What is BULLFROG AI HLDGS INC's earnings per share (EPS)?

BULLFROG AI HLDGS INC (BFRG) reported diluted earnings per share of $-0.63 for fiscal year 2025. This represents a 25.9% change compared to the previous fiscal year. 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.

BULLFROG AI HLDGS INC Financials

BFRG

Source SEC Filings (10-K/10-Q) Updated Mar 19, 2026 Currency USD FYE March

This page shows BULLFROG AI HLDGS INC (BFRG) 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).

Financial Health Signals

Financial Profile 43/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

BULLFROG AI HLDGS 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.

Leverage

BULLFROG AI HLDGS 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.

Liquidity

With a current ratio of 3.85, BULLFROG AI HLDGS INC holds $3.85 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 75/100.

Returns

BULLFROG AI HLDGS 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.

Piotroski F-Score Weak

1/9

BULLFROG AI HLDGS 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).

Earnings Quality Low Quality

0.85x

For every $1 of reported earnings, BULLFROG AI HLDGS 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.

Interest Coverage At Risk

-1171.5x

BULLFROG AI HLDGS 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

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Earnings & Revenue

Revenue

$117K

BULLFROG AI HLDGS INC generated $117K in revenue in fiscal year 2025.

EBITDA

-$6.6M

YoY+8.9%

BULLFROG AI HLDGS 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.

Net Income

-$6.5M

YoY+7.1%

BULLFROG AI HLDGS INC reported -$6.5M in net income in fiscal year 2025. This represents an increase of 7.1% from the prior year.

EPS (Diluted)

$-0.63

YoY+25.9%

BULLFROG AI HLDGS 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

Free Cash Flow

N/A

Cash & Debt

$2.2M

YoY-59.8%

BULLFROG AI HLDGS INC held $2.2M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

13M

YoY+39.0%

BULLFROG AI HLDGS INC had 13M shares outstanding in fiscal year 2025. This represents an increase of 39.0% from the prior year.

Margins & Returns

Gross Margin

18.8%

BULLFROG AI HLDGS INC's gross margin was 18.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs.

Operating Margin

-5652.4%

BULLFROG AI HLDGS INC's operating margin was -5652.4% in fiscal year 2025, reflecting core business profitability.

Net Margin

-5569.6%

BULLFROG AI HLDGS INC's net profit margin was -5569.6% in fiscal year 2025, showing the share of revenue converted to profit.

Return on Equity

-304.2%

YoY-163.3pp

BULLFROG AI HLDGS 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

R&D Spending

$1.8M

YoY-19.0%

BULLFROG AI HLDGS INC invested $1.8M in research and development in fiscal year 2025. This represents a decrease of 19.0% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

BFRG Income Statement

Metric	FY25	FY24	FY23	FY22	FY21
Revenue	$117K	N/A	$65K+550.0%	$10K	N/A
Cost of Revenue	$95K	N/A	$5K+550.0%	$800	N/A
Gross Profit	$22K	N/A	$60K+550.0%	$9K	N/A
R&D Expenses	$1.8M-19.0%	$2.2M+55.2%	$1.4M+135.1%	$609K+2337.1%	$25K
SG&A Expenses	$4.8M-3.9%	$5.0M+25.5%	$4.0M+115.3%	$1.9M+466.9%	$327K
Operating Income	-$6.6M+8.9%	-$7.2M-34.8%	-$5.4M-118.6%	-$2.5M-342.2%	-$555K
Interest Expense	$6K-69.0%	$18K-77.0%	$79K-77.2%	$347K+759.4%	$40K
Income Tax	N/A	N/A	N/A	N/A	N/A
Net Income	-$6.5M+7.1%	-$7.0M-30.6%	-$5.4M-91.1%	-$2.8M-378.4%	-$586K
EPS (Diluted)	$-0.63+25.9%	$-0.85+4.5%	$-0.89-27.1%	$-0.70	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$83K+150.8%	$33K	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	$68K+154.5%	$27K	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	$15K+135.7%	$7K	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$346K-28.0%	$480K-16.7%	$576K	N/A	$567K+10.3%	$514K-7.0%	$552K	N/A
SG&A Expenses	$1.2M+24.4%	$996K-32.7%	$1.5M	N/A	$1.3M+7.3%	$1.2M-17.4%	$1.4M	N/A
Operating Income	-$1.6M-6.8%	-$1.5M+28.5%	-$2.1M	N/A	-$1.8M-8.2%	-$1.7M+14.4%	-$2.0M	N/A
Interest Expense	$2K-37.0%	$2K+141.3%	$1K	N/A	$5K-37.0%	$8K+141.3%	$3K	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$1.6M-7.1%	-$1.4M+28.2%	-$2.0M	N/A	-$1.8M-9.4%	-$1.6M+15.3%	-$1.9M	N/A
EPS (Diluted)	$-0.150.0%	$-0.15+28.6%	$-0.21	N/A	$-0.22-10.0%	$-0.20+23.1%	$-0.26	N/A

BFRG Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21
Total Assets	$2.8M-49.4%	$5.6M+100.0%	$2.8M+3354.8%	$80K+702.6%	$10K
Current Assets	$2.6M-53.4%	$5.5M+100.2%	$2.8M+3712.6%	$73K+625.7%	$10K
Cash & Equivalents	$2.2M-59.8%	$5.4M+107.1%	$2.6M+4451.3%	$58K+475.9%	$10K
Inventory	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$672K+14.3%	$588K+219.0%	$184K-94.1%	$3.1M+207.9%	$1.0M
Current Liabilities	$672K+14.3%	$588K+219.0%	$184K-94.1%	$3.1M+207.9%	$1.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A
Total Equity	$2.1M-57.0%	$5.0M+91.5%	$2.6M+184.8%	-$3.1M-203.0%	-$1.0M
Retained Earnings	-$23.3M-38.7%	-$16.8M-72.2%	-$9.8M-121.8%	-$4.4M-175.5%	-$1.6M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$2.7M-5.8%	$2.9M-29.8%	$4.1M-26.4%	$5.6M+20.6%	$4.6M-24.3%	$6.1M-20.6%	$7.6M+175.5%	$2.8M
Current Assets	$2.5M-6.2%	$2.7M-33.8%	$4.1M-26.4%	$5.5M+20.7%	$4.6M-24.3%	$6.1M-20.6%	$7.6M+175.9%	$2.8M
Cash & Equivalents	$2.0M-19.5%	$2.5M-34.9%	$3.8M-30.1%	$5.4M+28.2%	$4.2M-24.5%	$5.6M-19.9%	$7.0M+167.1%	$2.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$58K	N/A	N/A	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	$759K+11.4%	$681K-18.9%	$839K+42.7%	$588K-24.5%	$779K+12.7%	$691K-18.1%	$845K+358.1%	$184K
Current Liabilities	$759K+11.4%	$681K-18.9%	$839K+42.7%	$588K-24.5%	$779K+12.7%	$691K-18.1%	$845K+358.1%	$184K
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.9M-11.2%	$2.2M-32.6%	$3.2M-34.6%	$5.0M+29.8%	$3.8M-29.0%	$5.4M-20.9%	$6.8M+162.5%	$2.6M
Retained Earnings	-$21.8M-7.7%	-$20.3M-7.7%	-$18.8M-12.0%	-$16.8M-11.6%	-$15.1M-13.3%	-$13.3M-13.8%	-$11.7M-19.7%	-$9.8M

BFRG Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	-$5.5M+1.6%	-$5.6M+6.5%	-$6.0M-558.8%	-$911K-138.2%	-$382K
Capital Expenditures	N/A	N/A	N/A	$9K	N/A
Free Cash Flow	N/A	N/A	N/A	-$920K	N/A
Investing Cash Flow	N/A	N/A	N/A	-$9K	N/A
Financing Cash Flow	$2.4M-71.8%	$8.4M-1.7%	$8.6M+785.8%	$967K+149.7%	$387K
Dividends Paid	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	-$1.1M+22.7%	-$1.4M+20.4%	-$1.8M-41.4%	-$1.3M-5.5%	-$1.2M+2.0%	-$1.2M+35.3%	-$1.9M-86.8%	-$1.0M
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	$624K+199.1%	$209K+27.2%	$164K-93.4%	$2.5M+1560.7%	-$169K-1.8%	-$166K-102.6%	$6.3M+3047.9%	-$213K
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

BFRG Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21
Gross Margin	18.8%	N/A	92.0%0.0pp	92.0%	N/A
Operating Margin	-5652.4%	N/A	-8257.7%+16300.3pp	-24558.0%	N/A
Net Margin	-5569.6%	N/A	-8239.8%+19785.1pp	-28024.9%	N/A
Return on Equity	-304.2%-163.3pp	-140.9%+65.7pp	-206.6%	N/A	N/A
Return on Assets	-231.4%-105.4pp	-126.0%+66.9pp	-192.9%+3294.1pp	-3487.0%+2363.2pp	-5850.2%
Current Ratio	3.85-5.6	9.43-5.6	15.03+15.0	0.02+0.0	0.01
Debt-to-Equity	0.31+0.2	0.12+0.0	0.07+1.1	-1.03-0.0	-1.01
FCF Margin	N/A	N/A	N/A	-9196.3%	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	18.4%-1.2pp	19.6%	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-1881.8%+2537.3pp	-4419.1%	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-1860.2%+2496.0pp	-4356.2%	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-79.8%-13.6pp	-66.2%-4.1pp	-62.2%	N/A	-46.1%-16.2pp	-29.9%-2.0pp	-28.0%	N/A
Return on Assets	-57.4%-6.9pp	-50.5%-1.1pp	-49.4%	N/A	-38.3%-11.8pp	-26.5%-1.6pp	-24.9%	N/A
Current Ratio	3.34-0.6	3.97-0.9	4.86-4.6	9.43+3.5	5.90-2.9	8.78-0.3	9.05-6.0	15.03
Debt-to-Equity	0.39+0.1	0.31+0.1	0.26+0.1	0.12-0.1	0.20+0.1	0.130.0	0.12+0.1	0.07
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is BULLFROG AI HLDGS INC's annual revenue?

BULLFROG AI HLDGS INC (BFRG) 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 HLDGS INC profitable?

No, BULLFROG AI HLDGS INC (BFRG) reported a net income of -$6.5M in fiscal year 2025, with a net profit margin of -5569.6%.

What is BULLFROG AI HLDGS INC's EBITDA?

BULLFROG AI HLDGS INC (BFRG) had EBITDA of -$6.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is BULLFROG AI HLDGS INC's gross margin?

BULLFROG AI HLDGS INC (BFRG) 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 HLDGS INC's operating margin?

BULLFROG AI HLDGS INC (BFRG) 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 HLDGS INC's net profit margin?

BULLFROG AI HLDGS INC (BFRG) 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 HLDGS INC's return on equity (ROE)?

BULLFROG AI HLDGS INC (BFRG) 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 HLDGS INC's operating cash flow?

BULLFROG AI HLDGS INC (BFRG) generated -$5.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are BULLFROG AI HLDGS INC's total assets?

BULLFROG AI HLDGS INC (BFRG) had $2.8M in total assets as of fiscal year 2025, including both current and long-term assets.

How much does BULLFROG AI HLDGS INC spend on research and development?

BULLFROG AI HLDGS INC (BFRG) invested $1.8M in research and development during fiscal year 2025.

How many shares does BULLFROG AI HLDGS INC have outstanding?

BULLFROG AI HLDGS INC (BFRG) had 13M shares outstanding as of fiscal year 2025.

What is BULLFROG AI HLDGS INC's current ratio?

BULLFROG AI HLDGS INC (BFRG) had a current ratio of 3.85 as of fiscal year 2025, which is generally considered healthy.

What is BULLFROG AI HLDGS INC's debt-to-equity ratio?

BULLFROG AI HLDGS INC (BFRG) 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 HLDGS INC's return on assets (ROA)?

BULLFROG AI HLDGS INC (BFRG) 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 HLDGS INC's cash runway?

Based on fiscal year 2025 data, BULLFROG AI HLDGS INC (BFRG) 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 HLDGS INC's Piotroski F-Score?

BULLFROG AI HLDGS INC (BFRG) 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are BULLFROG AI HLDGS INC's earnings high quality?

BULLFROG AI HLDGS INC (BFRG) 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 HLDGS INC cover its interest payments?

BULLFROG AI HLDGS INC (BFRG) 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 HLDGS INC?

BULLFROG AI HLDGS INC (BFRG) scores 43 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.