What is Bullfrog AI Holdings, Inc.'s earnings per share (EPS)?

Bullfrog AI Holdings, Inc. (BFRGW) reported diluted earnings per share of $-0.85 for fiscal year 2024. This represents a 4.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Bullfrog AI Holdings, Inc. Financials

BFRGW

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

This page shows Bullfrog AI Holdings, Inc. (BFRGW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 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

2/9

Bullfrog AI Holdings, Inc. passes 2 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.80x

For every $1 of reported earnings, Bullfrog AI Holdings, Inc. generates $0.80 in operating cash flow (-$5.6M OCF vs -$7.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-398.5x

Bullfrog AI Holdings, Inc. earns $-398.5 in operating income for every $1 of interest expense (-$7.2M vs $18K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

-$7.2M

YoY-34.8%

Bullfrog AI Holdings, Inc.'s EBITDA was -$7.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 34.8% from the prior year.

Net Income

-$7.0M

YoY-30.6%

Bullfrog AI Holdings, Inc. reported -$7.0M in net income in fiscal year 2024. This represents a decrease of 30.6% from the prior year.

EPS (Diluted)

$-0.85

YoY+4.5%

Bullfrog AI Holdings, Inc. earned $-0.85 per diluted share (EPS) in fiscal year 2024. This represents an increase of 4.5% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$5.4M

YoY+107.1%

Bullfrog AI Holdings, Inc. held $5.4M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

YoY+49.5%

Bullfrog AI Holdings, Inc. had 9M shares outstanding in fiscal year 2024. This represents an increase of 49.5% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-140.9%

YoY+65.7pp

Bullfrog AI Holdings, Inc.'s ROE was -140.9% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 65.7 percentage points from the prior year.

Capital Allocation

R&D Spending

$2.2M

YoY+55.2%

Bullfrog AI Holdings, Inc. invested $2.2M in research and development in fiscal year 2024. This represents an increase of 55.2% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

BFRGW Income Statement

Metric	FY24	FY23	FY22	FY21
Revenue	N/A	$65K+550.0%	$10K	N/A
Cost of Revenue	N/A	$5K+550.0%	$800	N/A
Gross Profit	N/A	$60K+550.0%	$9K	N/A
R&D Expenses	$2.2M+55.2%	$1.4M+135.1%	$609K+2337.1%	$25K
SG&A Expenses	$5.0M+25.5%	$4.0M+115.3%	$1.9M+466.9%	$327K
Operating Income	-$7.2M-34.8%	-$5.4M-118.6%	-$2.5M-342.2%	-$555K
Interest Expense	$18K-77.0%	$79K-77.2%	$347K+759.4%	$40K
Income Tax	N/A	N/A	N/A	N/A
Net Income	-$7.0M-30.6%	-$5.4M-91.1%	-$2.8M-378.4%	-$586K
EPS (Diluted)	$-0.85+4.5%	$-0.89-27.1%	$-0.70	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	$83K+150.8%	$33K	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	$68K+154.5%	$27K	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	$15K+135.7%	$7K	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$346K-28.0%	$480K-16.7%	$576K	N/A	$567K+10.3%	$514K-7.0%	$552K	N/A
SG&A Expenses	$1.2M+24.4%	$996K-32.7%	$1.5M	N/A	$1.3M+7.3%	$1.2M-17.4%	$1.4M	N/A
Operating Income	-$1.6M-6.8%	-$1.5M+28.5%	-$2.1M	N/A	-$1.8M-8.2%	-$1.7M+14.4%	-$2.0M	N/A
Interest Expense	$2K-37.0%	$2K+141.3%	$1K	N/A	$5K-37.0%	$8K+141.3%	$3K	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$1.6M-7.1%	-$1.4M+28.2%	-$2.0M	N/A	-$1.8M-9.4%	-$1.6M+15.3%	-$1.9M	N/A
EPS (Diluted)	$-0.150.0%	$-0.15+28.6%	$-0.21	N/A	$-0.22-10.0%	$-0.20+23.1%	$-0.26	N/A

BFRGW Balance Sheet

Metric	FY24	FY23	FY22	FY21
Total Assets	$5.6M+100.0%	$2.8M+3354.8%	$80K+702.6%	$10K
Current Assets	$5.5M+100.2%	$2.8M+3712.6%	$73K+625.7%	$10K
Cash & Equivalents	$5.4M+107.1%	$2.6M+4451.3%	$58K+475.9%	$10K
Inventory	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A
Total Liabilities	$588K+219.0%	$184K-94.1%	$3.1M+207.9%	$1.0M
Current Liabilities	$588K+219.0%	$184K-94.1%	$3.1M+207.9%	$1.0M
Long-Term Debt	N/A	N/A	N/A	N/A
Total Equity	$5.0M+91.5%	$2.6M+184.8%	-$3.1M-203.0%	-$1.0M
Retained Earnings	-$16.8M-72.2%	-$9.8M-121.8%	-$4.4M-175.5%	-$1.6M

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$2.7M-5.8%	$2.9M-29.8%	$4.1M-26.4%	$5.6M+20.6%	$4.6M-24.3%	$6.1M-20.6%	$7.6M+175.5%	$2.8M
Current Assets	$2.5M-6.2%	$2.7M-33.8%	$4.1M-26.4%	$5.5M+20.7%	$4.6M-24.3%	$6.1M-20.6%	$7.6M+175.9%	$2.8M
Cash & Equivalents	$2.0M-19.5%	$2.5M-34.9%	$3.8M-30.1%	$5.4M+28.2%	$4.2M-24.5%	$5.6M-19.9%	$7.0M+167.1%	$2.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$58K	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$759K+11.4%	$681K-18.9%	$839K+42.7%	$588K-24.5%	$779K+12.7%	$691K-18.1%	$845K+358.1%	$184K
Current Liabilities	$759K+11.4%	$681K-18.9%	$839K+42.7%	$588K-24.5%	$779K+12.7%	$691K-18.1%	$845K+358.1%	$184K
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.9M-11.2%	$2.2M-32.6%	$3.2M-34.6%	$5.0M+29.8%	$3.8M-29.0%	$5.4M-20.9%	$6.8M+162.5%	$2.6M
Retained Earnings	-$21.8M-7.7%	-$20.3M-7.7%	-$18.8M-12.0%	-$16.8M-11.6%	-$15.1M-13.3%	-$13.3M-13.8%	-$11.7M-19.7%	-$9.8M

BFRGW Cash Flow Statement

Metric	FY24	FY23	FY22	FY21
Operating Cash Flow	-$5.6M+6.5%	-$6.0M-558.8%	-$911K-138.2%	-$382K
Capital Expenditures	N/A	N/A	$9K	N/A
Free Cash Flow	N/A	N/A	-$920K	N/A
Investing Cash Flow	N/A	N/A	-$9K	N/A
Financing Cash Flow	$8.4M-1.7%	$8.6M+785.8%	$967K+149.7%	$387K
Dividends Paid	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	-$1.1M+22.7%	-$1.4M+20.4%	-$1.8M-41.4%	-$1.3M-5.5%	-$1.2M+2.0%	-$1.2M+35.3%	-$1.9M-86.8%	-$1.0M
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	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	$624K+199.1%	$209K+27.2%	$164K-93.4%	$2.5M+1560.7%	-$169K-1.8%	-$166K-102.6%	$6.3M+3047.9%	-$213K
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

BFRGW Financial Ratios

Metric	FY24	FY23	FY22	FY21
Gross Margin	N/A	92.0%0.0pp	92.0%	N/A
Operating Margin	N/A	-8257.7%+16300.3pp	-24558.0%	N/A
Net Margin	N/A	-8239.8%+19785.1pp	-28024.9%	N/A
Return on Equity	-140.9%+65.7pp	-206.6%	N/A	N/A
Return on Assets	-126.0%+66.9pp	-192.9%+3294.1pp	-3487.0%+2363.2pp	-5850.2%
Current Ratio	9.43-5.6	15.03+15.0	0.02+0.0	0.01
Debt-to-Equity	0.12+0.0	0.07+1.1	-1.03-0.0	-1.01
FCF Margin	N/A	N/A	-9196.3%	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Gross Margin	18.4%-1.2pp	19.6%	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-1881.8%+2537.3pp	-4419.1%	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-1860.2%+2496.0pp	-4356.2%	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-79.8%-13.6pp	-66.2%-4.1pp	-62.2%	N/A	-46.1%-16.2pp	-29.9%-2.0pp	-28.0%	N/A
Return on Assets	-57.4%-6.9pp	-50.5%-1.1pp	-49.4%	N/A	-38.3%-11.8pp	-26.5%-1.6pp	-24.9%	N/A
Current Ratio	3.34-0.6	3.97-0.9	4.86-4.6	9.43+3.5	5.90-2.9	8.78-0.3	9.05-6.0	15.03
Debt-to-Equity	0.39+0.1	0.31+0.1	0.26+0.1	0.12-0.1	0.20+0.1	0.130.0	0.12+0.1	0.07
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

Is Bullfrog AI Holdings, Inc. profitable?

No, Bullfrog AI Holdings, Inc. (BFRGW) reported a net income of -$7.0M in fiscal year 2024.

What is Bullfrog AI Holdings, Inc.'s EBITDA?

Bullfrog AI Holdings, Inc. (BFRGW) had EBITDA of -$7.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Bullfrog AI Holdings, Inc.'s return on equity (ROE)?

Bullfrog AI Holdings, Inc. (BFRGW) has a return on equity of -140.9% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Bullfrog AI Holdings, Inc.'s operating cash flow?

Bullfrog AI Holdings, Inc. (BFRGW) generated -$5.6M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Bullfrog AI Holdings, Inc.'s total assets?

Bullfrog AI Holdings, Inc. (BFRGW) had $5.6M in total assets as of fiscal year 2024, including both current and long-term assets.

How much does Bullfrog AI Holdings, Inc. spend on research and development?

Bullfrog AI Holdings, Inc. (BFRGW) invested $2.2M in research and development during fiscal year 2024.

How many shares does Bullfrog AI Holdings, Inc. have outstanding?

Bullfrog AI Holdings, Inc. (BFRGW) had 9M shares outstanding as of fiscal year 2024.

What is Bullfrog AI Holdings, Inc.'s current ratio?

Bullfrog AI Holdings, Inc. (BFRGW) had a current ratio of 9.43 as of fiscal year 2024, which is generally considered healthy.

What is Bullfrog AI Holdings, Inc.'s debt-to-equity ratio?

Bullfrog AI Holdings, Inc. (BFRGW) had a debt-to-equity ratio of 0.12 as of fiscal year 2024, 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. (BFRGW) had a return on assets of -126.0% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Bullfrog AI Holdings, Inc.'s cash runway?

Based on fiscal year 2024 data, Bullfrog AI Holdings, Inc. (BFRGW) had $5.4M in cash against an annual operating cash burn of $5.6M. This gives an estimated cash runway of approximately 12 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 Bullfrog AI Holdings, Inc.'s Piotroski F-Score?

Bullfrog AI Holdings, Inc. (BFRGW) has a Piotroski F-Score of 2 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 Bullfrog AI Holdings, Inc.'s earnings high quality?

Bullfrog AI Holdings, Inc. (BFRGW) has an earnings quality ratio of 0.80x, 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.

Can Bullfrog AI Holdings, Inc. cover its interest payments?

Bullfrog AI Holdings, Inc. (BFRGW) has an interest coverage ratio of -398.5x, meaning it can struggle to cover its interest obligations. 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.