Recent News
On September 30, 2025 the company reported first-half 2025 results and operational updates, disclosed a Systems Purchase Agreement with Baran Energy for Tempo and Wolfson projects, and projected $1.7M in 2026 revenue tied to Tempo milestones.
On September 30, 2025 Brenmiller announced a memorandum of understanding with ENASCO to pursue thermal-energy-storage integration with small modular reactors, targeting initial commercial projects and a multi‑year pipeline.
The company released its annual ESG report and highlighted commercial expansion and carbon-tracking efforts on September 30, 2025.
The company filed a Form 6‑K on September 30, 2025 furnishing the press release and unaudited condensed consolidated financial statements for the six months ended June 30, 2025.
Technical Analysis
ADX at 16.72 indicates no trend, which lowers conviction for sustained directional moves and places greater weight on short-term momentum and mean-reversion signals.
DI+ at 22.87 shows a peak-and-reversal, which reads as bearish, while DI- at 28.54 shows a dip-and-reversal that also reads as bearish; both directional indicators bias near-term price action downward relative to recent highs.
MACD sits at -0.23 with a signal of -0.27 and the MACD line has crossed above the signal line; that crossover constitutes a bullish momentum signal and suggests a potential short-term re-acceleration of price momentum from current levels.
MRO at -16.14 registers negative, indicating the price below model target and therefore potential for upward mean reversion; that pressure toward higher prices contrasts with the directional indicators.
RSI at 36.73 with a peak-and-reversal reads as bearish momentum exhaustion and supports a continued downward bias until buyers reassert strength above short-term averages.
Price at $1.21 sits below the 20‑day average ($1.28), the 50‑day average ($2.13) and the 200‑day average ($6.04); the 12‑day EMA is decreasing, which keeps the near-term price structure biased downward and sets moving averages as likely resistance on rallies.
Ichimoku components (Tenkan‑Sen $1.35; Kijun‑Sen $1.71; Senkou A $3.04; Senkou B $3.15) place the price well below the cloud, creating overhead resistance in the $3.00+ area that could cap rebounds.
Bollinger band placement shows the close near the lower 1× standard deviation band ($1.20), which aligns with momentum signals that can produce short-lived bounces; volume at 309,894 trails the 10‑day average (348,932), signaling limited conviction behind recent moves.
Fundamental Analysis
Profitability rests under substantial pressure: operating income $-4,430,206 and EBIT $-5,223,514 translate to an operating margin of -155.746% and an EBIT margin of -183.635%. The EBIT margin sits well below the industry peer mean of 28.133% and the industry peer median of 35.213%, and it fell QoQ by -19.998% and YoY by -86.184%.
Net income totaled $-5,887,591 for the period while EBITDA showed $-4,923,160, underscoring ongoing cash-burn dynamics matched by negative operating cash flow of $-4,393,705 and free cash flow of $-4,393,705.
Revenue registered $2,844,508 with year‑over‑year revenue change of -12.02% and quarter‑over‑quarter revenue growth of +270.30%; gross profit of $2,325,097 yields a gross margin of 81.74%, which sits above the industry peer mean of 39.33% and approaches the industry peer high of 84.54%—a clear strength in product-level economics.
Liquidity and balance-sheet composition remain constraints: cash and short‑term investments $851,356 against total current liabilities $26,045,912 produces a current ratio of 0.09, below the industry peer mean of 1.356; net debt equals $13,510,027 and debt to assets stands at 43.707%, roughly in line with the industry peer mean of 42.655% but paired with negative working capital and retained earnings of $-95,821,178.
Market multiples show a P/B ratio of 2.75346, above the industry peer mean of 1.32043 and the industry peer median of 1.63937, while P/S at 5.26607 sits below the industry peer mean of 9.36144 but above the industry peer median of 4.86015. Forward EPS reads negative and forward PE is negative, limiting classic earnings-based comparatives.
Taken together—product-level gross margins that exceed peers, persistent operating losses, weak short-term liquidity, and price multiples that sit above peer means—WMDST values the stock as over-valued under current assumptions and capital structure.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-14 |
| NEXT REPORT DATE: | 2026-02-13 |
| CASH FLOW | Begin Period Cash Flow | $ 2.3 M |
| Operating Cash Flow | $ -4.39 M | |
| Capital Expenditures | — | |
| Change In Working Capital | $ -980.92 K | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -1.40 M | |
| End Period Cash Flow | $ 851.4 K | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 2.8 M | |
| Forward Revenue | $ 2.4 M | |
| COSTS | ||
| Cost Of Revenue | $ 519.4 K | |
| Depreciation | $ 300.4 K | |
| Depreciation and Amortization | $ 300.4 K | |
| Research and Development | — | |
| Total Operating Expenses | $ 7.3 M | |
| PROFITABILITY | ||
| Gross Profit | $ 2.3 M | |
| EBITDA | $ -4.92 M | |
| EBIT | $ -5.22 M | |
| Operating Income | $ -4.43 M | |
| Interest Income | $ 1.4 K | |
| Interest Expense | $ 394.0 K | |
| Net Interest Income | $ -584.54 K | |
| Income Before Tax | $ -5.62 M | |
| Tax Provision | $ 270.1 K | |
| Tax Rate | 21.0 % | |
| Net Income | $ -5.89 M | |
| Net Income From Continuing Operations | $ -6.02 M | |
| EARNINGS | ||
| EPS Estimate | $ -1.33 | |
| EPS Actual | $ 3.05 | |
| EPS Difference | $ 4.38 | |
| EPS Surprise | 329.323 % | |
| Forward EPS | $ -3.75 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 33.0 M | |
| Intangible Assets | $ 30.3 M | |
| Net Tangible Assets | $ -24.88 M | |
| Total Current Assets | $ 2.3 M | |
| Cash and Short-Term Investments | $ 851.4 K | |
| Cash | $ 851.4 K | |
| Net Receivables | $ 804.5 K | |
| Inventory | — | |
| Long-Term Investments | $ 14.0 K | |
| LIABILITIES | ||
| Accounts Payable | $ 2.0 M | |
| Short-Term Debt | $ 14.4 M | |
| Total Current Liabilities | $ 26.0 M | |
| Net Debt | $ 13.5 M | |
| Total Debt | $ 14.4 M | |
| Total Liabilities | $ 27.5 M | |
| EQUITY | ||
| Total Equity | $ 5.4 M | |
| Retained Earnings | $ -95.82 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 1.05 | |
| Shares Outstanding | 5.205 M | |
| Revenue Per-Share | $ 0.55 | |
| VALUATION | Market Capitalization | $ 15.0 M |
| Enterprise Value | $ 28.5 M | |
| Enterprise Multiple | -5.798 | |
| Enterprise Multiple QoQ | 59.969 % | |
| Enterprise Multiple YoY | 244.349 % | |
| Enterprise Multiple IPRWA | high: 109.499 median: 43.658 mean: 41.604 BNZI: -5.798 low: -110.755 |
|
| EV/R | 10.035 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 6.063 | |
| Asset To Liability | 1.197 | |
| Debt To Capital | 0.726 | |
| Debt To Assets | 0.437 | |
| Debt To Assets QoQ | -4.227 % | |
| Debt To Assets YoY | -70.058 % | |
| Debt To Assets IPRWA | high: 0.806 median: 0.49 BNZI: 0.437 mean: 0.427 low: 0.127 |
|
| Debt To Equity | 2.65 | |
| Debt To Equity QoQ | -47.107 % | |
| Debt To Equity YoY | -667.249 % | |
| Debt To Equity IPRWA | high: 9.553 mean: 4.742 median: 2.734 BNZI: 2.65 low: -3.563 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.753 | |
| Price To Book QoQ | -30.205 % | |
| Price To Book YoY | -455.427 % | |
| Price To Book IPRWA | high: 5.152 BNZI: 2.753 median: 1.639 mean: 1.32 low: 0.007 |
|
| Price To Earnings (P/E) | 0.944 | |
| Price To Earnings QoQ | -152.887 % | |
| Price To Earnings YoY | -153.751 % | |
| Price To Earnings IPRWA | high: 289.438 mean: 73.089 median: 58.376 BNZI: 0.944 low: -219.064 |
|
| PE/G Ratio | -0.005 | |
| Price To Sales (P/S) | 5.266 | |
| Price To Sales QoQ | 37.875 % | |
| Price To Sales YoY | -67.847 % | |
| Price To Sales IPRWA | high: 29.805 mean: 9.361 BNZI: 5.266 median: 4.86 low: 0.052 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -1.042 | |
| Forward PE/G | 0.005 | |
| Forward P/S | 6.354 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 2.362 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.084 | |
| Asset Turnover Ratio QoQ | -11.912 % | |
| Asset Turnover Ratio YoY | -56.626 % | |
| Asset Turnover Ratio IPRWA | high: 0.129 BNZI: 0.084 mean: 0.068 median: 0.059 low: 0.016 |
|
| Receivables Turnover | 3.525 | |
| Receivables Turnover Ratio QoQ | -0.712 % | |
| Receivables Turnover Ratio YoY | -89.636 % | |
| Receivables Turnover Ratio IPRWA | BNZI: 3.525 high: 3.477 mean: 1.885 median: 1.785 low: 0.964 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 25.888 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -395.22 | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 78.66 median: 8.257 mean: 7.61 low: -64.464 BNZI: -395.22 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -0.12 | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 5.4 M | |
| Net Invested Capital | $ 19.8 M | |
| Invested Capital | $ 19.8 M | |
| Net Tangible Assets | $ -24.88 M | |
| Net Working Capital | $ -23.78 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.033 | |
| Current Ratio | 0.087 | |
| Current Ratio QoQ | -31.265 % | |
| Current Ratio YoY | -48.319 % | |
| Current Ratio IPRWA | high: 4.66 mean: 1.356 median: 1.053 low: 0.167 BNZI: 0.087 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -2.928 | |
| Cost Of Debt | 2.058 % | |
| Interest Coverage Ratio | -13.259 | |
| Interest Coverage Ratio QoQ | -4.98 % | |
| Interest Coverage Ratio YoY | -3.036 % | |
| Interest Coverage Ratio IPRWA | high: 9.262 mean: 3.571 median: 2.273 low: -4.163 BNZI: -13.259 |
|
| Operating Cash Flow Ratio | -0.256 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 421.108 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -4.872 % | |
| Revenue Growth | -12.805 % | |
| Revenue Growth QoQ | 270.301 % | |
| Revenue Growth YoY | -1201.979 % | |
| Revenue Growth IPRWA | high: 69.604 % mean: 26.427 % median: 13.279 % low: -7.557 % BNZI: -12.805 % |
|
| Earnings Growth | -191.317 % | |
| Earnings Growth QoQ | -193.95 % | |
| Earnings Growth YoY | -111.64 % | |
| Earnings Growth IPRWA | high: 614.286 % median: 4.545 % mean: -48.352 % BNZI: -191.317 % low: -404.63 % |
|
| MARGINS | ||
| Gross Margin | 81.74 % | |
| Gross Margin QoQ | -1.52 % | |
| Gross Margin YoY | 18.948 % | |
| Gross Margin IPRWA | high: 84.539 % BNZI: 81.74 % median: 41.168 % mean: 39.327 % low: 11.262 % |
|
| EBIT Margin | -183.635 % | |
| EBIT Margin QoQ | -19.998 % | |
| EBIT Margin YoY | -86.184 % | |
| EBIT Margin IPRWA | high: 69.227 % median: 35.213 % mean: 28.133 % low: -7.915 % BNZI: -183.635 % |
|
| Return On Sales (ROS) | -155.746 % | |
| Return On Sales QoQ | 7.974 % | |
| Return On Sales YoY | -88.282 % | |
| Return On Sales IPRWA | high: 51.787 % median: 23.845 % mean: 20.265 % low: -7.915 % BNZI: -155.746 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -4.39 M | |
| Free Cash Flow Yield | -29.332 % | |
| Free Cash Flow Yield QoQ | -9.692 % | |
| Free Cash Flow Yield YoY | 234.84 % | |
| Free Cash Flow Yield IPRWA | high: 26.2 % median: 0.74 % mean: -2.251 % low: -21.51 % BNZI: -29.332 % |
|
| Free Cash Growth | 8.566 % | |
| Free Cash Growth QoQ | -145.896 % | |
| Free Cash Growth YoY | -199.779 % | |
| Free Cash Growth IPRWA | high: 471.338 % median: 169.236 % mean: 98.225 % BNZI: 8.566 % low: -559.139 % |
|
| Free Cash To Net Income | 0.746 | |
| Cash Flow Margin | -233.96 % | |
| Cash Flow To Earnings | 1.13 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | -17.403 % | |
| Return On Assets QoQ | -23.681 % | |
| Return On Assets YoY | -93.706 % | |
| Return On Assets IPRWA | high: 4.079 % mean: 1.511 % median: 0.633 % low: -0.7 % BNZI: -17.403 % |
|
| Return On Capital Employed (ROCE) | -75.26 % | |
| Return On Equity (ROE) | -1.082 | |
| Return On Equity QoQ | -56.143 % | |
| Return On Equity YoY | -260.402 % | |
| Return On Equity IPRWA | high: 0.141 median: 0.115 mean: 0.073 low: -0.156 BNZI: -1.082 |
|
| DuPont ROE | -136.944 % | |
| Return On Invested Capital (ROIC) | -20.84 % | |
| Return On Invested Capital QoQ | -45.78 % | |
| Return On Invested Capital YoY | -88.227 % | |
| Return On Invested Capital IPRWA | high: 5.671 % mean: 2.473 % median: 2.049 % low: -0.08 % BNZI: -20.84 % |
|