BULLFROG AI HLDGS INC Financials
BULLFROG AI HLDGS 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).
Bullfrog AI’s operating model remains a cash-funded development effort, with revenue far too small to support its cost base.
From FY2023 to FY2025, operating cash burn stayed near-$6.0M to-$5.5M even as financing inflows fell from$8.6M to$2.4M , which is why cash dropped to$2.2M despite a somewhat smaller net loss. The balance sheet therefore reads less like a debt problem and more like a business still dependent on fresh equity to fund ongoing operations.
FY2025 revenue of
The gross margin move from
Financial Health Signals
BULLFROG AI HLDGS 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 HLDGS INC scores -9.14, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($10.5M) 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 HLDGS 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 HLDGS 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 HLDGS 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 HLDGS INC generated $117K in revenue in fiscal year 2025.
BULLFROG AI HLDGS INC's EBITDA was -$6.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 8.9% from the prior year.
BULLFROG AI HLDGS INC reported -$6.5M in net income in fiscal year 2025. This represents an increase of 7.1% from the prior year.
BULLFROG AI HLDGS INC earned -$0.63 per diluted share (EPS) in fiscal year 2025. This represents an increase of 25.9% from the prior year.
Cash & Balance Sheet
BULLFROG AI HLDGS INC held $2.2M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
BULLFROG AI HLDGS INC's gross margin was 18.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs.
BULLFROG AI HLDGS INC's ROE was -304.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 163.3 percentage points from the prior year.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
BULLFROG AI HLDGS INC invested $1.8M in research and development in fiscal year 2025. This represents a decrease of 19.0% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
BFRG Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $215K | N/A | N/A | $83K+150.8% | $33K | N/A | N/A | N/A |
| Cost of Revenue | $108K | N/A | N/A | $68K+154.5% | $27K | N/A | N/A | N/A |
| Gross Profit | $107K | N/A | N/A | $15K+135.7% | $7K | N/A | N/A | N/A |
| R&D Expenses | $339K-21.9% | $435K | N/A | $346K-28.0% | $480K-16.7% | $576K | N/A | $567K |
| SG&A Expenses | $1.2M+0.6% | $1.2M | N/A | $1.2M+24.4% | $996K-32.7% | $1.5M | N/A | $1.3M |
| Operating Income | -$1.4M+12.1% | -$1.6M | N/A | -$1.6M-6.8% | -$1.5M+28.5% | -$2.1M | N/A | -$1.8M |
| Interest Expense | $2K+141.6% | $982 | N/A | $2K-37.0% | $2K+141.3% | $1K | N/A | $5K |
| Net Income | -$1.4M+13.9% | -$1.6M | N/A | -$1.6M-7.1% | -$1.4M+28.2% | -$2.0M | N/A | -$1.8M |
| EPS (Diluted) | -$0.07+41.7% | -$0.120.0% | -$0.12+20.0% | -$0.150.0% | -$0.15+28.6% | -$0.21-16.7% | -$0.18+18.2% | -$0.22 |
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.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $7.7M+38.9% | $5.5M+97.2% | $2.8M+3.9% | $2.7M-5.8% | $2.9M-29.8% | $4.1M-26.4% | $5.6M+20.6% | $4.6M |
| Current Assets | $7.5M+40.6% | $5.3M+105.7% | $2.6M+1.9% | $2.5M-6.2% | $2.7M-33.8% | $4.1M-26.4% | $5.5M+20.7% | $4.6M |
| Cash & Equivalents | $6.9M+36.2% | $5.1M+132.7% | $2.2M+9.7% | $2.0M-19.5% | $2.5M-34.9% | $3.8M-30.1% | $5.4M+28.2% | $4.2M |
| Accounts Receivable | N/A | N/A | N/A | $58K | N/A | N/A | N/A | N/A |
| Total Liabilities | $707K+8.4% | $652K-3.0% | $672K-11.4% | $759K+11.4% | $681K-18.9% | $839K+42.7% | $588K-24.5% | $779K |
| Current Liabilities | $707K+8.4% | $652K-3.0% | $672K-11.4% | $759K+11.4% | $681K-18.9% | $839K+42.7% | $588K-24.5% | $779K |
| Total Equity | $7.0M+43.0% | $4.9M+128.7% | $2.1M+9.9% | $1.9M-11.2% | $2.2M-32.6% | $3.2M-34.6% | $5.0M+29.8% | $3.8M |
| Retained Earnings | -$26.3M-5.5% | -$24.9M-6.8% | -$23.3M-6.8% | -$21.8M-7.7% | -$20.3M-7.7% | -$18.8M-12.0% | -$16.8M-11.6% | -$15.1M |
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.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.5M+10.7% | -$1.7M-43.0% | -$1.2M-7.0% | -$1.1M+22.7% | -$1.4M+20.4% | -$1.8M-41.4% | -$1.3M-5.5% | -$1.2M |
| Financing Cash Flow | $3.4M-27.0% | $4.6M+233.2% | $1.4M+120.7% | $624K+199.1% | $209K+27.2% | $164K-93.4% | $2.5M+1560.7% | -$169K |
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.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 49.6% | N/A | N/A | 18.4%-1.2pp | 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%+13.0pp | -32.6% | N/A | -79.8%-13.6pp | -66.2%-4.1pp | -62.2% | N/A | -46.1% |
| Return on Assets | -17.8%+10.9pp | -28.8% | N/A | -57.4%-6.9pp | -50.5%-1.1pp | -49.4% | N/A | -38.3% |
| Current Ratio | 10.57+2.4x | 8.15+4.3x | 3.85+0.5x | 3.34-0.6x | 3.97-0.9x | 4.86-4.6x | 9.43+3.5x | 5.90 |
| Debt-to-Equity | 0.100.0x | 0.13-0.2x | 0.31-0.1x | 0.39+0.1x | 0.31+0.1x | 0.26+0.1x | 0.12-0.1x | 0.20 |
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.
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Where BULLFROG AI HLDGS INC Ranks
Frequently Asked Questions
What is BULLFROG AI HLDGS INC's annual revenue?
BULLFROG AI HLDGS 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 HLDGS INC profitable?
No, BULLFROG AI HLDGS INC (BFRG) reported a net income of -$6.5M in fiscal year 2025.
What is BULLFROG AI HLDGS INC's EBITDA?
BULLFROG AI HLDGS INC (BFRG) had EBITDA of -$6.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is BULLFROG AI HLDGS INC's gross margin?
BULLFROG AI HLDGS 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 HLDGS INC's return on equity (ROE)?
BULLFROG AI HLDGS 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 HLDGS INC's operating cash flow?
BULLFROG AI HLDGS 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 HLDGS INC's total assets?
BULLFROG AI HLDGS 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 HLDGS INC spend on research and development?
BULLFROG AI HLDGS INC (BFRG) invested $1.8M in research and development during fiscal year 2025.
What is BULLFROG AI HLDGS INC's current ratio?
BULLFROG AI HLDGS INC (BFRG) had a current ratio of 3.85 as of fiscal year 2025, which is generally considered healthy.
What is BULLFROG AI HLDGS INC's debt-to-equity ratio?
BULLFROG AI HLDGS 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 HLDGS INC's return on assets (ROA)?
BULLFROG AI HLDGS 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.
How does BULLFROG AI HLDGS INC's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, BULLFROG AI HLDGS 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 HLDGS INC's Altman Z-Score?
BULLFROG AI HLDGS INC (BFRG) has an Altman Z-Score of -9.14, 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 HLDGS INC's Piotroski F-Score?
BULLFROG AI HLDGS 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 HLDGS INC's earnings high quality?
BULLFROG AI HLDGS 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 HLDGS INC cover its interest payments?
BULLFROG AI HLDGS 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.