BNB PLUS CORP.

Listed Company

BNBXCIK 0000744452NasdaqNon-AcceleratedSmaller ReportingServices-Testing LaboratoriesDelawareFY ends Sep 30

Period

FY 2025

Revenue

—

Net Income

$-15.16M

Total Assets

$4.44M

Equity

$2.30M

Shares Out

5.45M

Op. Cash Flow

$-12.24M

Business

BNB PLUS CORP. is a digital asset treasury company that has adopted BNB as its primary reserve asset while also commercializing nucleic acid production solutions through its LineaRx subsidiary. It offers BNB-focused treasury management and yield-generation activities (staking, liquid staking, liquidity provision, collateralization) and therapeutic DNA production solutions including LineaDNA, LineaRNAP and the integrated LineaIVT platform. The company operates through two principal businesses: a BNB digital asset treasury (DAT) strategy and a Therapeutic DNA Production Services segment (LineaRx). It distributes products and services directly to customers and via licensing or fee-for-service manufacturing to biopharmaceutical, diagnostics and DeFi counterparties across U.S. and international channels.

Summary from filing dated 2025-12-22

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Total revenues	2	2	13	18	9
Cost of product revenues	1	1	8	13	5
Gross profit	838,907	974,840	6	5	4
Selling, general and administrative	11	11	13	15	13
Research and development	6	4	4	4	4
Total operating expenses	17	15	16	19	18
LOSS FROM OPERATIONS	−16	−14	−11	−14	−13
Interest income	192,915	120,482	75,332	—	—
Transaction costs allocated to warrant liabilities	—	−633,198	—	−2	—
Unrealized gain on change in fair value of warrants classified as a liability	319,630	9	854,400	18	0
Unrealized loss on change in fair value of warrants classified as a liability-warrant modification	—	−394,000	—	—	—
Loss on issuance of warrants	—	−2	—	−11	0
Other expense, net	−106,580	−8,877	642	−47,305	−8,756
Loss before provision for income taxes	−16	−7	−10	−8	−14
Income tax provision benefit	684,115	0	0	0	0
Net loss from continuing operations	−15	−7	—	—	—
Net loss from discontinued operations, net of tax	−392,731	−300,499	—	—	—
NET LOSS	−15	−7	−10	−8	−14
Less: Net loss attributable to noncontrolling interest	188,522	95,785	75,857	2,168	−8,003
NET LOSS attributable to BNB Plus Corp.	−15	−7	−10	−8	−14
Deemed dividend related to warrant modifications	−54	−233,087	—	110,105	—
NET LOSS attributable to common stockholders	−69	−7	−10	−8	−14
Net loss per share attributable to common stockholders-continuing operations - basic (in dollars per share)	−133.47	−1,310	—	—	—
Net loss per share attributable to common stockholders-continuing operations - diluted (in dollars per share)	−133.47	−1,310	—	—	—
Net loss per share attributable to common stockholders-discontinued operations - basic (in dollars per share)	−0.76	−56.83	—	—	—
Net loss per share attributable to common stockholders-discontinued operations - diluted (in dollars per share)	−0.76	−56.83	—	—	—
Net loss income per share attributable to common stockholders - basic (in dollars per share)	−134.23	−1,366	−15.21	−0.93	−2.07
Net loss income per share attributable to common stockholders - diluted (in dollars per share)	−134.23	−1,366	−15.21	−0.93	−2.07
Weighted average shares outstanding- basic (in shares)	517,671	5,288	653,771	9	7
Weighted average shares outstanding- diluted (in shares)	517,671	5,288	653,771	9	7

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-11-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30
Cash and cash equivalents	2	10	6	7	15
Accounts receivable, net of allowance for credit losses of $0 and $75,000 at September 30, 2025 and 2024, respectively	237,400	—	328,252	255,502	3
Inventories	84,102	—	432,725	330,027	602,244
Prepaid expenses and other current assets	242,153	—	756,185	389,241	1
Current assets of discontinued operations	6,971	—	678,146	—	—
Total current assets	2	—	8	8	20
Property and equipment, net	242,720	—	458,895	838,270	2
Noncurrent assets of discontinued operations	—	—	94,337	—	—
Restricted cash	750,000	—	750,000	750,000	—
Security deposit	2,977	—	—	—	—
Intangible assets	—	—	3	3	—
Operating right of use asset	193,249	—	739,162	1	—
Deferred offering costs	1	—	—	—	—
Total assets	4	—	13	14	22
Accounts payable and accrued liabilities	2	—	2	2	4
Operating lease liability, current	193,250	—	545,912	498,598	—
Deferred revenue	12,285	—	58,785	76,435	563,557
Current liabilities of discontinued operations	—	—	56,061	—	—
Total current liabilities	2	—	2	3	4
Long term accrued liabilities	31,467	—	31,467	31,467	31,467
Deferred revenue, long term	—	—	194,000	194,000	—
Operating lease liability, long term	—	—	193,249	739,162	—
Deferred tax liability, net	—	—	684,115	684,115	—
Warrants classified as a liability	370	—	320,000	4	5
Total liabilities	2	—	4	9	9
Commitments and contingencies (Note G)	—	—	—	—	—
Preferred stock, par value $0.001 per share; 10,000,000 shares authorized; -0- shares issued and outstanding as of September 30, 2025 and 2024	—	—	—	—	0
Common stock, par value $0.001 per share; 200,000,000 shares authorized as of September 30, 2025 and 2024; 1,662,601 and 13,755 shares issued and outstanding as of September 30, 2025 and 2024, respectively	1,663	—	14	683	12,909
Additional paid in capital	381	—	319	307	305
Accumulated deficit	−379	—	−310	−302	−293
BNB Plus Corp., Inc. stockholders' equity	2	—	9	5	13
Noncontrolling interest	−363,054	—	−174,532	−78,747	−2,890
Total equity	2	—	9	5	13
Total liabilities and equity	4	—	13	14	22

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Depreciation and amortization	384,165	432,595	1	1	844,438
Deferred income tax benefit	−684,115	—	—	—	—
Impairment of intangible asset	3	—	—	—	—
Loss on write-off of property and equipment	145,131	—	62,000	—	—
Unrealized gain on change in fair value of warrants classified as a liability	−319,630	−9	−854,400	—	—
Transaction costs allocated to warrant liabilities	—	633,198	—	—	—
Shares issued Spindle earnout	—	17,112	—	—	—
Stock-based compensation	102,021	572,293	1	3	2
Bad debt expense	6,465	—	−239,043	269,451	28,629
Accounts receivable	−5,613	−115,286	3	−532,957	−3
Inventories	348,623	−118,591	272,217	767,689	−872,566
Prepaid expenses, other current assets and deposits	511,055	−391,687	767,812	−493,220	30,415
Accounts payable and accrued liabilities	−516,716	−412,172	−1	930,497	94,711
Deferred revenue	43,500	−17,650	−293,122	282,557	−230,036
Net cash used in operating activities from continuing operations	−12	−14	—	—	—
Purchase of property and equipment	−313,121	−407,904	−78,448	−489,553	−3
Net cash used in investing activities from continuing operations	−313,121	−407,904	—	—	—
Net proceeds from exercise of warrants	3	394	—	4	3
Capitalized offering costs	−166,341	—	—	—	—
Net proceeds from issuance of common stock and pre-funded warrants	6	13	—	—	—
Net cash provided by financing activities from continuing operations	8	13	—	18	15
Cash used in operating activities	−276,041	−121,182	—	—	—
Cash provided by investing activities	21,000	0	—	—	—
Net cash used in discontinued operations	−255,041	−121,182	—	—	—
Net decrease in cash, cash equivalents and restricted cash	−5	−720,705	−7	9	−1
Cash paid during period for income taxes	2	7	—	0	0
Transaction costs included in accounts payable	843,728	—	—	—	—
Deemed dividend warrant modifications	54	233,087	—	110,105	0
Warrants issued, cashlessly	1,314	—	—	26	0
Property and equipment acquired and included in accounts payable	—	3,484	—	0	181,807

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