Brand Engagement Network
Brand Engagement Network's revenue rose 175.7% to $0 million in fiscal 2025. Its operating margin was −4,589.3%, up from −36,550.7% a year earlier. Free cash flow was −$5 million. The diluted share count rose 33.0%.
Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.
Charts show fiscal years, from the 10-K filings.
What Brand Engagement Network does
Brand Engagement Network sells conversational AI software to businesses. Its AI agents talk with people and connect what they ask for to a customer's data, systems and workflows. The technology runs on its own Engagement Language Model, which is meant to work in closed environments using data the customer approves, with built-in governance and compliance controls.
The company configures its agents for each customer, including how they look, sound and interact, and links them to the customer's systems. They can run in the cloud, on a customer's own servers or in a mix, and inside apps, kiosks and software kits. Its first customers were in healthcare, for patient engagement, education and operational support. It has since moved into hospitality, insurance, and advertising and media, with partners in the United States, Mexico and South Africa.
The company describes itself as pre-revenue, with minimal revenue from 2022 through 2024. It earns money from subscriptions and from setting up and customizing its agents. It acquired its base conversational AI technology in 2023 when it bought DM Lab Co., Ltd., and made its platform generally available in 2025.
Its biggest risks, as it describes them
- It has a short operating history and a history of losses, and may not become profitable.
- It expects to depend on a limited number of customers and end markets.
- It may need more capital, and that may not be available on good terms.
- Its sales cycles may be long, and customers may not renew or expand their subscriptions.
- Its revenue growth depends partly on channel partners and other third parties.
Income statement
Brand Engagement Network lost money in fiscal 2025: a net loss of $9 million.
Returns on capital
Balance sheet
Five years at a glance
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | 1 | 0 | 2 | 0 | 0 |
| Debt incl. finance leases | — | — | — | — | — |
| Net debt (negative means net cash) | — | — | — | — | — |
| Net debt to EBITDA | — | — | — | — | — |
| Debt to equity | — | — | — | — | — |
| Interest coverage | — | — | −206.7x | −179.7x | −30.8x |
| Current ratio | 1.2x | 0.1x | 0.6x | 0.1x | 0.1x |
| Quick ratio | 1.2x | 0.1x | 0.6x | 0.1x | 0.1x |
Cash flow
Projections
Project Brand Engagement Network's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.
Insider trades
No officer, director or 10% owner of Brand Engagement Network reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.
Indicators
Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.
| Indicator | FY23 | FY24 | FY25 |
|---|---|---|---|
| Piotroski F-score | — | — | — |
| Rule of 40 | — | −13,939.0% | −1,681.6% |
| Altman Z'' | −1.60 | −26.48 | −21.02 |
| Accruals ratio | −4.0% | −98.0% | −21.2% |
The nine F-score tests
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | Fail | Fail | Fail |
| Cash from operations is positive | Fail | Fail | Fail |
| Return on assets rose | Fail | Fail | Pass |
| Cash from operations exceeds net income | Pass | Pass | Pass |
| Debt fell relative to assets | — | — | — |
| Current ratio rose | Pass | Fail | Pass |
| Share count didn't rise | — | Fail | Fail |
| Gross margin rose | — | Fail | — |
| Revenue rose relative to assets | — | Pass | Pass |
| F-score | — | — | — |
Compare
Put Brand Engagement Network side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
Similar companies
| Company | Year | Revenue growth | Operating margin | Free cash flow margin | Return on capital | Net debt to EBITDA | F-score | Compare |
|---|---|---|---|---|---|---|---|---|
| Brand Engagement Network | FY25 | 175.7% | −4,589.3% | −1,857.3% | — | — | — | |
| Aurora Innovation | FY25 | — | −30,033.3% | −20,400.0% | — | — | — | Compare |
| NextNav | FY25 | −19.3% | −1,535.8% | −1,110.8% | −185.3% | — | 2 | Compare |
| Intellicheck | FY25 | 13.3% | 4.8% | 19.8% | — | — | — | Compare |
| ReposiTrak | FY26 | 3.0% | 33.7% | 35.2% | 26.7% | −3.2x | 7 | Compare |
5 years of figures
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Income statement | |||||
| Revenue | — | — | 0 | 0 | 0 |
| Revenue growth | — | — | — | 183.4% | 175.7% |
| Gross profit | — | — | 0 | 0 | — |
| Research and development | — | — | 0 | 1 | 0 |
| Operating income | −2 | −5 | −12 | −36 | −13 |
| Net income | 5 | 7 | −12 | −34 | −9 |
| Diluted EPS (US$) | — | — | −5.70 | −10.25 | −1.97 |
| Diluted shares (millions) | — | — | 2 | 3 | 4 |
| Cash flow | |||||
| Cash from operations | −2 | −1 | −5 | −14 | −5 |
| Capital expenditure | — | — | 0 | 0 | 0 |
| Free cash flow | — | — | −5 | −14 | −5 |
| Dividends paid | 0 | 0 | 0 | 0 | 0 |
| Share buybacks | 0 | 0 | 296 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 |
| Stock-based compensation | — | — | 5 | 2 | 1 |
| Balance sheet at fiscal year end | |||||
| Cash and short-term investments | 1 | 0 | 2 | 0 | 0 |
| Debt incl. finance leases | — | — | — | — | — |
| Total assets | 311 | 314 | 22 | 18 | 15 |
| Total liabilities | 20 | 16 | 4 | 16 | 12 |
| Shareholders' equity | −19 | −0 | 18 | 3 | 4 |
| Margins and ratios | |||||
| Gross margin | — | — | 100.0% | 100.0% | — |
| Operating margin | — | — | −33,173.8% | −36,550.7% | −4,589.3% |
| Net margin | — | — | −33,318.0% | −33,786.4% | −3,135.2% |
| Free cash flow margin | — | — | −14,493.3% | −14,122.4% | −1,857.3% |
| Rule of 40 (growth + FCF margin) | — | — | — | −13,939.0% | −1,681.6% |
| Return on capital | — | — | — | — | — |
| Return on equity | — | — | −132.9% | −331.5% | −282.6% |
| Return on assets | — | 2.3% | −7.0% | −167.9% | −51.6% |
| Net debt to EBITDA | — | — | — | — | — |