Firefly Neuroscience Reports Third Quarter 2025 Financial Results

Rhea-AI Summary

Firefly Neuroscience (NASDAQ: AIFF) reported Q3 2025 results showing significant integration benefits from its May 2025 acquisition of Evoke. Q3 revenue was $388,000, up from $33,000 year‑over‑year and +30% sequentially. EEG/ERP scan volumes rose 10.9% sequentially. Total operating expenses fell ~35% versus Q3 2024 to ~$2.8 million, helping reduce Q3 net loss to ~$2.6 million (‑38% year‑over‑year). Cash used in operations was ~$1.5 million (lowest quarter in first nine months of 2025) and the company ended the quarter with $4.3 million cash. The company also highlighted new CLEAR preprocessing technology and strategic partnerships advancing its EEG/ERP offerings.

Positive

• Revenue $388,000 in Q3 2025 (>$33,000 in Q3 2024)
• Revenue +30% sequential from Q2 2025 ($299,000)
• EEG/ERP scan volumes +10.9% sequential in Q3 2025
• Total operating expenses down 35% versus Q3 2024
• Net loss improved 38% year‑over‑year to $2.6M
• Cash used in operations down to $1.5M in Q3 2025

Negative

• Quarterly revenue remains small at $388,000
• Company reported a continuing Q3 net loss of $2.6M
• Ending cash balance of $4.3M at September 30, 2025

Insights

Financial Analyst

Revenue and margins improved after an acquisition, but the company remains cash‑limited and unprofitable.

Firefly reported Q3 results showing revenue of $388,000, up from $33,000 year‑over‑year and 30% sequentially, driven by the May 2025 Evoke acquisition and higher EEG/ERP scan volumes (10.9% sequential growth). Total operating expenses fell to approximately $2.8M, a 35% reduction versus Q3‑2024, and net loss narrowed to about $2.6M (from $4.3M), improving per‑share loss from $0.61 to $0.20.

The company’s operating dynamics currently rely on integration benefits and cost reductions disclosed here; cash at quarter‑end was $4.3M and operating cash use was about $1.5M in Q3. Key risks disclosed include continued negative net losses and limited cash runway implied by the stated cash balance and cash used in operations; these factors constrain optionality absent further financing or sustained revenue growth. Monitor reported revenue trajectory and quarterly cash balance as near‑term signals, the impact of the Evoke integration on recurring volumes and revenue, and any announced financing or material contracts over the next Q4 2025 to Q1 2026.

 – Quarterly performance characterized by higher revenues, reduced cost structure and improved bottom line –

– Successful business integration drives 10.9% sequential quarter-over-quarter EEG/ERP scan volumes and 30% sequential revenue growth –

KENMORE, N.Y., Nov. 12, 2025 (GLOBE NEWSWIRE) -- Firefly Neuroscience, Inc. (“Firefly”) (NASDAQ: AIFF), an Artificial Intelligence (“AI”) company developing innovative solutions that improve brain health outcomes for patients with neurological and mental disorders, today reported financial results for the three and nine months ended September 30, 2025.

Business Highlights

• Third quarter 2025 revenue grew more than tenfold year-over-year and 30% sequentially quarter-over-quarter, demonstrating both the immediate benefits from Firefly’s May 2025 acquisition of Evoke Neuroscience, Inc. (“Evoke”) and the early success of the two businesses’ integration.
• Also a reflection of the successful Evoke acquisition and business integration, Firefly’s Q3-2025 EEG/ERP scan volumes grew 10.9% sequentially over the previous quarter.
• In addition, the Company’s Q3-2025 total operating expenses decreased 35% versus Q3-2024, contributing to a significantly lower net loss ($2.6 million vs. $4.3 million).
• In a July press release, Firefly highlighted its ongoing collaboration with Prof. Dr. med. Christian Schaaf, Director of the Institute of Human Genetics at Heidelberg University Hospital and Chairman of Human Genetics at the Medical Faculty of Heidelberg University, on a first-of-its-kind study investigating the neurophysiological impact of 15q13.3 copy number variants (CNVs).
• In August, the Company unveiled its new ‘CLEAR’ ( CL eaning E EG AR tifacts) Platform, a proprietary next-generation preprocessing technology designed to deliver best-in-class electroencephalogram (EEG) data quality. The CLEAR Platform was developed using NVIDIA’s L40S GPU with Ada Lovelace architecture.
• In September, Firefly partnered with HealingMaps to offer cognitive electrophysiology analytics to over 2,500 ketamine, psilocybin, and TMS clinics across North America.

“As demonstrated by our revenue growth, reduced cost structure and improved bottom line in Q3-2025, we have been able to rapidly integrate the Evoke business,” said Greg Lipschitz, Firefly’s Chief Executive Officer. “Moving forward, we remain focused on aggressively executing our commercial growth strategy, while also continuing to deploy NVIDIA’s advanced software development resources and industry-leading frameworks to advance our goal of building the world’s first EEG /ERP-based foundation model of the human brain.”

Summary Third Quarter 2025 Financial Results

For the quarter ended September 30, 2025, the Company recorded revenue of $388,000, which consists of equipment sales, equipment rentals, per-use fees, and the services related to projects and/or clinical studies. Q3-2025 revenues were up more than tenfold year-over-year from $33,000 for the same period in 2024, primarily due to the Company’s May 2025 acquisition of Evoke Neuroscience, and represented a 30% sequential increase from $299,000 for Q2-2025.

Total operating expenses in the third quarter of 2025 were approximately $2.8 million, a 35% decrease from $4.3 million in the prior year period. The decrease in operating expenses was primarily due to reductions in equity vesting, consultant fees associated with rebranding, and legal fees incurred during 2024 in conjunction with the Company’s August 2024 reverse merger with WaveDancer.

Third quarter 2025 net loss was approximately $2.6 million, or $0.20 per common share, a 38% improvement compared to approximately $4.3 million, or $0.61 per common share, in the three months ended September 30, 2024.

Cash used in operating activities in the 2025 third quarter was approximately $1.5 million. This was down from $2.5 million in the same period of 2024, and was the lowest quarterly amount in the first nine months of 2025. The Company ended the 2025 third quarter with cash of $4.3 million.

For complete financial results, please see Firefly’s filings, which are available under its profile at www.sec.gov and on its website here.

About Firefly Neuroscience

Firefly (NASDAQ: AIFF) is an Artificial Intelligence (“AI”) company developing innovative solutions designed to provide clinicians and researchers with unparalleled insights into brain function. Firefly’s proprietary database currently consists of over 191,000 EEG/ERP brain scans, making it the world’s largest known standardized EEG/ERP repository. Firefly’s EEG-based, AI-driven, and FDA-510(k)-cleared brain analytics technology has the potential to revolutionize diagnostic and treatment monitoring methods for conditions such as depression, dementia, anxiety disorders, concussions, and ADHD.

Please visit www.fireflyneuro.com for more information.

Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking statements” for purposes of the federal securities laws concerning Firefly. These forward-looking statements include express or implied statements relating to Firefly’s management team’s expectations, hopes, beliefs, intentions, or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are based on current expectations and beliefs concerning future developments and their potential effects. There can be no assurance that future developments affecting Firefly will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond Firefly’s control) and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading “Risk Factors” in the reports and other filings of Firefly with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should any of Firefly’s assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. It is not possible to predict or identify all such risks. Forward-looking statements included in this press release only speak as of the date they are made, and Firefly does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Investor & Media Contact

Stephen Kilmer
(646) 274-3580
stephen.kilmer@fireflyneuro.com

FAQ

What did Firefly Neuroscience (AIFF) report for Q3 2025 revenue and how does it compare to Q3 2024?

Firefly reported $388,000 revenue in Q3 2025, up from $33,000 in Q3 2024 (more than tenfold year‑over‑year).

How much did Firefly's Q3 2025 revenue grow sequentially (AIFF)?

Q3 2025 revenue increased 30% sequentially from $299,000 in Q2 2025 to $388,000.

What was Firefly's Q3 2025 net loss and how did it change year‑over‑year (AIFF)?

Q3 2025 net loss was approximately $2.6 million, a 38% improvement versus ~$4.3 million in Q3 2024.

How did operating expenses change for Firefly in Q3 2025 (AIFF)?

Total operating expenses declined about 35% versus Q3 2024, to roughly $2.8 million.

What was Firefly's cash position and operating cash use in Q3 2025 (AIFF)?

The company ended Q3 2025 with $4.3 million in cash and used approximately $1.5 million in operating activities during the quarter.

What strategic developments did Firefly announce alongside Q3 2025 results (AIFF)?

Firefly highlighted its May 2025 Evoke acquisition, the new CLEAR EEG preprocessing platform, an academic CNV study collaboration, and a partnership to serve >2,500 clinics.