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BHAT

Fujian Blue Hat Interactive Entertainment Technology Ltd.

BHAT

Fujian Blue Hat Interactive Entertainment Technology Ltd. • NASDAQ
$1.35 ▲ 0.00% (+0.00)
Market Cap $9.78 M
52w High $24.50
52w Low $1.07
Dividend Yield 0%
P/E 0
Volume 22.40K
Outstanding Shares 7.24M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2024 $2.823M ▼ $1.848M ▲ $-4.114M ▼ -145.731% ▼ $-7.03 ▼ $-1.563M ▼
Q2-2024 $6.539M ▼ $1.154M ▼ $-648K ▲ -9.91% ▲ $-1.11 ▲ $-509K ▲
Q4-2023 $13.691M ▼ $6.647M ▲ $-7.465M ▼ -54.525% ▼ $-23.54 ▼ $-11.757M ▼
Q2-2023 $23.152M ▲ $2.071M ▼ $-2.184M ▲ -9.433% ▲ $-18.14 ▼ $-1.544M ▲
Q4-2022 $505.116K $4.826M $-5.927M -1.173K% $-0.66 $-4.237M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2024 $14.3K ▼ $75.232M ▲ $43.09M ▲ $32.143M ▼
Q2-2024 $2.974M ▲ $49.254M ▼ $9.476M ▲ $39.778M ▼
Q4-2023 $407.588K ▲ $49.263M ▲ $8.641M ▼ $40.622M ▲
Q2-2023 $133.15K ▲ $35.126M ▲ $20.809M ▲ $11.887M ▼
Q4-2022 $70.402K $34.277M $19.748M $12.109M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2024 $-4.114M ▼ $0 $0 $0 $0 $0
Q2-2024 $-648K ▲ $0 $0 $0 $0 $0
Q4-2023 $-7.465M ▼ $0 $0 $0 $0 $0
Q2-2023 $-2.184M ▼ $0 ▼ $0 ▲ $0 ▼ $0 $0 ▼
Q4-2018 $4.66M $660.363K $-1.812M $1.033M $0 $652.74K

Five-Year Company Overview

Income Statement

Income Statement BHAT’s income statement shows a business that, in recent years, has been operating at a very small scale with limited revenue and recurring losses. Sales have been modest and somewhat inconsistent, and the company has not been able to turn these into steady operating profits. Gross profit and operating income have hovered around breakeven to slightly negative, which suggests weak pricing power and limited scale in its current operations. Reported net losses in most recent years confirm that the core business is not yet financially healthy or self-sustaining. Per‑share earnings figures look extreme and jumpy, but this is largely driven by large reverse stock splits rather than real swings in underlying profitability. The underlying story is more straightforward: low revenue, thin margins, and ongoing losses.

Balance Sheet

Balance Sheet BHAT’s balance sheet is small and relatively light, reflecting a company operating on a modest scale. Total assets have drifted down from earlier levels, indicating limited reinvestment capacity and some erosion of the asset base over time. Cash levels reported in the recent years are very low, which implies tight liquidity and limited internal cushion to absorb shocks or fund growth. On the positive side, reported debt is also minimal, so the company is not burdened by heavy interest obligations. Equity remains positive but has shrunk compared with earlier years, a sign that accumulated losses have been eating into the company’s capital base. Overall, the balance sheet suggests constrained financial flexibility and a reliance on successful execution of the new strategy or external funding to support future expansion.

Cash Flow

Cash Flow Cash flow data reinforces the picture of a business that is not yet generating reliable cash from its operations. Operating cash flow has been close to zero in recent years, with some periods of modest outflows, which means the company is not consistently converting its activities into cash. Capital spending has been very low, which limits cash drain but also signals limited investment in physical assets. Free cash flow has therefore hovered near breakeven to slightly negative, implying that BHAT is not strongly cash-generative. This pattern means the company’s transformation efforts in fintech and commodities are likely being funded by its small balance sheet, existing assets, and any external capital raised, rather than by a robust internal cash engine.

Competitive Edge

Competitive Edge BHAT’s competitive position is complicated because it is effectively a company with two identities: a legacy AR toy and game business, and a new fintech and commodities trading ambition. In AR entertainment, BHAT once held a niche position with many patents, unique products blending physical toys and digital AR experiences, and established distribution relationships. However, this legacy segment appears deprioritized, and without continued investment and marketing, that earlier advantage can fade over time. In its new fintech and gold trading direction, BHAT is trying to build an edge through regulatory licenses, partnerships, strategic acquisitions, and access to physical gold. But this arena is crowded with much larger and more established players, both in financial technology and in commodities trading. The company’s small scale, limited financial resources, and early-stage platforms mean its competitive moat in the new business model is still unproven and heavily dependent on execution.

Innovation and R&D

Innovation and R&D Historically, BHAT was quite innovative in augmented reality toys, with a large patent and copyright portfolio and distinctive products that merged digital content with physical play. This gave it a clear identity as a creative technology toy company. Today, most of the innovation narrative has shifted to fintech and commodities. The company is pursuing AI-assisted trading tools, an integrated gold supply chain, and ambitious projects like tokenizing gold through blockchain to improve liquidity and transparency. These are forward-looking areas that could offer differentiation if delivered well. However, many of these initiatives are still in development or early rollout. They require significant technology build-out, regulatory navigation, and trust from users and partners. Integration of acquisitions, development of a smart trading platform, gold tokenization, and the merger with Lanjin Technology are all key innovation turning points—but they also introduce complexity and execution risk.

Summary

BHAT is in the middle of a deep strategic shift from a niche AR toy and game maker to a fintech and gold‑focused commodities company. Its current financial profile is fragile: very small revenue base, recurring losses, thin margins, limited cash, and a shrinking equity cushion, albeit without heavy debt. The investment story now rests far more on future potential than on current earnings. Management is betting on AI-driven trading, gold supply chain integration, and tokenization projects to reshape the business and build a new competitive position in a demanding industry. This creates a high‑uncertainty profile: if the new platforms, partnerships, and acquisitions come together effectively, BHAT could look very different from its past as a toy company. If execution falters, the combination of small scale, weak cash generation, and a thin balance sheet leaves limited room for missteps. Overall, BHAT is best understood today as a transformation and turnaround story still in its early and uncertain stages.

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