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Firefly Neuroscience

AIFF
19
Software - Application · Technology
Price
$1.20
+0.08 (+7.14%)
Market Cap
$17.8M
Exchange
NASDAQ Global Market
Winston Score
19
Winston is worried
Weak fundamentals across most pillars.
Data as of Aug 9, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+71.5% over 4y

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

Diluted shares outstanding: 7.9M (2021) → 13.5M (2025)

Firefly Neuroscience is a small medical technology company that makes software to help doctors study how the brain works. Its main product analyzes brain activity data — similar to reading electrical signals from the brain — to help identify conditions like depression, anxiety, and other mental health disorders. The company sells its tools to clinicians, researchers, and healthcare providers looking for more objective ways to diagnose and treat brain-related conditions.

Firefly generates revenue by licensing its brain analysis software, though it currently spends far more money than it brings in, as shown by its deeply negative operating margin. The company operates primarily in the United States and is very small, with a market cap that rounds to essentially zero. Its competitive position depends on the accuracy and clinical usefulness of its technology, but it faces stiff competition from larger medical device and digital health companies. The key risk is whether it can grow revenue fast enough to stop burning through cash before needing to raise more money.

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

>+1,000% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+92.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$1M/ year

Declining (-24% vs prior year)

129.8% of revenue

8.7x the sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

55.8%ownership

Insiders own a meaningful stake in the company

Cash Runway

~5 months

$3M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Revenue accelerating

Firefly Neuroscience grew revenue 1028% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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
45.6%
Healthy — 45.6% gross margin
Operating Margin
-414.4%
Losing money on operations — -414.4%
ROCE
-23.8%
Weak — -23.8% return on capital

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

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Growth

Sales YoY
-22.1%
Shrinking sales (-22.1% YoY)
EPS YoY
N/A
Data not available
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
N/A
Data not available
FCF Margin
-493.1%
Burning cash (-493.1%)

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

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Stability

Debt / Equity
N/A
Data not available
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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