Firefly Neuroscience Inc. Financials

AIFF

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Firefly Neuroscience Inc. (AIFF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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

Piotroski F-Score Weak

1/9

Firefly Neuroscience Inc. passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Low Quality

0.59x

For every $1 of reported earnings, Firefly Neuroscience Inc. generates $0.59 in operating cash flow (-$6.2M OCF vs -$10.5M 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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Revenue

$108K

YoY-78.3%

5Y CAGR-59.7%

10Y CAGR-32.8%

Firefly Neuroscience Inc. generated $108K in revenue in fiscal year 2024. This represents a decrease of 78.3% from the prior year.

EBITDA

-$10.0M

YoY-224.5%

Firefly Neuroscience Inc.'s EBITDA was -$10.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 224.5% from the prior year.

Free Cash Flow

N/A

Net Income

-$10.5M

YoY-301.8%

Firefly Neuroscience Inc. reported -$10.5M in net income in fiscal year 2024. This represents a decrease of 301.8% from the prior year.

EPS (Diluted)

N/A

Cash & Debt

$1.8M

YoY+165.4%

5Y CAGR+11.7%

10Y CAGR-3.0%

Firefly Neuroscience Inc. held $1.8M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

YoY+120.8%

Firefly Neuroscience Inc. had 8M shares outstanding in fiscal year 2024. This represents an increase of 120.8% from the prior year.

Gross Margin

N/A

Operating Margin

-9309.3%

YoY-8691.2pp

5Y CAGR-9302.1pp

10Y CAGR-9308.6pp

Firefly Neuroscience Inc.'s operating margin was -9309.3% in fiscal year 2024, reflecting core business profitability. This is down 8691.2 percentage points from the prior year.

Net Margin

-9685.2%

YoY-9162.5pp

5Y CAGR-9678.1pp

10Y CAGR-9684.7pp

Firefly Neuroscience Inc.'s net profit margin was -9685.2% in fiscal year 2024, showing the share of revenue converted to profit. This is down 9162.5 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$2.0M

YoY+163.7%

Firefly Neuroscience Inc. invested $2.0M in research and development in fiscal year 2024. This represents an increase of 163.7% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

AIFF Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$108K-78.3%	$498K-95.9%	$12.0M-20.0%	$15.0M+8.1%	$13.9M+36.8%	$10.2M
Cost of Revenue	N/A	$5.4M-34.2%	$8.2M-28.5%	$11.4M-2.4%	$11.7M+33.4%	$8.8M
Gross Profit	N/A	-$4.9M-270.1%	$2.9M-20.8%	$3.6M+63.7%	$2.2M+57.8%	$1.4M
R&D Expenses	$2.0M+163.7%	$741K	N/A	N/A	N/A	N/A
SG&A Expenses	$6.1M+5.0%	$5.8M-29.5%	$8.3M+32.7%	$6.2M+247.3%	$1.8M-4.1%	$1.9M
Operating Income	-$10.1M-226.6%	-$3.1M+43.2%	-$5.4M-106.3%	-$2.6M-737.9%	$412K+156.6%	-$728K
Interest Expense	N/A	$103K+26.5%	$82K+118.7%	$37K+1094.4%	$3K	N/A
Income Tax	$2K+100.0%	$1K-99.9%	$812K+175.9%	-$1.1M	$0	N/A
Net Income	-$10.5M-301.8%	-$2.6M+85.3%	-$17.8M-1469.1%	-$1.1M-373.7%	$413K+157.6%	-$717K
EPS (Diluted)	N/A	N/A	N/A	$-0.09-400.0%	$0.03+150.0%	$-0.06

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$388K+29.8%	$299K+595.3%	$43K-18.9%	$53K+430.0%	$10K-16.7%	$12K	N/A	$23K
Cost of Revenue	$242K+868.0%	$25K	N/A	N/A	$0-100.0%	$1.2M	N/A	$1.3M
Gross Profit	$146K-46.7%	$274K	N/A	$33K+230.0%	$10K+100.8%	-$1.2M	N/A	-$1.3M
R&D Expenses	$378K+12.5%	$336K+7.7%	$312K-28.6%	$437K+24.9%	$350K+21.1%	$289K	N/A	$392K
SG&A Expenses	$2.0M+46.2%	$1.4M-13.5%	$1.6M+125.9%	$703K-34.0%	$1.1M-22.5%	$1.4M	N/A	$1.2M
Operating Income	-$2.7M-62.5%	-$1.6M+20.9%	-$2.1M+39.9%	-$3.4M-172.9%	-$1.3M-15.4%	-$1.1M	N/A	-$647K
Interest Expense	N/A	N/A	N/A	N/A	$10K-3.5%	$11K	N/A	$19K
Income Tax	N/A	$4K	$0-100.0%	$2K	$0	$0	N/A	$0
Net Income	-$2.6M-44.0%	-$1.8M+85.8%	-$12.9M-241.6%	-$3.8M-199.4%	-$1.3M-12.7%	-$1.1M	N/A	-$650K
EPS (Diluted)	$-0.20	N/A	N/A	$-0.61-5.2%	$-0.58	N/A	N/A	N/A

AIFF Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$4.6M+74.2%	$2.6M-66.9%	$8.0M-65.8%	$23.4M+519.1%	$3.8M+59.0%	$2.4M
Current Assets	$2.6M+16.5%	$2.3M-19.6%	$2.8M-59.2%	$6.9M+99.6%	$3.4M+55.9%	$2.2M
Cash & Equivalents	$1.8M+165.4%	$682K-6.7%	$731K-85.2%	$4.9M+165.4%	$1.9M+78.8%	$1.0M
Inventory	$0	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$121K+44.0%	$84K-94.8%	$1.6M-2.1%	$1.7M+15.4%	$1.4M+115.7%	$669K
Goodwill	$0	$0-100.0%	$1.1M-85.2%	$7.6M	$0	N/A
Total Liabilities	$5.0M+96.5%	$2.5M-75.2%	$10.2M+72.4%	$5.9M+174.1%	$2.2M+78.3%	$1.2M
Current Liabilities	$5.0M+96.5%	$2.5M-34.9%	$3.9M+96.2%	$2.0M+9.9%	$1.8M+54.6%	$1.2M
Long-Term Debt	N/A	N/A	N/A	N/A	$357K	N/A
Total Equity	-$375K-444.0%	$109K+104.9%	-$2.2M-112.8%	$17.4M+981.0%	$1.6M+38.8%	$1.2M
Retained Earnings	-$87.1M-13.7%	-$76.6M-145.7%	-$31.2M-132.1%	-$13.4M-9.2%	-$12.3M+3.3%	-$12.7M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$12.4M-16.9%	$14.9M+20.8%	$12.4M+168.7%	$4.6M+39.0%	$3.3M-12.1%	$3.8M+42.5%	$2.6M-49.8%	$5.3M
Current Assets	$5.4M-27.9%	$7.5M-27.4%	$10.4M+294.9%	$2.6M+124.9%	$1.2M-25.1%	$1.6M-30.8%	$2.3M-17.1%	$2.7M
Cash & Equivalents	$4.3M-26.9%	$5.9M-38.0%	$9.5M+427.3%	$1.8M+641.4%	$244K-56.7%	$563K-17.4%	$682K-22.3%	$877K
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-84.7%	$792K+2.0%	$776K+823.8%	$84K-94.3%	$1.5M
Goodwill	$5.2M0.0%	$5.2M	N/A	$0-100.0%	$1.1M0.0%	$1.1M	$0-100.0%	$1.1M
Total Liabilities	$2.8M-3.1%	$2.8M-60.5%	$7.2M+44.3%	$5.0M+10.0%	$4.5M+19.9%	$3.8M+49.0%	$2.5M-59.7%	$6.3M
Current Liabilities	$2.7M-2.7%	$2.8M-61.1%	$7.2M+44.3%	$5.0M+159.9%	$1.9M-6.1%	$2.0M-19.4%	$2.5M+16.0%	$2.2M
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+69.1%	-$1.2M-13400.0%	-$9K-108.3%	$109K+110.6%	-$1.0M
Retained Earnings	-$108.9M-2.5%	-$106.3M-1.8%	-$104.4M-19.9%	-$87.1M-154.0%	-$34.3M-1.1%	-$33.9M+55.8%	-$76.6M-136.1%	-$32.5M

AIFF Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$6.2M-183.4%	-$2.2M+63.9%	-$6.0M-718.2%	-$735K-273.7%	$423K+146.2%	-$917K
Capital Expenditures	N/A	$0-100.0%	$536K+668.3%	$70K+8.1%	$65K+671.4%	$8K
Free Cash Flow	N/A	-$2.2M+66.8%	-$6.5M-713.9%	-$805K-324.3%	$359K+138.8%	-$926K
Investing Cash Flow	-$477K-23.6%	-$386K+28.0%	-$536K+94.4%	-$9.6M-14745.3%	-$65K-671.4%	-$8K
Financing Cash Flow	$6.3M+35.7%	$4.6M+97.6%	$2.3M-82.5%	$13.4M+2810.9%	$460K+45900.0%	$1K
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	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	-$1.5M+37.7%	-$2.4M+4.8%	-$2.5M-106.2%	-$1.2M-10.8%	-$1.1M+16.7%	-$1.3M-158.6%	-$510K-203.8%	$492K
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	$0	$0
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	-$510K-203.8%	$492K
Investing Cash Flow	-$86K+96.4%	-$2.4M-33785.7%	-$7K+90.8%	-$76K+58.0%	-$181K-38.2%	-$131K+66.1%	-$386K+58.8%	-$936K
Financing Cash Flow	-$19K-101.7%	$1.1M-88.9%	$10.3M+447.1%	$1.9M	$0-100.0%	$945K-56.0%	$2.1M+28.3%	$1.7M
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	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	-977.8%-1001.7pp	23.8%-0.2pp	24.1%+8.2pp	15.9%+2.1pp	13.8%
Operating Margin	-9309.3%-8691.2pp	-618.1%-573.0pp	-45.1%-27.6pp	-17.5%-20.4pp	3.0%+10.1pp	-7.2%
Net Margin	-9685.2%-9162.5pp	-522.7%-375.0pp	-147.7%-140.1pp	-7.5%-10.5pp	3.0%+10.0pp	-7.1%
Return on Equity	N/A	N/A	N/A	N/A	25.6%	N/A
Return on Assets	-227.3%-128.8pp	-98.6%+123.9pp	-222.4%-217.6pp	-4.8%-15.8pp	10.9%+41.2pp	-30.2%
Current Ratio	0.53-0.4	0.89+0.2	0.72-2.7	3.47+1.6	1.91+0.0	1.89
Debt-to-Equity	-13.27-36.5	23.23+27.8	-4.59-4.9	0.34+0.1	0.22-0.8	1.04
FCF Margin	N/A	-436.1%-381.7pp	-54.5%-49.1pp	-5.3%-7.9pp	2.6%+11.7pp	-9.1%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	37.6%-54.0pp	91.6%	N/A	100.0%0.0pp	100.0%+10134.3pp	-10034.3%	N/A	-5628.1%
Operating Margin	-684.5%-138.0pp	-546.5%+4255.8pp	-4802.3%+1680.7pp	-6483.0%+6107.0pp	-12590.0%-3498.3pp	-9091.7%	N/A	-2813.0%
Net Margin	-680.1%-67.1pp	-613.0%+29456.7pp	-30069.8%-22928.3pp	-7141.5%+5498.5pp	-12640.0%-3290.0pp	-9350.0%	N/A	-2826.1%
Return on Equity	N/A	N/A	N/A	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%-44.1pp	-38.2%-8.4pp	-29.8%	N/A	-12.3%
Current Ratio	2.00-0.7	2.69+1.2	1.45+0.9	0.53-0.1	0.61-0.2	0.76-0.1	0.89-0.4	1.25
Debt-to-Equity	0.28+0.1	0.23-1.1	1.38+14.7	-13.27-9.5	-3.72+415.6	-419.30-442.5	23.23+29.3	-6.12
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	2137.1%

Note: Shareholder equity is negative (-$375K), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.53), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Firefly Neuroscience Inc.'s annual revenue?

Firefly Neuroscience Inc. (AIFF) reported $108K in total revenue for fiscal year 2024. This represents a -78.3% 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 declined by 78.3% year-over-year, from $498K to $108K in fiscal year 2024.

Is Firefly Neuroscience Inc. profitable?

No, Firefly Neuroscience Inc. (AIFF) reported a net income of -$10.5M in fiscal year 2024, with a net profit margin of -9685.2%.

What is Firefly Neuroscience Inc.'s EBITDA?

Firefly Neuroscience Inc. (AIFF) had EBITDA of -$10.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Firefly Neuroscience Inc.'s operating margin?

Firefly Neuroscience Inc. (AIFF) had an operating margin of -9309.3% in fiscal year 2024, 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 -9685.2% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

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

Firefly Neuroscience Inc. (AIFF) generated -$6.2M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Firefly Neuroscience Inc.'s total assets?

Firefly Neuroscience Inc. (AIFF) had $4.6M in total assets as of fiscal year 2024, including both current and long-term assets.

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

Firefly Neuroscience Inc. (AIFF) invested $2.0M in research and development during fiscal year 2024.

How many shares does Firefly Neuroscience Inc. have outstanding?

Firefly Neuroscience Inc. (AIFF) had 8M shares outstanding as of fiscal year 2024.

What is Firefly Neuroscience Inc.'s current ratio?

Firefly Neuroscience Inc. (AIFF) had a current ratio of 0.53 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

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

Firefly Neuroscience Inc. (AIFF) had a debt-to-equity ratio of -13.27 as of fiscal year 2024, 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 -227.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Firefly Neuroscience Inc.'s cash runway?

Based on fiscal year 2024 data, Firefly Neuroscience Inc. (AIFF) had $1.8M in cash against an annual operating cash burn of $6.2M. 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.

Why is Firefly Neuroscience Inc.'s debt-to-equity ratio negative or unusual?

Firefly Neuroscience Inc. (AIFF) has negative shareholder equity of -$375K as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

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

Firefly Neuroscience Inc. (AIFF) has a Piotroski F-Score of 1 out of 9, indicating weak 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 0.59x, 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.