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BGIN

BGIN BLOCKCHAIN Ltd

BGIN

BGIN BLOCKCHAIN Ltd • NASDAQ
$2.90 ▲ 0.35% (+0.01)
Market Cap $313.70 M
52w High $6.50
52w Low $2.47
Dividend Yield 0%
P/E -5.69
Volume 14.26K
Outstanding Shares 108.17M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2024 $114.804M ▲ $270.788M ▼ $60.726M ▼ $209.71M ▲
Q2-2024 $49.665M $287.271M $79.774M $207.176M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow

Five-Year Company Overview

Income Statement

Income Statement BGIN looks like a very young company that has scaled revenue quickly from almost nothing to a more meaningful level in just a few years. Profitability on paper is surprisingly solid for an early-stage hardware and infrastructure player: gross margins are positive, and the company has reported net income rather than losses in recent years. That said, the absolute size of the business is still very small, so results are likely sensitive to a few large orders, to cryptocurrency price swings, and to hardware cycles. Earnings quality will be important to monitor, as rapid growth in such a cyclical, niche segment can reverse if market conditions turn.

Balance Sheet

Balance Sheet The balance sheet is lean but improving. Assets and equity have grown steadily, suggesting the business is being built largely with shareholder capital rather than borrowing. The company currently carries no financial debt, which lowers financial risk but also means it depends heavily on equity funding to grow. Cash has increased over time but remains modest, so the financial cushion is not deep. Overall, the balance sheet fits an early-stage, capital-light designer–manufacturer, but it does not yet offer much protection if crypto or hardware demand weaken sharply.

Cash Flow

Cash Flow Despite reporting profits, BGIN is still consuming cash. Operating cash flow has been consistently negative, and after capital spending, free cash flow has also been negative every year. Capital expenditures are not huge, but they add to the cash burn. This pattern suggests working capital needs, inventory, or other operating investments are absorbing more cash than accounting earnings would imply. The business is still in a build-out phase and appears reliant on external funding, including IPO proceeds, to support growth until operations can stand on their own. Sustained improvement in cash generation will be a key test of the model’s durability.

Competitive Edge

Competitive Edge BGIN is trying to stand out by focusing on alternative cryptocurrencies rather than going head‑to‑head with the largest Bitcoin hardware makers. It designs its own ASIC chips and sells branded ICERIVER miners, while also running its own mining operations, pool, and hosting services. This vertical integration can create multiple revenue streams and some switching costs for customers who like a one‑stop solution. However, the overall crypto mining hardware market is fiercely competitive, with rapid product cycles and powerful incumbents. As BGIN moves toward the Bitcoin segment, it will face tougher rivals, making execution, efficiency, and speed of innovation critical to maintaining any edge.

Innovation and R&D

Innovation and R&D Innovation is clearly at the center of BGIN’s strategy. The company designs its own chips, emphasizes energy efficiency, and has already brought multiple ASIC designs from concept to production, including products tuned to specific altcoins. Its roadmap includes a new Bitcoin miner line, which, if delivered as advertised, could materially change its standing in the market. R&D efforts around performance, power usage, and support for new blockchains are likely to remain heavy. The upside is meaningful if BGIN can repeatedly launch competitive, efficient machines; the risk is that rapid technological change or better‑funded competitors could quickly erode any advantage from today’s designs.

Summary

BGIN is an early-stage blockchain hardware and services company with fast-growing but still small-scale revenues, accounting profits, and ongoing cash burn. It has no debt and a growing equity base, but only a modest cash buffer, which keeps financial risk elevated if the environment turns. Strategically, it is betting on a differentiated niche in altcoin mining, backed by in‑house chip design, vertical integration, and expanding hosting capacity, with plans to step into the larger Bitcoin market. The main opportunities lie in leveraging its technology and integrated model to scale recurring revenue and broaden its customer base. The main risks are high dependence on volatile crypto markets, aggressive competition from established players, and the gap between accounting profits and real cash generation. Overall, it is a promising but high-uncertainty story where future outcomes will hinge on technology execution, market adoption, and disciplined capital use.

NEWS

November 14, 2025 · 4:30 PM UTC

BGIN BLOCKCHAIN LIMITED Reports Unaudited Financial Results for the Six Months Ended June 30, 2025

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October 30, 2025 · 11:50 AM UTC

BGIN Blockchain Limited Spotlights ICERIVER® ALEO AE3 Miner

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October 22, 2025 · 4:30 PM UTC

BGIN BLOCKCHAIN LIMITED Announces Closing of Initial Public Offering

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October 20, 2025 · 10:22 PM UTC

BGIN BLOCKCHAIN LIMITED Announces Pricing of Initial Public Offering

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