2025 Financial Highlights
Total Revenue was US$67.4 million compared to US$302.3 million in 2024.
Net Loss was US$177.0 million compared to net income of US$66.1 million in 2024.
Management Commentary
Mr. Allen Wu, Founder, Chief Executive Officer and Director of BGIN, commented: "2025 marked a deeply transformative year for BGIN. We made difficult but decisive choices—scaling back our legacy altcoin business to concentrate on Bitcoin infrastructure. Our successful 4nm Bitcoin miner prototype validates our execution capabilities, and our three-engine business model creates a natural hedge against market volatility. In 2026, we are focusing on Bitcoin and Dogecoin which we believe helps us address a much larger opportunity, and we aim to deliver sustainable long-term value for our shareholders in 2026 and beyond."
Mr. Oisin Li, Founder, Executive Chairman of the Board of Directors and Director of BGIN, commented: "Building on this transformation, we remain focused on four key priorities: First, we continue to enhance our research and development capabilities to deliver competitive mining solutions. Second, our mining operations remain anchored in cost-effective energy strategies and power sources that provide structural advantages. Third, we are exploring cloud mining and new consumer-focused product lines to democratize access to cryptocurrency mining, staying true to our 'Crypto for All' vision. Fourth, while large cap crypto currencies such as Bitcoin and Dogecoin are our primary focus, we will maintain the flexibility to capture opportunities in promising smaller cap altcoins when market conditions align."
Mr. Mark Xiang, Co-Chief Financial Officer of BGIN, stated: "Our financial discipline has been the foundation of BGIN's success since day one. Operating entirely on internally generated cash flow until our IPO completed in 2025 created a culture where every dollar is focused on return on investment ("ROI").
We believe that 2025 was a strategic pivot year for BGIN. Our reported net loss was predominantly non-cash in nature, driven by impairments and write-offs due to our prudent assessment. We made conscious decisions to scale back investments in the altcoin sector and strategically shut down mining operations that did not meet our efficiency thresholds. This allowed us to redirect substantial capital into research and development, with our primary focus on Bitcoin and Dogecoin mining technologies. With $26.3 million in cash and $22.5 million in crypto assets, we have sufficient runway to support the execution of our strategy. The IPO has provided us strategic flexibility to scale, and we will continue evaluating financing opportunities based on clear ROI metrics."
2025 Financial Results
Total Revenue was US$67.4 million, compared to US$302.3 million in 2024. The change was mainly due to a decrease in the Company's mining pool revenue and machine sales revenue.
Mining revenue was US$42.9 million, compared to US$45.0 million in 2024. The change was mainly due to a lower average price of ALPH and the cessation of IRON mining during fiscal 2025.
Sales of Mining Machines were US$15.3 million, compared to US$192.2 million in 2024. The change was primarily due to a decline in both the average per unit selling price and sales volume of KAS mining machines, driven by increased competition and decreased demand in the market.
Hosting Revenue was US$3.3 million, compared to US$6.2 million in 2024. The change was mainly due to reduced customer demand caused by KAS price volatility.
Mining pool revenue was US$5.9 million, compared to US$58.8 million in 2024. The change was primarily due to: (i) a lower average price of KAS, the primary cryptocurrency mined in the Company's pool; (ii) a significant reduction in the mining of other cryptocurrencies due to market conditions and strategic adjustments; and (iii) stricter pool entry requirements that resulted in a decrease in the number of miners in 2025.
Total costs of revenues were US$143.0 million, compared to US$174.6 million in 2024. The decrease was primarily due to lower machine sales volume, partially offset by increased mining costs.
Costs of mining revenue were US$63.3 million, compared to US$29.7 million in 2024. The change was due to the combined effects of: (i) an increase of US$11.5 million in depreciation costs as the Company deployed additional mining machines in 2025, (ii) an increase of US$1.7 million in other costs, primarily comprising logistics, duties, rental costs and labor, driven by higher operating costs associated with the increased number of mining machines deployed, and (iii) an increase of US$20.4 million in utility expenses, which was consistent with the higher average number of mining machines deployed in 2025, being 24,924 units compared to 13,241 units in 2024.
Costs of sales of mining machines were US$71.2 million, compared to US$81.7 million in 2024. The change was primarily due to: (i) significantly lower volume of machines sold in 2025 (9,410 units) compared to 2024 (102,849 units), resulting in a decrease of $32 million in costs of sales; and (ii) a US$3 million write-off of obsolete mining machines and components in 2025, compared to a write-off of $24.1 million in 2024. The decrease in costs of sales from lower sales volume and write-off of obsolete machines in 2025 was offset by an increase in inventory provision of $46.7 million, from $12.6 million in 2024 to $59.3 million 2025, recognized based on a net realizable value assessment following the decline in KAS prices.
Costs of hosting revenue was US$2.6 million, compared to US$4.9 million in 2024. The decrease in costs corresponded with the decrease in hosting revenue.
Costs of mining pool revenue was US$5.8 million, compared to US$58.3 million in 2024. The decrease in costs corresponded with the decrease in mining pool revenue.
Gross loss was US$75.6 million, compared to gross profit of US$127.7 million in 2024.
Selling expenses were US$0.4 million, compared to US$0.7 million in 2024.
General and administrative expenses were US$13.9 million, compared to US$7.2 million in 2024. The change was primarily due to: (i) a significant increase of US$2.8 million in employee salaries and benefits to support business expansion, particularly increased operations in the United States; (ii) a significant increase of US$2.7 million in professional fees, primarily related to initial public offering activities; (iii) an increase of $1.6 million in credit loss expense as there was no similar loss provision in 2024; offset by (iv) a significant decrease of US$2.4 million in merchant service charges due to reduced sales of mining machines.
Research and development expenses were US$20.2 million, compared to US$16.4 million in 2024. The change was due to increased investment in the development of the Company's own ASIC chips for mining machines.
Net loss was US$177.0 million, compared to net income of US$66.1 million in 2024.
Basic & diluted net loss per share was US$1.62, compared to basic & diluted net income per share of US$0.61 in 2024.
Balance SheetAs of December 31, 2025, the Company had US$26.3 million in cash, compared to US$114.8 million as of December 31, 2024.
As of December 31, 2025, the Company had US$22.5 million in intangible assets, cryptocurrencies, compared to US$32.1 million as of December 31, 2024.
Recent Development
Successful Tape-Out of 4nm BT1 Bitcoin Mining ChipOn March 17, 2026, the Company announced first-pass silicon success in the 4nm BT1 Bitcoin mining ASIC chip—the Company's first proprietary chip designed specifically for Bitcoin mining. This achievement marks an important milestone in the Company's Bitcoin mining chip program, which entered the tape-out phase in October 2025 and has now reached first-pass silicon success.
Resolution of Subsidiary's Hosting Dispute and Full Recovery of Mining MachinesOn April 13, 2026, the Company announced the successful resolution of a series of disputes involving its US subsidiary, BGIN Infrastructure, LLC, and Mawson Hosting, LLC, the landlord of BGIN's former hosting service provider, Krypton Technologies, LLC. As part of a confidential settlement agreement, BGIN has recovered all of its mining machines.
Conference Call Information
The Company will hold a conference call at 8:00PM U.S. Eastern Time on April 24, 2026 (8:00AM Singapore/Hong Kong Time on April 25, 2026). Details for the conference call are as follows:
Event Title: BGIN BLOCKCHAIN LIMITED Full Year 2025 Earnings Conference Call
All participants may use the link provided below to complete the online registration process in advance of the conference call. Upon registration, each participant will receive a set of participant dial-in numbers, the Direct Event passcode, and a unique PIN by email.PRE-REGISTER LINK: https://register-conf.media-server.com/register/BI973fcf0e7e864b3293dbf91bbf750e61
A live and archived webcast of the conference call will also be available at the Company's investor relations website at https://ir.bgin.com
Forward-Looking StatementsThis press release contains statements that may constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to," "target," "project," "potential," "seek," "may," "should," "could," "would," and similar expressions or the negative thereof. Statements that are not historical facts, including but not limited to statements regarding the Company's plans to report its financial results and the timing thereof, are forward-looking statements. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results set forth in the Company's filings with the U.S. Securities and Exchange Commission (the "SEC"). Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
About BGIN BLOCKCHAIN LIMITEDBGIN BLOCKCHAIN LIMITED (NASDAQ:BGIN) is a digital asset technology company with proprietary cryptocurrency-mining technologies that leverages its experience in designing ASIC chips and mining machines to penetrate new cryptocurrency opportunities and execute on a long-term strategic focus on self-mining. BGIN's mission is to make crypto mining accessible to all by developing innovative products tailored to various market needs, from beginners to large-scale industrial miners. BGIN designs and manufactures mining machines under its ICERIVER brand, providing customers with operational flexibility through advanced mining infrastructure and hosting services.
For more information, please visit: www.bgin.com or www.iceriver.io.
For investor and media inquiries, please contact:
BGIN BLOCKCHAIN LIMITED
Investor RelationsJennifer Jiang[email protected]
Media RelationsRay Xie[email protected]
BGIN BLOCKCHAIN LIMITEDCONSOLIDATED BALANCE SHEETSAS OF DECEMBER 31, 2025 AND 2024(US$, except for number of shares data, or otherwise noted)
December 31,2025
December 31, 2024
US$
US$
Assets
Current Assets
Cash
26,286,333
114,804,348
Accounts receivable, net
9,544
—
Inventories
7,849,479
12,491,133
Prepaid expenses
6,112,779
9,188,914
Other receivables
195,417
8,945,986
Deferred issuance costs
—
795,797
Due from related parties
949,914
101,336
Intangible assets – cryptocurrencies
22,450,733
32,143,476
Rights to receive cryptocurrencies
—
16,193,593
Total current assets
63,854,199
194,664,583
Non-current assets
Deposits and other non-current assets
1,436,415
1,834,897
Right-of-use assets
227,320
431,707
Deferred income tax assets
—
2,112,353
Property and equipment, net
27,317,731
71,744,370
Total assets
92,835,665
270,787,910
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Current liabilities
Accounts payable and accrued liabilities
3,288,728
7,190,436
Taxes payable
34,086,665
51,845,186
Contract liabilities
267,726
952,340
Due to related party
23,781
10,363
Operating lease liabilities, current
131,672
322,388
Other payables
199,384
281,898
Total current liabilities
37,997,956
60,602,611
Operating lease liabilities, non-current
88,125
123,015
Total liabilities
38,086,081
60,725,626
Commitments and contingencies
Shareholders' equity
Class A ordinary shares, $0.0000695652173913043 par value, 852,581,250 shares authorized, 90,581,566 and 85,258,128 issued and outstanding as of December 31, 2025 and December 31, 2024, respectively*
2,347
—
Class B ordinary shares, $0.0000695652173913043 par value, 225,543,750 shares authorized, 22,554,375 and 22,554,375 shares issued and outstanding as of December 31, 2025 and December 31, 2024*
523
—
Additional paid-in capital
26,637,236
—
Retained earnings
28,096,362
209,954,196
Accumulated other comprehensive loss
(244,059
)
(244,059
)
Total shareholders' equity
54,492,409
209,710,137
Non-controlling interest
257,175
352,147
Total liabilities and shareholders' equity
92,835,665
270,787,910
BGIN BLOCKCHAIN LIMITEDCONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOMEFOR THE YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023(US$, except for number of shares data, or otherwise noted)
