43 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 24/100, which could limit financial flexibility.

Returns

Firefly Neuroscience Inc. generates a -260.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100.

Piotroski F-Score Neutral

4/9

Firefly Neuroscience Inc. passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

0.41x

For every $1 of reported earnings, Firefly Neuroscience Inc. generates $0.41 in operating cash flow (-$8.2M OCF vs -$19.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$814K

YoY+653.7%

5Y CAGR-43.3%

10Y CAGR-18.4%

Firefly Neuroscience Inc. generated $814K in revenue in fiscal year 2025. This represents an increase of 653.7% from the prior year.

EBITDA

-$8.7M

YoY+13.0%

Firefly Neuroscience Inc.'s EBITDA was -$8.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 13.0% from the prior year.

Net Income

-$19.9M

YoY-90.1%

Firefly Neuroscience Inc. reported -$19.9M in net income in fiscal year 2025. This represents a decrease of 90.1% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$2.7M

YoY+51.8%

5Y CAGR+8.1%

10Y CAGR+2.4%

Firefly Neuroscience Inc. held $2.7M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

15M

YoY+82.1%

Firefly Neuroscience Inc. had 15M shares outstanding in fiscal year 2025. This represents an increase of 82.1% from the prior year.

Margins & Returns

Gross Margin

79.2%

5Y CAGR+63.3pp

10Y CAGR+41.1pp

Firefly Neuroscience Inc.'s gross margin was 79.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs.

Operating Margin

-1088.0%

YoY+8221.3pp

5Y CAGR-1090.9pp

10Y CAGR-1089.1pp

Firefly Neuroscience Inc.'s operating margin was -1088.0% in fiscal year 2025, reflecting core business profitability. This is up 8221.3 percentage points from the prior year.

Net Margin

-2442.5%

YoY+7242.7pp

5Y CAGR-2445.5pp

10Y CAGR-2443.8pp

Firefly Neuroscience Inc.'s net profit margin was -2442.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 7242.7 percentage points from the prior year.

Return on Equity

-260.3%

5Y CAGR-286.0pp

10Y CAGR-263.9pp

Firefly Neuroscience Inc.'s ROE was -260.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.

Capital Allocation

R&D Spending

$1.5M

YoY-24.2%

Firefly Neuroscience Inc. invested $1.5M in research and development in fiscal year 2025. This represents a decrease of 24.2% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

AIFF Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$814K+653.7%	$108K-78.3%	$498K-95.9%	$12.0M-20.0%	$15.0M+8.1%	$13.9M
Cost of Revenue	$497K	N/A	$5.4M-34.2%	$8.2M-28.5%	$11.4M-2.4%	$11.7M
Gross Profit	$645K	N/A	-$4.9M-270.1%	$2.9M-20.8%	$3.6M+63.7%	$2.2M
R&D Expenses	$1.5M-24.2%	$2.0M+163.7%	$741K	N/A	N/A	N/A
SG&A Expenses	$7.0M+13.6%	$6.1M+5.0%	$5.8M-29.5%	$8.3M+32.7%	$6.2M+247.3%	$1.8M
Operating Income	-$8.9M+11.9%	-$10.1M-226.6%	-$3.1M+43.2%	-$5.4M-106.3%	-$2.6M-737.9%	$412K
Interest Expense	N/A	N/A	$103K+26.5%	$82K+118.7%	$37K+1094.4%	$3K
Income Tax	$5K+150.0%	$2K+100.0%	$1K-99.9%	$812K+175.9%	-$1.1M	$0
Net Income	-$19.9M-90.1%	-$10.5M-301.8%	-$2.6M+85.3%	-$17.8M-1469.1%	-$1.1M-373.7%	$413K
EPS (Diluted)	N/A	N/A	N/A	N/A	$-0.09-400.0%	$0.03

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$388K+29.8%	$299K+595.3%	$43K-18.9%	$53K+60.6%	$33K+230.0%	$10K-16.7%	$12K	N/A
Cost of Revenue	$242K+868.0%	$25K	N/A	N/A	N/A	$0-100.0%	$1.2M	N/A
Gross Profit	$146K-46.7%	$274K	N/A	N/A	$33K+230.0%	$10K+100.8%	-$1.2M	N/A
R&D Expenses	$378K+12.5%	$336K+7.7%	$312K-28.6%	$437K-50.2%	$878K+150.9%	$350K+21.1%	$289K	N/A
SG&A Expenses	$2.0M+46.2%	$1.4M-13.5%	$1.6M+125.9%	$703K-76.5%	$3.0M+181.0%	$1.1M-22.5%	$1.4M	N/A
Operating Income	-$2.7M-62.5%	-$1.6M+20.9%	-$2.1M+39.9%	-$3.4M+19.5%	-$4.3M-239.0%	-$1.3M-15.4%	-$1.1M	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	$10K-3.5%	$11K	N/A
Income Tax	N/A	$4K	$0-100.0%	$2K	$0	$0	$0	N/A
Net Income	-$2.6M-44.0%	-$1.8M+85.8%	-$12.9M-241.6%	-$3.8M+11.8%	-$4.3M-239.3%	-$1.3M-12.7%	-$1.1M	N/A
EPS (Diluted)	$-0.20	N/A	N/A	N/A	$-0.61-5.2%	$-0.58	N/A	N/A

AIFF Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$10.5M+127.7%	$4.6M+74.2%	$2.6M-66.9%	$8.0M-65.8%	$23.4M+519.1%	$3.8M
Current Assets	$4.0M+53.2%	$2.6M+16.5%	$2.3M-19.6%	$2.8M-59.2%	$6.9M+99.6%	$3.4M
Cash & Equivalents	$2.7M+51.8%	$1.8M+165.4%	$682K-6.7%	$731K-85.2%	$4.9M+165.4%	$1.9M
Inventory	$108K	$0	N/A	N/A	N/A	N/A
Accounts Receivable	$194K+60.3%	$121K+44.0%	$84K-94.8%	$1.6M-2.1%	$1.7M+15.4%	$1.4M
Goodwill	$5.2M	$0	$0-100.0%	$1.1M-85.2%	$7.6M	$0
Total Liabilities	$2.8M-42.9%	$5.0M+96.5%	$2.5M-75.2%	$10.2M+72.4%	$5.9M+174.1%	$2.2M
Current Liabilities	$2.8M-43.3%	$5.0M+96.5%	$2.5M-34.9%	$3.9M+96.2%	$2.0M+9.9%	$1.8M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	$357K
Total Equity	$7.6M+2136.5%	-$375K-444.0%	$109K+104.9%	-$2.2M-112.8%	$17.4M+981.0%	$1.6M
Retained Earnings	-$111.6M-28.2%	-$87.1M-13.7%	-$76.6M-145.7%	-$31.2M-132.1%	-$13.4M-9.2%	-$12.3M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$12.4M-16.9%	$14.9M+20.8%	$12.4M+168.7%	$4.6M-13.4%	$5.3M+60.5%	$3.3M-12.1%	$3.8M+42.5%	$2.6M
Current Assets	$5.4M-27.9%	$7.5M-27.4%	$10.4M+294.9%	$2.6M-1.4%	$2.7M+128.0%	$1.2M-25.1%	$1.6M-30.8%	$2.3M
Cash & Equivalents	$4.3M-26.9%	$5.9M-38.0%	$9.5M+427.3%	$1.8M+47.2%	$1.2M+403.8%	$244K-56.7%	$563K-17.4%	$682K
Inventory	$80K-39.8%	$133K	N/A	$0	N/A	N/A	N/A	N/A
Accounts Receivable	$184K-6.6%	$197K+97.0%	$100K-17.4%	$121K	N/A	$792K+2.0%	$776K+823.8%	$84K
Goodwill	$5.2M0.0%	$5.2M	N/A	$0	N/A	$1.1M0.0%	$1.1M	$0
Total Liabilities	$2.8M-3.1%	$2.8M-60.5%	$7.2M+44.3%	$5.0M-38.5%	$8.1M+78.7%	$4.5M+19.9%	$3.8M+49.0%	$2.5M
Current Liabilities	$2.7M-2.7%	$2.8M-61.1%	$7.2M+44.3%	$5.0M+96.3%	$2.5M+32.4%	$1.9M-6.1%	$2.0M-19.4%	$2.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$9.7M-20.2%	$12.1M+133.4%	$5.2M+1482.7%	-$375K+86.5%	-$2.8M-128.4%	-$1.2M-13400.0%	-$9K-108.3%	$109K
Retained Earnings	-$108.9M-2.5%	-$106.3M-1.8%	-$104.4M-19.9%	-$87.1M-4.5%	-$83.3M-142.9%	-$34.3M-1.1%	-$33.9M+55.8%	-$76.6M

AIFF Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$8.2M-33.1%	-$6.2M-183.4%	-$2.2M+63.9%	-$6.0M-718.2%	-$735K-273.7%	$423K
Capital Expenditures	N/A	N/A	$0-100.0%	$536K+668.3%	$70K+8.1%	$65K
Free Cash Flow	N/A	N/A	-$2.2M+66.8%	-$6.5M-713.9%	-$805K-324.3%	$359K
Investing Cash Flow	-$2.5M-421.6%	-$477K-23.6%	-$386K+28.0%	-$536K+94.4%	-$9.6M-14745.3%	-$65K
Financing Cash Flow	$11.6M+84.5%	$6.3M+35.7%	$4.6M+97.6%	$2.3M-82.5%	$13.4M+2810.9%	$460K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	-$1.5M+37.7%	-$2.4M+4.8%	-$2.5M-106.2%	-$1.2M+51.6%	-$2.5M-129.2%	-$1.1M+16.7%	-$1.3M-158.6%	-$510K
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-$510K
Investing Cash Flow	-$86K+96.4%	-$2.4M-33785.7%	-$7K+90.8%	-$76K+14.6%	-$89K+50.8%	-$181K-38.2%	-$131K+66.1%	-$386K
Financing Cash Flow	-$19K-101.7%	$1.1M-88.9%	$10.3M+447.1%	$1.9M-46.1%	$3.5M	$0-100.0%	$945K-56.0%	$2.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

AIFF Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	79.2%	N/A	-977.8%-1001.7pp	23.8%-0.2pp	24.1%+8.2pp	15.9%
Operating Margin	-1088.0%+8221.3pp	-9309.3%-8691.2pp	-618.1%-573.0pp	-45.1%-27.6pp	-17.5%-20.4pp	3.0%
Net Margin	-2442.5%+7242.7pp	-9685.2%-9162.5pp	-522.7%-375.0pp	-147.7%-140.1pp	-7.5%-10.5pp	3.0%
Return on Equity	-260.3%	N/A	-2388.1%	N/A	-6.5%-32.1pp	25.6%
Return on Assets	-189.8%+37.6pp	-227.3%-128.8pp	-98.6%+123.9pp	-222.4%-217.6pp	-4.8%-15.8pp	10.9%
Current Ratio	1.43+0.9	0.53-0.4	0.89+0.2	0.72-2.7	3.47+1.6	1.91
Debt-to-Equity	0.37+13.6	-13.27-36.5	23.23+27.8	-4.59-4.9	0.34+0.1	0.22
FCF Margin	N/A	N/A	-436.1%-381.7pp	-54.5%-49.1pp	-5.3%-7.9pp	2.6%

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	37.6%-54.0pp	91.6%	N/A	N/A	100.0%0.0pp	100.0%+10134.3pp	-10034.3%	N/A
Operating Margin	-684.5%-138.0pp	-546.5%+4255.8pp	-4802.3%+1680.7pp	-6483.0%+6450.3pp	-12933.3%-343.3pp	-12590.0%-3498.3pp	-9091.7%	N/A
Net Margin	-680.1%-67.1pp	-613.0%+29456.7pp	-30069.8%-22928.3pp	-7141.5%+5855.5pp	-12997.0%-357.0pp	-12640.0%-3290.0pp	-9350.0%	N/A
Return on Equity	-27.3%-12.2pp	-15.2%+234.2pp	-249.4%	N/A	N/A	N/A	N/A	N/A
Return on Assets	-21.3%-9.0pp	-12.3%+92.3pp	-104.6%-22.3pp	-82.3%-1.5pp	-80.8%-42.6pp	-38.2%-8.4pp	-29.8%	N/A
Current Ratio	2.00-0.7	2.69+1.2	1.45+0.9	0.53-0.5	1.05+0.4	0.61-0.2	0.76-0.1	0.89
Debt-to-Equity	0.28+0.1	0.23-1.1	1.38+14.7	-13.27-10.4	-2.91+0.8	-3.72+415.6	-419.30-442.5	23.23
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Firefly Neuroscience Inc.'s annual revenue?

Firefly Neuroscience Inc. (AIFF) reported $814K in total revenue for fiscal year 2025. This represents a 653.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Firefly Neuroscience Inc.'s revenue growing?

Firefly Neuroscience Inc. (AIFF) revenue grew by 653.7% year-over-year, from $108K to $814K in fiscal year 2025.

Is Firefly Neuroscience Inc. profitable?

No, Firefly Neuroscience Inc. (AIFF) reported a net income of -$19.9M in fiscal year 2025, with a net profit margin of -2442.5%.

What is Firefly Neuroscience Inc.'s EBITDA?

Firefly Neuroscience Inc. (AIFF) had EBITDA of -$8.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Firefly Neuroscience Inc.'s gross margin?

Firefly Neuroscience Inc. (AIFF) had a gross margin of 79.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Firefly Neuroscience Inc.'s operating margin?

Firefly Neuroscience Inc. (AIFF) had an operating margin of -1088.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Firefly Neuroscience Inc.'s net profit margin?

Firefly Neuroscience Inc. (AIFF) had a net profit margin of -2442.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Firefly Neuroscience Inc.'s return on equity (ROE)?

Firefly Neuroscience Inc. (AIFF) has a return on equity of -260.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Firefly Neuroscience Inc.'s operating cash flow?

Firefly Neuroscience Inc. (AIFF) generated -$8.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Firefly Neuroscience Inc.'s total assets?

Firefly Neuroscience Inc. (AIFF) had $10.5M in total assets as of fiscal year 2025, including both current and long-term assets.

How much does Firefly Neuroscience Inc. spend on research and development?

Firefly Neuroscience Inc. (AIFF) invested $1.5M in research and development during fiscal year 2025.

How many shares does Firefly Neuroscience Inc. have outstanding?

Firefly Neuroscience Inc. (AIFF) had 15M shares outstanding as of fiscal year 2025.

What is Firefly Neuroscience Inc.'s current ratio?

Firefly Neuroscience Inc. (AIFF) had a current ratio of 1.43 as of fiscal year 2025, which is considered adequate.

What is Firefly Neuroscience Inc.'s debt-to-equity ratio?

Firefly Neuroscience Inc. (AIFF) had a debt-to-equity ratio of 0.37 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Firefly Neuroscience Inc.'s return on assets (ROA)?

Firefly Neuroscience Inc. (AIFF) had a return on assets of -189.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Firefly Neuroscience Inc.'s cash runway?

Based on fiscal year 2025 data, Firefly Neuroscience Inc. (AIFF) had $2.7M in cash against an annual operating cash burn of $8.2M. This gives an estimated cash runway of approximately 4 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Firefly Neuroscience Inc.'s Piotroski F-Score?

Firefly Neuroscience Inc. (AIFF) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Firefly Neuroscience Inc.'s earnings high quality?

Firefly Neuroscience Inc. (AIFF) has an earnings quality ratio of 0.41x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Firefly Neuroscience Inc.?

Firefly Neuroscience Inc. (AIFF) scores 44 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.