Bullfrog AI Holdings, Inc. (BFRG) Income Statement
BFRG 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsBFRG revenue and net income
Where BFRG's revenue goes
2025Each bar shows an amount and its share of revenue. BFRG kept −5,569.6% of revenue as net income.
BFRG profit margins
BFRG growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | — | +126.8% | — | — |
| Gross profit | — | +33.5% | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
BFRG quarterly EPS vs estimates
Bullfrog AI beat the analyst EPS estimate in 1 of the last 1 quarters. Next report: November 13, 2026 (estimate $-0.09).
BFRG income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Revenue | $116,670 | $0 | $65,000 | $10,000 | $0 | $0 |
| Cost of revenue | $94,778 | $1,724 | $5,200 | $800 | $0 | $0 |
| Gross profit | $21,892 | −$1,724 | $59,800 | $9,200 | $0 | $0 |
| Research & development | $1.8M | $2.2M | $1.4M | $609,270 | $25,000 | — |
| Sales, general & admin | $4.8M | $5.0M | $4.0M | $1.9M | $555,362 | $347,193 |
| Total operating expenses | $6.6M | $7.2M | $5.4M | $2.5M | $555,362 | $347,193 |
| Operating income | −$6.6M | −$7.2M | −$5.4M | −$2.5M | −$555,362 | −$347,193 |
| Interest income | $102,197 | $260,894 | $183,703 | $459 | — | — |
| Interest expense | $5,629 | $18,158 | $79,089 | $347,145 | $40,395 | $11,767 |
| Income before taxes | −$6.5M | −$7.0M | −$5.4M | −$2.8M | −$585,840 | −$341,690 |
| Income taxes | — | −$44,985 | −$5 | $347,604 | −$196,163 | −$194,530 |
| Net income | −$6.5M | −$7.0M | −$5.4M | −$2.8M | −$585,840 | −$341,690 |
| EBITDA | −$6.5M | −$7.0M | −$5.3M | −$2.5M | −$555,362 | −$347,193 |
| EPS (diluted) | −$0.64 | −$0.86 | −$0.91 | −$0.49 | −$0.10 | — |
| Gross margin | 18.8% | — | 92.0% | 92.0% | — | — |
| Operating margin | −5,652.4% | — | −8,257.7% | −24,558.0% | — | — |
| Net margin | −5,569.6% | — | −8,239.8% | −28,024.9% | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $215,385 | $0 | $0 | $83,413 | $33,257 | $0 | $1,724 | $0 | $0 | $0 | $1,724 | $65,000 |
| Cost of revenue | $108,486 | $431 | $431 | $68,043 | $26,735 | $431 | $862 | $431 | $431 | $431 | $432 | $5,200 |
| Gross profit | $106,899 | −$431 | −$431 | $15,370 | $6,522 | −$431 | $862 | −$431 | −$431 | −$431 | $1,292 | $59,800 |
| Research & development | $339,456 | $434,819 | $397,189 | $345,992 | $480,297 | $576,260 | $590,856 | $566,584 | $513,699 | $552,126 | $408,995 | $380,015 |
| Sales, general & admin | $1.2M | $1.2M | $1.1M | $1.2M | $995,898 | $1.5M | $1.2M | $1.3M | $1.2M | $1.4M | $927,202 | $983,929 |
| Total operating expenses | $1.5M | $1.6M | $1.5M | $1.6M | $1.5M | $2.1M | $1.8M | $1.8M | $1.7M | $2.0M | $1.3M | $1.4M |
| Operating income | −$1.4M | −$1.6M | −$1.5M | −$1.6M | −$1.5M | −$2.1M | −$1.8M | −$1.8M | −$1.7M | −$2.0M | −$1.3M | −$1.3M |
| Interest income | $49,904 | $16,389 | $19,108 | $19,614 | $23,393 | $40,082 | — | $61,455 | $78,216 | $65,197 | — | — |
| Interest expense | $2,373 | $982 | $622 | $1,543 | $2,449 | $1,015 | $2,008 | $4,978 | $7,899 | $3,273 | $2,209 | $5,758 |
| Income before taxes | −$1.4M | −$1.6M | −$1.5M | −$1.6M | −$1.4M | −$2.0M | −$1.7M | −$1.8M | −$1.6M | −$1.9M | −$1.3M | −$1.3M |
| Income taxes | — | — | — | — | — | — | — | — | −$1 | −$1 | −$2 | $62,682 |
| Net income | −$1.4M | −$1.6M | −$1.5M | −$1.6M | −$1.4M | −$2.0M | −$1.7M | −$1.8M | −$1.6M | −$1.9M | −$1.3M | −$1.3M |
| EBITDA | −$1.4M | −$1.6M | −$1.5M | −$1.5M | −$1.4M | −$2.0M | −$1.7M | −$1.8M | −$1.6M | −$1.9M | −$1.3M | −$1.2M |
| EPS (diluted) | −$0.07 | −$0.12 | −$0.13 | −$0.15 | −$0.15 | −$0.21 | −$0.19 | −$0.22 | −$0.20 | −$0.26 | −$0.21 | −$0.21 |
| Gross margin | 49.6% | — | — | 18.4% | 19.6% | — | 50.0% | — | — | — | 74.9% | 92.0% |
| Operating margin | −658.8% | — | — | −1,881.8% | −4,419.1% | — | −102,596.3% | — | — | — | −77,480.6% | −2,006.4% |
| Net margin | −636.8% | — | — | −1,860.2% | −4,356.2% | — | −99,463.1% | — | — | — | −75,228.9% | −1,927.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in BFRG's financial statements (latest annual report filed March 19, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
BFRG financial results
In fiscal year 2025 (ended December 31, 2025), Bullfrog AI reported revenue of $0.1 million. It had a net loss of $6.5 million, a net profit margin of −5,569.6%. Diluted earnings per share came to −$0.64.
See the BFRG stock overview for the latest quote and news, or the BFRG chart for price history and technical indicators.
BFRG income statement FAQ
What is Bullfrog AI's annual revenue?
Bullfrog AI reported total revenue of $0.1 million for fiscal year 2025, which ended on December 31, 2025.
Is Bullfrog AI profitable?
No. Bullfrog AI reported a net loss of $6.5 million in fiscal 2025, a net profit margin of −5,569.6%; its operating margin was −5,652.4%.
What is Bullfrog AI's gross margin?
Bullfrog AI's gross margin was 18.8% in fiscal 2025: for every $100 of revenue, Bullfrog AI kept $19 after the direct cost of its products and services.
How much does Bullfrog AI spend on research and development?
Bullfrog AI spent $1.8 million on research and development in fiscal 2025, 1,542.6% of revenue.
What are Bullfrog AI's earnings per share?
Bullfrog AI earned $-0.64 per diluted share in fiscal 2025, compared with $-0.86 a year earlier.
When will Bullfrog AI report its next earnings?
Bullfrog AI is expected to report results for the quarter ending September 30, 2026 on November 13, 2026.
When does Bullfrog AI's fiscal year end?
Bullfrog AI's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 19, 2026.