BNB Plus (BNBX) Financials
Ticker history: APDN became BNBX (BNB Plus Corp) on . Earlier news and filings retain their original names and dates. View APDN history.
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 Nov 13, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q3 FY2026, filed Aug 13, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the BNBX SEC filings page.
BNB Plus Corp (BNBX) reported $2.1M in revenue for fiscal year 2025, up 1.1% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
FY2025 revenue barely moved, but a development-heavy cost base overwhelmed sales and increased reliance on outside financing.
Revenue was nearly unchanged, rising1.1% , while gross profit fell13.9% . That pressure coincided with R&D consuming281.6% of revenue versus170.0% in FY2024, pointing to a cost structure increasingly detached from current sales.
The balance sheet became less forgiving: current ratio fell from 3.4x in FY2024 to 0.9x in FY2025. Financing cash flow of
Cash use was predominantly operational rather than capital-intensive: operating cash flow of
Financial Health Signals
We are recalculating BNB Plus Corp's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.
BNB Plus Corp scores -131.00, below the 1.81 distress threshold. The score is pulled down most by an accumulated deficit of $379.2M against total assets of $4.4M. 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.
BNB Plus Corp passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 operating efficiency signals passes.
BNB Plus Corp reported a net loss of $15.2M while operations used $12.2M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
BNB Plus Corp generated $605K in revenue in Q3 2026. This represents an increase of 98.9% from the same quarter a year earlier. Against the prior quarter it is down 40.9%.
BNB Plus Corp's EBITDA was -$3.2M in Q3 2026, measuring earnings before interest, taxes, depreciation, and amortization. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
BNB Plus Corp reported a net loss of $4.7M in Q3 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
BNB Plus Corp earned -$0.57 per diluted share (EPS) in Q3 2026. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Cash & Balance Sheet
BNB Plus Corp held $3.8M in cash as of Q3 2026; no long-term debt figure is on record for that period.
Not reported for Q3 2026.
Not reported for Q3 2026.
Margins & Returns
BNB Plus Corp's gross margin was 73.9% in Q3 2026, indicating the percentage of revenue retained after direct costs. This is up 72.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 6.9 percentage points.
BNB Plus Corp's quarterly ROE was -49.6% in Q3 2026: one quarter's net income over shareholder equity, not annualized. This is up 4.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.7 percentage points.
Not shown for Q3 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q3 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
BNB Plus Corp invested $210K in research and development in Q3 2026. This represents a decrease of 72.7% from the same quarter a year earlier. Against the prior quarter it is down 43.6%.
Not reported for Q3 2026.
Not reported for Q3 2026.
BNBX 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 | Q3'2610-Q | Q2'26S-1 | Q1'2610-Q | Q4'25S-1 | Q3'2510-Q | Q2'25S-1 | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Revenue | $605K+98.9% | $1.0M+34.3% | $565K-35.0% | $199K | $304K-35.6% | $763K-17.9% | $870K-2.3% | N/A |
| Cost of Revenue | $158K-47.1% | $197K-46.3% | $250K-5.3% | $367K | $299K+30.0% | $367K-42.1% | $264K-60.0% | N/A |
| Gross Profit | $447K+8615.8% | $827K+109.0% | $315K-48.0% | -$168K | $5K-97.9% | $396K+33.8% | $606K+162.3% | N/A |
| R&D Expenses | $210K-72.7% | $372K-56.2% | $459K-54.8% | $3.4M | $769K-15.8% | $849K-7.0% | $1.0M+8.5% | N/A |
| SG&A Expenses | $2.1M-27.0% | $2.6M-11.4% | $13.3M+419.5% | $2.4M | $2.9M+11.2% | $2.9M-2.5% | $2.6M-16.7% | N/A |
| Operating Income | -$3.2Mn/m | -$6.8Mn/m | -$18.7Mn/m | -$6.0M | -$3.7Mn/m | -$3.4Mn/m | -$3.0Mn/m | N/A |
| EBITDA | -$3.2Mn/m | -$6.7Mn/m | -$18.7Mn/m | -$5.9M | -$3.6M | -$3.3Mn/m | -$2.9Mn/m | N/A |
| Net Income | -$4.7Mn/m | -$6.7Mn/m | -$18.6Mn/m | -$5.3M | -$3.9M-309.9% | -$3.3Mn/m | -$2.6Mn/m | N/A |
| EPS (Basic) | -$0.57 | -$0.68 | -$2.08 | N/A | -$34.00 | -$230.30 | -$417.53 | N/A |
| EPS (Diluted) | -$0.57 | -$0.68 | -$2.08 | N/A | -$34.00 | -$230.30 | -$417.53 | N/A |
| Diluted Shares (Avg) | 8M | 10M | 9M | N/A | 572,018 | 118,206 | 42,025 | N/A |
Not reported in any period shown, so not listed: Interest Expense, Income Tax.
BNBX 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 | Q3'2610-Q | Q2'26S-1 | Q1'2610-Q | Q4'25S-1 | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $15.0M+50.6% | $13.6M+4.6% | $20.7M+29.6% | $4.4M-65.3% | $9.9M-40.5% | $13.0M+42.1% | $16.0M+61.1% | $12.8M-6.3% |
| Current Assets | $5.5M-3.1% | $2.7M-68.2% | $5.1M-54.7% | $2.2M-72.2% | $5.6M-52.5% | $8.4M+93.1% | $11.3M+145.7% | $8.0M-1.0% |
| Cash & Equivalents | $3.8M-20.4% | $949K-86.1% | $2.5M-73.6% | $1.7M-71.5% | $4.7M-54.7% | $6.8M+116.6% | $9.3M+176.7% | $5.9M-18.2% |
| Short-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Inventory | $27K-92.0% | $115K-66.9% | $90K-80.8% | $84K-80.6% | $339K-27.9% | $349K+3.8% | $469K+24.2% | $433K+31.1% |
| Accounts Receivable | $45K-77.5% | $303K-56.0% | $547K-40.0% | $237K-27.7% | $199K-61.3% | $690K+68.7% | $912K+102.2% | $328K+28.5% |
| Long-Term Investments | N/A | N/A | N/A | N/A | $0n/m | $0n/m | $0n/m | $0n/m |
| Total Liabilities | $5.5M+87.0% | $1.5M-46.5% | $2.2M-34.6% | $2.5M-34.7% | $2.9M-33.9% | $2.8M-69.9% | $3.4M-40.9% | $3.8M-56.5% |
| Current Liabilities | $943K-53.7% | $1.5M-22.2% | $2.2M-7.6% | $2.5M+2.7% | $2.0M-32.7% | $1.9M-27.8% | $2.4M-7.8% | $2.4M-15.7% |
| Non-Current Liabilities | $4.6M+401.5% | $31K-96.6% | $31K-97.0% | $32K-97.8% | $911K-36.3% | $917K-86.4% | $1.0M-67.6% | $1.4M-76.0% |
| Total Equity | $9.5M+30.2% | $12.5M+19.6% | $18.8M+47.7% | $2.3M-74.8% | $7.3M-41.4% | $10.5Mn/m | $12.8M+201.3% | $9.1M+84.7% |
| Retained Earnings | -$409.2Mn/m | -$404.5Mn/m | -$397.8Mn/m | -$379.2Mn/m | -$373.9Mn/m | -$354.4Mn/m | -$327.2Mn/m | -$309.7Mn/m |
Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.
BNBX 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 | Q3'2610-Q | Q2'26S-1 | Q1'2610-Q | Q4'25S-1 | Q3'2510-Q | Q2'25S-1 | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$983Kn/m | -$2.0Mn/m | -$5.5Mn/m | -$3.1Mn/m | -$2.6Mn/m | -$3.2Mn/m | -$3.3Mn/m | -$3.4Mn/m |
| Depreciation & Amortization | $30K-76.5% | $20K-78.8% | $49K+39.6% | $129K+192.0% | $126K | $95K-49.0% | $35K-88.3% | $44K-86.6% |
| Stock-Based Compensation | N/A | $335K | $633K+2085.2% | N/A | N/A | N/A | $29K-91.5% | N/A |
| Capital Expenditures | N/A | N/A | N/A | $0-100.0% | $11K-50.0% | $185K | $117K | $371K |
| Free Cash Flow | N/A | N/A | N/A | -$3.1Mn/m | -$2.6Mn/m | -$3.4M | -$3.4M | -$3.8M |
| Investing Cash Flow | N/A | $0n/m | -$3.0Mn/m | N/A | N/A | -$185K | -$117K | -$371Kn/m |
| Financing Cash Flow | $3.8M+424.9% | -$203K-122.6% | $9.3M+47.7% | $126Kn/m | $723K-93.3% | $899K-70.2% | $6.3Mn/m | -$391K |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
BNBX 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 | Q3'2610-Q | Q2'26S-1 | Q1'2610-Q | Q4'25S-1 | Q3'2510-Q | Q2'25S-1 | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 73.9%+72.2pp | 80.7%+28.9pp | 55.8%-13.9pp | -84.2% | 1.7%-49.6pp | 51.8%+20.0pp | 69.7%+43.7pp | N/A |
| Operating Margin | -535.4% | -659.2% | -3308.9% | -3007.1% | -1213.6% | -442.8% | -342.2% | N/A |
| Net Margin | -774.2% | -650.8% | -3288.6% | -2643.4% | -1296.1% | -433.2% | -303.3% | N/A |
| Return on Equity | -49.6%+4.8pp | -53.3%-21.7pp | -98.7%-78.0pp | -228.7% | -54.3%-69.5pp | -31.6% | -20.7%+5.4pp | N/A |
| Return on Assets | -31.3%+8.4pp | -48.9%-23.5pp | -89.8%-73.3pp | -118.8% | -39.7%-51.0pp | -25.4%+23.4pp | -16.5%-5.4pp | N/A |
| Current Ratio | 5.79+3.0x | 1.82-2.6x | 2.32-2.4x | 0.91-2.4x | 2.76-1.1x | 4.45+2.8x | 4.72+3.0x | 3.36+0.5x |
| Liabilities-to-Equity | 0.58+0.2x | 0.12-0.1x | 0.12-0.1x | 1.08+0.7x | 0.410.0x | 0.27 | 0.27-1.1x | 0.42-1.4x |
| Asset Turnover | 0.040.0x | 0.080.0x | 0.030.0x | 0.04 | 0.030.0x | 0.060.0x | 0.050.0x | N/A |
| FCF Margin | N/A | N/A | N/A | -1554.9% | -858.6% | -441.8% | -395.6% | N/A |
Not reported in any period shown, so not listed: Debt-to-Equity.
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, FCF Margin.
Note: The current ratio is below 1.0 (0.91), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Where BNB Plus Corp Ranks
Frequently Asked Questions
BNB Plus Corp (BNBX) reported $2.1M in total revenue for fiscal year 2025. This represents a 1.1% 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.
BNB Plus Corp (BNBX) revenue grew by 1.1% year-over-year, from $2.1M to $2.1M in fiscal year 2025.
No, BNB Plus Corp (BNBX) reported a net loss of $15.2M in fiscal year 2025.
BNB Plus Corp (BNBX) had EBITDA of -$15.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
BNB Plus Corp (BNBX) had a gross margin of 39.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
BNB Plus Corp (BNBX) has a return on equity of -657.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
BNB Plus Corp (BNBX) recorded an outflow of $12.6M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
BNB Plus Corp (BNBX) recorded an outflow of $12.2M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
BNB Plus Corp (BNBX) had $4.4M in total assets as of fiscal year 2025, including both current and long-term assets.
BNB Plus Corp (BNBX) invested $313K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
BNB Plus Corp (BNBX) invested $6.0M in research and development during fiscal year 2025.
BNB Plus Corp (BNBX) had a current ratio of 0.91 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
BNB Plus Corp (BNBX) had a liabilities-to-equity ratio of 1.08 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
BNB Plus Corp (BNBX) had a return on assets of -341.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
BNB Plus Corp (BNBX) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $558K as of Nov 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
BNB Plus Corp (BNBX) trades at 0.2x sales, its market capitalization divided by $2.4M revenue, trailing 12 months to June 30, 2026. The market capitalization is $558K as of Nov 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
BNB Plus Corp (BNBX) has an Altman Z-Score of -131.00, 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.
BNB Plus Corp (BNBX) has a Piotroski F-Score of 3 out of 8 computable signals; 1 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.
BNB Plus Corp (BNBX) reported a net loss of $15.2M while operations used $12.2M 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.