AIFF — Q2 2026 Financial Report Analysis
Q2 · Fiscal year 2026 · Published by Pham Hop
Firefly Neuroscience Q2 2026: revenue rose 72% to $514K (+26% like-for-like after the Evoke deal) and the net loss widened to $1.98M; a $10.25M raise lifted cash to $9.2M, about 15 months of burn, but the going-concern warning remains.
- Revenue
- $514K
- +71.9% YoY
- Net income
- -$2.0M
- Diluted EPS
- $-0.10
- Operating margin
- -384.0%
This period vs a year ago
- Same period last year
- This period
Year-ago figures (≈) are worked out from the growth rate the company reported. Each row has its own scale.
Overview
Firefly Neuroscience sells a system that records a patient's brain activity with an EEG (electroencephalogram: electrodes on the scalp that pick up the brain's electrical signals) and ERP tests (event-related potentials: how the brain responds, in milliseconds, to a sound or image during a short task). Its cloud software compares those readings against a reference database and sends the clinician a structured report. The hardware, the Evoke EEG System, has FDA 510(k) clearance (clearance to market a device shown to be substantially equivalent to one already sold, not an approval of diagnostic claims) and was in use at more than 85 US clinical sites at June 30, 2026. Most of that business came with the April 2025 purchase of Evoke Neuroscience.
In the second quarter of 2026 (three months to June 30), revenue rose 72% to $514 thousand and the net loss widened 8% to $1.98 million. The headline growth rate is mostly an acquisition effect: Evoke was only in last year's figures from April 30, 2025. On the pro forma basis the filing gives (as if Evoke had been owned all of 2025), revenue grew 26%, from $408 thousand to $514 thousand. The company spent about $4.33 in operating costs for every $1 of revenue. A March–April private placement raised $10.25 million gross, which lifted cash to $9.2 million, but the filing still states substantial doubt about the company's ability to continue as a going concern.
At a glance
- $514 thousand revenue, +26% on a like-for-like basis. Reported growth was +72%, but most of the gap is from Evoke being owned for two months of last year's quarter instead of three.
- $9.2 million cash against about $0.62 million a month of operating cash outflow. At the first-half pace that is roughly 15 months of funding, and the going-concern warning is still in the filing.
- Loss per share fell from $0.14 to $0.10 because of new shares, not smaller losses. The weighted share count rose 62% while the net loss grew 8%.
Key figures
All figures in US dollars; small amounts shown in thousands to keep them readable.
| Metric | Q2 2026 | Q2 2025 |
|---|