EPS of $-0.01 increased by 46.8% from previous year
Net income of -538.15K
"N/A" - N/A
Bion Environmental Technologies Inc (BNET) QQ3 2024 Results Overview — Industrials / Environmental Technology in Early Commercial Phase
Executive Summary
Bion Environmental Technologies reported a Q3 2024 period with no disclosed revenue and a negative earnings profile, underscoring a company still in a pre-revenue or very early-revenue phase despite meaningful R&D and G&A investments. The quarter shows an EBITDA of -$533.7k and a net loss of -$538.1k, driven by sizable general and administrative expenses (G&A of $526.6k) and ongoing operating costs. With cash and cash equivalents of $49.7k at period end and a current ratio of 0.0396, liquidity is extremely tight, highlighting a meaningful funding risk unless revenue or non-dilutive capital to support operations materializes.
The balance sheet shows total assets of approximately $10.07 million and total liabilities around $6.18 million, yielding a stockholders’ equity base of about $3.86 million but a historically large deficit in retained earnings (-$129.24 million). The company recently reported negative free cash flow of about -$510.6k, a -$304.5k operating cash flow, and capital expenditures of roughly -$206.1k for the quarter, implying ongoing cash burn absent a material near-term revenue ramp or licensing/licensing-like arrangements.
Management commentary and transcript data are not provided in the current dataset, limiting the ability to quote call-specific guidance. Given the stated financials, the investment thesis remains highly contingent on the company converting its environmental remediation technology into revenue through deployments, licenses, or partnerships, while simultaneously stabilizing liquidity and reducing cash burn. In the near term, investors should monitor any forward-looking disclosures around customer pipeline, partnerships, and capital-raising activity that could alter the liquidity and growth trajectory.
Key Performance Indicators
Operating Income
-533.12K
QoQ: 17.21% | YoY:39.67%
Net Income
-538.15K
QoQ: 25.11% | YoY:37.17%
EPS
-0.01
QoQ: 31.97% | YoY:46.81%
Revenue Trend
Margin Analysis
Key Insights
Net cash provided by operating activities: -$304.50 thousand
Free cash flow: -$510.60 thousand
Net cash used in investing activities: -$206.10 thousand
Net cash provided by (used in) financing activities: $175.60 thousand
Net change in cash: -$335.00 thousand
Financial Highlights
Revenue: Not disclosed for QQ3 2024. No reported quarterly revenue in the provided data; YoY/QoQ revenue comparisons are not available.
Gross Profit: -$331.00 thousand; Gross Profit Margin: not reported (revenue not disclosed). The negative gross profit is due to costs exceeding unknown (likely minimal) revenue in the period.
EBITDA: -$533.65 thousand; EBITDA Margin: not calculable due to lack of revenue figure.
Operating Income: -$533.12 thousand; Operating Margin: not disclosed.
Net Income: -$538.15 thousand; Net Margin: not disclosed due to missing revenue figure and scale.
EPS: -0.01 per share (diluted -0.01); Weighted average shares outstanding: 54.04 million.
Cash Flow and Liquidity:
- Net cash provided by operating activities: -$304.50 thousand
- Free cash flow: -$510.60 thousand
- Net cash used in investing activities: -$206.10 thousand
- Net cash provided by (used in) financing activities: $175.60 thousand
- Net change in cash: -$335.00 thousand
- Cash at end of period: $49.74 thousand
Balance Sheet:
- Total assets: $10.07 million; Total liabilities: $6.18 million; Total stockholders’ equity: $3.86 million
- Cash and cash equivalents: $49.74 thousand; Short-term investments: $6.00 thousand; Total current assets: $177.02 thousand
- Property, plant and equipment net: $9.39 million; Total non-current assets: $9.90 million
- Total debt: $2.03 million; Net debt: $1.98 million; Long-term debt: $1.71 million; Short-term debt: $0.32 million
- Working capital (approximate): Negative given current liabilities of $4.47 million vs. current assets of $0.18 million
Liquidity and solvency indicators:
- Current ratio: 0.0396; Quick ratio: 0.0396; Cash ratio: 0.0111
- Debt to capitalization: 0.344; Debt to equity: 0.525; Interest coverage: -128.12 (highly negative due to non-run-rate earnings)
- Retained earnings: -$129.24 million; Accumulated other comprehensive loss: -$0.50 million
Note: Several numbers may reflect accounting presentation typical for a pre-revenue venture in the environmental tech space and include non-cash and one-time items that can distort short-term margins.
Income Statement
Metric
Value
YoY Change
QoQ Change
Gross Profit
-331.00
28.20%
28.04%
Operating Income
-533.12K
39.67%
17.21%
Net Income
-538.15K
37.17%
25.11%
EPS
-0.01
46.81%
31.97%
Key Financial Ratios
currentRatio
0.04
returnOnAssets
-5.34%
returnOnEquity
-13.9%
debtEquityRatio
0.53
operatingCashFlowPerShare
$-0.01
freeCashFlowPerShare
$-0.01
priceToBookRatio
10.92
priceEarningsRatio
-19.58
Net Income vs. Revenue
Expense Breakdown
Management Commentary
Transcript data not provided in the dataset. No earnings call quotes or management commentary from the QQ3 2024 period are available to summarize under themes such as strategy, operations, or market conditions.
N/A
— N/A
N/A
— N/A
Forward Guidance
Given the absence of disclosed revenue in QQ3 2024 and the reliance on substantial G&A spend versus negligible or undisclosed revenue, near-term guidance is not ascertainable from the provided materials. The company’s path to profitability appears to hinge on monetizing its CAFO environmental remediation technology via deployments, licenses, and/or strategic partnerships that yield recurring or sizable upfront revenue. Management commentary (if any) would be essential to validate expected deployment milestones, pipeline progress, and capital-raising plans.
Key factors to monitor:
- Revenue/usage ramp from CAFO installations or licensing deals and the related timing.
- Progress on partnerships or joint ventures that could accelerate deployment and reduce cash burn.
- Liquidity actions, including equity financing, debt facilities, or grant/loan programs, to extend the runway and minimize dilution.
- Any changes to R&D and G&A efficiency or restructuring initiatives that could improve unit economics.
- Regulatory developments affecting the environmental remediation market and CAFO controls in the U.S. and internationally.
Competitive Position
Company
Gross Margin
Operating Margin
Return on Equity
P/E Ratio
BNET Focus
0.00%
0.00%
-13.90%
-19.58%
SSHPF
18.20%
-17.90%
-20.60%
-4.93%
EESH
3.23%
142.21%
-49.50%
-15.50%
EAWD
0.00%
0.00%
1.56%
-3.39%
TOMZ
61.40%
5.86%
0.80%
67.26%
Gross Profit Margin
Operating Profit Margin
Return on Equity
P/E Ratio Comparison
Investment Outlook
BNET presents a high-risk, high-uncertainty investment profile typical of pre-revenue environmental tech companies. The immediate concern is liquidity and cash burn, with current assets insufficient to cover current liabilities. The negative earnings trajectory and lack of disclosed revenue suggest the stock is more speculative until a clear revenue-generation pathway materializes. A potential upside exists if the company can secure licensing deals, customer deployments, or strategic partnerships that unlock scalable revenue and reduce burn. Investors should demand visibility on a concrete revenue plan, pipeline milestones, and capital strategy. Until such clarity exists, the investment thesis remains highly sensitive to the company’s ability to raise capital and monetize its technology, alongside any favorable regulatory or market tailwinds that could accelerate adoption.
Key Investment Factors
Growth Potential
Long-term growth potential exists if Bion can monetize its patented remediation technology through first deployments at CAFO sites, licensing agreements, or joint ventures that scale beyond pilot programs.
Profitability Risk
Key risks include lack of reported revenue in Q3 2024, persistently negative cash flow, extremely tight liquidity (current ratio ~0.04), ongoing reliance on external financing, potential dilution from equity issuances, and execution risk in converting technology into a revenue-generating business.
Financial Position
Balance sheet shows material negative retained earnings and a fragile liquidity position. While total assets approximate $10.1m, current liabilities exceed liquid assets by a wide margin, signaling a need for capital flexibility to fund operations until a revenue inflection occurs.
SWOT Analysis
Strengths
Patented and proprietary environmental remediation technology targeting CAFO wastewater, with potential to recover coproducts (renewable energy, water, nutrients).
Strong IP position and a clear focus on retrofitting existing CAFOs, which could enable retrofit-based deployment rather than greenfield builds.
Weaknesses
Revenue recognized in QQ3 2024 is not disclosed; the company appears pre-revenue or at a very early revenue stage.
Significant G&A expense relative to no visible topline, resulting in negative EBITDA and net income.
Severe liquidity constraints with a current ratio well below 1 and minimal cash on hand.
Opportunities
Growing environmental regulation and the demand for waste remediation solutions in CAFOs could drive demand for Bion’s technology.
Potential to monetize through licensing deals, partnerships, or performance-based contracts that reduce upfront costs for customers.
Threats
Capital-raising risk and potential dilution given reliance on financing activities.
Execution risk in commercializing a technically complex solution and achieving revenue growth to offset fixed costs.
Competitive landscape and adoption risk in a relatively fragmented CAFO environmental technology market.