BNB Standard
BNC on Nasdaq. Agricultural services. Market value $250m.
Figures from the annual report for the year ended 30 April 2026.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Look carefully before going further
Why it could be worth it
Read the warning sign in its own filings
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 40 of 100. Price score: not known. Our list needs 70 on quality and 60 on price.
$5.85 a share, 219% above its 1-year low
Over the past year the price has ranged from $1.84 to $12.00.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $14m | $11m | $7m | $3m | n/a |
| Operating margin | |||||
| Operating margin | -14.5% | -50.7% | -42.7% | -113.1% | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | 0.01 |
| Shares outstanding | |||||
| Shares outstanding | 0.01bn | 0.01bn | 0.00bn | 0.04bn | 0.04bn |
Health checks
- Free cash flow positive0 of 2 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Not enough data
- Debt0.01× equity
- Revenue growth, five yearsShrinking, 24.2% a year
- Buying back its own sharesNo, 418% more shares since 2021
The quarter to July 2026
How the business did, compared with the same quarter a year earlier.
| Quarter to | Amount |
|---|---|
| September 2024 | $390,817 |
| December 2024 | $417,447 |
| March 2025 | $713,460 |
| July 2025 | Not reported |
| October 2025 | $7m |
| January 2026 | $7m |
| April 2026 | Not reported |
| July 2026 | $7m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$740,403 |
| December 2024 | -$1m |
| March 2025 | -$1m |
| July 2025 | Not reported |
| October 2025 | $284m |
| January 2026 | -$107m |
| April 2026 | Not reported |
| July 2026 | -$11m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 23 June 2026
- Next quarterly (estimated, 10-Q)
- 11 December 2026
Who owns it
None of the long-term investors we follow own it. 33 funds in all.
Largest holders overall
- Vanguard Capital Management$5m
- Brevan Howard Capital Management LP$4m
- Saba Capital Management, L.P.$3mAdded
- BlackRock$2mAdded
- Geode Capital Management$1mCut
- UBS Group AG$1mAdded
- Arrington Capital Management$871,882
- Millennium Management$806,689Cut
- Vanguard Fiduciary Trust$706,191
- State Street$528,662
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%; 1 of them is pushing for change.
- YZILabs Management Ltd.at least 20.0%+14.9 pts(filed with 1 related holder)Since 17 September 2026
What they said
Item 4 is hereby amended to add the following: On September 17, 2026, the Issuer agreed to waive the required 61 days' notice period to the Issuer for YZi Labs to increase the Beneficial Ownership Limitation (as defined in Item 5 below) under the terms of each of the Pre-Funded…
Read the filing - Changpeng ZhaoActivistWants board seatsat least 5.1%+0.2 pts(filed with 7 related holders)Since 23 June 2026
What they said
Item 4 is hereby supplemented to add the following: On June 23, 2026 (the "Effective Date"), YZi Labs entered into a cooperation agreement (the "Cooperation Agreement") with the Issuer, pursuant to which, among other things, the Issuer agreed, immediately following the execution…
Read the filing - Vanguard Capital ManagementPassive investor5.1%Since 31 March 2026
- Alta Partners LLCPassive investorSold down below 5%Since 30 September 2025
- Guill?n Goody Teresa MarieActivistSold down below 5%Since 13 March 2026
What they said
Item 4 is hereby supplemented to add the following: On March 13, 2026, in accordance with the Bylaws of the Issuer, YZi Labs delivered a written letter to the Issuer requesting the Issuer to set a record date for determining stockholders entitled to express written consent to…
Read the filing - 111 Equity Group LLCPassive investorSold down below 5%Since 28 July 2025
What they said
Item 4 of the Schedule 13D is hereby amended to add the following: Effective February 12, 2025, the Agreement for Use and Non-Disclosure of Proprietary Information (the "NDA") between 111 Equity Group, one of the Reporting Persons, and the Issuer was terminated. The NDA was…
Read the filing - Lance Brock FinlinsonSold down below 5%Since 28 July 2025
What they said
The securities were initially acquired for investment purposes and were disposed of when certain price objectives were met.
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
YZILabs Management Ltd. | at least 20.0%+14.9 pts (filed with 1 related holder) | 17 September 2026 | What they saidItem 4 is hereby amended to add the following: On September 17, 2026, the Issuer agreed to waive the required 61 days' notice period to the Issuer for YZi Labs to increase the Beneficial Ownership Limitation (as defined in Item 5 below) under the terms of each of the Pre-Funded… Read the filing |
Changpeng Zhao Activist Wants board seats | at least 5.1%+0.2 pts (filed with 7 related holders) | 23 June 2026 | What they saidItem 4 is hereby supplemented to add the following: On June 23, 2026 (the "Effective Date"), YZi Labs entered into a cooperation agreement (the "Cooperation Agreement") with the Issuer, pursuant to which, among other things, the Issuer agreed, immediately following the execution… Read the filing |
Vanguard Capital Management Passive investor | 5.1% | 31 March 2026 | |
Alta Partners LLC Passive investor | Sold down below 5% | 30 September 2025 | |
Guill?n Goody Teresa Marie Activist | Sold down below 5% | 13 March 2026 | What they saidItem 4 is hereby supplemented to add the following: On March 13, 2026, in accordance with the Bylaws of the Issuer, YZi Labs delivered a written letter to the Issuer requesting the Issuer to set a record date for determining stockholders entitled to express written consent to… Read the filing |
111 Equity Group LLC Passive investor | Sold down below 5% | 28 July 2025 | What they saidItem 4 of the Schedule 13D is hereby amended to add the following: Effective February 12, 2025, the Agreement for Use and Non-Disclosure of Proprietary Information (the "NDA") between 111 Equity Group, one of the Reporting Persons, and the Issuer was terminated. The NDA was… Read the filing |
Lance Brock Finlinson | Sold down below 5% | 28 July 2025 | What they saidThe securities were initially acquired for investment purposes and were disposed of when certain price objectives were met. Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
2 serious warning signs in BNB Standard’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 23 Jun 2026, plus the 10-Q filed 11 Sep 2026 and 6 later 8-Ks.
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.
“Based upon that evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were not effective as of July 31, 2026 due in part to the material weakness in internal control over financial reporting described below, which has not been remediated.”
Show the full paragraph
Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based upon that evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were not effective as of July 31, 2026 due in part to the material weakness in internal control over financial reporting described below, which has not been remediated.
From the 10-Q filed 11 September 2026, Part I, Item 4. Controls and Procedures. Read it in the filing
Its past accounts can't be relied on
SeriousIt told the SEC its earlier accounts should no longer be relied on, usually because they contained errors.
8-K Item 4.02 filed 17 Jun 2026: the company said its earlier financial statements should no longer be relied on.
From an 8-K filed 17 June 2026: Previously issued accounts should no longer be relied on. Open the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have shrunk: 24.2% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.