BNB Plus (BNBX) Q4 2025 earnings summary

Executive summary

• Transitioned to a digital asset treasury model, focusing on BNB as the primary reserve asset and winding down legacy DNA tagging and security operations.

• Strategic restructuring included significant workforce reductions and cost-saving initiatives, with a 72% headcount reduction since January 2025 and a projected 70% reduction in payroll expenses compared to FY2024.

• Raised $26.8 million in October 2025 through private placements, with potential for up to $30.8 million more from warrant exercises, supporting the BNB treasury strategy.

• LineaRx subsidiary continues to commercialize proprietary nucleic acid production solutions for biopharma and diagnostics markets.

Financial highlights

• FY2025 product revenues increased 33% to $1.42 million, while service revenues declined 31% to $0.71 million year-over-year.

• Gross profit decreased 14% to $0.84 million, with gross margin dropping to 39% from 46% in FY2024 due to a shift in product mix.

• Research and development expenses rose 67% to $6.02 million, including a $2.7 million impairment charge for Spindle Biotech intangible assets.

• Loss from operations increased 17% to $16.05 million; net loss attributable to common stockholders was $15.16 million, compared to $6.99 million in FY2024.

• Cash and cash equivalents at year-end were $1.67 million, with negative working capital of $0.23 million.

Outlook and guidance

• Management expects sufficient liquidity for the next twelve months, supported by recent capital raises and liquid cryptocurrency assets.

• Capital expenditures for FY2026 are projected to be under $70,000, with primary investments in LineaRx R&D.

• Focused on further optimization and commercialization of the LineaDNA platform and implementation of the BNB yield strategy.