Detailed financial statements for Bio Green Med Solution, Inc. (BGMS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Bio Green Med Solution, Inc. (BGMS) operates as a multifaceted company, with active involvement in both the fire protection and biopharmaceutical industries. The organization recently broadened its capabilities by completing the acquisition of Fitters Sdn. Bhd., a Malaysian firm known for its fire safety products and services.
Analysis Summary
Trailing-twelve-month margins: gross margin 19.3%, operating margin -147.1%, net margin -118.3%.
At the current price of $0.99, BGMS has negative trailing earnings (P/E not meaningful) and an ROE of -31.60%. Market capitalisation stands at $5M.
Balance sheet quality for BGMS: current ratio of 4.7, net cash position of $3.5M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $843000 | 0 | $150000 | 0 | 0 | 0 | 0 | $420000 | $43000 | $747000 |
| Cost of Revenue | $9.5M | $4.2M | $4.3M | $4.7M | $20000 | $43000 | $32000 | 0 | 0 | $609000 |
| Gross Profit | -$8.6M | -$4.2M | -$4.2M | -$4.7M | -$20000 | -$43000 | -$32000 | $420000 | $43000 | $138000 |
| Research & Development | $9.5M | $4.2M | $4.3M | $4.7M | $4.7M | $14.9M | $20.3M | $19.2M | $6.7M | $848000 |
| Selling, General & Admin | $5.5M | $5.3M | $5.4M | $5.0M | $5.9M | $7.5M | $7.4M | $6.7M | $5.4M | $7.7M |
| Operating Expenses | $5.5M | $5.3M | $5.4M | $5.0M | $10.6M | $22.4M | $27.7M | $25.9M | $12.0M | $8.6M |
| Operating Income | -$14.2M | -$9.5M | -$9.5M | -$9.7M | -$10.6M | -$22.4M | -$27.7M | -$25.5M | -$12.0M | -$8.4M |
| EBITDA | -$14.0M | -$9.5M | -$9.5M | -$9.7M | -$9.7M | -$22.3M | -$27.6M | -$25.4M | -$12.0M | -$8.4M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$13.8M | -$8.5M | -$8.6M | -$9.1M | -$9.7M | -$22.2M | -$25.9M | -$25.6M | -$12.0M | -$3.0M |
| Income Tax | $2.0M | $993000 | $1.3M | $1.3M | -$1.2M | -$3.7M | -$4.7M | -$3.0M | -$782000 | $7000 |
| Net Income | -$11.8M | -$7.5M | -$7.3M | -$7.8M | -$8.4M | -$18.5M | -$21.2M | -$22.6M | -$11.2M | -$3.0M |
| EPS | $-252000.00 | $-140400.00 | $-44584.00 | $-35426.00 | $-12306.00 | $-7704.00 | $-6840.00 | $-6420.00 | $-501.60 | $-6.45 |
| EPS (Diluted) | $-252000.00 | $-140400.00 | $-44584.00 | $-35426.00 | $-12306.00 | $-7704.00 | $-6840.00 | $-6420.00 | $-501.60 | $-6.45 |
| Shares Outstanding (Diluted) | $48 | $106 | $168 | $227 | $1009 | $2479 | $3126 | $3545 | $36913 | $2.2M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $81000 | $666000 | $778000 | $336000 |
| Gross Profit | $17000 | $121000 | $143000 | $79000 |
| Operating Income | -$992000 | -$1.1M | -$246000 | -$418000 |
| EBITDA | -$990500 | -$1.1M | -$245000 | -$417000 |
| Net Income | -$988000 | -$611000 | -$197000 | -$405000 |
| EPS | $-1.31 | $-2.21 | $-0.04 | $-0.08 |
| EPS (Diluted) | $-1.31 | $-2.21 | $-0.04 | $-0.08 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $16.5M | $23.9M | $17.5M | $11.9M | $33.4M | $36.6M | $18.3M | $3.4M | $3.1M | $3.5M |
| Short-term Investments | $132000 | $132000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $2.1M | $1.5M | $1.5M | $1.3M | $1.3M | $4.3M | $4.7M | $2.9M | $237000 | $1.3M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $1.4M |
| Total Current Assets | $19.6M | $26.0M | $19.8M | $14.0M | $35.5M | $40.9M | $24.4M | $7.4M | $3.7M | $6.3M |
| Property, Plant & Equipment | $45000 | $29000 | $36000 | $1.3M | $1.3M | $94000 | $174000 | $102000 | $7000 | $149000 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $1.6M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $19.7M | $26.0M | $19.8M | $15.3M | $36.8M | $43.1M | $28.1M | $8.8M | $4.1M | $8.2M |
| Accounts Payable | $2.5M | $1.6M | $2.7M | $890000 | $514000 | $2.1M | $2.6M | $3.5M | $4.6M | $617000 |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $5.3M | $4.1M | $4.5M | $2.4M | $2.5M | $5.4M | $7.5M | $8.2M | $6.3M | $1.3M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $5.4M | $4.2M | $4.6M | $3.6M | $3.5M | $5.4M | $7.6M | $8.2M | $6.3M | $1.3M |
| Retained Earnings | -$335.0M | -$342.5M | -$349.8M | -$357.6M | -$366.1M | -$384.5M | -$405.7M | -$428.3M | -$439.5M | -$454.4M |
| Total Equity | $14.3M | $21.8M | $15.3M | $11.7M | $33.3M | $37.7M | $20.4M | $607000 | -$2.2M | $6.8M |
| Total Debt | 0 | 0 | 0 | $1.2M | $1.1M | $30000 | $106000 | $37000 | 0 | $2000 |
| Net Debt | -$16.7M | -$24.0M | -$17.5M | -$10.7M | -$32.3M | -$36.5M | -$18.2M | -$3.3M | -$3.1M | -$3.5M |
| Working Capital | $14.4M | $21.9M | $15.3M | $11.6M | $33.0M | $35.5M | $16.9M | -$717000 | -$2.6M | $4.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $3.8M | $3.5M | $3.3M | $3.8M |
| Total Assets | $8.2M | $8.2M | $7.6M | $7.9M |
| Total Liabilities | $1.1M | $1.3M | $804000 | $694000 |
| Total Equity | $7.1M | $6.8M | $6.8M | $7.2M |
| Total Debt | $5000 | $2000 | 0 | 0 |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$11.8M | -$7.5M | -$7.3M | -$7.8M | -$8.4M | -$18.5M | -$21.2M | -$22.6M | -$11.2M | -$3.0M |
| Depreciation & Amortization | $133000 | $32000 | $29000 | $20000 | $20000 | $43000 | $32000 | $31000 | $6000 | $5000 |
| Stock-based Compensation | $782000 | $266000 | $331000 | $466000 | $430000 | $1.2M | $1.5M | $1.5M | $592000 | $2.3M |
| Change in Working Capital | $439000 | $1.2M | -$327000 | $214000 | $124000 | -$1.3M | -$1.2M | $4.9M | $2.6M | -$9.1M |
| Operating Cash Flow | -$10.1M | -$7.5M | -$6.7M | -$9.4M | -$7.9M | -$18.5M | -$20.8M | -$16.1M | -$8.0M | -$4.8M |
| Capital Expenditure | -$3000 | -$13000 | -$39000 | -$10000 | -$96000 | -$27000 | -$7000 | -$6000 | 0 | 0 |
| Acquisitions | $12000 | 0 | 0 | $38000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -$200000 | -$201000 | -$201000 | -$201000 | -$201000 | -$201000 | -$201000 | -$201000 | 0 | -$61000 |
| Free Cash Flow | -$10.1M | -$7.5M | -$6.7M | -$9.5M | -$8.0M | -$18.6M | -$20.8M | -$16.1M | -$8.0M | -$4.8M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$434000 | -$33000 | -$278000 | -$352000 |
| Capital Expenditure | 0 | 0 | -$1000 | 0 |
| Free Cash Flow | -$434000 | -$33000 | -$279000 | -$352000 |
| Dividends Paid | 0 | -$20000 | -$20000 | -$21000 |
| Stock-based Compensation | $6000 | $655000 | $1000 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | -100.0% | | -100.0% | | | | | -89.8% | +1637.2% |
| Net Income Growth (YoY) | | +36.6% | +2.4% | -7.4% | -7.9% | -118.6% | -14.9% | -6.4% | +50.3% | +73.3% |
| EPS Growth (YoY) | | +44.3% | +68.2% | +20.5% | +65.3% | +37.4% | +11.2% | +6.1% | +92.2% | +98.7% |
| Shares Change (YoY) | | +122.8% | +58.5% | +35.0% | +345.1% | +145.7% | +26.1% | +13.4% | +941.3% | +5819.5% |
| FCF Growth (YoY) | | +25.7% | +10.0% | -40.3% | +15.1% | -131.2% | -12.2% | +22.6% | +50.4% | +40.3% |
| Gross Margin | -1024.2% | | -2784.7% | | | | | 100.0% | 100.0% | 18.5% |
| Operating Margin | -1678.5% | | -6365.3% | | | | | -6060.2% | -27916.3% | -1128.1% |
| EBITDA Margin | -1662.8% | | -6346.0% | | | | | -6052.9% | -27902.3% | -1127.4% |
| Net Margin | -1398.7% | | -4858.7% | | | | | -5370.2% | -26074.4% | -401.3% |
| FCF Margin | -1196.0% | | -4493.3% | | | | | -3837.6% | -18581.4% | -638.6% |
| Effective Tax Rate | -14.4% | -11.7% | -15.5% | -14.2% | 12.8% | 16.8% | 18.2% | 11.7% | 6.5% | -0.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-211944.26 | $-70696.53 | $-40125.24 | $-41717.59 | $-7958.37 | $-7489.71 | $-6664.75 | $-4546.69 | $-216.45 | $-2.18 |
| Dividends Per Share | $4204.41 | $1896.44 | $1196.61 | $886.67 | $199.21 | $81.08 | $64.30 | $56.70 | $0.00 | $0.03 |
| Shares Outstanding (Basic) | $48 | $106 | $168 | $227 | $1009 | $2479 | $3126 | $3545 | $36913 | $2.2M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | -31.60% |
| Return on Invested Capital | -38.23% |
| Return on Assets | -28.02% |
| Gross Margin | 19.34% |
| Operating Margin | -147.13% |
| Net Margin | -118.27% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 8.63 |
| Piotroski F-Score | 3 |
| Altman Z-Score | -78.86 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | -0.01 | -0.23 |
| P/B | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.04 | -0.10 | 0.47 |
| P/S | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.05 | 5.17 | 4.33 |
| Gross Margin | -1024.2% | 0.0% | -2784.7% | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% | 100.0% | 18.5% |
| Operating Margin | -1678.5% | 0.0% | -6365.3% | 0.0% | 0.0% | 0.0% | 0.0% | -6060.2% | -27916.3% | -1128.1% |
| Net Margin | -1398.7% | 0.0% | -4858.7% | 0.0% | 0.0% | 0.0% | 0.0% | -5370.2% | -26074.4% | -401.3% |