Brenmiller (BNRG) AI Stock Analysis

• Market Cap: $2.01M
• Dividend Yield: N/A
• Average Volume (3M): 52.26K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.67
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 52
• Sector: Utilities
• Sector Strength: 65
• Industry: Renewable Utilities
• EPS (TTM): -3.79
• Shares Outstanding: 3,859,800
• 10 Day Avg. Volume: 53,873
• 30 Day Avg. Volume: 52,259
• PEG Ratio: 0.07
• Price to Book (P/B): 7.59
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -3.45
• Enterprise Value/Market Cap: 3.98
• Enterprise Value/Revenue: 20.62
• Enterprise Value/Gross Profit: -3.90
• Enterprise Value/Ebitda: -0.71
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 42 Neutral
• Price Target: $0.50 ▼(-4.04% Downside)

BNRG scores low primarily due to very weak financial performance (zero/unstable revenue, persistent losses, and significant cash burn), with additional pressure from bearish technicals (price below key moving averages and negative MACD). Valuation provides limited support because losses make P/E uninformative and no dividend yield is available.

Positive Factors

Addressable market & product fit

Brenmiller’s bGen thermal energy storage targets industrial and utility heat decarbonization, a structural market where electrification is often impractical. Durable demand for decarbonized process heat and renewable integration supports multi‑year project pipelines, recurring O&M potential and long‑term service revenue optionality.

Improving balance sheet metrics

Measured deleveraging and a return to positive equity reduce solvency pressure and improve financing optionality. While absolute debt remains meaningful, the improvement is a structural credit-strength signal that can lower refinancing risk and support continued project execution over the coming quarters.

Fresh funding to support project execution

Repeated $1M tranches provide near‑term liquidity to advance commercial TES projects and working capital needs. This incremental capital supports execution of project pipeline and keeps installations progressing, which is essential for converting technology interest into durable revenue streams and future service contracts.

Negative Factors

Volatile and collapsed revenue

Revenue volatility and an effective collapse in 2024 indicate no stable commercial revenue base. For a project‑centric business, inability to convert pipeline into consistent sales undermines margin sustainability, delays path to breakeven, and weakens credibility with large industrial customers seeking proven, bankable suppliers.

Persistent negative cash flow

Sustained operating and free cash flow deficits imply the business is not yet cash‑generative and must rely on external funding. Continued cash burn constrains scaling, limits investment in commercialization, and increases the probability of repeated financings that dilute equity and distract management from long‑term execution.

Material dilution and financing risk

Broad ratchet and anti‑dilution adjustments tied to recent financings materially increase potential share count and signal reliance on dilutive capital. Structural dilution risk undermines shareholder returns, raises cost of future equity raises, and can limit ability to secure non‑dilutive financing or strategic partnerships over the medium term.

Brenmiller Business Overview & Revenue Model

Company Description

Brenmiller 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 Money

Brenmiller 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

Brenmiller faces significant financial challenges, including persistent losses, high leverage, and negative cash flows. The company's revenue and profit trends are concerning, with operational inefficiencies and high financial risk. Improved revenue generation and cost management are crucial for financial stability and growth.

Income Statement

The company has consistently reported negative net income and gross profit over the years, with total revenue showing a declining trend. The net profit margins are negative, indicating significant losses. The revenue growth rate is volatile and generally negative, reflecting instability in revenue generation. EBIT and EBITDA margins are also negative, indicating operational challenges.

Balance Sheet

The company's balance sheet shows a high debt-to-equity ratio, indicating substantial leverage. Although stockholders' equity has improved from a negative position in earlier years, it remains relatively low. The equity ratio is weak, suggesting that a large portion of assets is financed by debt. Total assets have not grown significantly, limiting the company's financial flexibility.

Cash Flow

The company has negative operating and free cash flows, indicating challenges in generating sufficient cash from operations. The free cash flow growth rate is negative, showing deterioration in cash generation capability. The operating cash flow to net income ratio is unfavorable, reflecting inefficiency in converting profits to cash flow.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	387.00K	0.00	621.00K	1.52M	395.00K	0.00
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 Assets	9.34M	11.91M	10.59M	12.38M	14.60M	9.02M
Cash, Cash Equivalents and Short-Term Investments	2.13M	4.10M	3.18M	6.51M	8.28M	2.33M
Total Debt	5.23M	4.82M	5.61M	6.65M	3.41M	6.07M
Total Liabilities	8.15M	7.43M	7.71M	9.72M	9.05M	9.33M
Stockholders Equity	1.19M	4.49M	2.88M	4.63M	5.54M	-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 Flow	6.31M	10.94M	6.36M	11.20M	14.20M	5.72M

Brenmiller Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.52
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 0.59, below the 50-day MA of 0.91, and below the 200-day MA of 2.40, indicating a bearish trend. The MACD of -0.12 indicates Negative momentum. The RSI at 35.91 is Neutral, neither overbought nor oversold. The STOCH value of 40.48 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BNRG.

Brenmiller Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	66 Neutral	$17.65B	18.10	5.60%	3.62%	6.62%	11.55%
WAVE	45 Neutral	$33.59M	-9.83	-54.43%	―	-40.99%	-46.52%
VGAS	43 Neutral	$100.68M	-6.43	-21.33%	―	―	23.66%
BNRG	42 Neutral	$2.01M	-0.06	-327.21%	―	―	―
HTOO	39 Underperform	$8.26M	-0.32	-125.98%	―	―	―
CREG	31 Underperform	$29.34M	-0.66	-2.66%	―	―	-50.02%

Brenmiller Corporate Events

Brenmiller Shareholders Approve Sole Agenda Item at Reconvened Special Meeting

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

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

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

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.