Bion Environmental Technologies Inc (BNET) reported a negative but progressively improved operating profile in QQ2 2025, with no disclosed revenue in the quarter. Key operating metrics show an EBITDA loss of -$343k and a net loss of -$374k, translating to an EPS of -$0.0066 on ~56.5 million diluted shares. While sequential and year-over-year metric trends imply some narrowing of losses (operating income YoY +46.62% and QoQ +64.42%; net income YoY +47.90% and QoQ +68.05%), the company remains cash-flow negative and has limited liquidity, evidenced by a negative free cash flow of -$247k and a cash balance of only $31.8k at quarter end. The balance sheet presents substantial inconsistencies in reported asset/liability totals alongside negative stockholders’ equity, underscoring data quality concerns that require corroboration with the company’s 10-Q filing.
Key Performance Indicators
Operating Income
-343.69K
QoQ: 64.42% | YoY:46.62%
Net Income
-374.35K
QoQ: 68.05% | YoY:47.90%
EPS
-0.01
QoQ: 68.12% | YoY:55.10%
Revenue Trend
Margin Analysis
Key Insights
Revenue: Not disclosed in the quarter (N/A). Gross profit: N/A. Gross margin: N/A.
Operating income: -$343,692; QoQ change +64.42%, YoY change +46.62% (negative but trimmed losses versus prior periods).
EBITDA: -$343,473; margin not meaningful with no revenue.
Net income: -$374,353; QoQ change +68.05%, YoY change +47.90%.
Performance snapshot (Q2 2025, USD):
- Revenue: Not disclosed in the quarter (N/A). Gross profit: N/A. Gross margin: N/A.
- Operating income: -$343,692; QoQ change +64.42%, YoY change +46.62% (negative but trimmed losses versus prior periods).
- EBITDA: -$343,473; margin not meaningful with no revenue.
- Net income: -$374,353; QoQ change +68.05%, YoY change +47.90%.
- EPS: -$0.0066; QoQ change +68.12%, YoY change +55.10%.
- Cash flow: Net cash from operating activities -$247,405; change in working capital +$96,068; free cash flow = -$247,405.
- Cash and liquidity: cash at end of period $31,764; beginning cash $35,970; net cash used in/provided by financing activities +$243,199; net change in cash -$4,206.
- Balance sheet (as reported): Total assets $39,219; total liabilities $6,510,603; cash $31,764; long-term debt $174,429; total debt $1,901,997; retained earnings -$140,473,767; accumulated stockholders’ equity -$6,508,957. Note: several balance-sheet line-items appear incongruent with total assets vs. liabilities, suggesting data quality considerations and the need to corroborate with the 10-Q filings.
Income Statement
Metric
Value
YoY Change
QoQ Change
Operating Income
-343.69K
46.62%
64.42%
Net Income
-374.35K
47.90%
68.05%
EPS
-0.01
55.10%
68.12%
Key Financial Ratios
currentRatio
0.01
returnOnAssets
-955%
returnOnEquity
5.75%
debtEquityRatio
-0.29
operatingCashFlowPerShare
$-0
freeCashFlowPerShare
$-0
priceToBookRatio
-1.48
priceEarningsRatio
-6.42
Net Income vs. Revenue
Expense Breakdown
Management Commentary
No earnings call transcript data were provided for QQ2 2025. As a result, there are no management quotes or theme-based highlights to extract and quote. If a transcript becomes available, I will incorporate quotes by themes (strategy, operations, market conditions) with context and significance.
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Forward Guidance
No explicit forward-looking guidance was disclosed in the provided data for QQ2 2025. In the absence of formal guidance, the outlook hinges on liquidity resilience and monetization of CAFO-waste solutions through licensing, joint ventures, or contracted installations. Given the current negative cash flow and weak balance sheet, management’s ability to fund development and scale deployments will be the critical near-term catalyst. Investors should monitor: (1) any announced licensing agreements, JV arrangements, or project pipeline; (2) cash runway and potential capital raises; (3) updates to operational efficiency and cost-structure improvements; (4) regulatory or market developments that could expand CAFO waste-treatment adoption.
Competitive Position
Company
Gross Margin
Operating Margin
Return on Equity
P/E Ratio
BNET Focus
0.00%
0.00%
5.75%
-6.42%
SSHPF
30.90%
-0.39%
-4.85%
-10.54%
EESH
-13.28%
-869.31%
-51.70%
-18.84%
EAWD
0.00%
0.00%
59.30%
-4.44%
TOMZ
61.50%
4.04%
0.41%
137.46%
Gross Profit Margin
Operating Profit Margin
Return on Equity
P/E Ratio Comparison
Investment Outlook
The QQ2 2025 results highlight a high-risk, high-uncertainty investment profile. While the company may benefit from licensing opportunities and coproduct monetization in a market with increasing environmental scrutiny, near-term profitability remains elusive and liquidity is constrained. The key factors to monitor are: (1) visible pipeline and any licensing/JV announcements that could convert into revenue; (2) quarterly cash burn trajectory and the availability of external financing; (3) validation of financial statements through the 10-Q/annual report to resolve data inconsistencies; (4) any strategic partnerships that could accelerate deployment at scale. Until clearer revenue recognition and a durable path to positive free cash flow emerge, investors should approach with caution and consider the long-term optionality of environmental tech licensing against the immediate balance-sheet risk.
Key Investment Factors
Growth Potential
Potential exists in licensing and deployment of Bion's remediation technology at CAFO facilities, plus revenue from coproducts (renewable energy, water, and nutrients). Near-term growth is contingent on securing new projects or partnerships and monetizing installed systems, as disclosed in the QQ2 2025 data.
Profitability Risk
High execution risk given negative free cash flow and limited disclosed revenue; liquidity constraints (low cash balance and sizable current liabilities); reliance on external financing or licenses for growth; data quality concerns on the balance sheet require verification; development-stage technology with long lead times to scale.
Financial Position
Negative stockholders’ equity despite substantial non-cash equity-like line items, weak liquidity (cash burn in OCF), and leverage from long-term and total debt. The reported asset base does not clearly support near-term solvency without additional capital or revenue recognition.
SWOT Analysis
Strengths
Proprietary and patented environmental remediation technology targeting CAFO waste streams with potential coproduct monetization (renewable energy, water, ammonia/nitrogen, and phosphorus).
Long-standing presence (since 1987) with a focused industrial pollution treatment offering and potential licensing/JV expansion.
Weaknesses
No disclosed revenue for QQ2 2025; persistent losses and negative equity raise questions about profitability and capital structure.
Severe liquidity constraints evidenced by a very small cash balance and large current liabilities; data inconsistencies in reported balance sheet metrics.
Opportunities
Growth through licensing, joint ventures, and retrofitting existing CAFOs with Bion’s systems; potential revenue from coproduct streams (renewables, nutrients).
Regulatory and environmental sustainability trends could increase demand for advanced waste treatment solutions.
Threats
Execution risk in scaling deployments and achieving revenue growth; reliance on third-party capital to fund expansion; competitive dynamics in environmental tech and CAFO waste management.
Data integrity concerns and reliance on external financing could amplify equity dilution risk if capital markets weaken.