Firefly Neuroscience Inc. Financials

AIFF

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 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 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).

Rhea AI AIFF FY2025 2026-05-13

External financing is doing the heavy lifting while cash burn still outweighs this business's early and still-thin commercial output.

By FY2025, after the FY2024 squeeze, liquidity improved enough for the current ratio to reach 1.4x and for reported equity to turn positive again. But the repair came from outside the business, because financing inflow of $11.6M more than covered operating cash outflow of -$8.2M.

The revenue rebound to $1.1M did not yet create a scalable cost structure, because SG&A alone was $7.0M. With R&D spend still above revenue in FY2024 and FY2025, losses look tied to building the business rather than to a one-year sales interruption.

FY2025 net loss of -$19.9M was far larger than operating cash burn of -$8.2M, so earnings and cash are telling different stories. Almost half of FY2025 assets were goodwill at $5.2M, which makes the restored equity base less tangible and less immediately defensive than it first appears.

Financial Health Signals

Financial Profile 36/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Firefly Neuroscience Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Firefly Neuroscience Inc. has an operating margin of -775.5%, meaning the company retains $-775 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 957.4% year-over-year to $1.1M, 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 is below the typical benchmark, resulting in a score of 24/100. However, the company holds substantial cash reserves (97% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.

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, 1 of 2 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

$1.1M

YoY+957.4%

5Y CAGR-39.3%

10Y CAGR-15.6%

Firefly Neuroscience Inc. generated $1.1M in revenue in fiscal year 2025. This represents an increase of 957.4% 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

14M

YoY+71.9%

Firefly Neuroscience Inc. had 14M shares outstanding in fiscal year 2025. This represents an increase of 71.9% from the prior year.

Margins & Returns

Gross Margin

56.5%

YoY-43.5pp

5Y CAGR+40.6pp

10Y CAGR+18.3pp

Firefly Neuroscience Inc.'s gross margin was 56.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 43.5 percentage points from the prior year.

Operating Margin

-775.5%

YoY+8533.8pp

5Y CAGR-778.4pp

10Y CAGR-776.6pp

Firefly Neuroscience Inc.'s operating margin was -775.5% in fiscal year 2025, reflecting core business profitability. This is up 8533.8 percentage points from the prior year.

Net Margin

-1741.0%

YoY+7944.2pp

5Y CAGR-1743.9pp

10Y CAGR-1742.2pp

Firefly Neuroscience Inc.'s net profit margin was -1741.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 7944.2 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	$1.1M+957.4%	$108K-78.3%	$498K-95.9%	$12.0M-20.0%	$15.0M+8.1%	$13.9M
Cost of Revenue	$497K	$0-100.0%	$5.4M-34.2%	$8.2M-28.5%	$11.4M-2.4%	$11.7M
Gross Profit	$645K+497.2%	$108K+102.2%	-$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+350.0%	-$2K-300.0%	$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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$485K+17.7%	$412K+6.2%	$388K+29.8%	$299K+595.3%	$43K-18.9%	$53K+60.6%	$33K+230.0%	$10K
Cost of Revenue	$264K+14.8%	$230K-5.0%	$242K+868.0%	$25K	$0	N/A	N/A	$0
Gross Profit	$221K+21.4%	$182K+24.7%	$146K-46.7%	$274K+537.2%	$43K-96.6%	$1.3M+3745.8%	$33K+230.0%	$10K
R&D Expenses	$424K-7.0%	$456K+20.6%	$378K+12.5%	$336K+7.7%	$312K-28.6%	$437K-50.2%	$878K+150.9%	$350K
SG&A Expenses	$1.7M-16.7%	$2.0M-0.3%	$2.0M+46.2%	$1.4M-13.5%	$1.6M+125.9%	$703K-76.5%	$3.0M+181.0%	$1.1M
Operating Income	-$2.0M+19.6%	-$2.5M+5.8%	-$2.7M-62.5%	-$1.6M+20.9%	-$2.1M+39.9%	-$3.4M+19.5%	-$4.3M-239.0%	-$1.3M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$10K
Income Tax	$0	N/A	N/A	$4K	$0+100.0%	-$2K	$0	$0
Net Income	-$2.0M+19.2%	-$2.5M+6.0%	-$2.6M-44.0%	-$1.8M+85.8%	-$12.9M-241.6%	-$3.8M+11.8%	-$4.3M-239.3%	-$1.3M
EPS (Diluted)	N/A	N/A	$-0.20	N/A	N/A	N/A	$-0.61-5.2%	$-0.58

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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$10.9M+4.1%	$10.5M-15.6%	$12.4M-16.9%	$14.9M+20.8%	$12.4M+168.7%	$4.6M-13.4%	$5.3M+60.5%	$3.3M
Current Assets	$4.5M+10.8%	$4.0M-25.8%	$5.4M-27.9%	$7.5M-27.4%	$10.4M+294.9%	$2.6M-1.4%	$2.7M+128.0%	$1.2M
Cash & Equivalents	$3.1M+13.8%	$2.7M-36.5%	$4.3M-26.9%	$5.9M-38.0%	$9.5M+427.3%	$1.8M+47.2%	$1.2M+403.8%	$244K
Inventory	$103K-4.6%	$108K+35.0%	$80K-39.8%	$133K	N/A	$0	N/A	N/A
Accounts Receivable	$193K-0.5%	$194K+5.4%	$184K-6.6%	$197K+97.0%	$100K-17.4%	$121K	N/A	$792K
Goodwill	$5.2M0.0%	$5.2M0.0%	$5.2M0.0%	$5.2M	N/A	$0	N/A	$1.1M
Total Liabilities	$2.5M-13.1%	$2.8M+3.3%	$2.8M-3.1%	$2.8M-60.5%	$7.2M+44.3%	$5.0M-38.5%	$8.1M+78.7%	$4.5M
Current Liabilities	$2.5M-12.9%	$2.8M+3.7%	$2.7M-2.7%	$2.8M-61.1%	$7.2M+44.3%	$5.0M+96.3%	$2.5M+32.4%	$1.9M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$8.4M+10.5%	$7.6M-20.9%	$9.7M-20.2%	$12.1M+133.4%	$5.2M+1482.7%	-$375K+86.5%	-$2.8M-128.4%	-$1.2M
Retained Earnings	-$113.6M-1.8%	-$111.6M-2.5%	-$108.9M-2.5%	-$106.3M-1.8%	-$104.4M-19.9%	-$87.1M-4.5%	-$83.3M-142.9%	-$34.3M

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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$1.9M-7.9%	-$1.8M-21.3%	-$1.5M+37.7%	-$2.4M+4.8%	-$2.5M-106.2%	-$1.2M+51.6%	-$2.5M-129.2%	-$1.1M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$58K-152.2%	-$23K+73.3%	-$86K+96.4%	-$2.4M-33785.7%	-$7K+90.8%	-$76K+14.6%	-$89K+50.8%	-$181K
Financing Cash Flow	$2.4M+854.4%	$250K+1415.8%	-$19K-101.7%	$1.1M-88.9%	$10.3M+447.1%	$1.9M-46.1%	$3.5M	$0
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	56.5%-43.5pp	100.0%+1077.8pp	-977.8%-1001.7pp	23.8%-0.2pp	24.1%+8.2pp	15.9%
Operating Margin	-775.5%+8533.8pp	-9309.3%-8691.2pp	-618.1%-573.0pp	-45.1%-27.6pp	-17.5%-20.4pp	3.0%
Net Margin	-1741.0%+7944.2pp	-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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	45.6%+1.4pp	44.2%+6.5pp	37.6%-54.0pp	91.6%-8.4pp	100.0%-2294.6pp	2394.6%+2294.6pp	100.0%0.0pp	100.0%
Operating Margin	-414.4%+192.6pp	-607.0%+77.5pp	-684.5%-138.0pp	-546.5%+4255.8pp	-4802.3%+1680.7pp	-6483.0%+6450.3pp	-12933.3%-343.3pp	-12590.0%
Net Margin	-413.2%+188.7pp	-601.9%+78.2pp	-680.1%-67.1pp	-613.0%+29456.7pp	-30069.8%-22928.3pp	-7141.5%+5855.5pp	-12997.0%-357.0pp	-12640.0%
Return on Equity	-23.7%+8.7pp	-32.5%-5.1pp	-27.3%-12.2pp	-15.2%+234.2pp	-249.4%	N/A	N/A	N/A
Return on Assets	-18.4%+5.3pp	-23.7%-2.4pp	-21.3%-9.0pp	-12.3%+92.3pp	-104.6%-22.3pp	-82.3%-1.5pp	-80.8%-42.6pp	-38.2%
Current Ratio	1.82+0.4	1.43-0.6	2.00-0.7	2.69+1.2	1.45+0.9	0.53-0.5	1.05+0.4	0.61
Debt-to-Equity	0.29-0.1	0.37+0.1	0.28+0.1	0.23-1.1	1.38+14.7	-13.27-10.4	-2.91+0.8	-3.72
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 $1.1M in total revenue for fiscal year 2025. This represents a 957.4% 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 957.4% year-over-year, from $108K to $1.1M 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 -1741.0%.

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 56.5% 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 -775.5% 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 -1741.0% 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 14M 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 to 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 36 out of 100 on our Financial Profile, indicating weak 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.