BNB Standard Corp is a US-listed company in the internet services & infrastructure industry. Its financial year ends in April.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to July 2026 was $29m, up 937.2% on a year earlier, faster than the 215.1% growth a quarter earlier.
Our model value for BNB Standard is under review, so past values are not shown until it is resolved.
Source: 10-Q filed September 11, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Current signal Net margin expanding: TTM net margin reached 378.3%, up 129.2pp year over year.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
No model value for BNB Standard Corp at the moment. Current status: data-quality checks not passed. Available reported financials are shown below.
Weak moat
How hard BNB Standard's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Cash operating profit has been a median -32.5% of total assets over 10 years.
Gross margin has been a median 22.8%, moving by 9.7 percentage points (standard deviation) across 10 years.
Operating margin has been a median -32.5%; its worst year was -604.1%.
The diluted share count fell 96.5% over five years; stock-based pay has been a median 3.8% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (36 before it).
Next results: December 11, 2026, after the close.
No analyst estimates are published for BNB Standard Corp: too few analysts cover it.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| BNC | −9% | −83% | −35% | +24% | −21% | −27% |
| Industry peers (median) | +13% | −80% | +46% | −17% | −10% | −30% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| BNC | 33% | 42% | 50% | 50% | 33% | 27% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| BNC | −84% | −89% | −58% | −41% | −92% | −69% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 100% from January 23, 2018 to June 10, 2026. Getting back needed a 42141% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| September 11, 2026 | +5.6% | +0.4% | +19.8% | +4.2% |
| June 23, 2026 | +28.4% | −1.5% | +29.8% | +36.5% |
| March 16, 2026 | 0.0% | +1.3% | −2.5% | −14.1% |
| December 16, 2025 | −0.3% | −1.4% | −4.3% | −1.4% |
| September 23, 2025 | +1.4% | −0.9% | 0.0% | −5.6% |
| November 14, 2018 | −5.2% | +0.4% | −7.0% | −37.4% |
| April 7, 2017 | −4.6% | 0.0% | −2.1% | −22.6% |
| April 13, 2016 | −27.9% | +1.0% | −20.2% | −24.0% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q2 | $12.9M |
| FY23 Q3 | $11.3M |
| FY23 Q4 | $14.2M |
| FY24 Q1 | $12.3M |
| FY24 Q2 | $8.1M |
| FY24 Q3 | $6.9M |
| FY24 Q4 | $2.7M |
| FY25 Q1 | $8.6M |
| FY25 Q2 | $15.1M |
| FY25 Q3 | $21.8M |
| FY25 Q4 | $28M |
| FY27 Q1 | $29M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q1 | -3.2% |
| FY23 Q2 | -7.8% |
| FY23 Q3 | -17.3% |
| FY23 Q4 | 9.3% |
| FY24 Q1 | 6.5% |
| FY24 Q2 | -36.9% |
| FY24 Q3 | -38.8% |
| FY24 Q4 | -81.0% |
| FY25 Q1 | -30.0% |
| FY25 Q2 | 86.1% |
| FY25 Q3 | 215.1% |
| FY25 Q4 | 937.2% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q2 | -42.0% |
| FY23 Q3 | -50.7% |
| FY23 Q4 | -32.1% |
| FY24 Q1 | -28.5% |
| FY24 Q2 | -39.9% |
| FY24 Q3 | -42.7% |
| FY24 Q4 | -136.4% |
| FY25 Q1 | -40.2% |
| FY25 Q2 | -22.4% |
| FY25 Q3 | -15.7% |
| FY25 Q4 | -13.0% |
| FY27 Q1 | -604.1% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY17 Q2 | -5.6% |
| FY17 Q3 | 1.1% |
| FY19 Q1 | -27.7% |
| FY19 Q2 | -25.0% |
| FY19 Q3 | -32.5% |
| FY22 Q2 | -11.2% |
| FY22 Q3 | -24.0% |
| FY22 Q4 | -27.4% |
| FY23 Q1 | -29.2% |
| FY23 Q2 | -17.6% |
| FY23 Q3 | -28.5% |
| FY27 Q1 | -108.4% |
| Fiscal year | 2012 Nov 2011 | 2013 Dec 2012 | 2014 Dec 2013 | 2015 Dec 2014 | 2016 Dec 2015 | 2017 Dec 2016 | 2018 Dec 2017 | 2019 Dec 2018 | 2020 Dec 2019 | 2021 Dec 2020 | 2022 Dec 2021 | 2023 Dec 2022 | 2024 Dec 2023 | 2025 Dec 2024 | LTM Jul 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||||||
| Revenue | 0 | 0 | 0 | 2 | 8 | 8 | 7 | 10 | 15 | 9 | 14 | 11 | 7 | 3 | 29 |
| Gross profit | 0 | 0 | 0 | 0 | 1 | 2 | 2 | 2 | 5 | 2 | 3 | 1 | 1 | −0 | 8 |
| EBITDA | −2 | −1 | −0 | −3 | −3 | −0 | −4 | −5 | −1 | −2 | −2 | −6 | −3 | −3 | −174 |
| Operating income | −2 | −1 | −0 | −3 | −3 | −1 | −4 | −5 | −1 | −2 | −2 | −6 | −3 | −3 | −175 |
| Net income | −2 | −1 | −0 | −3 | −5 | −3 | −5 | −5 | −1 | −2 | −1 | −5 | −3 | −3 | 110 |
| Diluted EPS | −$36.00 | −$18.00 | $0.00 | −$54.00 | −$72.00 | −$36.00 | −$54.00 | −$39.60 | −$18.00 | −$13.44 | −$27.96 | −$10.08 | −$4.33 | −$4.22 | — |
| Growth (year on year) | |||||||||||||||
| Revenue | — | −67.0% | −83.9% | +>999% | +327.7% | −3.6% | −4.9% | +32.9% | +58.9% | −44.1% | +60.2% | −17.3% | −38.8% | −59.4% | — |
| Margins | |||||||||||||||
| Gross margin | 100.0% | 100.0% | 100.0% | 16.5% | 12.0% | 30.4% | 26.5% | 25.6% | 29.9% | 18.2% | 21.5% | 10.1% | 7.8% | −7.8% | 29.2% |
| EBITDA margin | <−999% | <−999% | <−999% | −172.0% | −38.7% | −6.3% | −58.2% | −48.6% | −7.5% | −26.3% | −14.0% | −50.4% | −42.3% | −112.4% | −601.0% |
| Operating margin | <−999% | <−999% | <−999% | −173.6% | −39.6% | −7.0% | −58.8% | −50.3% | −8.6% | −27.7% | −14.5% | −50.7% | −42.7% | −113.1% | −604.1% |
| Net margin | <−999% | <−999% | <−999% | −162.7% | −67.3% | −43.2% | −68.2% | −49.5% | −8.8% | −20.7% | −9.8% | −48.7% | −42.1% | −112.2% | 378.3% |
| Free-cash-flow margin | — | — | — | — | −22.2% | 1.1% | −34.0% | −32.5% | 4.4% | 9.5% | −24.0% | −28.5% | −88.7% | −109.0% | −108.4% |
| Cash flow | |||||||||||||||
| Cash from operations | −0 | −0 | 0 | −2 | −2 | 0 | −2 | −3 | 1 | 1 | −3 | −3 | −6 | −3 | −31 |
| Capital spending | — | — | — | — | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | — | — | — | — | −2 | 0 | −2 | −3 | 1 | 1 | −3 | −3 | −6 | −3 | −31 |
| Stock-based pay | 1 | — | — | 1 | 0 | 0 | 2 | 2 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow after stock pay | — | — | — | — | −2 | 0 | −5 | −5 | −0 | 1 | −4 | −4 | −6 | −3 | −32 |
| Balance sheet | |||||||||||||||
| Cash | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 7 |
| Total debt | — | 0 | 0 | 3 | 3 | — | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 19 |
| Net debt (negative = net cash) | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 12 |
| Diluted shares | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Returned to shareholders | |||||||||||||||
| Buybacks | — | — | — | — | — | — | — | 0 | — | — | — | — | — | — | 21 |
| Total returned | — | — | — | — | — | — | — | 0 | — | — | — | — | — | — | 21 |
| Quarter | 2025 Q1 Jul 2024 | 2025 Q2 Oct 2024 | 2025 Q3 Jan 2025 | 2025 Q4 Apr 2025 | 2026 Q2 Oct 2025 | 2026 Q3 Jan 2026 | 2026 Q4 Apr 2026 | 2027 Q1 Jul 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 |
| Gross profit | — | 3 | 2 | 0 | 2 | 2 | 3 | 2 |
| EBITDA | — | — | — | −1 | 90 | −164 | −79 | −21 |
| Operating income | — | — | — | −1 | 90 | −164 | −79 | −21 |
| Net income | — | — | — | 1 | 284 | −107 | −56 | −11 |
| Diluted EPS | — | — | — | $404.20 | $5.15 | −$1.92 | −$1.50 | −$0.22 |
| Growth (year on year) | ||||||||
| Revenue | +554.1% | +714.0% | +>999% | +>999% | −3.9% | +6.2% | +10.1% | — |
| Net income | — | — | — | — | — | — | <−999% | — |
| Diluted EPS | — | — | — | — | — | — | −100.4% | — |
| Margins | ||||||||
| Gross margin | — | 38.3% | 25.5% | 0.7% | 29.3% | 24.0% | 36.0% | 27.4% |
| EBITDA margin | — | — | — | −20.6% | >999% | <−999% | <−999% | −294.1% |
| Operating margin | — | — | — | −20.6% | >999% | <−999% | <−999% | −296.3% |
| Net margin | — | — | — | 8.5% | >999% | <−999% | −761.5% | −159.1% |
| Free-cash-flow margin | — | — | — | — | −312.5% | −109.0% | 74.6% | −92.1% |
| Cash flow | ||||||||
| Cash from operations | — | — | — | −1 | −22 | −8 | 5 | −6 |
| Capital spending | — | — | — | — | 0 | 0 | −0 | 0 |
| Free cash flow | — | — | — | — | −22 | −8 | 5 | −7 |
| Stock-based pay | — | — | — | 0 | 5 | −5 | 0 | 0 |
| Free cash flow after stock pay | — | — | — | — | −27 | −3 | 5 | −7 |
| Last 12 months unless stated | BNC | BGDE | ORBS | SLNH | MCHX | BTCS | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $29m | $27m | $25m | $42m | $44m | $17m | $165m |
| Revenue growth, last 12 months | 937.2% | −46.0% | −42.7% | 50.9% | −7.5% | 120.9% | 10.1% |
| Revenue growth, 3-year average | 36.0% | −24.4% | −24.0% | 38.9% | −4.3% | 133.1% | 8.2% |
| Revenue growth, latest quarter | 10.1% | −35.5% | −72.7% | 144.6% | −5.6% | −11.9% | 5.7% |
| Gross margin | 29.2% | 36.9% | −4.8% | 1.4% | 61.2% | 26.9% | 48.6% |
| Operating margin | −604.1% | −101.3% | −306.2% | −127.0% | −11.4% | <−999% | −62.7% |
| Operating margin, 3-year average | −224.3% | −75.2% | −112.8% | −120.0% | −10.2% | <−999% | −30.2% |
| Net margin | 378.3% | −80.7% | <−999% | −185.9% | −12.4% | −746.3% | −47.1% |
| Cash from operations / revenue | −107.9% | −90.5% | −83.6% | −46.2% | −1.7% | −47.0% | −14.5% |
| Free-cash-flow margin | −108.4% | −90.9% | −83.6% | −117.2% | −4.5% | −47.0% | −29.5% |
| Free-cash-flow margin, 3-year average | −53.6% | −30.5% | — | −73.4% | −4.2% | −114.5% | −30.5% |
| Stock pay / revenue | 0.5% | 25.6% | 62.7% | 62.9% | 5.4% | 1.1% | 11.9% |
| Change in share count | 2.2% | 0.0% | — | 27.8% | — | 135.1% | 3.9% |
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Vanguard Capital Management LLC | $5.2M | 1.9M | 23.9% | ▼ 0.1% |
| Brevan Howard Capital Management LP | $4.1M | 1.5M | 19.1% | ▼ 1.0% |
| Saba Capital Management, L.P. | $3.3M | 1.2M | 15.4% | ▲ 7.2% |
| Blackrock, Inc. | $2.1M | 782K | 9.8% | ▲ 21.5% |
| Geode Capital Management, LLC | $1.3M | 477K | 6.0% | ▼ 8.4% |
| UBS Group AG | $1M | 386K | 4.9% | ▲ 34.5% |
| Arrington Capital Management, LLC | $871,882 | 321K | 4.0% | 0.0% |
| Millennium Management LLC | $806,689 | 297K | 3.7% | ▼ 48.8% |
| Vanguard Fiduciary Trust Co | $706,191 | 260K | 3.3% | ▲ 0.7% |
| State Street Corp | $528,662 | 194K | 2.4% | 0.0% |
| Northern Trust Corp | $258,340 | 95K | 1.2% | ▼ 4.5% |
| Susquehanna International Group, LLP | $214,654 | 79K | 1.0% | ▼ 80.1% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not BNB Standard Corp's complete shareholder register. Values are as reported by the filers .
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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