Revenue generation has completely stalled with a -100% year-over-year decline, while SG&A expenses remain disproportionately high at $3.6 million in 2025Q4 despite the lack of commercial activity.
| Sales/Revenue | 0 | 0 | 105 | 366.44K | 250.31K | 52.96K | 480 | 0 |
| Revenue Growth % | -100% | -100% | -99.97% | 46.4% | 372.66% | 10932.71% | - | - |
| Cost of Goods Sold | 0 | 0 | 464 | 34.84K | 104.27K | 29.38K | 0 | 0 |
| COGS % of Revenue | - | - | 441.9% | 9.51% | 41.66% | 55.47% | - | - |
| Gross Profit | 0 | 0 | -359 | 331.6K | 146.03K | 23.58K | 480 | 0 |
| Gross Margin % | - | - | -341.9% | 90.49% | 58.34% | 44.53% | 100% | - |
| Gross Profit Growth % | - | 100% | -100.11% | 127.07% | 519.26% | 4812.92% | - | - |
| Operating Expenses | 9.15M | 7.85M | 1.49M | 2.31M | 3.28M | 2.16M | 564.43K | 459.3K |
| OpEx % of Revenue | - | - | 1420295.24% | 631.45% | 1310.7% | 4076.38% | 117590% | - |
| Selling, General & Admin | 8.59M | 7.19M | 1.47M | 2.29M | 3.25M | 2.12M | 542.79K | 459.3K |
| SG&A % of Revenue | - | - | 1400262.86% | 624.88% | 1299.69% | 4009.36% | 113081.87% | - |
| Research & Development | 63.38K | 23.59K | 21.03K | 24.07K | 27.56K | 35.49K | 21.64K | 0 |
| R&D % of Revenue | - | - | 20032.38% | 6.57% | 11.01% | 67.02% | 4508.13% | - |
| Other Operating Expenses | 499.39K | 639.33K | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -9.15M | -7.85M | -1.49M | -1.98M | -3.13M | -2.14M | -563.95K | -459.3K |
| Operating Margin % | - | - | -1420637.14% | -540.95% | -1252.35% | -4031.85% | -117490% | - |
| Operating Income Growth % | - | -426.41% | 24.75% | 36.76% | -46.81% | -278.6% | -22.79% | - |
| EBITDA | -15.18M | -14.43M | 50.63B | -1.9M | -3.13M | -2.13M | -563.95K | -459.3K |
| EBITDA Margin % | - | - | 99999900% | -519.36% | -1251.34% | -4031.4% | -117490% | - |
| EBITDA Growth % | -1075.56% | -100.03% | 2660309.36% | 39.24% | -46.71% | -278.56% | -22.79% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 50.63B | 0 | 0 | 0 | 0 | 0 |
| EBIT | -15.18M | -14.43M | -1.11M | -1.9M | -3.13M | -2.13M | -563.95K | -459.3K |
| Net Interest Income | -1.07M | -1.37M | -2.18M | -2.77M | -396.33K | 0 | 0 | 0 |
| Interest Income | 108.43K | 92.84K | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.18M | 1.46M | 2.18M | 2.77M | 396.33K | 0 | 0 | 0 |
| Other Income/Expense | -7.2M | -8.04M | -1.8M | -2.69M | -393.79K | 240 | 0 | 0 |
| Pretax Income | -16.36M | -15.89M | -3.29M | -4.67M | -3.53M | -2.13M | -563.95K | -459.3K |
| Pretax Margin % | - | - | -3131922.86% | -1275.07% | -1409.68% | -4031.4% | -117490% | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -16.36M | -15.89M | -3.29M | -4.67M | -3.53M | -2.13M | -563.95K | -459.3K |
| Net Margin % | - | - | -3131922.86% | -1275.07% | -1409.68% | -4031.4% | -117490% | - |
| Net Income Growth % | -392.34% | -383.21% | 29.62% | -32.42% | -65.28% | -278.56% | -22.79% | - |
| Net Income (Continuing) | -16.36M | -15.89M | -3.29M | -4.67M | -3.53M | -2.13M | -563.95K | -459.3K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -10.75 | -10.48 | -2.48 | -3.52 | -2.72 | -1.60 | -0.43 | -0.35 |
| EPS Growth % | -279.3% | -322.58% | 29.55% | -29.41% | -70% | -272.44% | -22.88% | - |
| EPS (Basic) | - | -10.48 | -2.48 | -3.52 | -2.72 | -1.60 | -0.43 | -0.35 |
| Diluted Shares Outstanding | 1.52M | 1.52M | 1.31M | 1.31M | 1.31M | 1.31M | 1.31M | 1.31M |
| Basic Shares Outstanding | 1.52M | 1.52M | 1.31M | 1.31M | 1.31M | 1.31M | 1.31M | 1.31M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Imminent going concern risk
As reported in recent financial filings, Brag House Holdings experienced a -100% year-over-year revenue decline, signaling a total cessation of commercial activity that renders the company's previous collegiate esports business model effectively dormant and raises significant questions regarding the firm's ability to generate any future top-line growth.
The collapse of revenue to zero in recent quarters suggests that the company's core strategy of monetizing casual collegiate gaming has failed to gain traction. Investors should interpret this trend as a fundamental breakdown in the business model, as there is no evidence of a pivot or new revenue stream replacing the lost tournament and advertising income.
Based on the company's latest income statements, SG&A expenses have persisted at levels as high as $3.6 million per quarter despite the absence of any meaningful revenue, indicating a severe lack of expense discipline relative to the firm's current operational reality and limited liquidity position.
The continued high burn rate in SG&A, even while revenue remains at zero, suggests that the company is maintaining an infrastructure that it can no longer support. This disconnect between overhead and commercial output warrants further investigation into whether management is attempting to preserve a shell for future operations or simply failing to right-size the cost structure.
According to historical income statements, Brag House Holdings has consistently issued stock-based compensation, including $263.4K in 2025Q4, which appears to be a significant non-cash expense that further dilutes shareholders while the underlying business fails to produce any positive net income or sustainable operating cash flow.
The reliance on equity-based incentives during a period of zero revenue suggests a misalignment between management compensation and shareholder value creation. This practice appears to be an attempt to preserve the company's minimal cash reserves, but it ultimately obscures the true cost of maintaining the firm's current, non-productive state.
With cash reserves reported at approximately $222,572, the company's financial statements suggest a precarious liquidity position that may be insufficient to cover ongoing operating expenses, leading to a high probability that the firm will require immediate external financing or face a formal going concern qualification.
The combination of zero revenue and a persistent burn rate implies that the company's current capital structure is unsustainable. Investors should monitor for any signs of emergency debt issuance or further equity dilution, as the current financial trajectory appears to be leading toward insolvency rather than a turnaround.
Quick answers to the most common questions about buying TBH stock.
For fiscal year 2025, Brag House Holdings, Inc. (TBH) reported total revenue of $0.0M.
Brag House Holdings, Inc. (TBH) reported a net loss of $15.9M for the fiscal year ending 2025.