BAFN

MKT CAP:$32M

BayFirst Financial Corp.

Market Cap

$32M

Financial Services·Banks - Regional·🇺🇸 United States·NASDAQ

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$8.29+$0.42 (+5.34%)

Apr 23, 2026

Company Details

BayFirst Financial Corp. operates as the bank holding company for First Home Bank that provides commercial and consumer banking services for businesses and individuals. The company offers checking and savings accounts, and certificates of d...

CEO

Thomas G. Zernick

IPO Date

Jan 8, 2021

Website

www.firsthomebank.com

Key Metrics TTM

Revenue

$97M

-21.7% YoY

Net Income

-$23M

EPS (Diluted)

-$5.91

Free Cash Flow

$285M

Revenue / Share

$23.50

Gross Margin

33.6%

Operating Margin

-31.7%

Net Margin

-23.6%

FCF Margin

292.8%

P/S

0.3x

P/E

—

Earnings Reports

Q1 2026

Apr 30, 2026

PENDING

FY 2025

Mar 27, 2026

$104MEPS -$5.91

Q4 2025

Mar 27, 2026

$21M-34.1%EPS -$0.69

Q3 2025

Nov 12, 2025

$17MEPS -$4.66

Q2 2025

Aug 11, 2025

$31M+2.1%EPS -$0.39

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 19	$19M	$15M	$2M
Q1 20	$14M	$10M	-$2M
Q2 20	$24M	$18M	$3M
Q3 20	$42M	$33M	$7M
Q4 20	$33M	$26M	$7M
Q1 21	$46M	$42M	$10M
Q2 21	$51M	$48M	$17M
Q4 21	$31M	$32M	$3M
Q4 23	$31M	$18M	$2M
Q1 24	$32M	$17M	$1M
Q2 24	$30M	$16M	$1M
Q4 24	$32M	$16M	$13M
Q1 25	$28M	$14M	-$463.0K
Q2 25	$31M	$13M	-$2M
Q3 25	$17M	-$4M	-$26M
Q4 25	$21M	$9M	-$3M

Valuation

Quarter	P/S	P/E
Q4 19	0.5x	7.2x
Q1 20	0.5x	10.1x
Q2 20	0.4x	7.3x
Q3 20	0.3x	3.9x
Q4 20	0.3x	2.6x
Q1 21	0.2x	1.6x
Q2 21	0.2x	1.0x
Q4 21	0.2x	1.1x
Q4 23	0.2x	1.3x
Q1 24	0.2x	1.8x
Q2 24	0.3x	5.3x
Q4 24	0.3x	2.5x
Q1 25	0.3x	2.9x
Q2 25	0.3x	3.6x
Q3 25	0.3x	—
Q4 25	0.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 19	$659.3K	$659.3K
Q1 20	$0	$0
Q2 20	$49.0K	$49.0K
Q3 20	-$47M	-$48M
Q4 20	-$46M	-$47M
Q1 21	$2M	$2M
Q2 21	$92M	$89M
Q4 21	-$27M	-$33M
Q4 23	$127M	$126M
Q1 24	$123M	$122M
Q2 24	$79M	$78M
Q4 24	$97M	$97M
Q1 25	$74M	$74M
Q2 25	$63M	$63M
Q3 25	$47M	$47M
Q4 25	$101M	$101M

Capital Expenditures

Quarter	CapEx
Q4 19	$0
Q1 20	$0
Q2 20	$0
Q3 20	$577.0K
Q4 20	$2M
Q1 21	$602.0K
Q2 21	$3M
Q4 21	$6M
Q4 23	$1M
Q1 24	$1M
Q2 24	$390.0K
Q4 24	$19.0K
Q1 25	$73.0K
Q2 25	$193.0K
Q3 25	$10.0K
Q4 25	$24.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 19	+1249.9%	+4421.8%
Q1 20	-6.6%	+14.6%
Q2 20	+42.7%	+37.1%
Q3 20	+146.4%	+131.7%
Q4 20	+75.6%	+48.7%
Q1 21	+225.9%	+123.5%
Q2 21	+113.6%	+61.5%
Q4 21	-26.4%	-20.6%
Q4 23	-7.1%	+10.6%
Q1 24	-30.8%	-14.6%
Q2 24	-40.4%	-12.7%
Q4 24	+1.6%	-33.5%
Q1 25	-7.8%	+1.4%
Q2 25	-3.1%	+6.0%
Q3 25	-42.5%	+49.6%
Q4 25	-34.1%	+27.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 19	$659.3K	3.5%
Q1 20	$0	0.0%
Q2 20	$49.0K	0.2%
Q3 20	$98.0K	0.2%
Q4 20	$141.0K	0.4%
Q1 21	$160.0K	0.3%
Q2 21	$94.0K	0.2%
Q4 21	$159.0K	0.5%
Q4 23	$172.0K	0.6%
Q1 24	$72.0K	0.2%
Q2 24	$101.0K	0.3%
Q4 24	$118.0K	0.4%
Q1 25	-$21.0K	-0.1%
Q2 25	$77.0K	0.3%
Q3 25	$100.0K	0.6%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q4 19	$11M	$326.0K
Q1 20	$9M	$316.4K
Q2 20	$12M	$354.5K
Q3 20	$22M	$717.0K
Q4 20	$15M	$620.4K
Q1 21	$27M	$2M
Q2 21	$26M	$2M
Q4 21	$23M	$2M
Q4 23	$10M	$640.0K
Q1 24	$10M	$588.0K
Q2 24	$9M	$540.0K
Q4 24	$9M	$390.0K
Q1 25	$9M	$487.0K
Q2 25	$9M	$403.0K
Q3 25	$9M	$262.0K
Q4 25	$6M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$126M	$42M	$168M
Q2 22	$73M	$45M	$118M
Q3 22	$41M	$43M	$84M
Q4 22	$71M	$42M	$113M
Q1 23	$137M	$42M	$179M
Q2 23	$109M	$41M	$150M
Q3 23	$117M	$40M	$157M
Q4 23	$63M	$40M	$103M
Q1 24	$61M	$43M	$103M
Q2 24	$63M	$39M	$102M
Q3 24	$67M	$38M	$105M
Q4 24	$80M	$9M	$89M
Q1 25	$65M	$6M	$72M
Q2 25	$79M	$4M	$82M
Q3 25	$5M	$30M	$35M
Q4 25	$5M	$29M	$34M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 19	3M	-0.3%	-62.0%
Q1 20	3M	+6.9%	+12.7%
Q2 20	3M	+0.4%	+13.2%
Q3 20	4M	+8.6%	+16.2%
Q4 20	3M	-6.0%	+9.6%
Q1 21	4M	+15.9%	+18.8%
Q2 21	4M	+6.8%	+26.4%
Q4 21	4M	-1.1%	+15.1%
Q4 23	4M	-3.7%	+17.9%
Q1 24	4M	-2.9%	-1.2%
Q2 24	4M	0.0%	-7.5%
Q4 24	4M	+11.5%	+4.3%
Q1 25	4M	-7.0%	+0.8%
Q2 25	4M	0.0%	+3.8%
Q3 25	4M	0.0%	+3.8%
Q4 25	4M	0.0%	-7.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 19	—	—
Q1 20	—	—
Q2 20	—	—
Q3 20	—	—
Q4 20	—	—
Q1 21	—	—
Q2 21	—	—
Q4 21	$47.5K	656
Q4 23	$100.7K	306
Q1 24	$103.7K	306
Q2 24	$98.4K	306
Q4 24	$105.8K	299
Q1 25	$95.0K	299
Q2 25	$102.8K	299
Q3 25	$58.0K	299
Q4 25	$143.8K	145

Revenue / Employee