10-Q · May 15, 2026
BNB Plus Corp. reported strong revenue growth for Q2 2026, with total revenue increasing by 34% compared to Q1 2026, rising to $1,024,111. However, the company continues to face significant losses and posted an…
Earnings analysis · 10-Q
BNBX earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
BNB Plus delivered materially better Q2 operating trends, with revenue up 99% year over year, gross margin rising to 73.9% and EPS loss narrowing to $0.57 from $34.00. However, the company remains structurally…
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BNB Plus delivered materially better Q2 operating trends, with revenue up 99% year over year, gross margin rising to 73.9% and EPS loss narrowing to $0.57 from $34.00. However, the company remains structurally loss-making, generated negative nine-month operating cash flow of $8.6 million and recorded $11.2 million of digital-asset valuation losses. The Nasdaq delisting, preferred-stock senior claims, customer concentration and restrictions associated with the DAT guaranty create substantial financing and liquidity risks despite reported cash of $3.8 million and management’s assertion that available cash and liquid cryptocurrency should fund the next twelve months.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.57
What stood out
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Revenue nearly doubled year over year
Q2 revenue increased 99% year over year to $605,306 from $304,393, driven by product revenue of $585,551, up 200% from $195,262. Management attributed the increase primarily to $416,303 of additional sales to a large-scale DNA manufacturing customer.
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Gross margin expanded sharply
Gross profit rose to $447,122 from $5,130, and gross margin expanded to 73.9% from 1.7%. Management cited lower overhead and payroll costs, higher product revenue and improved manufacturing yield.
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EPS loss narrowed materially
Reported diluted EPS improved to $(0.57) from $(34.00) in the prior-year quarter. Net loss attributable to common stockholders was $4,749,883 versus $19,445,607, although the comparison was affected by prior-year warrant-related deemed dividends.
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Liquidity and current liabilities improved
Cash and cash equivalents increased to $3,761,482 from $1,667,800 at September 30, 2025, while total current liabilities declined to $942,593 from $2,463,911. Accounts payable and accrued liabilities fell to $938,821 from $2,258,376.
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DAT assets established
The company added $1,202,024 of digital assets, $3,342,769 of digital-asset receivables and $4,526,280 of OBNB Trust Units to the balance sheet. It held 2,186 BNB tokens at June 30, 2026.
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Treasury strategy transitions in-house
Management said the Cypress arrangements were terminated effective July 23, 2026 and execution of the BNB treasury strategy is transitioning fully in-house. The settlement requires $1,000,000 of cash payments and issuance of 200,000 Series B-1 preferred shares.
What to watch
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Persistent losses and cash burn
The company reported a nine-month net loss of $29,950,919 and negative operating cash flow of $8,577,673, with an accumulated deficit of $409,182,241 at June 30, 2026. Liquidity remains dependent on equity-linked financing and cryptocurrency liquidity.
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Large digital-asset valuation exposure
BNB and trust-asset valuation losses totaled $11,230,031 for the nine months, comprising a $4,321,591 digital-asset fair-value loss and a $6,908,440 loss on the digital-asset trust investment. The OBNB Trust Units had a $4,526,280 fair value versus an $11,434,720 cost basis.
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Nasdaq delisting and OTCQB trading
The company received a Nasdaq delisting determination for failure to maintain the $1.00 bid-price requirement; trading was suspended on July 14, 2026 and the shares began trading on OTCQB. The filing states there is no assurance the Listing Council review will restore Nasdaq trading.
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Senior preferred claims and dilution
Series B-1 and B-2 preferred stock carry liquidation preferences of $1.05 and $0.38 per share and cumulative dividends of 8% and 6%, respectively. The company had 3,892,319 Series B-1 shares and 1,706,278 Series B-2 shares outstanding at June 30, 2026.
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DAT guaranty restricts liquidity
The DATS Guaranty covers accrued dividends, redemption amounts, liquidation preferences and other monetary obligations to preferred holders, while the Lead Investor can enforce the guaranty with approval from holders of more than 50% of Series B-1 liquidation preference. The company also must contribute specified excess cash and digital assets to DAT subsidiaries within 45 days of the initial closing.
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Customer concentration increased
Revenue concentration increased: one Therapeutic DNA Production Services customer represented 93% of Q2 revenue and 83% of nine-month revenue. Three customers represented 94% of accounts receivable at June 30, 2026.
Management's outlook
No numeric revenue or EPS guidance was provided. Management estimates that cash, cash equivalents and liquid cryptocurrency will fund operations for the next twelve months from the filing date; it also states that the DAT is a longer-term investment and is not expected to be sold to meet working-capital requirements during that period.
Earlier filings 4
10-Q · February 12, 2026
BNB Plus (BNBX) reported Q1 revenue of $565,394, down from $870,291 a year earlier, and a net loss of $18,606,182 (EPS -$2.08). Management recorded $1.2M of restructuring charges in the quarter, materially increased its…
10-Q · August 14, 2025
Applied DNA reported a sharp revenue decline in the quarter (Q3 ended June 30, 2025) to $304,393 (down from $472,789 a year ago) with gross margin collapsing to $5,130 (1.7%) and a $3.95 million net loss attributable to…
10-Q · May 15, 2025
Applied DNA Sciences reported Q1 (three months ended March 31, 2025) revenue of $983,374, up $53,743 (+5.8%) versus $929,631 in Q1 2024, with gross profit improving to $370,847 (37.7% gross margin) from $295,651…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.