Bullfrog AI Holdings, Inc. Financials
This page shows Bullfrog AI Holdings, Inc. (BFRGW) financial statements, including the 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).
External financing still funds operations, while tiny revenue and a collapsing gross margin show commercialization remains early.
By FY2025, cash on hand of$2.18M covered only 0.4x the year’s operating cash burn of-$5.52M , down from roughly 1.0x in FY2024 when cash was$5.44M against-$5.61M . That means the balance sheet stopped looking self-funded within a year, even though liabilities stayed modest at$672K ; the business is being financed by new capital, not by customers.
The per-share loss improved from
FY2025 revenue was only
Financial Health Signals
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 Bullfrog AI Holdings, 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.
Bullfrog AI Holdings, Inc. has an operating margin of -5652.4%, meaning the company retains $-5652 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.
Bullfrog AI Holdings, Inc. carries a low D/E ratio of 0.31, meaning only $0.31 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 96/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.85, Bullfrog AI Holdings, Inc. holds $3.85 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 75/100.
Bullfrog AI Holdings, Inc. generates a -304.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -140.9% the prior year.
Bullfrog AI Holdings, 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).
For every $1 of reported earnings, Bullfrog AI Holdings, Inc. generates $0.85 in operating cash flow (-$5.5M OCF vs -$6.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Bullfrog AI Holdings, Inc. earns $-1171.5 in operating income for every $1 of interest expense (-$6.6M vs $6K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Bullfrog AI Holdings, Inc. generated $117K in revenue in fiscal year 2025.
Bullfrog AI Holdings, 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 Holdings, Inc. reported -$6.5M in net income in fiscal year 2025. This represents an increase of 7.1% from the prior year.
Bullfrog AI Holdings, 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 Holdings, Inc. held $2.2M in cash against $0 in long-term debt as of fiscal year 2025.
Bullfrog AI Holdings, Inc. had 11M shares outstanding in fiscal year 2025. This represents an increase of 25.3% from the prior year.
Margins & Returns
Bullfrog AI Holdings, Inc.'s gross margin was 18.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs.
Bullfrog AI Holdings, Inc.'s operating margin was -5652.4% in fiscal year 2025, reflecting core business profitability.
Bullfrog AI Holdings, Inc.'s net profit margin was -5569.6% in fiscal year 2025, showing the share of revenue converted to profit.
Bullfrog AI Holdings, 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.
Capital Allocation
Bullfrog AI Holdings, Inc. invested $1.8M in research and development in fiscal year 2025. This represents a decrease of 19.0% from the prior year.
BFRGW Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | $83K+150.8% | $33K | N/A | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | $68K+154.5% | $27K | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | $15K+135.7% | $7K | N/A | N/A | N/A | N/A |
| R&D Expenses | $435K | N/A | $346K-28.0% | $480K-16.7% | $576K | N/A | $567K+10.3% | $514K |
| SG&A Expenses | $1.2M | N/A | $1.2M+24.4% | $996K-32.7% | $1.5M | N/A | $1.3M+7.3% | $1.2M |
| Operating Income | -$1.6M | N/A | -$1.6M-6.8% | -$1.5M+28.5% | -$2.1M | N/A | -$1.8M-8.2% | -$1.7M |
| Interest Expense | $982 | N/A | $2K-37.0% | $2K+141.3% | $1K | N/A | $5K-37.0% | $8K |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$1.6M | N/A | -$1.6M-7.1% | -$1.4M+28.2% | -$2.0M | N/A | -$1.8M-9.4% | -$1.6M |
| EPS (Diluted) | $-0.12 | N/A | $-0.150.0% | $-0.15+28.6% | $-0.21 | N/A | $-0.22-10.0% | $-0.20 |
BFRGW Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $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-24.3% | $6.1M |
| Current Assets | $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-24.3% | $6.1M |
| Cash & Equivalents | $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-24.5% | $5.6M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | $58K | 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 | $652K-3.0% | $672K-11.4% | $759K+11.4% | $681K-18.9% | $839K+42.7% | $588K-24.5% | $779K+12.7% | $691K |
| Current Liabilities | $652K-3.0% | $672K-11.4% | $759K+11.4% | $681K-18.9% | $839K+42.7% | $588K-24.5% | $779K+12.7% | $691K |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $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-29.0% | $5.4M |
| Retained Earnings | -$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-13.3% | -$13.3M |
BFRGW Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$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+2.0% | -$1.2M |
| 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 | $4.6M+233.2% | $1.4M+120.7% | $624K+199.1% | $209K+27.2% | $164K-93.4% | $2.5M+1560.7% | -$169K-1.8% | -$166K |
| 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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | 18.4%-1.2pp | 19.6% | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | -1881.8%+2537.3pp | -4419.1% | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | -1860.2%+2496.0pp | -4356.2% | N/A | N/A | N/A | N/A |
| Return on Equity | -32.6% | N/A | -79.8%-13.6pp | -66.2%-4.1pp | -62.2% | N/A | -46.1%-16.2pp | -29.9% |
| Return on Assets | -28.8% | N/A | -57.4%-6.9pp | -50.5%-1.1pp | -49.4% | N/A | -38.3%-11.8pp | -26.5% |
| Current Ratio | 8.15+4.3 | 3.85+0.5 | 3.34-0.6 | 3.97-0.9 | 4.86-4.6 | 9.43+3.5 | 5.90-2.9 | 8.78 |
| Debt-to-Equity | 0.13-0.2 | 0.31-0.1 | 0.39+0.1 | 0.31+0.1 | 0.26+0.1 | 0.12-0.1 | 0.20+0.1 | 0.13 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Frequently Asked Questions
What is Bullfrog AI Holdings, Inc.'s annual revenue?
Bullfrog AI Holdings, Inc. (BFRGW) 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. (BFRGW) reported a net income of -$6.5M in fiscal year 2025, with a net profit margin of -5569.6%.
What is Bullfrog AI Holdings, Inc.'s EBITDA?
Bullfrog AI Holdings, Inc. (BFRGW) 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. (BFRGW) 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 operating margin?
Bullfrog AI Holdings, Inc. (BFRGW) had an operating margin of -5652.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Bullfrog AI Holdings, Inc.'s net profit margin?
Bullfrog AI Holdings, Inc. (BFRGW) had a net profit margin of -5569.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Bullfrog AI Holdings, Inc.'s return on equity (ROE)?
Bullfrog AI Holdings, Inc. (BFRGW) 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. (BFRGW) generated -$5.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Bullfrog AI Holdings, Inc.'s total assets?
Bullfrog AI Holdings, Inc. (BFRGW) 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. (BFRGW) invested $1.8M in research and development during fiscal year 2025.
What is Bullfrog AI Holdings, Inc.'s current ratio?
Bullfrog AI Holdings, Inc. (BFRGW) 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. (BFRGW) 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. (BFRGW) 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 cash runway?
Based on fiscal year 2025 data, Bullfrog AI Holdings, Inc. (BFRGW) had $2.2M in cash against an annual operating cash burn of $5.5M. This gives an estimated cash runway of approximately 5 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 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 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. (BFRGW) has an earnings quality ratio of 0.85x, 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 -1171.5x, 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.
How financially healthy is Bullfrog AI Holdings, Inc.?
Bullfrog AI Holdings, Inc. (BFRGW) scores 44 out of 100 on our Financial Profile, indicating moderate 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.