Bullfrog AI Holdings, Inc. (BFRG) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 12, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 14, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the BFRG SEC filings page.
Bullfrog AI Holdings, Inc. (BFRG) reported $117K in revenue for fiscal year 2025. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 5 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).
The business has commercial activity far below its cost base, with financing carrying operations while margins deteriorate.
FY2025 revenue was$117K , above FY2023's$65K , but gross economics weakened rather than improved. Gross profit fell to$22K while operating costs remained near$6.6M , leaving sales far too small to absorb the cost structure.
Accounting losses and cash use broadly agree: FY2025 net loss was
Short-term balance-sheet cushion has narrowed: the current ratio fell from 15.0x in FY2023 to 3.8x in FY2025. Liabilities rose from
Financial Health Signals
Bullfrog AI Holdings, Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Bullfrog AI Holdings, Inc. scores -8.84, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($10.8M) relative to total liabilities ($672K). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Bullfrog AI Holdings, Inc. passes 1 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
Bullfrog AI Holdings, Inc. reported a net loss of $6.5M while operations used $5.5M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Bullfrog AI Holdings, Inc. reported an operating loss of $6.6M against $6K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Bullfrog AI Holdings, Inc. generated $215K in revenue in Q2 2026. This represents an increase of 547.6% from the same quarter a year earlier.
Bullfrog AI Holdings, Inc.'s EBITDA was -$1.4M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 3.4% from the same quarter a year earlier. Against the prior quarter it is up 12.1%.
Bullfrog AI Holdings, Inc. reported -$1.4M in net income in Q2 2026. This represents an increase of 5.3% from the same quarter a year earlier. Against the prior quarter it is up 13.9%.
Bullfrog AI Holdings, Inc. earned -$0.07 per diluted share (EPS) in Q2 2026. Against the prior quarter it is up 41.7%.
Cash & Balance Sheet
Bullfrog AI Holdings, Inc. held $6.9M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Bullfrog AI Holdings, Inc.'s gross margin was 49.6% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 30.0 percentage points from the same quarter a year earlier.
Bullfrog AI Holdings, Inc.'s ROE was -19.6% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 46.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 13.0 percentage points.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Bullfrog AI Holdings, Inc. invested $339K in research and development in Q2 2026. This represents a decrease of 29.3% from the same quarter a year earlier. Against the prior quarter it is down 21.9%.
Not reported for Q2 2026.
Not reported for Q2 2026.
BFRG Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $215K+547.6% | N/A | N/A | $83K | $33K | N/A | N/A | N/A |
| Cost of Revenue | $108K+305.8% | N/A | N/A | $68K | $27K | N/A | N/A | N/A |
| Gross Profit | $107K+1539.1% | N/A | N/A | $15K | $7K | N/A | N/A | N/A |
| R&D Expenses | $339K-29.3% | $435K-24.5% | N/A | $346K-38.9% | $480K-6.5% | $576K+4.4% | N/A | $567K+49.1% |
| SG&A Expenses | $1.2M+19.1% | $1.2M-20.3% | N/A | $1.2M-1.1% | $996K-14.8% | $1.5M+4.7% | N/A | $1.3M+27.4% |
| Operating Income | -$1.4M+3.4% | -$1.6M+21.5% | N/A | -$1.6M+13.8% | -$1.5M+12.6% | -$2.1M-4.6% | N/A | -$1.8M-39.6% |
| EBITDA | -$1.4M+3.4% | -$1.6M+21.5% | N/A | -$1.6M+13.8% | -$1.5M+12.6% | -$2.1M-4.6% | N/A | -$1.8M-39.6% |
| Interest Expense | $2K-3.1% | $982-3.3% | N/A | $2K-69.0% | $2K-69.0% | $1K-69.0% | N/A | $5K-13.5% |
| Net Income | -$1.4M+5.3% | -$1.6M+21.0% | N/A | -$1.6M+12.0% | -$1.4M+10.1% | -$2.0M-6.0% | N/A | -$1.8M-40.7% |
| EPS (Basic) | -$0.07+53.3% | -$0.12+42.9% | -$0.12+33.3% | -$0.15+31.8% | -$0.15+25.0% | -$0.21+19.2% | -$0.18-5.9% | -$0.22-4.8% |
| EPS (Diluted) | -$0.07 | -$0.12 | -$0.12+33.3% | -$0.15+31.8% | -$0.15+25.0% | -$0.21+19.2% | -$0.18-5.9% | -$0.22-4.8% |
| Diluted Shares (Avg) | 19M | 13M | N/A | 10M+27.8% | 10M+19.5% | 10M+31.1% | N/A | 8M+33.3% |
Not reported in any period shown, so not listed: Income Tax.
BFRG Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $7.7M+168.2% | $5.5M+35.6% | $2.8M-49.4% | $2.7M-41.3% | $2.9M-52.8% | $4.1M-46.6% | $5.6M+100.0% | $4.6M+9.2% |
| Current Assets | $7.5M+176.4% | $5.3M+30.2% | $2.6M-53.4% | $2.5M-44.8% | $2.7M-55.5% | $4.1M-46.6% | $5.5M+100.2% | $4.6M+9.2% |
| Cash & Equivalents | $6.9M+179.7% | $5.1M+33.6% | $2.2M-59.8% | $2.0M-53.0% | $2.5M-55.9% | $3.8M-45.8% | $5.4M+107.1% | $4.2M+9.9% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | N/A | N/A | N/A | $58K | N/A | N/A | N/A | N/A |
| Long-Term Investments | $117K+101.2% | $117K | $117K | $58K | $58K | $0 | $0 | $0 |
| Total Liabilities | $707K+3.7% | $652K-22.3% | $672K+14.3% | $759K-2.6% | $681K-1.5% | $839K-0.6% | $588K+219.0% | $779K+74.7% |
| Current Liabilities | $707K+3.7% | $652K-22.3% | $672K+14.3% | $759K-2.6% | $681K-1.5% | $839K-0.6% | $588K+219.0% | $779K+74.7% |
| Non-Current Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Equity | $7.0M+219.3% | $4.9M+50.5% | $2.1M-57.0% | $1.9M-49.2% | $2.2M-59.4% | $3.2M-52.3% | $5.0M+91.5% | $3.8M+1.4% |
| Retained Earnings | -$26.3M-29.6% | -$24.9M-32.3% | -$23.3M-38.7% | -$21.8M-44.9% | -$20.3M-52.5% | -$18.8M-61.1% | -$16.8M-72.2% | -$15.1M-77.9% |
Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.
BFRG Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.5M-5.7% | -$1.7M+5.8% | -$1.2M+6.8% | -$1.1M+8.2% | -$1.4M-16.4% | -$1.8M+5.4% | -$1.3M-25.0% | -$1.2M+13.5% |
| Depreciation & Amortization | $4320.0% | $4310.0% | $4310.0% | $4310.0% | $432+0.2% | $4310.0% | $431-0.2% | $4310.0% |
| Stock-Based Compensation | $1K-99.3% | $127K-57.8% | N/A | $145K-27.9% | $178K-7.2% | $300K-10.5% | N/A | $202K+73.2% |
| Financing Cash Flow | $3.4M+1505.8% | $4.6M+2698.1% | $1.4M-44.2% | $624K+469.3% | $209K+225.6% | $164K-97.4% | $2.5M+1257.6% | -$169K+19.4% |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Investing Cash Flow, Dividends Paid, Share Buybacks.
BFRG Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 49.6%+30.0pp | N/A | N/A | 18.4% | 19.6% | N/A | N/A | N/A |
| Operating Margin | -658.9% | N/A | N/A | -1881.8% | -4419.1% | N/A | N/A | N/A |
| Net Margin | -636.8% | N/A | N/A | -1860.2% | -4356.2% | N/A | N/A | N/A |
| Return on Equity | -19.6%+46.6pp | -32.6%+29.6pp | N/A | -79.8%-33.7pp | -66.2%-36.3pp | -62.2%-34.2pp | N/A | -46.1%-12.9pp |
| Return on Assets | -17.8%+32.7pp | -28.8%+20.6pp | N/A | -57.4%-19.1pp | -50.5%-24.0pp | -49.4%-24.5pp | N/A | -38.3%-8.6pp |
| Current Ratio | 10.57+6.6x | 8.15+3.3x | 3.85-5.6x | 3.34-2.6x | 3.97-4.8x | 4.86-4.2x | 9.43-5.6x | 5.90-3.5x |
| Debt-to-Equity | 0.10-0.2x | 0.13-0.1x | 0.31+0.2x | 0.39+0.2x | 0.31+0.2x | 0.26+0.1x | 0.120.0x | 0.20+0.1x |
| Asset Turnover | 0.030.0x | N/A | N/A | 0.03 | 0.01 | N/A | N/A | N/A |
Not reported in any period shown, so not listed: FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Bullfrog AI Holdings, Inc. BFRG | FY2025 | $117K | -$6.5M | N/A | $10.8M | — |
| Predictive Oncology Inc. POAI | FY2025 | $125K | -$233.1M | N/A | $20.2M | — |
| VSEE HEALTH INC VSEE | FY2025 | $14.6M | -$14.7M | N/A | $4.7M | — |
| Healthcare Triangle, Inc. HCTI | FY2025 | $13.9M | -$9.5M | -68.2% | $7.1M | 30/100 |
| DarioHealth Corp. DRIO | FY2025 | $22.4M | -$41.7M | N/A | $56.8M | 54/100 |
Where Bullfrog AI Holdings, Inc. Ranks
Frequently Asked Questions
What is Bullfrog AI Holdings, Inc.'s annual revenue?
Bullfrog AI Holdings, Inc. (BFRG) reported $117K in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Is Bullfrog AI Holdings, Inc. profitable?
No, Bullfrog AI Holdings, Inc. (BFRG) reported a net income of -$6.5M in fiscal year 2025.
What is Bullfrog AI Holdings, Inc.'s EBITDA?
Bullfrog AI Holdings, Inc. (BFRG) had EBITDA of -$6.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Bullfrog AI Holdings, Inc.'s gross margin?
Bullfrog AI Holdings, Inc. (BFRG) had a gross margin of 18.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Bullfrog AI Holdings, Inc.'s return on equity (ROE)?
Bullfrog AI Holdings, Inc. (BFRG) has a return on equity of -304.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Bullfrog AI Holdings, Inc.'s operating cash flow?
Bullfrog AI Holdings, Inc. (BFRG) recorded an outflow of $5.5M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Bullfrog AI Holdings, Inc.'s total assets?
Bullfrog AI Holdings, Inc. (BFRG) had $2.8M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Bullfrog AI Holdings, Inc. spend on research and development?
Bullfrog AI Holdings, Inc. (BFRG) invested $1.8M in research and development during fiscal year 2025.
What is Bullfrog AI Holdings, Inc.'s current ratio?
Bullfrog AI Holdings, Inc. (BFRG) had a current ratio of 3.85 as of fiscal year 2025, which is generally considered healthy.
What is Bullfrog AI Holdings, Inc.'s debt-to-equity ratio?
Bullfrog AI Holdings, Inc. (BFRG) had a debt-to-equity ratio of 0.31 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Bullfrog AI Holdings, Inc.'s return on assets (ROA)?
Bullfrog AI Holdings, Inc. (BFRG) had a return on assets of -231.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Bullfrog AI Holdings, Inc.'s P/E ratio?
Bullfrog AI Holdings, Inc. (BFRG) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $10.8M as of Oct 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Bullfrog AI Holdings, Inc.'s price-to-sales ratio?
Bullfrog AI Holdings, Inc. (BFRG) trades at 92.8x sales, its market capitalization divided by revenue of $117K revenue, FY2025. The market capitalization is $10.8M as of Oct 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Bullfrog AI Holdings, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Bullfrog AI Holdings, Inc. (BFRG) held $2.3M in cash, cash equivalents and investments, and reported an operating cash outflow of $5.5M over that year. Dividing the one by the other, the reported balance equals about 5 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Bullfrog AI Holdings, Inc.'s Altman Z-Score?
Bullfrog AI Holdings, Inc. (BFRG) has an Altman Z-Score of -8.84, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Bullfrog AI Holdings, Inc.'s Piotroski F-Score?
Bullfrog AI Holdings, Inc. (BFRG) has a Piotroski F-Score of 1 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 Bullfrog AI Holdings, Inc.'s earnings high quality?
Bullfrog AI Holdings, Inc. (BFRG) reported a net loss of $6.5M while operations used $5.5M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.
Can Bullfrog AI Holdings, Inc. cover its interest payments?
Bullfrog AI Holdings, Inc. (BFRG) reported an operating loss of $6.6M against $6K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.