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EBON

Ebang International Holdings Inc.

EBON

Ebang International Holdings Inc. • NASDAQ
$3.65 ▲ 3.90% (+0.14)
Market Cap $23.86 M
52w High $9.61
52w Low $3.00
Dividend Yield 0%
P/E -1.24
Volume 1.39K
Outstanding Shares 6.54M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $3.582M ▼ $10.208M ▼ $-4.515M ▲ -126.037% ▲ $-0.72 ▲ $-9.556M ▲
Q4-2024 $3.755M ▲ $19.064M ▲ $-14.023M ▼ -373.447% ▼ $-2.23 ▼ $-17.063M ▼
Q2-2024 $2.114M ▲ $12.499M ▼ $-6.229M ▲ -294.649% ▲ $-0.99 ▲ $-10.657M ▲
Q4-2023 $768.839K ▼ $23.306M ▲ $-28.954M ▼ -3.766K% ▼ $-4.61 ▼ $-36.83M ▼
Q2-2023 $4.086M $12.602M $-7.818M -191.32% $-1.25 $-7.289M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $215.207M ▼ $268.047M ▼ $13.572M ▼ $253.64M ▼
Q4-2024 $218.729M ▼ $275.804M ▼ $15.444M ▲ $259.593M ▼
Q2-2024 $235.334M ▼ $288.752M ▼ $14.827M ▼ $272.95M ▼
Q4-2023 $242.13M ▼ $298.24M ▼ $16.917M ▲ $279.844M ▼
Q2-2023 $249.771M $325.933M $14.501M $309.349M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-4.515M ▲ $0 ▲ $0 ▲ $0 $0 ▼ $0 ▲
Q4-2024 $-14.023M ▼ $-17.614M ▼ $-9.892M ▼ $0 $215.005M ▲ $-22.553M ▼
Q2-2024 $-6.229M ▲ $0 $0 $0 $0 $0
Q4-2023 $-28.954M ▼ $0 $0 $0 $0 ▲ $0
Q2-2023 $-7.818M $0 $0 $0 $-2.423M $0

Five-Year Company Overview

Income Statement

Income Statement The income statement shows a business still in transition with very little revenue and ongoing losses. Sales have remained at very modest levels for several years, so the company does not yet have a proven, scalable commercial engine in its newer areas. Margins have been weak and earnings have bounced around, including one unusual profitable year amid generally loss‑making results. More recently, losses appear to be narrowing somewhat, but the core picture is still one of a company investing ahead of meaningful revenue traction.

Balance Sheet

Balance Sheet The balance sheet is relatively simple and cash‑heavy for a company of this size. Cash makes up a large share of total assets, and there is very little financial debt, which gives some flexibility to fund the strategic pivot. Shareholder equity is positive, suggesting the company is not over‑leveraged, but the overall asset base is still small compared with the ambitions in solar and fintech. Over time, the key question is whether existing cash can support the planned investments before new business lines start to contribute materially.

Cash Flow

Cash Flow Cash flow has been consistently negative, both at the operating level and after capital spending. The business has been consuming cash rather than generating it, which is typical for an early‑stage or pivoting company but not sustainable indefinitely. Investment spending has been steady, though not enormous so far, and free cash flow has remained in the red each year. Future stability will depend on either a clear improvement in cash generation from new projects or continued access to external funding.

Competitive Edge

Competitive Edge Ebang operates in several intensely competitive arenas at once: crypto mining hardware, solar manufacturing, telecom networking gear, and fintech/crypto exchange services. In crypto mining, it faces large, entrenched rivals and a very cyclical end market. The move into solar aims to build a new edge by combining chip‑design experience with vertically integrated solar manufacturing, but this pits the company against global solar giants with scale and established customer bases. Its fintech and exchange activities also compete with far larger platforms, making differentiation and user growth critical but uncertain. Overall, the competitive position offers upside if execution is strong, but the moat is not yet clearly established.

Innovation and R&D

Innovation and R&D Innovation is the core strength of the story: the company has real experience in designing specialized chips and is trying to repurpose that know‑how for higher‑efficiency solar cells. The planned vertically integrated solar model—from raw materials to finished panels—shows ambition and could, in theory, improve quality control and costs if executed well. Parallel efforts in telecom networking solutions and a crypto/fintech ecosystem indicate a willingness to experiment and diversify technologically. However, many of these initiatives are still early, capital‑intensive, and unproven at scale, so the commercial payoff from R&D remains speculative for now.

Summary

Ebang today looks like a small, loss‑making technology company in the middle of a major strategic overhaul. Financially, it has a modest but cash‑rich balance sheet and ongoing negative cash flow, which buys time but not unlimited runway. Operationally, it is shifting from a narrow focus on crypto mining hardware to a broad portfolio spanning solar, telecom, and fintech, each with its own execution and competitive risks. The long‑term appeal rests on whether it can turn its chip and systems expertise into commercially successful solar and fintech businesses before its financial cushion thins out. For observers, the key watchpoints are revenue growth in new segments, progress on the solar build‑out, and the trend in cash burn and operating losses.