Firefly Neuroscience 2025 10-K: Revenue $1.14M, EPS not disclosed

Firefly Neuroscience reported revenue of $1.142 million in fiscal 2025, a 957% increase versus 2024 driven primarily by its April 2025 acquisition of Evoke; the filing does not disclose earnings per share. Despite higher top-line revenue and improved operating loss, the company reported a larger loss before income taxes in 2025 compared with the prior year. The company is prioritizing commercial deployment, recurring revenue models, and AI/ML development following the Evoke integration.

Financial Highlights

• Revenue: $1.142 million, up $1.034 million (957%) versus 2024, primarily due to Evoke acquisition.
• Gross Profit: $0.645 million, an increase of $0.537 million versus 2024.
• Operating (Loss): $(8.856) million, improved by $1.198 million versus 2024.
• (Loss) before income tax: $(19.877) million, worsened by $(9.419) million versus 2024.

Business Highlights

• Acquisition and Integration: Completed acquisition of Evoke in April 2025 and finished purchase price allocation in August 2025; integrated Evoke hardware and software into the company's product offering.
• Commercial Deployment: FDA 510(k)-cleared Evoke System deployed at more than 85 U.S. clinical sites, expanding the company's clinical data network.
• Revenue Model Shift: Transitioned Evoke from one-time product sales to a subscription/lease model to increase recurring revenue focus.
• Go-to-Market Focus: Company is emphasizing commercialization and sales expansion following the acquisition, while moderating R&D spend.
• AI/ML and Risk Management: Prioritizing deployment of AI/ML models and managing associated regulatory and operational risks as part of product and data strategy.

Original SEC Filing: FIREFLY NEUROSCIENCE, INC. [ AIFF ] - 10-K - Mar. 31, 2026