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Brenmiller Energy Ltd (BNRG)
NASDAQ:BNRG
US Market

Brenmiller (BNRG) AI Stock Analysis

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BNRG

Brenmiller

(NASDAQ:BNRG)

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Neutral 42 (OpenAI - 5.2)
Rating:42Neutral
Price Target:
$3.00
▲(476.92% Upside)
Action:ReiteratedDate:01/28/26
The score is driven primarily by very weak financial performance (zero 2024 revenue, persistent losses, and ongoing cash burn) and a clearly bearish technical setup (price well below major moving averages with negative MACD). Valuation is not supportive because the negative P/E reflects unprofitability and there is no dividend yield data.
Positive Factors
Balance-sheet improvement
Leverage reduction and a return to positive equity materially lower immediate solvency risk versus prior years. That structural improvement improves access to capital and provides more runway to execute projects, making the company less fragile while it pursues commercialization.
Near-term funding secured
Fresh capital earmarked for project execution and working capital strengthens near-term liquidity and supports commercial project deliveries. This funding directly underpins the company's ability to complete installations and demonstrate repeatable revenue, a key step toward durable cash generation.
Structural market demand for TES
Brenmiller's bGen TES addresses durable industrial needs: decarbonizing high‑temperature heat and enabling renewables integration. Structural regulatory and corporate decarbonization trends support multi-year demand and create pathways to recurring O&M and service revenues once deployments scale.
Negative Factors
Revenue collapse / lumpy project sales
A complete drop to zero revenue shows the business lacks a stable, repeatable sales base. For a project‑driven model this highlights execution and commercial adoption risks, making margin sustainability and predictable cash flow unlikely until consistent project wins are proven.
Persistent negative operating and free cash flow
Large, ongoing cash burn consumes liquidity and forces reliance on external financing. Without a clear path to positive operating cash flow from project deliveries, the company faces sustained dilution risk and constrained ability to invest in commercialization or scale operations.
Material dilution risk from financings and ratchets
Frequent convertible preferred and warrant adjustments materially increase potential share issuance and dilute existing holders. Structurally, such ratchets erode per‑share economics, can weaken investor incentives, and make future equity raises more dilutive or costly.

Brenmiller (BNRG) vs. SPDR S&P 500 ETF (SPY)

Brenmiller Business Overview & Revenue Model

Company DescriptionBrenmiller Energy Ltd. engages in development, production, marketing, and sale of thermal energy storage systems based on technology that enables heat storage at high temperatures in crushed volcanic rock. Its TES system dispatches thermal energy on demand in the form of steam, which can be saturated for industrial use, or in the form of a superheated steam, which can be used to activate steam turbines in utility scale projects. The company markets its proprietary TES system under the name bGen. Brenmiller Energy Ltd was incorporated in 2012 and is based in Rosh HaAyin, Israel.
How the Company Makes MoneyBrenmiller Energy Ltd. generates revenue through the sale and licensing of its thermal energy storage solutions. The company earns money by providing its technology to industries and utilities looking to improve their energy efficiency and sustainability. Key revenue streams include direct sales of thermal energy storage units, long-term service agreements for maintenance and support, and partnerships with energy providers to integrate their solutions into broader energy systems. Significant factors contributing to Brenmiller's earnings include the growing demand for energy efficiency and renewable energy solutions, as well as collaborations with other companies and organizations in the energy sector.

Brenmiller Financial Statement Overview

Summary
Overall financial profile is very weak: revenue fell to zero in 2024, profitability remains deeply negative, and operating/free cash flow are significantly negative. The main offset is some balance-sheet improvement (positive equity and lower leverage vs. 2022–2023), but ongoing losses imply continued financing/dilution risk.
Income Statement
12
Very Negative
BNRG’s income statement remains very weak: revenue has been highly volatile and effectively collapsed to zero in 2024 (after $0.6M in 2023 and $1.5M in 2022). Profitability is consistently negative, with gross profit, operating profit, and net income all deeply in the red across the period. Losses have narrowed versus 2022–2023 (net loss improved to about -$6.8M in 2024 from about -$9.6M in 2023), but the business is still far from breakeven and lacks a stable revenue base.
Balance Sheet
38
Negative
The balance sheet shows mixed credit quality. Leverage has improved meaningfully from 2022–2023 (debt-to-equity moved down to ~1.1 in 2024 from ~1.9 in 2023), and equity is positive in recent years, which is a constructive change versus 2019–2020 when equity was negative. However, profitability remains very poor, reflected in strongly negative returns on equity, and debt is still sizable relative to the company’s scale and ongoing losses—creating continued dilution/financing risk if losses persist.
Cash Flow
18
Very Negative
Cash flow is a key pressure point: operating cash flow and free cash flow are consistently negative, including about -$9.5M and -$9.9M respectively in 2024. While free cash flow burn improved versus 2022 (less negative) and is relatively similar to 2023, the company is still consuming significant cash with no clear cash-generating base. A modest positive sign is that free cash flow is not materially worse than net income (cash losses roughly track accounting losses), but the absolute cash burn remains high.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue387.00K0.00621.00K1.52M395.00K0.00
Gross Profit-2.04M-985.00K-934.00K-415.00K-3.66M-122.00K
EBITDA-11.30M-6.19M-9.26M-10.70M-9.83M-8.39M
Net Income-12.64M-6.77M-9.65M-11.07M-11.02M-9.48M
Balance Sheet
Total Assets9.34M11.91M10.59M12.38M14.60M9.02M
Cash, Cash Equivalents and Short-Term Investments2.13M4.10M3.18M6.51M8.28M2.33M
Total Debt5.23M4.82M5.61M6.65M3.41M6.07M
Total Liabilities8.15M7.43M7.71M9.72M9.05M9.33M
Stockholders Equity1.19M4.49M2.88M4.63M5.54M-306.15K
Cash Flow
Free Cash Flow-11.10M-9.85M-9.58M-11.57M-8.26M-3.84M
Operating Cash Flow-10.91M-9.51M-6.92M-10.10M-8.02M-3.40M
Investing Cash Flow-310.00K-422.00K-2.61M-1.36M-238.00K-360.00K
Financing Cash Flow6.31M10.94M6.36M11.20M14.20M5.72M

Brenmiller Technical Analysis

Technical Analysis Sentiment
Negative
Last Price0.52
Price Trends
50DMA
3.08
Negative
100DMA
6.31
Negative
200DMA
11.07
Negative
Market Momentum
MACD
-0.64
Negative
RSI
26.47
Positive
STOCH
14.13
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BNRG, the sentiment is Negative. The current price of 0.52 is below the 20-day moving average (MA) of 1.84, below the 50-day MA of 3.08, and below the 200-day MA of 11.07, indicating a bearish trend. The MACD of -0.64 indicates Negative momentum. The RSI at 26.47 is Positive, neither overbought nor oversold. The STOCH value of 14.13 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BNRG.

Brenmiller Risk Analysis

Brenmiller disclosed 54 risk factors in its most recent earnings report. Brenmiller reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks

Brenmiller Peers Comparison

Overall Rating
UnderperformOutperform
Sector (66)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
66
Neutral
$17.65B18.105.60%3.62%6.62%11.55%
45
Neutral
$28.10M-8.22-54.43%-40.99%-46.52%
43
Neutral
$65.93M-4.21-21.33%23.66%
42
Neutral
$859.02K-0.02-327.21%
39
Underperform
$7.55M-0.23-125.98%
31
Underperform
$25.39M-0.57-2.66%-50.02%
* Utilities Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
BNRG
Brenmiller
1.20
-46.05
-97.46%
CREG
Smart Powerr Corp
1.22
-6.51
-84.22%
HTOO
Fusion Fuel Green
3.22
-9.39
-74.46%
WAVE
Eco Wave Power Global
4.81
-2.59
-35.00%
VGAS
Verde Clean Fuels
1.48
-2.37
-61.56%

Brenmiller Corporate Events

Brenmiller Energy to Implement 7-for-1 Reverse Share Split in January 2026
Jan 21, 2026

On January 21, 2026, Brenmiller Energy Ltd. announced it will implement a 7-for-1 reverse share split of its issued and outstanding ordinary shares after market close on January 23, 2026, with trading on a post-split basis on the Nasdaq Capital Market set to begin on January 26, 2026 under the existing ticker BNRG. The reverse split, approved by shareholders at a special general meeting on January 13, 2026, will reduce the number of outstanding ordinary shares from 5,010,962 to 715,852 without changing the company’s authorized share capital, while preferred shares will remain outstanding with their conversion ratios adjusted proportionally and fractional ordinary shares rounded to the nearest whole share, a capital structure move that may support Brenmiller’s positioning on Nasdaq and its access to equity markets.

The most recent analyst rating on (BNRG) stock is a Hold with a $0.50 price target. To see the full list of analyst forecasts on Brenmiller stock, see the BNRG Stock Forecast page.

Brenmiller Shareholders Approve Sole Agenda Item at Reconvened Special Meeting
Jan 13, 2026

On January 13, 2026, Brenmiller Energy Ltd. held a Special General Meeting of Shareholders in Israel that was initially opened but immediately adjourned for lack of quorum and then reconvened the same day at noon, when a quorum was present and shareholders approved the sole agenda item described in materials previously filed with U.S. regulators on December 16, 2025. The company also reported that this shareholder meeting update is now incorporated by reference into several of its existing F-3 and S-8 registration statements, formally aligning the latest corporate governance action with its active U.S. securities offering frameworks and signaling continued adherence to regulatory and disclosure requirements for its capital markets activities.

The most recent analyst rating on (BNRG) stock is a Hold with a $0.78 price target. To see the full list of analyst forecasts on Brenmiller stock, see the BNRG Stock Forecast page.

Brenmiller Energy Secures Additional $1 Million from Alpha and Triggers Broad Warrant and Preferred Share Adjustments
Dec 30, 2025

On December 30, 2025, Brenmiller Energy Ltd. reported that it closed a second subsequent $1 million funding with investor Alpha Capital Anstalt, issuing 1,000 preferred shares convertible at $0.688 per ordinary share and 1,453,488 ordinary warrants at the same exercise price; this followed a $1 million first subsequent funding on December 3, 2025, and earlier tranches in July, August and September 2025 under a securities purchase agreement for up to $25 million in preferred shares and warrants. The latest funding, whose net proceeds are earmarked for general corporate purposes, working capital and execution of TES projects across its key regions, triggered broad anti-dilution and ratchet adjustments that substantially lowered conversion and exercise prices and increased the number of underlying shares on multiple previously issued preferred shares and warrants to Alpha, implying materially higher potential equity dilution for existing shareholders while bolstering Brenmiller’s near-term liquidity and capacity to advance its commercial pipeline.

The most recent analyst rating on (BNRG) stock is a Hold with a $0.78 price target. To see the full list of analyst forecasts on Brenmiller stock, see the BNRG Stock Forecast page.

Brenmiller Energy Announces Special Meeting for Reverse Stock Split Proposal
Dec 16, 2025

Brenmiller Energy Ltd. has announced a Special General Meeting of Shareholders scheduled for January 13, 2026, to discuss and vote on a proposal for a reverse stock split of the company’s ordinary shares at a ratio of up to 7:1. The board of directors recommends shareholders vote in favor of the proposal, which requires a simple majority to pass. The meeting is significant as it could impact the company’s stock structure and market positioning.

Brenmiller Energy Secures $1 Million Funding to Boost TES Projects
Dec 4, 2025

Brenmiller Energy Ltd. recently completed a $1 million funding round with Alpha Capital Anstalt on December 3, 2025, issuing preferred shares and warrants as part of the transaction. The proceeds are intended for general corporate purposes and the execution of commercial TES projects. The funding led to adjustments in previously issued warrants and conversion prices due to anti-dilution provisions, reflecting the company’s strategic financial maneuvers to bolster its market position and operational capabilities.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jan 28, 2026