Burning Rock Biotech Ltd Financials
Burning Rock Biotech Ltd (BNR) reported $77.2M in revenue for fiscal year 2025, up 9.2% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 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).
Burning Rock’s economics improved mainly through a sharp operating-expense reset, letting a still-modest revenue base carry far less loss.
The striking change is that gross profit barely moved from$57.1M in FY2021 to$57.6M in FY2025, yet the operating loss collapsed from-$125.1M to-$7.8M . That says the improvement came less from scale and more from a leaner cost structure, as combined SG&A and R&D fell from$134.7M to$41.8M while gross margin rose from71.7% to74.7% .
By FY2025, cash burn and accounting loss were finally close together: operating cash flow was
The balance sheet now looks equity-funded rather than debt-funded: cash of
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Burning Rock Biotech Ltd'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.
Not available for Burning Rock Biotech Ltd, and counted as zero in the overall score.
Burning Rock Biotech Ltd scores -4.59, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($103.1M) relative to total liabilities ($40.8M). 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.
Burning Rock Biotech Ltd passes 5 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, both operating efficiency signals pass.
Burning Rock Biotech Ltd reported a net loss of $7.9M while operations used $4.1M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Burning Rock Biotech Ltd reported an operating loss of $7.8M against $4K 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
Burning Rock Biotech Ltd generated $77.2M in revenue in fiscal year 2025. This represents an increase of 9.2% from the prior year.
Burning Rock Biotech Ltd's EBITDA was -$4.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 88.7% from the prior year.
Burning Rock Biotech Ltd reported -$7.9M in net income in fiscal year 2025. This represents an increase of 83.3% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Burning Rock Biotech Ltd recorded an outflow of $4.8M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 64.0% from the prior year.
Burning Rock Biotech Ltd held $68.4M in cash against $243K in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Burning Rock Biotech Ltd's gross margin was 74.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 4.4 percentage points from the prior year.
Burning Rock Biotech Ltd's operating margin was -10.2% in fiscal year 2025, reflecting core business profitability. This is up 59.2 percentage points from the prior year.
Burning Rock Biotech Ltd's net profit margin was -10.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 56.9 percentage points from the prior year.
Burning Rock Biotech Ltd's ROE was -10.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 49.3 percentage points from the prior year.
Capital Allocation
Burning Rock Biotech Ltd invested $23.8M in research and development in fiscal year 2025. This represents a decrease of 25.2% from the prior year.
Burning Rock Biotech Ltd invested $751K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 1.2% from the prior year.
Not reported for fiscal year 2025.
BNR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Revenue | $77.2M+9.2% | $70.7M-6.6% | $75.7M-7.3% | $81.7M+2.5% | $79.7M+21.0% | $65.9M |
| Cost of Revenue | $19.5M-7.0% | $21.0M-14.3% | $24.5M-7.6% | $26.6M+17.8% | $22.6M+26.9% | $17.8M |
| Gross Profit | $57.6M+16.0% | $49.6M-3.0% | $51.2M-7.2% | $55.1M-3.6% | $57.1M+18.8% | $48.1M |
| R&D Expenses | $23.8M-25.2% | $31.8M-34.9% | $48.9M-20.1% | $61.2M+6.0% | $57.7M+42.7% | $40.5M |
| SG&A Expenses | $18.0M-49.7% | $35.8M-41.9% | $61.7M-25.2% | $82.4M+7.1% | $76.9M+70.9% | $45.0M |
| Operating Income | -$7.8M+84.0% | -$49.0M+48.0% | -$94.3M+33.7% | -$142.1M-13.6% | -$125.1M-97.9% | -$63.2M |
| Interest Expense | -$4K | $0 | $0-100.0% | $15K-93.8% | $241K+136.3% | $102K |
| Income Tax | $223K-72.3% | $806K+139.9% | $336K+16.7% | $288K+104.3% | $141K | $0 |
| Net Income | -$7.9M+83.3% | -$47.5M+48.4% | -$92.1M+34.6% | -$140.8M-12.6% | -$125.0M-100.3% | -$62.4M |
Not reported in any period shown, so not listed: EPS (Diluted).
BNR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Total Assets | $117.3M-3.3% | $121.3M-17.2% | $146.5M-36.4% | $230.2M-35.6% | $357.6M-12.4% | $408.1M |
| Current Assets | $105.6M-0.7% | $106.4M-14.6% | $124.5M-31.8% | $182.5M-36.1% | $285.7M-26.1% | $386.8M |
| Cash & Equivalents | $68.4M-3.9% | $71.2M-17.8% | $86.6M-34.0% | $131.3M-41.6% | $224.6M-22.7% | $290.5M |
| Inventory | $6.9M-19.0% | $8.6M-11.7% | $9.7M-48.6% | $18.9M-2.3% | $19.3M+85.5% | $10.4M |
| Accounts Receivable | $24.3M+16.5% | $20.8M+16.6% | $17.9M+12.1% | $15.9M+10.2% | $14.5M+7.0% | $13.5M |
| Total Liabilities | $40.8M-2.3% | $41.7M+9.0% | $38.3M-38.5% | $62.2M-8.5% | $68.0M+83.3% | $37.1M |
| Current Liabilities | $35.3M-3.2% | $36.5M-1.6% | $37.1M-37.8% | $59.7M+2.1% | $58.4M+57.8% | $37.0M |
| Long-Term Debt | $243K | N/A | N/A | N/A | N/A | $0 |
| Total Equity | $76.5M-3.8% | $79.6M-26.5% | $108.2M-35.6% | $167.9M-42.0% | $289.6M-22.0% | $371.0M |
| Retained Earnings | -$608.5M-5.8% | -$575.4M-6.0% | -$542.8M-17.0% | -$463.9M-32.7% | -$349.7M-60.9% | -$217.3M |
Not reported in any period shown, so not listed: Goodwill.
BNR 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 | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.1M+67.8% | -$12.6M+64.9% | -$36.0M+45.6% | -$66.2M+11.7% | -$75.0M-565.4% | -$11.3M |
| Capital Expenditures | $751K+1.2% | $742K-35.0% | $1.1M-87.3% | $9.0M-71.9% | $32.1M+247.1% | $9.2M |
| Free Cash Flow | -$4.8M+64.0% | -$13.4M+64.0% | -$37.2M+50.6% | -$75.2M+29.7% | -$107.1M-422.0% | -$20.5M |
| Investing Cash Flow | -$628K-4.0% | -$604K+53.9% | -$1.3M-21.0% | -$1.1M-108.4% | $12.8M+176.5% | -$16.8M |
| Financing Cash Flow | $272K+2820.0% | -$10K+99.9% | -$6.9M+45.0% | -$12.5M-50.6% | -$8.3M-102.5% | $331.9M |
| Share Buybacks | N/A | N/A | N/A | N/A | $0 | $0 |
Not reported in any period shown, so not listed: Dividends Paid.
BNR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Gross Margin | 74.7%+4.4pp | 70.3%+2.7pp | 67.6%+0.1pp | 67.5%-4.2pp | 71.7%-1.3pp | 73.0% |
| Operating Margin | -10.2%+59.2pp | -69.3% | -124.5% | -174.1% | -156.9% | -95.9% |
| Net Margin | -10.3%+56.9pp | -67.2% | -121.6% | -172.4% | -156.9% | -94.7% |
| Return on Equity | -10.3%+49.3pp | -59.7%+25.4pp | -85.1%-1.2pp | -83.9%-40.7pp | -43.2%-26.3pp | -16.8% |
| Return on Assets | -6.8%+32.4pp | -39.1%+23.7pp | -62.8%-1.7pp | -61.2%-26.2pp | -35.0%-19.7pp | -15.3% |
| Current Ratio | 2.99+0.1x | 2.92-0.4x | 3.36+0.3x | 3.06-1.8x | 4.89-5.6x | 10.45 |
| Debt-to-Equity | 0.00-0.5x | 0.52+0.2x | 0.350.0x | 0.37+0.1x | 0.23+0.2x | 0.00 |
| FCF Margin | -6.3%+12.7pp | -18.9%+30.2pp | -49.1%+43.0pp | -92.1% | -134.3% | -31.1% |
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.
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Where Burning Rock Biotech Ltd Ranks
Frequently Asked Questions
What is Burning Rock Biotech Ltd's annual revenue?
Burning Rock Biotech Ltd (BNR) reported $77.2M in total revenue for fiscal year 2025. This represents a 9.2% 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.
How fast is Burning Rock Biotech Ltd's revenue growing?
Burning Rock Biotech Ltd (BNR) revenue grew by 9.2% year-over-year, from $70.7M to $77.2M in fiscal year 2025.
Is Burning Rock Biotech Ltd profitable?
No, Burning Rock Biotech Ltd (BNR) reported a net income of -$7.9M in fiscal year 2025, with a net profit margin of -10.3%.
What is Burning Rock Biotech Ltd's EBITDA?
Burning Rock Biotech Ltd (BNR) had EBITDA of -$4.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Burning Rock Biotech Ltd have?
As of fiscal year 2025, Burning Rock Biotech Ltd (BNR) had $68.4M in cash and equivalents against $243K in long-term debt.
What is Burning Rock Biotech Ltd's gross margin?
Burning Rock Biotech Ltd (BNR) had a gross margin of 74.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Burning Rock Biotech Ltd's operating margin?
Burning Rock Biotech Ltd (BNR) had an operating margin of -10.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Burning Rock Biotech Ltd's net profit margin?
Burning Rock Biotech Ltd (BNR) had a net profit margin of -10.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Burning Rock Biotech Ltd's return on equity (ROE)?
Burning Rock Biotech Ltd (BNR) has a return on equity of -10.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Burning Rock Biotech Ltd's free cash flow?
Burning Rock Biotech Ltd (BNR) recorded an outflow of $4.8M in free cash flow during fiscal year 2025. This represents a 64.0% 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.
What is Burning Rock Biotech Ltd's operating cash flow?
Burning Rock Biotech Ltd (BNR) recorded an outflow of $4.1M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Burning Rock Biotech Ltd's total assets?
Burning Rock Biotech Ltd (BNR) had $117.3M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Burning Rock Biotech Ltd's capital expenditures?
Burning Rock Biotech Ltd (BNR) invested $751K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Burning Rock Biotech Ltd spend on research and development?
Burning Rock Biotech Ltd (BNR) invested $23.8M in research and development during fiscal year 2025.
What is Burning Rock Biotech Ltd's current ratio?
Burning Rock Biotech Ltd (BNR) had a current ratio of 2.99 as of fiscal year 2025, which is generally considered healthy.
What is Burning Rock Biotech Ltd's debt-to-equity ratio?
Burning Rock Biotech Ltd (BNR) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Burning Rock Biotech Ltd's return on assets (ROA)?
Burning Rock Biotech Ltd (BNR) had a return on assets of -6.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Burning Rock Biotech Ltd's cash runway?
Based on fiscal year 2025 data, Burning Rock Biotech Ltd (BNR) had $68.4M in cash against an annual operating cash burn of $4.1M. This gives an estimated cash runway of approximately 202 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 Burning Rock Biotech Ltd's Altman Z-Score?
Burning Rock Biotech Ltd (BNR) has an Altman Z-Score of -4.59, 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 Burning Rock Biotech Ltd's Piotroski F-Score?
Burning Rock Biotech Ltd (BNR) has a Piotroski F-Score of 5 out of 7 computable signals; 2 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 Burning Rock Biotech Ltd's earnings high quality?
Burning Rock Biotech Ltd (BNR) reported a net loss of $7.9M while operations used $4.1M 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 Burning Rock Biotech Ltd cover its interest payments?
Burning Rock Biotech Ltd (BNR) reported an operating loss of $7.8M against $4K 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.
How financially healthy is Burning Rock Biotech Ltd?
Burning Rock Biotech Ltd (BNR) scores 64 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.