Detailed financial statements for Bridgeline Digital, Inc. (BLIN): 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.
Bridgeline Digital, Inc. operates as a marketing technology company in the United States, Canada, and internationally. The company offers HawkSearch, a site search, recommendation, and personalization application for marketers, and developers; Celebros Search, a commerce-oriented site search product that provides natural language processing with artificial intelligence; and Woorank, a Search Engine Optimization (SEO) audit tool that generates an instant performance audit of t...
Analysis Summary
Bridgeline Digital, Inc. reported revenue of $15.4M in the most recent fiscal year, growing at a 5-year CAGR of 7.1%.
Trailing-twelve-month margins: gross margin 63.9%, operating margin -9.5%, net margin -8.6%.
At the current price of $0.86, BLIN has negative trailing earnings (P/E not meaningful) and an ROE of -26.32%. Market capitalisation stands at $11M.
Balance sheet quality for BLIN: current ratio of 0.7, net cash position of $1.2M. 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 | $15.9M | $16.3M | $13.6M | $10.0M | $10.9M | $13.3M | $16.8M | $15.9M | $15.4M | $15.4M |
| Cost of Revenue | $7.3M | $7.2M | $6.7M | $5.4M | $4.5M | $4.5M | $5.1M | $5.0M | $4.9M | $5.1M |
| Gross Profit | $8.6M | $9.1M | $6.8M | $4.6M | $6.4M | $8.7M | $11.7M | $10.9M | $10.4M | $10.2M |
| Research & Development | $1.6M | $1.6M | $1.6M | $2.2M | $1.6M | $2.4M | $3.2M | $3.7M | $4.2M | $4.0M |
| Selling, General & Admin | $8.4M | $8.1M | $6.8M | $8.1M | $5.1M | $5.1M | $8.6M | $7.9M | $7.0M | $7.6M |
| Operating Expenses | $12.2M | $10.5M | $13.8M | $15.7M | $8.0M | $9.9M | $13.6M | $20.8M | $12.5M | $12.7M |
| Operating Income | -$3.5M | -$1.4M | -$7.0M | -$11.1M | -$1.6M | -$1.2M | -$1.9M | -$9.9M | -$2.0M | -$2.4M |
| EBITDA | -$947000 | -$744000 | -$6.4M | -$8.3M | $1.3M | $1.3M | -$125000 | -$7.8M | -$831000 | -$1.6M |
| Interest Expense | $914000 | $201000 | $394000 | $534000 | $7000 | $883000 | 0 | $189000 | $61000 | $126000 |
| Pre-tax Income | -$7.9M | -$1.6M | -$7.2M | -$9.5M | $337000 | -$7.9M | $2.2M | -$9.5M | -$2.0M | -$2.6M |
| Income Tax | -$47000 | $16000 | -$3000 | $4000 | $11000 | -$1.2M | $30000 | -$94000 | -$43000 | -$39000 |
| Net Income | -$7.8M | -$1.6M | -$7.2M | -$9.5M | $326000 | -$6.7M | $2.1M | -$9.4M | -$2.0M | -$2.5M |
| EPS | $-206.66 | $-19.31 | $-85.38 | $-7.90 | $0.09 | $-1.13 | $0.21 | $-0.91 | $-0.19 | $-0.25 |
| EPS (Diluted) | $-206.66 | $-19.31 | $-85.38 | $-7.90 | $0.09 | $-1.13 | $0.21 | $-0.91 | $-0.19 | $-0.25 |
| Shares Outstanding (Diluted) | $37860 | $82942 | $84548 | $1.2M | $3.6M | $5.9M | $10.4M | $10.4M | $10.4M | $11.2M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $3.9M | $3.9M | $3.9M | $3.9M |
| Gross Profit | $2.5M | $2.6M | $2.3M | $2.5M |
| Operating Income | -$482000 | -$171000 | -$367000 | -$470000 |
| EBITDA | -$509000 | $109000 | -$240000 | -$291000 |
| Net Income | -$365000 | -$86000 | -$432000 | -$468000 |
| EPS | $-0.03 | $-0.01 | $-0.04 | $-0.04 |
| EPS (Diluted) | $-0.03 | $-0.01 | $-0.04 | $-0.04 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $661000 | $748000 | $644000 | $296000 | $861000 | $8.9M | $2.9M | $2.4M | $1.4M | $1.6M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $2.5M | $3.0M | $1.7M | $979000 | $665000 | $1.4M | $1.2M | $1.0M | $1.3M | $1.5M |
| Inventory | 0 | 0 | 0 | $351000 | $268000 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $3.6M | $4.1M | $2.8M | $1.7M | $1.9M | $10.4M | $4.3M | $3.7M | $2.9M | $3.5M |
| Property, Plant & Equipment | $512000 | $209000 | $80000 | $299000 | $532000 | $733000 | $857000 | $541000 | $237000 | $180000 |
| Goodwill | $12.6M | $12.6M | $7.8M | $5.6M | $5.6M | $16.0M | $16.0M | $8.5M | $8.5M | $8.5M |
| Intangible Assets | $548000 | $263000 | $20000 | $3.5M | $2.6M | $7.8M | $6.3M | $4.9M | $3.9M | $3.2M |
| Total Assets | $17.7M | $17.6M | $11.0M | $11.2M | $10.7M | $35.0M | $27.5M | $17.6M | $15.6M | $15.3M |
| Accounts Payable | $1.3M | $1.2M | $1.6M | $1.7M | $1.3M | $974000 | $972000 | $1.3M | $1.1M | $1.7M |
| Short-term Debt | 0 | 0 | $1.0M | 0 | $88000 | $893000 | $429000 | $267000 | $282000 | $156000 |
| Total Current Liabilities | $3.7M | $3.6M | $3.8M | $3.8M | $3.6M | $8.3M | $4.8M | $4.7M | $4.7M | $5.0M |
| Long-term Debt | $2.1M | $2.5M | $2.6M | 0 | 0 | $1.2M | $588000 | $435000 | $244000 | $170000 |
| Total Liabilities | $6.2M | $6.3M | $6.6M | $7.4M | $6.3M | $17.4M | $7.2M | $6.2M | $5.6M | $5.8M |
| Retained Earnings | -$52.4M | -$54.2M | -$61.8M | -$71.5M | -$73.6M | -$82.3M | -$80.1M | -$89.6M | -$91.5M | -$94.1M |
| Total Equity | $11.5M | $11.3M | $4.4M | $3.8M | $4.4M | $17.6M | $20.4M | $11.5M | $10.0M | $9.6M |
| Total Debt | $2.2M | $2.5M | $3.6M | 0 | $382000 | $2.6M | $1.6M | $1.1M | $689000 | $460000 |
| Net Debt | $1.5M | $1.8M | $2.9M | -$296000 | -$479000 | -$6.3M | -$1.2M | -$1.3M | -$701000 | -$1.2M |
| Working Capital | -$120000 | $499000 | -$930000 | -$2.2M | -$1.7M | $2.1M | -$508000 | -$1.1M | -$1.8M | -$1.5M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $1.6M | $1.5M | $1.4M | $1.5M |
| Total Assets | $15.3M | $15.7M | $15.3M | $15.3M |
| Total Liabilities | $5.8M | $6.2M | $6.1M | $6.4M |
| Total Equity | $9.6M | $9.6M | $9.2M | $8.9M |
| Total Debt | $460000 | $723000 | $665000 | $882000 |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$7.8M | -$1.6M | -$7.2M | -$9.5M | $326000 | -$6.7M | $2.1M | -$9.4M | -$2.0M | -$2.5M |
| Depreciation & Amortization | $1.7M | $641000 | $413000 | $649000 | $968000 | $1.2M | $1.6M | $1.6M | $1.1M | $794000 |
| Stock-based Compensation | $320000 | $559000 | $491000 | $249000 | $194000 | $607000 | $478000 | $571000 | $558000 | $582000 |
| Change in Working Capital | -$580000 | -$632000 | $313000 | $2.5M | $2000 | -$880000 | -$34000 | $707000 | -$333000 | $91000 |
| Operating Cash Flow | -$2.7M | -$940000 | -$1.1M | -$4.2M | -$498000 | -$989000 | -$134000 | $277000 | -$765000 | -$1.1M |
| Capital Expenditure | -$165000 | -$93000 | -$50000 | -$31000 | 0 | -$109000 | -$195000 | -$25000 | -$29000 | -$18000 |
| Acquisitions | 0 | 0 | 0 | -$5.7M | 0 | -$4.4M | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$331000 |
| Dividends Paid | 0 | 0 | -$195000 | -$315000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$2.8M | -$1.0M | -$1.2M | -$4.2M | -$498000 | -$1.1M | -$329000 | $252000 | -$794000 | -$1.1M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$345000 | -$39000 | -$40000 | $155000 |
| Capital Expenditure | -$6000 | -$17000 | -$7000 | -$16000 |
| Free Cash Flow | -$351000 | -$56000 | -$47000 | $139000 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $94000 | $78000 | $131000 | $120000 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +2.5% | -16.7% | -26.7% | +9.6% | +21.6% | +26.8% | -5.6% | -3.3% | +0.2% |
| Net Income Growth (YoY) | | +79.5% | -350.6% | -31.2% | +103.4% | -2151.8% | +132.1% | -539.9% | +79.2% | -28.4% |
| EPS Growth (YoY) | | +90.7% | -342.2% | +90.7% | +101.2% | -1332.3% | +118.6% | -533.3% | +79.1% | -31.6% |
| Shares Change (YoY) | | +119.1% | +1.9% | +1318.5% | +196.4% | +67.0% | +74.6% | +0.6% | -0.1% | +7.8% |
| FCF Growth (YoY) | | +63.7% | -12.7% | -263.7% | +88.2% | -120.5% | +70.0% | +176.6% | -415.1% | -41.3% |
| Gross Margin | 54.2% | 56.1% | 50.3% | 46.1% | 58.7% | 65.8% | 69.6% | 68.4% | 67.9% | 66.6% |
| Operating Margin | -22.3% | -8.5% | -51.5% | -111.2% | -15.1% | -8.9% | -11.3% | -62.4% | -13.1% | -15.8% |
| EBITDA Margin | -6.0% | -4.6% | -47.3% | -83.3% | 12.0% | 10.1% | -0.7% | -49.0% | -5.4% | -10.6% |
| Net Margin | -49.2% | -9.8% | -53.2% | -95.2% | 3.0% | -50.4% | 12.8% | -59.4% | -12.8% | -16.4% |
| FCF Margin | -17.9% | -6.3% | -8.6% | -42.5% | -4.6% | -8.3% | -2.0% | 1.6% | -5.2% | -7.3% |
| Effective Tax Rate | 0.6% | -1.0% | 0.0% | -0.0% | 3.3% | 14.9% | 1.4% | 1.0% | 2.1% | 1.5% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-75.20 | $-12.45 | $-13.77 | $-3.53 | $-0.14 | $-0.18 | $-0.03 | $0.02 | $-0.08 | $-0.10 |
| Dividends Per Share | $0.00 | $0.00 | $2.31 | $0.26 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $37860 | $82942 | $84548 | $1.2M | $3.6M | $5.9M | $10.2M | $10.4M | $10.4M | $11.2M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -26.32% |
| Return on Invested Capital | -22.63% |
| Return on Assets | -16.43% |
| Gross Margin | 63.92% |
| Operating Margin | -9.54% |
| Net Margin | -8.65% |
Financial Health
| Debt / Equity | 0.10 |
| Current Ratio | 0.61 |
| Piotroski F-Score | 4 |
| Altman Z-Score | -6.68 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -0.96 | -7.43 | -0.57 | -0.24 | 20.28 | -3.64 | 6.24 | -0.91 | -6.05 | -5.28 |
| P/B | 0.65 | 1.06 | 0.94 | 0.60 | 1.52 | 1.39 | 0.66 | 0.76 | 1.20 | 1.55 |
| P/S | 0.47 | 0.73 | 0.31 | 0.23 | 0.61 | 1.84 | 0.80 | 0.54 | 0.78 | 0.96 |
| Gross Margin | 54.2% | 56.1% | 50.3% | 46.1% | 58.7% | 65.8% | 69.6% | 68.4% | 67.9% | 66.6% |
| Operating Margin | -22.3% | -8.5% | -51.5% | -111.2% | -15.1% | -8.9% | -11.3% | -62.4% | -13.1% | -15.8% |
| Net Margin | -49.2% | -9.8% | -53.2% | -95.2% | 3.0% | -50.4% | 12.8% | -59.4% | -12.8% | -16.4% |