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BNB Plus Corp Financials

BNBX
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE September

This page shows BNB Plus Corp (BNBX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 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).

Rhea AI BNBX FY2025

BNB Plus now behaves like a development-stage company where operating cash burn, not revenue growth, sets the limits.

FY2025 brought $8.1M of financing cash, yet cash still fell to $1.7M because operating cash outflow was $12.2M and capex only $313K. That combination says the funding need comes from the core operating model, while the balance sheet is no longer being rebuilt by new capital.

After revenue fell from $13.4M in FY2023 to about $2.1M in FY2024 and stayed there in FY2025, overhead did not shrink with the commercial base: SG&A remained near $10.9M and R&D rose to $6.0M. That is the pattern of a company still paying for capability and product work even though current sales are small.

Gross margin stayed positive at 39.3%, so the problem is not selling below cost; it is that gross profit of only $839K cannot absorb the fixed spending stack. Meanwhile cash dropped from $5.9M to $1.7M and the current ratio slipped below 1.0x, which makes liquidity tighter than the income statement alone suggests.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 15 / 100
Financial Profile 15/100

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 BNB Plus Corp'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.

Profitability
0

BNB Plus Corp has an operating margin of -750.9%, meaning the company retains $-751 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. This is down from -646.7% the prior year.

Growth
0

BNB Plus Corp's revenue grew a modest 1.1% year-over-year to $2.1M. This slow but positive growth earns a score of 0/100.

Leverage
80

BNB Plus Corp carries a low D/E ratio of 1.08, meaning only $1.08 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 80/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
13

BNB Plus Corp's current ratio of 0.91 is below the typical benchmark, resulting in a score of 13/100. However, the company holds substantial cash reserves (68% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.

Cash Flow
0

While BNB Plus Corp generated -$12.2M in operating cash flow, capex of $313K consumed most of it, leaving -$12.6M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns
0

BNB Plus Corp generates a -657.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -76.5% the prior year.

Piotroski F-Score Weak
2/9

BNB Plus Corp passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Low Quality
0.81x

For every $1 of reported earnings, BNB Plus Corp generates $0.81 in operating cash flow (-$12.2M OCF vs -$15.2M 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
-83.2x

BNB Plus Corp earns $-83.2 in operating income for every $1 of interest expense (-$16.0M vs $193K). 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
$2.1M
YoY+1.1%
5Y CAGR+2.0%
10Y CAGR-13.4%

BNB Plus Corp generated $2.1M in revenue in fiscal year 2025. This represents an increase of 1.1% from the prior year.

EBITDA
-$15.7M
YoY-18.3%

BNB Plus Corp's EBITDA was -$15.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 18.3% from the prior year.

Net Income
-$15.2M
YoY-116.8%

BNB Plus Corp reported -$15.2M in net income in fiscal year 2025. This represents a decrease of 116.8% from the prior year.

EPS (Diluted)
$-134.23

BNB Plus Corp earned $-134.23 per diluted share (EPS) in fiscal year 2025. This represents an increase of 90.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow
-$12.6M
YoY+11.1%

BNB Plus Corp generated -$12.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 11.1% from the prior year.

Cash & Debt
$1.7M
YoY-71.5%
5Y CAGR-26.5%
10Y CAGR-13.7%

BNB Plus Corp held $1.7M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
2M

BNB Plus Corp had 2M shares outstanding in fiscal year 2025. This represents an increase of 11987.2% from the prior year.

Margins & Returns

Gross Margin
39.3%
YoY-6.9pp
5Y CAGR-23.4pp
10Y CAGR-56.5pp

BNB Plus Corp's gross margin was 39.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 6.9 percentage points from the prior year.

Operating Margin
-750.9%
YoY-104.2pp
5Y CAGR-101.9pp
10Y CAGR-663.7pp

BNB Plus Corp's operating margin was -750.9% in fiscal year 2025, reflecting core business profitability. This is down 104.2 percentage points from the prior year.

Net Margin
-709.5%
YoY-378.6pp
5Y CAGR-35.0pp
10Y CAGR-577.6pp

BNB Plus Corp's net profit margin was -709.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 378.6 percentage points from the prior year.

Return on Equity
-657.8%
YoY-581.3pp
5Y CAGR-430.0pp
10Y CAGR-563.3pp

BNB Plus Corp's ROE was -657.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 581.3 percentage points from the prior year.

Capital Allocation

R&D Spending
$6.0M
YoY+67.4%
5Y CAGR+12.6%
10Y CAGR+8.8%

BNB Plus Corp invested $6.0M in research and development in fiscal year 2025. This represents an increase of 67.4% from the prior year.

Share Buybacks
N/A
Capital Expenditures
$313K
YoY-23.2%
5Y CAGR-21.7%
10Y CAGR-1.2%

BNB Plus Corp invested $313K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 23.2% from the prior year.

BNBX Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $565K N/A $304K-69.0% $983K+13.0% $870K N/A $473K-49.1% $930K
Cost of Revenue $250K N/A $299K-51.1% $613K+132.0% $264K N/A $230K-63.7% $634K
Gross Profit $315K N/A $5K-98.6% $371K-38.8% $606K N/A $243K-17.9% $296K
R&D Expenses $459K N/A $769K-9.5% $849K-16.3% $1.0M N/A $913K0.0% $913K
SG&A Expenses $13.3M N/A $2.9M-1.8% $3.0M+16.1% $2.6M N/A $2.6M-12.1% $3.0M
Operating Income -$18.7M N/A -$3.7M-6.7% -$3.5M-16.2% -$3.0M N/A -$3.3M+8.6% -$3.6M
Interest Expense $9K N/A $40K-33.3% $60K-15.5% $71K N/A $36K+136.4% $15K
Income Tax N/A N/A N/A N/A N/A N/A N/A N/A
Net Income -$18.6M N/A -$3.9M-19.4% -$3.3M-25.2% -$2.6M N/A $1.9M+142.0% -$4.5M
EPS (Diluted) $-2.08 N/A $-34.00-121.5% $-15.35 $-417.53 N/A $1170.48 $-265.45

BNBX Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $20.7M+366.4% $4.4M-55.3% $9.9M-23.8% $13.0M-18.4% $16.0M+24.9% $12.8M-23.4% $16.7M+81.9% $9.2M
Current Assets $5.1M+128.4% $2.2M-60.2% $5.6M-33.2% $8.4M-25.2% $11.3M+40.1% $8.0M-32.0% $11.8M+171.3% $4.4M
Cash & Equivalents $2.5M+46.9% $1.7M-64.7% $4.7M-30.7% $6.8M-26.6% $9.3M+58.8% $5.9M-44.0% $10.4M+231.5% $3.1M
Inventory $90K+7.0% $84K-75.2% $339K-2.9% $349K-25.5% $469K+8.3% $433K-7.9% $470K+39.9% $336K
Accounts Receivable $547K+130.3% $237K+19.3% $199K-71.1% $690K-24.3% $912K+177.7% $328K-36.1% $514K+25.7% $409K
Goodwill N/A N/A N/A N/A N/A N/A N/A N/A
Total Liabilities $2.2M-10.4% $2.5M-15.3% $2.9M+4.8% $2.8M-17.8% $3.4M-10.5% $3.8M-14.2% $4.5M-52.4% $9.4M
Current Liabilities $2.2M-10.5% $2.5M+21.0% $2.0M+7.5% $1.9M-20.6% $2.4M-0.5% $2.4M-20.7% $3.0M+15.3% $2.6M
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity $18.8M+717.3% $2.3M-68.3% $7.3M-30.6% $10.5M-18.0% $12.8M+39.5% $9.1M-26.2% $12.4M+25837.3% -$48K
Retained Earnings -$397.8M-4.9% -$379.2M-1.4% -$373.9M-5.5% -$354.4M-8.3% -$327.2M-5.7% -$309.7M-1.1% -$306.4M+0.6% -$308.3M

BNBX Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow -$5.5M N/A -$2.6M+17.4% -$3.2M+4.2% -$3.3M+1.8% -$3.4M-1.0% -$3.4M-4.5% -$3.2M
Capital Expenditures N/A N/A $11K-94.1% $185K+58.6% $117K-68.5% $371K+1601.0% $22K N/A
Free Cash Flow N/A N/A -$2.6M+21.6% -$3.4M+2.1% -$3.4M+8.4% -$3.8M-11.3% -$3.4M N/A
Investing Cash Flow -$3.0M N/A N/A -$185K-58.6% -$117K+68.5% -$371K-1601.0% -$22K N/A
Financing Cash Flow $9.3M N/A $723K-19.6% $899K-85.7% $6.3M+1714.1% -$391K-103.6% $10.8M+258.5% $3.0M
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

BNBX Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin 55.8% N/A 1.7%-36.0pp 37.7%-31.9pp 69.7% N/A 51.3%+19.5pp 31.8%
Operating Margin -3308.9% N/A -1213.6%-861.5pp -352.0%-9.8pp -342.2% N/A -699.3%-310.2pp -389.2%
Net Margin -3288.6% N/A -1296.1%-960.1pp -336.0%-32.7pp -303.3% N/A 397.6%+878.5pp -480.9%
Return on Equity -98.7% N/A -54.3%-22.7pp -31.6%-10.9pp -20.7% N/A 15.2% N/A
Return on Assets -89.8% N/A -39.7%-14.4pp -25.4%-8.8pp -16.5% N/A 11.3%+60.0pp -48.7%
Current Ratio 2.32+1.4 0.91-1.9 2.76-1.7 4.45-0.3 4.72+1.4 3.36-0.6 3.91+2.3 1.66
Debt-to-Equity 0.12-1.0 1.08+0.7 0.41+0.1 0.270.0 0.27-0.1 0.42+0.1 0.36+194.6 -194.21
FCF Margin N/A N/A -867.8%-525.1pp -342.7%+52.9pp -395.6% N/A -714.4% N/A

Note: The current ratio is below 1.0 (0.91), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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 income of -$15.2M in fiscal year 2025, with a net profit margin of -709.5%.

BNB Plus Corp (BNBX) reported diluted earnings per share of $-134.23 for fiscal year 2025. 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.

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) had an operating margin of -750.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

BNB Plus Corp (BNBX) had a net profit margin of -709.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

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) generated -$12.6M in free cash flow during fiscal year 2025. This represents a 11.1% change compared to the previous fiscal year. 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) generated -$12.2M in operating cash flow during fiscal year 2025, representing cash generated from 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 2M shares outstanding as of 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 debt-to-equity ratio of 1.08 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

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.

Based on fiscal year 2025 data, BNB Plus Corp (BNBX) had $1.7M in cash against an annual operating cash burn of $12.2M. This gives an estimated cash runway of approximately 2 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.

BNB Plus Corp (BNBX) 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

BNB Plus Corp (BNBX) has an earnings quality ratio of 0.81x, 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.

BNB Plus Corp (BNBX) has an interest coverage ratio of -83.2x, 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.

BNB Plus Corp (BNBX) scores 15 out of 100 on our Financial Profile, indicating weak 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.

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