This is a structural review of a quarterly report filed today. It is not investment advice, a recommendation to act, or investment marketing. Every figure was taken from the structured filing submitted to MAYA (report 1765382, second quarter 2026, in dollars), and the ratios were computed directly from it.
The figures as filed
| Line | Amount | Of revenue |
|---|---|---|
| Revenue | 2.7 USD million | 100.0% |
| Gross profit | 1.0 USD million | 36.2% |
| Operating profit | -2.4 USD million | -90.5% |
| Pre-tax | -2.6 USD million | -96.3% |
| Net profit | -2.6 USD million | -96.3% |
The number that is not in the income statement
BOF Technologies' quarterly report contains one line that matters more than all the others, and it is not in the income statement: equity stands at USD 49 thousand.
The total balance sheet stands at USD 4.8 million. Equity therefore represents 1.0% of it, and everything else is liabilities.
What this means in practice: equity is the cushion that absorbs losses. A net loss of USD 2.6 million in the quarter against a cushion of USD 49 thousand is not a ratio - it is an entirely different order of magnitude. The equity has already been almost fully eroded, and any further quarter at that pace requires an external source: a raise, a shareholder loan, or an arrangement.
This is not an analysis of prospects or of value - it is a reading of two lines on the balance sheet, which anyone can do.
And the activity itself
Revenue for the quarter stood at USD 2.7 million, and gross profit at USD 1.0 million - a margin of 36.2%. The gross margin itself is reasonable.
But operating expenses erased it and more: the operating loss stands at USD 2.4 million, which is 90.5% of revenue. For every dollar that came in, roughly ninety cents was burned beyond what it covered.
Below the operating line only a further USD 155 thousand was absorbed - here that is the small part of the story. The loss was born above, not below.
Why a small company still deserves a line
This is a company with quarterly revenue of USD 2.7 million - very small relative to the day's other filers. It appears here not because of its size but because of its clarity: very few reports show an equity-to-balance-sheet ratio of 1.0%, and this is a clean example of the balance sheet sometimes telling the central story rather than the income statement.
What this report does not say
The structured filing submitted to MAYA does not include the comparable quarter a year earlier, so everything written here is a cross-section of a single quarter - not a trend. From these figures alone it is impossible to say whether an improvement or an erosion continues, and no run-rate can be derived from them. Those answers live only in the full report and its notes.
And a note that applies to every review here: the structure described is neither "good" nor "bad." It is a shape, and a shape behaves differently in every industry. The review describes what is happening - it does not evaluate and does not recommend.
