Abpro Holdings Inc.
ABPO Healthcare Biotechnology
Abpro Holdings Inc.’s revenue for fiscal 2024 (year ended December 2024) was $183,000.00, up 50.0% from fiscal 2023. In the quarter to June 2026, EPS grew 89.3% and free cash flow was flat, each against the same quarter a year earlier.
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Abpro Holdings Inc. (ABPO) Beneish M-score
Abpro Holdings Inc.'s Beneish M-score for fiscal 2024 is 0.02; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2024 | 0.02 | — |
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.39 | — | 1.28 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 0.50 | — | 0.20 | |
| Sales growth index | 1.50 | — | 1.34 | |
| Depreciation index | 0.94 | — | 0.11 | |
| SG&A index | 0.62 | — | −0.11 | |
| Total accruals to total assets | 0.39 | — | 1.80 | |
| Leverage index | 0.90 | — | −0.29 | |
| Beneish M-score | Flagged by the model | 0.02 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| SPRC SciSparc Ltd. compare | −9.3× |
| MLEC Moolec Science SA compare | −7.8× |
| ABPO Abpro Holdings Inc. | 0.0× |
| ITRMF Iterum Therapeutics PLC compare | 22.8× |
| NEXI NexImmune, Inc. compare | — |
| PTIX Atrinsic Inc. compare | — |
| ARTL Artelo Biosciences, Inc. compare | — |
| CYTOF Altamira Therapeutics Ltd. compare | — |
| CARM Carisma Therapeutics Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI