AIFF

MKT CAP:$34M

Firefly Neuroscience, Inc.

Market Cap

$34M

Technology·Software - Application·🇨🇦 Canada·NASDAQ

Technology·Software App·🇨🇦·NASDAQ

Stock Price

$2.28+$1.39 (+156.01%)

Apr 21, 2026

Company Details

Firefly Neuroscience, Inc., a medical technology and artificial intelligence company, provides neuroscientific solutions that improve outcomes for patients with mental illnesses and neurological disorders. The company offers Brain Network A...

CEO

Greg Lipschitz

IPO Date

Nov 28, 2002

Website

fireflyneuro.com

Key Metrics TTM

Revenue

$1M

+876.1% YoY

Net Income

-$20M

EPS (Diluted)

-$2.28

Free Cash Flow

-$8M

Revenue / Share

$0.08

Gross Margin

56.5%

Operating Margin

-753.5%

Net Margin

-1741.0%

FCF Margin

-728.7%

P/S

29.3x

P/E

—

Earnings Reports

FY 2025

Dec 31, 2025

$1M+957.4%EPS -$1.82

Q4 2025

Dec 31, 2025

$412.0K+677.4%EPS -$0.20

Q3 2025

Sep 30, 2025

$388.0K+1075.8%EPS -$0.20

Q2 2025

Jun 30, 2025

$299.0KEPS -$0.14

Q1 2025

Mar 31, 2025

$43.0K+258.3%EPS -$1.74

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 23	$2M	$705.0K	$493.1K
Q4 23	$19.0K	$19.0K	-$2M
Q1 24	$12.0K	$12.0K	-$1M
Q3 24	$33.0K	-$1M	-$4M
Q4 24	$53.0K	$53.0K	-$3M
Q1 25	$43.0K	$43.0K	-$2M
Q2 25	$299.0K	$274.0K	-$2M
Q3 25	$388.0K	$146.0K	-$3M
Q4 25	$412.0K	$182.0K	-$2M

Valuation

Quarter	P/S	P/E
Q2 23	—	—
Q4 23	—	—
Q1 24	—	—
Q3 24	10.3x	—
Q4 24	160.4x	—
Q1 25	197.4x	—
Q2 25	65.8x	—
Q3 25	46.9x	—
Q4 25	10.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 23	-$389.2K	-$389.2K
Q4 23	-$510.0K	-$510.0K
Q1 24	-$1M	-$1M
Q3 24	-$3M	-$3M
Q4 24	-$1M	-$1M
Q1 25	-$3M	-$3M
Q2 25	-$2M	-$2M
Q3 25	-$1M	-$2M
Q4 25	-$2M	-$2M

Capital Expenditures

Quarter	CapEx
Q2 23	$3
Q4 23	$0
Q1 24	$131.0K
Q3 24	$164.0K
Q4 24	$80.0K
Q1 25	$7.0K
Q2 25	$12.0K
Q3 25	$86.0K
Q4 25	$23.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 24	-97.4%	+127.8%
Q1 25	+126.3%	+32.9%
Q2 25	+2391.7%	+75.2%
Q3 25	+1075.8%	-29.2%
Q4 25	+677.4%	-23.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 23	$0	0.0%
Q4 23	$68.0K	357.9%
Q1 24	$59.0K	491.7%
Q3 24	$3M	7651.5%
Q4 24	$79.0K	149.1%
Q1 25	$247.0K	574.4%
Q2 25	$77.0K	25.8%
Q3 25	$0	0.0%
Q4 25	$242.0K	58.7%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q2 23	—	$1M	—
Q4 23	$29.0K	$931.0K	$626.0K
Q1 24	$289.0K	$565.0K	$249.0K
Q3 24	$878.0K	$2M	$44.0K
Q4 24	$437.0K	$2M	$228.0K
Q1 25	$312.0K	$2M	$208.0K
Q2 25	$336.0K	$1M	$199.0K
Q3 25	$378.0K	$2M	$265.0K
Q4 25	$456.0K	$2M	$128.0K

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q2 23	—	27.0%	—
Q4 23	—	-5636.8%	—
Q1 24	—	-9333.3%	—
Q3 24	—	-12912.1%	—
Q4 24	-97.4%	-4826.4%	-4923.8
Q1 25	126.3%	-29727.9%	-29601.6
Q2 25	2391.7%	-592.3%	1799.4
Q3 25	1075.8%	-619.3%	456.4
Q4 25	677.4%	-628.4%	49.0

Rule of 40

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 23	$338.3K	$0	$338.3K
Q3 23	$893.0K	$0	$893.0K
Q4 23	$2M	$0	$2M
Q1 24	$563.3K	$0	$563.3K
Q2 24	$244.1K	$0	$244.1K
Q3 24	$1M	$0	$1M
Q4 24	$2M	$0	$2M
Q1 25	$10M	$0	$10M
Q2 25	$6M	$0	$6M
Q3 25	$4M	$0	$4M
Q4 25	$3M	$0	$3M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 23	8M	—	—
Q4 23	8M	0.0%	—
Q1 24	8M	0.0%	—
Q3 24	7M	-10.0%	—
Q4 24	8M	+18.2%	+6.3%
Q1 25	10M	+19.0%	+26.5%
Q2 25	13M	+27.2%	+61.0%
Q3 25	13M	+6.5%	+90.6%
Q4 25	13M	0.0%	+61.3%

Shares Outstanding