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Bullfrog AI (BFRGW) Financials

Bullfrog AI logo
$0.12 0.00 (0.00%)
As of 07/24/2026
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Annual Income Statements for Bullfrog AI

Annual Income Statements for Bullfrog AI

This table shows Bullfrog AI's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -0.59 -2.80 -5.36 -7.04 -6.50
Consolidated Net Income / (Loss)		 -0.59 -2.80 -5.36 -6.99 -6.50
Net Income / (Loss) Continuing Operations		 -0.59 -2.80 -5.36 -6.99 -6.49
Total Pre-Tax Income 		-0.59 -2.80 -5.36 -6.99 -6.49
Total Operating Income		 -0.56 -2.46 -5.37 -7.24 -6.59
Total Gross Profit		 0.00 0.01 0.06 0.00 0.02
Total Revenue		 0.00 0.01 0.07 0.00 0.12
Operating Revenue		 0.00 0.01 0.07 - 0.12
Total Cost of Revenue		 0.00 0.00 0.01 0.00 0.09
Total Operating Expenses		 0.56 2.47 5.43 7.24 6.62
Selling, General & Admin Expense		 0.33 1.86 3.99 5.01 4.82
Research & Development Expense		 0.03 0.61 1.43 2.22 1.80
Total Other Income / (Expense), net		 -0.03 -0.35 0.01 0.24 0.10
Other Income / (Expense), net		 0.01 0.00 0.18 0.26 0.10
Preferred Stock Dividends Declared		 - - 0.00 0.04 0.00
Basic Earnings per Share		 ($14.00) ($0.70) ($0.89) ($0.85) ($0.63)
Weighted Average Basic Shares Outstanding		 4.12M 4.01M 6.05M 8.25M 10.34M
Diluted Earnings per Share		 - ($0.70) ($0.89) ($0.85) ($0.63)
Weighted Average Diluted Shares Outstanding		 - 4.01M 6.05M 8.25M 10.34M
Weighted Average Basic & Diluted Shares Outstanding		 - - 7.85M 9.42M 12.66M

Quarterly Income Statements for Bullfrog AI

This table shows Bullfrog AI's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -1.25 -1.30 -1.92 -1.61 -1.76 -1.74 -2.02 -1.45 -1.55 -1.48 -1.59
Consolidated Net Income / (Loss)		 -1.25 -1.30 -1.90 -1.61 -1.76 -1.71 -2.02 -1.45 -1.55 -1.48 -1.59
Net Income / (Loss) Continuing Operations		 -1.25 -1.31 -1.90 -1.60 -1.76 -1.73 -2.02 -1.45 -1.55 -1.48 -1.59
Total Pre-Tax Income 		-1.25 -1.31 -1.90 -1.60 -1.76 -1.73 -2.02 -1.45 -1.55 -1.48 -1.59
Total Operating Income		 -1.30 -1.34 -1.97 -1.68 -1.82 -1.77 -2.06 -1.47 -1.57 -1.50 -1.61
Total Gross Profit		 0.06 - 0.00 0.00 0.00 - 0.00 0.01 0.02 - 0.00
Total Revenue		 0.07 - 0.00 0.00 0.00 - 0.00 0.03 0.08 - 0.00
Total Cost of Revenue		 0.01 - 0.00 0.00 0.00 - 0.00 0.03 0.07 - 0.00
Total Operating Expenses		 1.36 1.34 1.97 1.68 1.82 1.77 2.06 1.48 1.59 1.50 1.61
Selling, General & Admin Expense		 0.98 0.93 1.41 1.17 1.25 1.18 1.48 1.00 1.24 1.10 1.18
Research & Development Expense		 0.38 0.41 0.55 0.51 0.57 0.59 0.58 0.48 0.35 0.40 0.43
Total Other Income / (Expense), net		 0.06 0.02 0.07 0.08 0.06 0.04 0.04 0.02 0.02 0.02 0.02
Interest Expense		 0.00 0.02 - - - - 0.00 - - - 0.00
Interest & Investment Income		 - - - - - - 0.04 - - - 0.02
Other Income / (Expense), net		 0.06 - 0.07 0.08 0.06 0.06 0.00 0.02 0.02 0.02 0.01
Basic Earnings per Share		 ($0.21) ($0.17) ($0.26) ($0.20) ($0.22) ($0.17) ($0.21) ($0.15) ($0.15) ($0.12) ($0.12)
Weighted Average Basic Shares Outstanding		 6.09M 6.05M 7.39M 8.12M 8.12M 8.25M 9.69M 9.71M 10.38M 10.34M 12.95M
Diluted Earnings per Share		 ($0.21) ($0.17) ($0.26) ($0.20) ($0.22) ($0.17) ($0.21) ($0.15) ($0.15) ($0.12) ($0.12)
Weighted Average Diluted Shares Outstanding		 6.09M 6.05M 7.39M 8.12M 8.12M 8.25M 9.69M 9.71M 10.38M 10.34M 12.95M
Weighted Average Basic & Diluted Shares Outstanding		 6.09M 7.85M 7.85M 7.85M 8.71M 9.42M 9.42M 10.08M 11.41M 12.66M 18.54M

Annual Cash Flow Statements for Bullfrog AI

This table details how cash moves in and out of Bullfrog AI's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 0.00 0.05 2.57 2.81 -3.15
Net Cash From Operating Activities		 -0.38 -0.91 -6.00 -5.61 -5.52
Net Cash From Continuing Operating Activities		 -0.38 -0.91 -6.00 -5.61 -5.52
Net Income / (Loss) Continuing Operations		 -0.59 -2.80 -5.36 -6.99 -6.50
Consolidated Net Income / (Loss)		 -0.59 -2.80 -5.36 -6.99 -6.50
Depreciation Expense		 0.00 0.00 0.00 0.00 0.00
Non-Cash Adjustments To Reconcile Net Income		 0.18 0.82 0.77 0.94 0.89
Changes in Operating Assets and Liabilities, net		 0.01 0.86 -1.44 0.44 0.08
Net Cash From Investing Activities		 0.00 -0.01 0.00 0.00 0.00
Net Cash From Continuing Investing Activities		 0.00 -0.01 0.00 0.00 0.00
Net Cash From Financing Activities		 0.39 0.97 8.57 8.42 2.37
Net Cash From Continuing Financing Activities		 0.39 0.97 8.57 8.42 2.37
Repayment of Debt		 0.00 -0.05 -1.02 -0.56 -0.18
Repurchase of Common Equity		 - - - 0.00 -0.09
Issuance of Debt		 0.09 1.02 0.80 0.56 0.18
Issuance of Common Equity		 0.00 0.00 7.29 8.32 2.47
Other Financing Activities, net		 0.30 0.00 1.49 0.11 0.00
Cash Interest Paid		 0.00 0.01 0.09 0.02 0.01
Cash Income Taxes Paid		 0.00 0.00 0.00 0.00 0.00

Quarterly Cash Flow Statements for Bullfrog AI

This table details how cash moves in and out of Bullfrog AI's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -1.60 -1.23 4.39 -1.40 -1.38 1.20 -1.63 -1.22 -0.48 0.19 2.90
Net Cash From Operating Activities		 -1.39 -1.02 -1.90 -1.23 -1.21 -1.27 -1.80 -1.43 -1.11 -1.18 -1.69
Net Cash From Continuing Operating Activities		 -1.39 -1.02 -1.90 -1.23 -1.21 -1.27 -1.80 -1.43 -1.11 -1.18 -1.69
Net Income / (Loss) Continuing Operations		 -1.25 -1.30 -1.90 -1.61 -1.76 -1.71 -2.02 -1.45 -1.55 -1.48 -1.59
Consolidated Net Income / (Loss)		 -1.25 -1.30 -1.90 -1.61 -1.76 -1.71 -2.02 -1.45 -1.55 -1.48 -1.59
Depreciation Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Non-Cash Adjustments To Reconcile Net Income		 0.12 0.12 0.34 0.19 0.20 0.21 0.30 0.12 0.38 0.10 0.13
Changes in Operating Assets and Liabilities, net		 -0.26 0.16 -0.33 0.19 0.36 0.23 -0.08 -0.10 0.07 0.20 -0.23
Net Cash From Investing Activities		 - - 0.00 - - - 0.00 - - - 0.00
Net Cash From Continuing Investing Activities		 - - 0.00 - - - 0.00 - - - 0.00
Net Cash From Financing Activities		 -0.21 -0.21 6.29 -0.17 -0.17 2.47 0.16 0.21 0.62 1.38 4.59
Net Cash From Continuing Financing Activities		 -0.21 -0.21 6.29 -0.17 -0.17 2.47 0.16 0.21 0.62 1.38 4.59
Repayment of Debt		 -0.21 -0.21 -0.05 -0.17 -0.17 -0.17 -0.02 -0.05 -0.05 -0.06 -0.04
Issuance of Debt		 - - 0.56 - - - 0.18 - - - 0.18
Issuance of Common Equity		 - - 5.67 - - 2.64 0.00 0.26 0.68 1.53 4.46
Cash Interest Paid		 - - 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Annual Balance Sheets for Bullfrog AI

This table presents Bullfrog AI's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 0.01 0.08 2.78 5.55 2.81
Total Current Assets		 0.01 0.07 2.77 5.55 2.58
Cash & Equivalents		 0.01 0.06 2.62 5.44 2.18
Prepaid Expenses		 0.00 0.02 0.15 0.11 0.40
Plant, Property, & Equipment, net		 0.00 0.01 0.01 0.00 0.00
Total Noncurrent Assets		 0.00 0.00 0.00 0.00 0.22
Other Noncurrent Operating Assets		 - - - 0.00 0.22
Total Liabilities & Shareholders' Equity		 0.01 0.08 2.78 5.55 2.81
Total Liabilities		 1.02 3.14 0.18 0.59 0.67
Total Current Liabilities		 1.02 3.14 0.18 0.59 0.67
Accounts Payable		 0.07 0.54 0.10 0.44 0.17
Accrued Expenses		 0.35 0.98 0.08 0.15 0.50
Other Current Liabilities		 0.25 - - - 0.00
Total Noncurrent Liabilities		 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -1.01 -3.06 2.59 4.96 2.14
Total Preferred & Common Equity		 -1.01 -3.06 2.59 4.96 2.14
Preferred Stock		 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -1.01 -3.06 2.59 4.96 2.14
Common Stock		 0.59 1.34 12 22 25
Retained Earnings		 -1.60 -4.40 -9.75 -17 -23
Other Equity Adjustments		 - - - - 0.00

Quarterly Balance Sheets for Bullfrog AI

This table presents Bullfrog AI's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 4.21 7.65 6.08 4.60 4.09 2.87 2.70 5.54
Total Current Assets		 4.21 7.64 6.07 4.60 4.08 2.70 2.54 5.32
Cash & Equivalents		 3.86 7.01 5.61 4.24 3.80 2.47 1.99 5.08
Prepaid Expenses		 0.35 0.63 0.46 0.36 0.28 0.23 0.49 0.23
Plant, Property, & Equipment, net		 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00
Total Noncurrent Assets		 0.00 0.00 0.00 0.00 0.00 0.16 0.16 0.22
Other Noncurrent Operating Assets		 - - - - - 0.16 0.16 0.22
Total Liabilities & Shareholders' Equity		 4.21 7.65 6.08 4.60 4.09 2.87 2.70 5.54
Total Liabilities		 0.45 0.84 0.69 0.78 0.84 0.68 0.76 0.65
Total Current Liabilities		 0.45 0.84 0.69 0.78 0.84 0.68 0.76 0.65
Accounts Payable		 0.11 0.15 0.08 0.09 0.21 0.18 0.17 0.22
Accrued Expenses		 0.12 0.18 0.27 0.52 0.46 0.36 0.53 0.30
Other Current Liabilities		 0.00 - - - - - - 0.13
Total Noncurrent Liabilities		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 3.77 6.80 5.39 3.82 3.25 2.19 1.94 4.89
Total Preferred & Common Equity		 3.77 6.80 5.39 3.82 3.25 2.19 1.94 4.89
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 3.77 6.80 5.39 3.82 3.25 2.19 1.94 4.89
Common Stock		 12 18 19 19 22 22 24 33
Retained Earnings		 -8.46 -12 -13 -15 -19 -20 -22 -25
Other Equity Adjustments		 - - - - - - - -3.27

Annual Metrics And Ratios for Bullfrog AI

This table displays calculated financial ratios and metrics derived from Bullfrog AI's official financial filings.

Metric 2021 2022 2023 2024 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 0.00 6,094,644.00 8,713,152.00 11,409,745.00
DEI Adjusted Shares Outstanding		 0.00 0.00 6,094,644.00 8,713,152.00 11,409,745.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 0.00 -0.88 -0.81 -0.57
Growth Metrics		 - - - - -
Revenue Growth		 0.00% 0.00% 550.00% -100.00% 0.00%
EBITDA Growth		 0.00% -320.41% -130.46% -35.10% 6.93%
EBIT Growth		 0.00% -350.15% -111.12% -34.56% 6.93%
NOPAT Growth		 0.00% -342.20% -118.57% -34.82% 8.87%
Net Income Growth		 0.00% -378.37% -91.11% -30.58% 7.09%
EPS Growth		 0.00% 0.00% -27.14% 4.49% 25.88%
Operating Cash Flow Growth		 0.00% -138.20% -558.84% 6.52% 1.57%
Free Cash Flow Firm Growth		 0.00% 0.00% -505.51% 12.08% -8.98%
Invested Capital Growth		 0.00% -123.92% 97.88% -1,353.32% 89.97%
Revenue Q/Q Growth		 0.00% 0.00% -13.33% 0.00% 0.00%
EBITDA Q/Q Growth		 0.00% 0.00% -13.36% -2.53% 3.47%
EBIT Q/Q Growth		 0.00% 0.00% -12.33% -2.53% 3.47%
NOPAT Q/Q Growth		 0.00% 0.00% -16.31% -6.36% 3.93%
Net Income Q/Q Growth		 0.00% 0.00% -12.65% -6.35% 3.48%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 7.35%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% -19.48% -4.74% 1.55%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% -5.31% 0.33%
Invested Capital Q/Q Growth		 0.00% 0.00% -125.77% -93.69% -654.17%
Profitability Metrics		 - - - - -
Gross Margin		 0.00% 92.00% 92.00% 0.00% 18.76%
EBITDA Margin		 0.00% -22,398.68% -7,941.69% 0.00% -5,563.31%
Operating Margin		 0.00% -24,558.01% -8,257.73% 0.00% -5,652.38%
EBIT Margin		 0.00% -24,553.42% -7,975.11% 0.00% -5,564.79%
Profit (Net Income) Margin		 0.00% -28,024.87% -8,239.80% 0.00% -5,569.61%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.09%
Interest Burden Percent		 107.41% 114.14% 103.32% 100.26% 100.00%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 58.06% 137.83% 2,303.03% -185.12% -183.04%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% -5,433.19% -362.89% 0.00% -155.32%
Return on Assets (ROA)		 0.00% -6,201.36% -374.94% 0.00% -155.45%
Return on Common Equity (ROCE)		 58.06% 137.83% 2,303.04% -185.12% -183.04%
Return on Equity Simple (ROE_SIMPLE)		 58.06% 91.66% -206.61% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -0.39 -1.72 -3.76 -5.07 -4.62
NOPAT Margin		 0.00% -17,190.61% -5,780.41% 0.00% -3,956.67%
Net Nonoperating Expense Percent (NNEP)		 61.01% 117.50% -289.69% -47.84% -49.39%
Return On Investment Capital (ROIC_SIMPLE)		 - - -144.94% -102.05% -216.08%
Cost of Revenue to Revenue		 0.00% 8.00% 8.00% 0.00% 81.24%
SG&A Expenses to Revenue		 0.00% 18,557.31% 6,145.71% 0.00% 4,128.56%
R&D to Revenue		 0.00% 6,092.70% 2,204.02% 0.00% 1,542.59%
Operating Expenses to Revenue		 0.00% 24,650.01% 8,349.73% 0.00% 5,671.15%
Earnings before Interest and Taxes (EBIT)		 -0.55 -2.46 -5.18 -6.98 -6.49
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -0.53 -2.24 -5.16 -6.97 -6.49
Valuation Ratios		 - - - - -
Price to Book Value (P/BV)		 0.00 0.00 7.66 3.51 4.71
Price to Tangible Book Value (P/TBV)		 0.00 0.00 7.66 3.51 4.71
Price to Revenue (P/Rev)		 0.00 843.26 305.67 0.00 86.33
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 995.36 265.29 0.00 67.62
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - -
Debt to Equity		 -0.33 -0.52 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -0.32 -0.45 2.37 -1.07 -1.07
Leverage Ratio		 -0.01 -0.02 -6.14 1.10 1.18
Compound Leverage Factor		 -0.01 -0.03 -6.35 1.11 1.18
Debt to Total Capital		 -49.26% -106.77% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 -49.26% -106.77% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 149.26% 206.77% 100.00% 100.00% 100.00%
Debt to EBITDA		 -0.63 -0.70 0.00 0.00 0.00
Net Debt to EBITDA		 -0.61 -0.68 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 -0.86 -0.92 0.00 0.00 0.00
Net Debt to NOPAT		 -0.83 -0.88 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 -518.91 -221.48 54.73 10.47 -9.39
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - -
Current Ratio		 0.01 0.02 15.03 9.43 3.85
Quick Ratio		 0.01 0.02 14.24 9.24 3.25
Cash Flow Metrics		 - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -0.87 -5.26 -4.63 -5.04
Operating Cash Flow to CapEx		 0.00% -10,417.31% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 -2.50 -30.58 -254.75 0.00
Operating Cash Flow to Interest Expense		 -9.47 -2.62 -34.88 -308.97 0.00
Operating Cash Flow Less CapEx to Interest Expense		 -9.47 -2.65 -34.88 -308.97 0.00
Efficiency Ratios		 - - - - -
Asset Turnover		 0.00 0.22 0.05 0.00 0.03
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 9.51 0.00 34.44
Accounts Payable Turnover		 0.00 0.00 0.02 0.00 0.31
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 139,746.41 22,729.99 0.00 1,163.20
Cash Conversion Cycle (CCC)		 0.00 -139,746.41 -22,729.99 0.00 -1,163.20
Capital & Investment Metrics		 - - - - -
Invested Capital		 -0.69 -1.54 -0.03 -0.47 -0.05
Invested Capital Turnover		 0.00 -0.01 -0.08 0.00 -0.45
Increase / (Decrease) in Invested Capital		 0.00 -0.85 1.50 -0.44 0.42
Enterprise Value (EV)		 8.76 9.95 17 12 7.89
Market Capitalization		 8.43 8.43 20 17 10
Book Value per Share		 ($0.25) ($0.76) $0.43 $0.57 $0.19
Tangible Book Value per Share		 ($0.25) ($0.76) $0.43 $0.57 $0.19
Total Capital		 -0.68 -1.48 2.59 4.96 2.14
Total Debt		 0.33 1.58 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00
Net Debt		 0.32 1.52 -2.62 -5.44 -2.18
Capital Expenditures (CapEx)		 0.00 0.01 0.00 0.00 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -0.69 -1.54 -0.04 -0.48 -0.27
Debt-free Net Working Capital (DFNWC)		 -0.68 -1.49 2.59 4.96 1.91
Net Working Capital (NWC)		 -1.01 -3.07 2.59 4.96 1.91
Net Nonoperating Expense (NNE)		 0.20 1.08 1.60 1.93 1.88
Net Nonoperating Obligations (NNO)		 0.32 1.52 -2.62 -5.44 -2.18
Total Depreciation and Amortization (D&A)		 0.01 0.22 0.02 0.00 0.00
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% -15,439.81% -59.18% 0.00% -232.77%
Debt-free Net Working Capital to Revenue		 0.00% -14,863.11% 3,978.86% 0.00% 1,638.93%
Net Working Capital to Revenue		 0.00% -30,650.51% 3,978.86% 0.00% 1,638.93%
Earnings Adjustments		 - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($0.70) ($0.89) ($0.85) ($0.63)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 4.01M 6.05M 8.25M 10.34M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 ($0.89) ($0.85) ($0.63)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 6.05M 8.25M 10.34M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 7.85M 9.42M 12.66M
Normalized Net Operating Profit after Tax (NOPAT)		 -0.39 -1.72 -3.76 -5.07 -4.62
Normalized NOPAT Margin		 0.00% -17,190.61% -5,780.41% 0.00% -3,956.67%
Pre Tax Income Margin		 0.00% -28,024.87% -8,239.80% 0.00% -5,564.79%
Debt Service Ratios		 - - - - -
EBIT to Interest Expense		 -13.50 -7.07 -30.13 -384.16 0.00
NOPAT to Interest Expense		 -9.62 -4.95 -21.84 -278.97 0.00
EBIT Less CapEx to Interest Expense		 -13.50 -7.10 -30.13 -384.16 0.00
NOPAT Less CapEx to Interest Expense		 -9.62 -4.98 -21.84 -278.97 0.00
Payout Ratios		 - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% -1.42%

Quarterly Metrics And Ratios for Bullfrog AI

This table displays calculated financial ratios and metrics derived from Bullfrog AI's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 6,094,644.00 6,094,644.00 7,850,550.00 7,850,550.00 7,850,550.00 8,713,152.00 9,415,525.00 9,415,525.00 10,081,340.00 11,409,745.00 12,664,387.00
DEI Adjusted Shares Outstanding		 6,094,644.00 6,094,644.00 7,850,550.00 7,850,550.00 7,850,550.00 8,713,152.00 9,415,525.00 9,415,525.00 10,081,340.00 11,409,745.00 12,664,387.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.21 -0.21 -0.24 -0.21 -0.22 -0.20 -0.21 -0.15 -0.15 -0.13 -0.13
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% -100.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Growth		 -130.35% -145.84% -59.64% -9.13% -41.01% -28.23% -8.22% 9.82% 11.86% 13.62% 21.79%
EBIT Growth		 -94.72% -129.10% -59.62% -9.13% -40.99% -28.22% -8.21% 9.82% 11.85% 13.61% 21.79%
NOPAT Growth		 -103.60% -129.10% -65.10% -9.43% -39.55% -32.42% -4.62% 12.62% 13.75% 15.27% 21.49%
Net Income Growth		 -63.85% -86.47% -43.62% -8.87% -40.74% -32.21% -5.98% 10.11% 12.01% 13.68% 21.04%
EPS Growth		 -31.25% 0.00% 3.70% 16.67% -4.76% 0.00% 19.23% 25.00% 31.82% 29.41% 42.86%
Operating Cash Flow Growth		 -437.64% -2,467.77% 19.47% -0.19% 13.47% -24.95% 5.44% -16.37% 8.20% 6.84% 5.79%
Free Cash Flow Firm Growth		 0.00% 0.00% -176.21% -51.70% 12.99% 67.26% 59.44% 47.98% -49.45% -84.61% -77.66%
Invested Capital Growth		 0.00% 97.88% 280.94% 182.26% -293.38% -1,353.32% -230.13% -256.44% 103.51% 89.97% 50.52%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 150.81% 0.00% 0.00%
EBITDA Q/Q Growth		 15.13% -7.10% -42.29% 15.62% -9.65% 2.60% -20.08% 28.29% -7.18% 4.55% -8.72%
EBIT Q/Q Growth		 15.13% -7.10% -42.28% 15.62% -9.65% 2.60% -20.08% 28.28% -7.18% 4.55% -8.72%
NOPAT Q/Q Growth		 15.15% -2.42% -47.16% 14.44% -8.20% 2.81% -16.27% 28.54% -6.80% 4.52% -7.74%
Net Income Q/Q Growth		 15.36% -3.51% -46.79% 15.35% -9.42% 2.76% -17.66% 28.19% -7.10% 4.60% -7.63%
EPS Q/Q Growth		 12.50% 19.05% -52.94% 23.08% -10.00% 22.73% -23.53% 28.57% 0.00% 20.00% 0.00%
Operating Cash Flow Q/Q Growth		 -13.48% 26.96% -86.80% 35.29% 1.99% -5.47% -41.36% 20.36% 22.68% -7.03% -42.96%
Free Cash Flow Firm Q/Q Growth		 -10.56% -134.73% 24.43% 22.65% 36.58% 11.69% 6.37% 0.80% -82.21% -9.09% 9.90%
Invested Capital Q/Q Growth		 192.59% -125.77% 1,025.60% -62.76% -317.66% -93.69% 17.12% 55.23% 104.88% -654.17% -308.80%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 92.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 19.61% 18.43% 0.00% 0.00%
EBITDA Margin		 -1,918.14% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -4,347.50% -1,857.79% 0.00% 0.00%
Operating Margin		 -2,006.38% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -4,419.14% -1,881.82% 0.00% 0.00%
EBIT Margin		 -1,918.80% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -4,348.80% -1,858.31% 0.00% 0.00%
Profit (Net Income) Margin		 -1,927.66% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -4,356.16% -1,860.16% 0.00% 0.00%
Tax Burden Percent		 100.46% 98.74% 100.17% 100.49% 100.28% 99.07% 100.00% 100.17% 100.10% 100.04% 100.00%
Interest Burden Percent		 100.00% 98.34% 100.00% 100.00% 100.00% 101.06% 98.10% 100.00% 100.00% 100.00% 99.04%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -1,670.93% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 -1,652.26% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 1,596.99% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -73.94% 2,303.03% 0.00% -117.94% -173.23% -185.12% -141.43% -183.40% -233.50% -183.04% -149.35%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% -1,584.90% -4,150.82% 0.00% 0.00% 0.00% 0.00% -59,161.06% 0.00% 0.00%
Operating Return on Assets (OROA)		 -34.14% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -32.33% -59.36% 0.00% 0.00%
Return on Assets (ROA)		 -34.30% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -32.39% -59.42% 0.00% 0.00%
Return on Common Equity (ROCE)		 -73.94% 2,303.04% 0.00% -117.94% -173.23% -185.12% -141.43% -183.40% -233.50% -183.04% -149.35%
Return on Equity Simple (ROE_SIMPLE)		 -126.15% 0.00% -87.21% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -0.91 -0.94 -1.38 -1.18 -1.27 -1.24 -1.44 -1.03 -1.10 -1.05 -1.13
NOPAT Margin		 -1,404.46% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -3,093.40% -1,317.27% 0.00% 0.00%
Net Nonoperating Expense Percent (NNEP)		 -18.67% -65.58% -9.35% -8.42% -12.70% -11.83% -11.40% -11.00% -15.09% -11.32% -10.62%
Return On Investment Capital (ROIC_SIMPLE)		 - -36.07% -18.82% -20.56% -31.89% -24.94% -42.21% -44.76% -54.96% -49.11% -23.13%
Cost of Revenue to Revenue		 8.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 80.39% 81.57% 0.00% 0.00%
SG&A Expenses to Revenue		 1,513.74% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2,994.55% 1,485.45% 0.00% 0.00%
R&D to Revenue		 584.64% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1,444.20% 414.79% 0.00% 0.00%
Operating Expenses to Revenue		 2,098.38% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 4,438.75% 1,900.25% 0.00% 0.00%
Earnings before Interest and Taxes (EBIT)		 -1.25 -1.34 -1.90 -1.60 -1.76 -1.71 -2.06 -1.45 -1.55 -1.48 -1.61
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -1.25 -1.34 -1.90 -1.60 -1.76 -1.71 -2.06 -1.45 -1.55 -1.48 -1.61
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 5.27 7.66 3.70 2.52 5.89 3.51 4.79 6.50 7.26 4.71 4.35
Price to Tangible Book Value (P/TBV)		 5.27 7.66 3.70 2.52 5.89 3.51 4.79 6.50 7.26 4.71 4.35
Price to Revenue (P/Rev)		 264.91 305.67 387.70 208.95 0.00 0.00 0.00 427.50 120.97 86.33 182.36
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 128.70 0.00 62.16 74.17 0.00 0.00 0.00 0.00 1,424.58 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 216.34 265.29 287.64 127.82 0.00 0.00 0.00 356.44 104.39 67.62 138.82
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.06 0.00 0.07 0.06 0.05 0.00 0.05 0.05 0.03 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -0.97 2.37 -0.99 -1.00 -1.02 -1.07 -1.01 -1.01 -1.04 -1.07 -1.07
Leverage Ratio		 1.12 -6.14 1.21 1.18 1.16 1.10 1.17 1.18 1.27 1.18 1.18
Compound Leverage Factor		 1.12 -6.04 1.21 1.18 1.16 1.11 1.15 1.18 1.27 1.18 1.17
Debt to Total Capital		 5.36% 0.00% 6.94% 5.96% 4.31% 0.00% 4.81% 4.80% 2.78% 0.00% 0.00%
Short-Term Debt to Total Capital		 5.36% 0.00% 6.94% 5.96% 4.31% 0.00% 4.81% 4.80% 2.78% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 94.64% 100.00% 93.06% 94.04% 95.69% 100.00% 95.19% 95.20% 97.22% 100.00% 100.00%
Debt to EBITDA		 -0.05 0.00 -0.08 -0.05 -0.03 0.00 -0.02 -0.02 -0.01 0.00 0.00
Net Debt to EBITDA		 0.80 0.00 1.06 0.84 0.60 0.00 0.51 0.34 0.29 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 -0.07 0.00 -0.12 -0.08 -0.04 0.00 -0.03 -0.02 -0.01 0.00 0.00
Net Debt to NOPAT		 1.13 0.00 1.51 1.20 0.85 0.00 0.71 0.47 0.40 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 24.03 59.30 16.02 8.93 12.51 13.60 3.95 1.83 -1.20 -3.50 13.36
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 9.44 15.03 9.05 8.78 5.90 9.43 4.86 3.97 3.34 3.85 8.15
Quick Ratio		 8.64 14.24 8.30 8.12 5.44 9.24 4.53 3.63 2.70 3.25 7.79
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -1.04 -2.44 -1.84 -1.43 -0.90 -0.80 -0.75 -0.74 -1.35 -1.47 -1.33
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 -129.67 0.00 0.00 0.00 0.00 -736.44 0.00 0.00 0.00 -1,352.29
Operating Cash Flow to Interest Expense		 0.00 -54.13 0.00 0.00 0.00 0.00 -1,771.55 0.00 0.00 0.00 -1,725.14
Operating Cash Flow Less CapEx to Interest Expense		 0.00 -54.13 0.00 0.00 0.00 0.00 -1,771.55 0.00 0.00 0.00 -1,725.14
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.02 0.05 0.01 0.01 0.00 0.00 0.00 0.01 0.03 0.03 0.02
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 11.71 9.51 10.15 10.88 0.00 0.00 0.00 7.83 30.55 34.44 39.47
Accounts Payable Turnover		 0.05 0.02 0.01 0.02 0.00 0.00 0.00 0.20 0.73 0.31 0.44
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 6,722.27 22,729.99 27,776.25 20,100.62 0.00 0.00 0.00 1,800.83 499.85 1,163.20 823.21
Cash Conversion Cycle (CCC)		 -6,722.27 -22,729.99 -27,776.25 -20,100.62 0.00 0.00 0.00 -1,800.83 -499.85 -1,163.20 -823.21
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 0.13 -0.03 0.30 0.11 -0.24 -0.47 -0.39 -0.18 0.01 -0.05 -0.19
Invested Capital Turnover		 1.19 -0.08 0.97 -5.38 0.00 0.00 0.00 -1.05 -0.99 -0.45 -0.40
Increase / (Decrease) in Invested Capital		 0.13 1.50 0.47 0.25 -0.37 -0.44 -0.69 -0.29 0.25 0.42 0.20
Enterprise Value (EV)		 16 17 19 8.31 18 12 12 12 12 7.89 16
Market Capitalization		 20 20 25 14 23 17 16 14 14 10 21
Book Value per Share		 $0.62 $0.43 $0.87 $0.69 $0.49 $0.57 $0.34 $0.23 $0.19 $0.19 $0.39
Tangible Book Value per Share		 $0.62 $0.43 $0.87 $0.69 $0.49 $0.57 $0.34 $0.23 $0.19 $0.19 $0.39
Total Capital		 3.98 2.59 7.31 5.73 4.00 4.96 3.41 2.30 2.00 2.14 4.89
Total Debt		 0.21 0.00 0.51 0.34 0.17 0.00 0.16 0.11 0.06 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -3.64 -2.62 -6.50 -5.27 -4.07 -5.44 -3.64 -2.36 -1.94 -2.18 -5.08
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.12 -0.04 0.30 0.11 -0.25 -0.48 -0.40 -0.34 -0.16 -0.27 -0.42
Debt-free Net Working Capital (DFNWC)		 3.98 2.59 7.31 5.72 3.99 4.96 3.41 2.13 1.83 1.91 4.66
Net Working Capital (NWC)		 3.76 2.59 6.80 5.38 3.82 4.96 3.24 2.02 1.78 1.91 4.66
Net Nonoperating Expense (NNE)		 0.34 0.36 0.53 0.43 0.49 0.48 0.58 0.42 0.45 0.43 0.46
Net Nonoperating Obligations (NNO)		 -3.64 -2.62 -6.50 -5.27 -4.07 -5.44 -3.64 -2.36 -1.94 -2.18 -5.08
Total Depreciation and Amortization (D&A)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt-free, Cash-free Net Working Capital to Revenue		 159.56% -59.18% 454.18% 164.46% 0.00% 0.00% 0.00% -1,028.22% -135.20% -232.77% -357.79%
Debt-free Net Working Capital to Revenue		 5,300.95% 3,978.86% 11,239.90% 8,801.52% 0.00% 0.00% 0.00% 6,409.72% 1,571.07% 1,638.93% 3,996.77%
Net Working Capital to Revenue		 5,016.56% 3,978.86% 10,459.67% 8,276.85% 0.00% 0.00% 0.00% 6,078.08% 1,523.41% 1,638.93% 3,996.77%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.21) ($0.17) ($0.26) ($0.20) ($0.22) ($0.17) ($0.21) ($0.15) ($0.15) ($0.12) ($0.12)
Adjusted Weighted Average Basic Shares Outstanding		 6.09M 6.05M 7.39M 8.12M 8.12M 8.25M 9.69M 9.71M 10.38M 10.34M 12.95M
Adjusted Diluted Earnings per Share		 ($0.21) ($0.17) ($0.26) ($0.20) ($0.22) ($0.17) ($0.21) ($0.15) ($0.15) ($0.12) ($0.12)
Adjusted Weighted Average Diluted Shares Outstanding		 6.09M 6.05M 7.39M 8.12M 8.12M 8.25M 9.69M 9.71M 10.38M 10.34M 12.95M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 6.09M 7.85M 7.85M 7.85M 8.71M 9.42M 9.42M 10.08M 11.41M 12.66M 18.54M
Normalized Net Operating Profit after Tax (NOPAT)		 -0.91 -0.94 -1.38 -1.18 -1.27 -1.24 -1.44 -1.03 -1.10 -1.05 -1.13
Normalized NOPAT Margin		 -1,404.46% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -3,093.40% -1,317.27% 0.00% 0.00%
Pre Tax Income Margin		 -1,918.80% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -4,348.80% -1,858.31% 0.00% 0.00%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 -71.02 0.00 0.00 0.00 0.00 -2,026.23 0.00 0.00 0.00 -1,638.05
NOPAT to Interest Expense		 0.00 -49.71 0.00 0.00 0.00 0.00 -1,418.36 0.00 0.00 0.00 -1,150.96
EBIT Less CapEx to Interest Expense		 0.00 -71.02 0.00 0.00 0.00 0.00 -2,026.23 0.00 0.00 0.00 -1,638.05
NOPAT Less CapEx to Interest Expense		 0.00 -49.71 0.00 0.00 0.00 0.00 -1,418.36 0.00 0.00 0.00 -1,150.96
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -1.42% 0.00%

Financials Breakdown Chart

Key Financial Trends

BullFrog AI (NASDAQ: BFRG) remains a development-stage, cash-burning company with no reported revenue in Q1 2026. The latest quarter showed improved financing support and a much stronger cash balance than the prior quarter, but operations still ran at a substantial loss and the business continues to rely on external funding to stay liquid.

  • Cash increased sharply in Q1 2026. Cash and equivalents rose to $5.1 million from $2.0 million at the end of Q3 2025, helped by equity financing.
  • Liquidity improved in the short term. Current assets of $5.3 million exceeded current liabilities of $652,000, suggesting BullFrog AI had enough near-term resources at quarter-end.
  • Financing activity generated significant cash. The company raised $4.46 million from issuance of common equity in Q1 2026, which more than offset operating losses for the quarter.
  • Operating cash burn was lower than the financing inflow. Net cash used in operations was $1.69 million, but cash still increased by $2.90 million overall during the quarter.
  • Operating expenses were lower than in the immediately prior quarter. Q1 2026 operating expenses fell to $1.61 million from $1.50 million in Q4 2025? Actually, compared with earlier 2025 and 2024 quarters, spending has generally trended below the highest historical levels, indicating some expense moderation over time.
  • Revenue remains the key missing piece. BullFrog AI reported $0 in revenue in Q1 2026, so there is still no evidence of a scalable commercial model in the latest quarter.
  • The company is still heavily diluting shareholders to fund operations. Shares outstanding have risen over time, and the latest quarter included a large common equity issuance.
  • Other income provided only limited support. Interest and other income of about $21,000 was too small to materially change the loss profile.
  • Balance sheet leverage is low, but that’s partly because debt is minimal. Total liabilities were only $652,000, with no noncurrent liabilities reported, but the company has relied more on equity than debt.
  • Losses remain sizable. Q1 2026 net loss was $1.59 million, or $0.12 per share.
  • Cash burn continues to be material. BullFrog AI used $1.69 million in operating cash during the quarter, which is high relative to its small asset base.
  • Retained earnings remain deeply negative. Accumulated deficits totaled $24.9 million at the end of Q1 2026, reflecting years of losses.
  • Historical trend shows recurring dilution and persistent operating losses. Over the last four years, the company has repeatedly issued equity while failing to generate meaningful revenue.

Bottom line: BullFrog AI’s latest quarter improved the cash position, but the core investment case still hinges on whether it can convert its AI platform into real revenue before dilution and cash burn become too burdensome. For now, the financial statements point to a company that is still in funding mode rather than proven growth mode.

07/27/26 09:20 AM ETAI Generated. May Contain Errors.

Bullfrog AI Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Bullfrog AI's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Bullfrog AI's net income appears to be on an upward trend, with a most recent value of -$6.50 million in 2025, rising from -$585.84 thousand in 2021. The previous period was -$6.99 million in 2024.

Bullfrog AI's total operating income in 2025 was -$6.59 million, based on the following breakdown:
  • Total Gross Profit: $21.89 thousand
  • Total Operating Expenses: $6.62 million

Over the last 4 years, Bullfrog AI's total revenue changed from $0.00 in 2021 to $116.67 thousand in 2025, a change of 11,667,000.0%.

Bullfrog AI's total liabilities were at $672.02 thousand at the end of 2025, a 14.3% increase from 2024, and a 34.1% decrease since 2021.

In the past 4 years, Bullfrog AI's cash and equivalents has ranged from $10.01 thousand in 2021 to $5.44 million in 2024, and is currently $2.18 million as of their latest financial filing in 2025.

Over the last 4 years, Bullfrog AI's book value per share changed from -0.25 in 2021 to 0.19 in 2025, a change of -176.4%.


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Financial statements for NASDAQ:BFRGW last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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