SINGAPORE, April 25, 2026 (GLOBE NEWSWIRE) -- BGIN BLOCKCHAIN LIMITED ("BGIN" or the "Company"; NASDAQ: BGIN), a digital asset technology company with proprietary cryptocurrency mining technologies and a manufacturer of cryptocurrency mining hardware, today released its unaudited financial results for the year ended December 31, 2025.
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 Sheet
As 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 Chip
On 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 Machines
On 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 Statements
This 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 LIMITED
BGIN BLOCKCHAIN LIMITED $(BGIN)$ 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 Relations
Jennifer Jiang
ir@bgin.com
Media Relations
Ray Xie
pr@bgin.com
BGIN BLOCKCHAIN LIMITED
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2025 AND 2024
(US$, except for number of shares data, or otherwise
noted)
December 31, December 31,
2025 2024
------------- --------------
US$ 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,
$0.0000695652173913043 par value,
225,543,750 shares authorized,
22,554,375 and 22,554,375 shares
issued and outstanding as of
December 31, 2025 and December
31, 2024* 523 --
Additional paid-in capital 26,637,236 --
Retained earnings 28,096,362 209,954,196
Accumulated other comprehensive
loss (244,059) (244,059)
----------- -----------
Total shareholders' equity 54,492,409 209,710,137
Non-controlling interest 257,175 352,147
----------- -----------
Total liabilities and shareholders'
equity 92,835,665 270,787,910
=========== ===========
BGIN BLOCKCHAIN LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
(LOSS) INCOME
FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023
(US$, except for number of shares data, or otherwise
noted)
For The For The
Year For The Year Year
Ended Ended Ended
December 31, December 31, December 31,
2025 2024 2023
-------------- ------------ --------------
US$ US$ US$
-------------- ------------ --------------
Revenues:
Mining revenue 42,940,318 45,030,201 13,000,074
Sales of mining
machines 15,254,872 192,162,144 219,782,989
Hosting revenue 3,339,426 6,247,292 482,186
Mining pool revenue 5,861,287 58,837,944 24,003,122
------------ ----------- -----------
Total Revenue 67,395,903 302,277,581 257,268,371
------------ ----------- -----------
Costs of Revenues:
Costs of mining
revenue 63,333,746 29,711,122 8,451,706
Costs of sales of
mining machines 71,207,327 81,713,511 25,389,335
Costs of hosting
revenue 2,643,980 4,897,740 488,837
Costs of mining pool
revenue 5,803,256 58,269,298 23,765,150
------------ ----------- -----------
Total costs of revenues 142,988,309 174,591,671 58,095,028
------------ ----------- -----------
Gross (loss) profit (75,592,406) 127,685,910 199,173,343
Operating costs and
expenses:
Selling expenses 393,458 702,916 1,148,308
General and
administrative 13,868,940 7,157,554 14,570,383
Research and
development 20,191,147 16,374,310 10,099,575
Realized loss on
future contracts 560,492 726,746 --
Rewards earned from
crypto short-term
investments (right
to receive
cryptocurrencies) (438,266) (3,653,722) --
Change in fair value
of
cryptocurrencies 23,355,675 8,446,437 (312,722)
Impairment of
property and
equipment 42,570,833 16,297,933 --
------------ ----------- -----------
Total operating costs and
expenses 100,502,279 46,052,174 25,505,544
------------ ----------- -----------
(Loss) income from
operations (176,094,685) 81,633,736 173,667,799
Other (income)
expenses:
Foreign exchange
loss 189,490 509,319 131,366
Interest income (942,892) (1,174,582) (63,112)
Other (income)
expenses, net (729,507) 1,512,933 26,073
------------ ----------- -----------
Total other (income)
expenses (1,482,909) 847,670 94,327
------------ ----------- -----------
(Loss) income before
provision for income
taxes (174,611,776) 80,786,066 173,573,472
Current income tax
expenses 228,677 16,757,614 34,090,755
Deferred income tax
expense (recovery) 2,112,353 (2,112,353) (278,065)
------------ ----------- -----------
Income tax expense 2,341,030 14,645,261 33,812,690
------------ ----------- -----------
Net (loss) income (176,952,806) 66,140,805 139,760,782
Net (loss) income
attributable to
non-controlling
interest (94,972) 208,558 52,589
Net (loss) income
attributable to
ordinary
shareholders (176,857,834) 65,932,247 139,708,193
------------ ----------- -----------
Total (176,952,806) 66,140,805 139,760,782
Foreign currency
translation
adjustment - gain -- -- 870
Total comprehensive
(loss) income (176,952,806) 66,140,805 139,761,652
============ =========== ===========
Comprehensive (loss)
income attributable to
non-controlling
interest (94,972) 208,558 52,589
Comprehensive (loss)
income attributable to
ordinary shareholders (176,857,834) 65,932,247 139,709,063
------------ ----------- -----------
Total (176,952,806) 66,140,805 139,761,652
============ =========== ===========
Basic & diluted (losses)
earnings per share
attribute to BGIN
BLOCKCHAIN LIMITED
ordinary shareholders* (1.62) 0.61 1.30
============ =========== ===========
Weighted average number
of Class A and Class B
ordinary shares
outstanding*-basic and
diluted 109,060,159 107,812,503 107,812,503
============ =========== ===========
BGIN BLOCKCHAIN LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023
For The Year For The Year For The Year
Ended Ended Ended
December 31, December 31, December 31,
2025 2024 2023
US$ US$ US$
------------ ------------ ------------
Cash Flows from
Operating Activities:
Net (loss) income (176,952,806) 66,140,805 139,760,782
Adjustments to
reconcile net (loss)
income to net cash
used in operating
activities:
Depreciation 21,050,529 9,654,039 2,964,283
Inventories
provision and
write-off 62,311,983 36,708,352 --
Impairment of
property and
equipment 42,570,833 16,297,933 --
Provision for
expected credit
losses 1,649,653 -- --
Write-down of
prepaid expenses 3,968,211 -- --
Change in fair value
of
cryptocurrencies 23,355,675 8,446,437 (312,722)
Cryptocurrencies
mined (48,801,605) (103,868,145) (37,003,196)
Loss from disposal
of property and
equipment 818,395 1,886,990 290,619
Share-based
compensation 555,045 -- --
Employee
compensation
settled by
cryptocurrencies 1,172,391 969,477 10,264,540
Expenses settled by
cryptocurrencies 4,377,234 7,329,446 3,418,735
Cryptocurrencies
paid to mining pool
participants 5,803,256 58,269,299 23,765,150
Cryptocurrencies
received from
mining machine
revenue (13,920,228) (183,749,800) (198,127,459)
Cryptocurrencies
received from
hosting revenue (3,286,206) (5,643,613) (18,592)
Realized loss on
future contracts 560,492 726,746 --
Rewards earned from
crypto short-term
investments (right
to receive
cryptocurrencies) (438,266) (3,653,722) --
Non-cash operating
leases expense 204,387 12,334 1,362
Deferred income
taxes 2,112,353 (2,112,353) (278,065)
Expense of deferred
issuance costs -- 594,473 337,829
Changes in operating
assets and
liabilities
Accounts receivable -- 2,807,030 (2,807,030)
Inventories (74,133,471) (120,843,518) (3,534,937)
Prepaid expenses and
other assets (585,280) (2,697,474) (7,545,062)
Other receivable 2,938,361 (7,502,635) (1,043,291)
Accounts payable and
accrued
liabilities (4,086,929) 5,220,760 3,473,662
Contract liabilities (87,222) (298,688) 353,636
Taxes payable (17,758,521) 16,368,853 34,072,676
Other payables (82,514) (400,342) 681,679
Operating lease
liabilities (225,606) -- --
Due to related
parties 13,418 -- --
------------ ------------ ------------
Net cash used in
operating
activities (166,896,438) (199,337,316) (31,285,401)
------------ ------------ ------------
Cash Flows from
Investing Activities:
Proceeds from
disposal of property
and equipment 218,848 -- --
Purchase of property
and equipment (4,186,198) (12,968,470) (6,685,461)
Proceeds received from
sale of
cryptocurrencies 59,515,915 280,951,961 84,426,550
------------ ------------ ------------
Net cash provided by
investing activities 55,548,565 267,983,491 77,741,089
------------ ------------ ------------
Cash Flows from
Financing Activities:
Advance from
(Repayments to)
related parties -- (110,721) 141,099
Increase in deferred
issuance costs -- (427,965) (502,683)
Dividend paid (4,051,000) -- --
Proceeds from
initial public
offering, net of
issuance cost 26,878,358 -- --
Proceeds from share
issuance 2,500 -- --
------------ ------------ ------------
Net cash provided by (used
in) financing activities 22,829,858 (538,686) (361,584)
------------ ------------ ------------
Effect of foreign exchange
rate changes -- -- 1,024
Net (decrease) increase in
cash and cash
equivalents (88,518,015) 68,107,489 46,095,128
------------ ------------ ------------
Cash and cash equivalents,
beginning of year 114,804,348 46,696,859 601,731
------------ ------------ ------------
Cash and cash equivalents,
end of year 26,286,333 114,804,348 46,696,859
SUPPLEMENTAL DISCLOSURE
OF CASH FLOWS
INFORMATION:
Income taxes paid 18,130,952 381,808 17,488
Cryptocurrencies invested
in short-term investments
and future contracts 50,811,461 331,569,220 --
Accounts payable & accrued
liabilities settled
cryptocurrencies -- 1,802,802 292,684
Redemption of
cryptocurrency short-term
investments and future
contracts 66,882,828 319,029,349 --
Cryptocurrencies used for
payments of due to
related party -- 433,833 150,714
Cryptocurrencies used to
pay dividends 949,000 5,000,000 --
Cryptocurrencies
received from loan lent
to related parties 101,336 -- --
Cryptocurrencies lent to
third party 5,000,000 -- --
Cryptocurrencies
received from repayment
of cryptocurrency loan
to third party 5,197,014 -- --
Deferred offering costs
recognized against the
proceeds from the
offering 795,797 -- --
Property and equipment
transferred from
inventory 16,045,768 75,178,970 --
Right-of-use assets
acquired in exchange for
operating lease
liabilities -- 347,587 382,990
*The number of ordinary shares has been retrospectively adjusted for the 1-for-10 share subdivision effected on February 3, 2025 (the "February 2025 Share Subdivision"), the increase of share capital effected on February 3, 2025 (the "Share Capital Increase") and the issuance of the an aggregate of 19,770,000 Class A ordinary shares and 5,230,000 Class B ordinary shares on February 3, 2025 to existing shareholders of BGIN BLOCKCHAIN LIMITED on a pro rata basis (the "Share Issuance"), and the 1-for-1.4375 share subdivision effected on July 16, 2025 (the "July 2025 Share Subdivision")
(END) Dow Jones Newswires
April 24, 2026 17:00 ET (21:00 GMT)
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