What does gain on change in fair value of warrant liability mean?

Measures the non-cash gain resulting from the revaluation of warrant liabilities at fair value at the end of a reporting period. A gain typically occurs when the company's stock price decreases, reducing the liability value. This metric is critical for understanding how equity-linked instruments impact reported net income without affecting cash flow.

BNC BNC Gain on change in fair value of warrant liability

Gain on change in fair value of warrant liability at other companies

Gryphon Digital Mining, Inc.ABTC

$69K—

Gryphon Digital Mining, Inc.ABTC

$69K—

Butterfly NetworkBFLY

-$568K-222%

Airship AI Holdings, Inc.AISP

$1.5M-90.3%

GCM Grosvenor Inc.GCMG

-$801.75K-231%

GCM Grosvenor Inc.GCMG

-2%-7.0pp

Other financials

Income statement

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Revenue$26.4M-5.7%

Gross profit$7.9M-21.1%

Operating income-$159.6M-14,760%

Net income$115.2M+20,118%

EPS (diluted)$2.52-99.4%

Balance sheet

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Cash & equivalents$3.1M+42.4%

Total debt$2.5M+955%

Total equity$304.8M+3,613%

Total assets$337.8M+3,636%

Cash flow

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Operating cash flow-$26.6M-3,471%

CapEx$9.0K—

Free cash flow-$26.6M—

Valuation

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Market cap$112.24M-72.3%

Enterprise value$111.7M—

P/E0.4×—

P/S2.6×—

Profitability

See full

Gross margin28.9%-11.6pp

Operating margin-547.1%-554pp

Net margin667.2%+661pp

FCF margin-27.7%—

Returns & leverage

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Return on equity186.8%+163pp

Debt / equity0×0.0×

Current ratio1.2×-7.0×

Where this comes from

Reported directly by BNC in its filing.

Tagged under the XBRL concept bncww:GainOnChangeInFairValueOfWarrantLiability.

The official record: BNC’s 10-K, filed June 23, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is BNC's gain on change in fair value of warrant liability?: BNC (BNC) reported gain on change in fair value of warrant liability of $282.92M in Q1 2026.
What does gain on change in fair value of warrant liability mean?: Measures the non-cash gain resulting from the revaluation of warrant liabilities at fair value at the end of a reporting period. A gain typically occurs when the company's stock price decreases, reducing the liability value. This metric is critical for understanding how equity-linked instruments impact reported net income without affecting cash flow.