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Bridgeline Digital

BLIN
25
Software - Infrastructure · Technology
Price
$1.22
+0.02 (+1.67%)
Market Cap
$15.4M
Exchange
NASDAQ
Winston Score
25
Winston is worried
Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+89.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 5.9M (2021) → 11.2M (2025)

Bridgeline Digital is a small software company that helps businesses build and manage their websites, online stores, and digital marketing tools. Its main product is a platform called Unbound, which lets companies control their web content, run promotions, and improve how customers find them online through search. Its customers are mostly mid-sized businesses in retail, manufacturing, and other industries that need an all-in-one tool to manage their online presence.

Bridgeline makes money by charging customers recurring subscription fees to use its cloud-based software, which provides relatively predictable revenue. The company operates primarily in the United States and is very small, with a market cap under $50 million and a history of operating losses. It competes against much larger platforms like Salesforce, HubSpot, and Adobe, which have far greater resources and brand recognition — meaning customer retention and winning new accounts against these giants remains the central challenge for the business going forward.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+1.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+64.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$4M/ year

Flat (-3% vs prior year)

26.2% of revenue

1.7x the sector average (15%)

Steady R&D investment year-over-year

Insider Activity

19.3%ownership

Insiders own a meaningful stake in the company

Cash Runway

~7 years

$1M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

$1M cash & investments at current burn rate

Growth context

Bridgeline Digital is growing revenue at 1% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin
59.4%
Premium pricing power — 59.4% gross margin
Operating Margin
-9.4%
Losing money on operations — -9.4%
ROCE
-3.8%
Weak — -3.8% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY
-0.0%
Shrinking sales (-0.0% YoY)
EPS YoY
N/A
Data not available
EPS Consistency
0/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
N/A
Data not available
FCF Margin
-8.7%
Burning cash (-8.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity
0.04
Conservative — low debt load (0.04)
Interest Cover
N/A
Data not available

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Valuation

P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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