IRVING, Texas, April 24, 2026 (GLOBE NEWSWIRE) -- Ebang International Holdings Inc. (Nasdaq: EBON, the "Company," "we" or "our"), today announced its financial results for the fiscal year ended December 31, 2025.
Operational and Financial Highlights for Fiscal Year 2025
Total net revenues in the 2025 fiscal year increased by 11.4% to US$6.5 million, from US$5.9 million in the 2024 fiscal year.
Gross profit in the 2025 fiscal year was US$0.4 million, compared to a gross profit of US$1.2 million in the 2024 fiscal year.
Net loss in the 2025 fiscal year was US$14.2 million, compared to US$20.9 million in the 2024 fiscal year.
Mr. Dong Hu, Chairman and Chief Executive Officer of the Company, commented, "In fiscal year 2025, despite a complex and volatile external environment, we adhered to our "progress amid stability" approach. While maintaining stable operations across existing businesses, we continuously monitored industry trends and dynamically evaluated potential development opportunities. In response to market shifts and industrial evolution, we prudently optimized resource allocation and explored advanced manufacturing sectors through technical pathway analysis, team building, and preliminary mapping of supply chain resources, creating strategic reserves for future expansion."
Mr. Hu continued: "Looking ahead, we will take technological innovation and real-sector manufacturing as dual engines, and gradually develop a highly coordinated industrial ecosystem. In electrical power equipment, we will leverage internal resources and market conditions to pursue energy-efficient, intelligent products, capturing opportunities from the global green upgrade of power grids. In new materials, we will continue optimizing processes for high-performance soft magnetic materials, focusing on reducing material loss to improve power equipment energy efficiency. This will help convert material performance advantages into product competitiveness and strengthen long-term growth. We will continue to prudently advance these initiatives based on market conditions, business performance, and compliance requirements, while optimizing our business structure, resource allocation, and operational efficiency to create long-term shareholder value. We remain cautiously optimistic about our transition towards high-quality development."
Financial Results for Fiscal Year 2025
Total net revenues in the 2025 fiscal year increased by 11.4% to US$6.5 million, from US$5.9 million in the 2024 fiscal year, primarily due to the combined impact of: (1) the acquisition of the renewable energy business in November 2024, which led to the increase of renewable energy products revenue, and (2) the renting of idle office space, which has generated rental revenue during the year and promoted revenue growth. Other than the above, all other businesses have been relatively stable.
Cost of revenues in the 2025 fiscal year increased by 31.3% to US$6.1 million, from US$4.7 million in the 2024 fiscal year, which is primarily due to the increase of revenue and VAT recoverable impairment of US$1.7 million, which was recognized in cost of revenue in 2025, as it is expected that VAT will not be recovered in the foreseeable future. In a market with both opportunities and risks, we constantly adjust our development strategy, allocate resources, and control costs and expenses based on changes in the market condition, in order to avoid unnecessary expenses.
Gross profit in the 2025 fiscal year was US$0.4 million, compared to a gross profit of US$1.2 million in the 2024 fiscal year.
Total operating expenses in the 2025 fiscal year decreased by 18.6% to US$25.7 million, from US$31.6 million in the 2024 fiscal year, primarily due to the combined impact of the decrease in selling expenses and general and administrative expenses, and increase in impairments.
-- Selling expenses in the 2025 fiscal year decreased by 51.5% to US$0.5
million, from US$1.1 million in the 2024 fiscal year, mainly due to the
continuous decrease in sales staff salaries, which is also the result of
the Company continuously adjusting its strategic policies according to
changes in the market situation, while reducing costs and increasing
efficiency.
-- General and administrative expenses in the 2025 fiscal year decreased by
25.4% to US$22.7 million, from US$30.5 million in the 2024 fiscal year,
primarily due to decreases in payroll expenses, office rental expenses,
and the tightening of various expense expenditures.
-- Impairment of intangible assets was US$1.1 million in the 2025 fiscal
year, compared to nil in the 2024 fiscal year.
Loss from operations in the 2025 fiscal year was US$25.3 million, compared to loss from operations of US$30.4 million in the 2024 fiscal year.
Interest income in the 2025 fiscal year was US$8.5 million, compared to US$11.4 million in the 2024 fiscal year. The increase was primarily due to the reduction of interest rates.
Exchange (loss) gain in the 2025 fiscal year was exchange gain of US$3.1 million, compared to exchange loss of US$2.2 million in the 2024 fiscal year, primarily due to the currency fluctuation on our foreign currency denominated assets and liabilities.
Other expenses in the 2025 fiscal year was US$0.5 million, compared to US$0.1 million in the 2024 fiscal year, primarily due to the classification of changes in fair value of cryptocurrency assets into this category in accordance with new accounting standards adopted in 2025.
Government grants in the 2025 fiscal year was US$0.04 million, compared to US$0.05 million in the 2024 fiscal year, primarily due to the decrease of non-recurring rebates from local government.
Income taxes benefit in the 2025 fiscal year was US$0.3 million, compared to US$0.04 million in the 2024 fiscal year, primarily due to the reversal of deferred tax liability relating to the impairment of intangible assets recognized from a business acquisition that closed in November 2024 in 2025.
Net loss in the 2025 fiscal year was US$14.2 million, compared to US$20.9 million in the 2024 fiscal year.
Net loss attributable to Ebang International Holdings Inc. in the 2025 fiscal year was US$14.1 million, compared to US$20.3 million in the 2024 fiscal year.
Basic and diluted net loss per share in the 2025 fiscal year was US$2.24, compared to basic and diluted net loss per share of US$3.22 in the 2024 fiscal year.
Cash and cash equivalents were US$200.2 million as of December 31, 2025, compared to US$213.8 million as of December 31, 2024.
About Ebang International Holdings Inc.
With years of manufacturing experience and expertise in blockchain technology and Fintech, we have established ourselves as a key participant in these fields. Leveraging advanced technologies and cutting-edge financial services, our Fintech service platforms have been widely recognized by the market. Striving to diversify our offerings to achieve a more stable financial performance, we expanded into the renewable energy sector in Australia in November 2024, underscoring our commitment to sustainability and long-term growth. In the foreseeable future, we will continue to focus on our renewable energy business and further explore opportunities in related businesses, while proactively adapting to changes in market demand and seizing new development opportunities. Our diversified model enables us to explore synergies across our businesses, driving value for our Company and shareholders. For more information, please visit https://ir.ebang.com/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company's development plans and business outlook, which can be identified by terminology such as "may," "will," "expects," "anticipates, " "aims," "potential," "future," "intends," "plans," "believes," "estimates," "continue," "likely to," and other similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such statements are not historical facts, and are based upon the Company's current beliefs, plans and expectations, and the current markets and operating conditions. Forward-looking statements include, but are not limited to, statements regarding our future operating results and financial position, our business strategy and plans, expectations relating to our industry, the regulatory environment, market conditions, trends and growth, expectations relating to customer behaviors and preferences, our market position and potential market opportunities, and our objectives for future operations. Forward-looking statements involve inherent known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance and achievements to differ materially from those contained in any forward-looking statement. These risks and uncertainties include our ability to successfully execute our business and growth strategy and maintain future profitability, market acceptance of our products and services, our ability to further penetrate our existing customer base and expand our customer base, our ability to develop new products and services, our ability to expand internationally, the success of any acquisitions or investments that we make, the efforts of increased competition in our markets, our ability to stay in compliance with applicable laws and regulations, market conditions across the blockchain, Fintech and general markets, political and economic conditions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and
Exchange Commission. These forward-looking statements are made only as of the date indicated, and the Company undertakes no obligation to update or revise the information contained in any forward-looking statements as a result of new information, future events or otherwise, except as required under applicable law.
Investor Relations Contact
For investor and media inquiries, please contact:
Ebang International Holdings Inc.
Email: ir@ebang.com
EBANG INTERNATIONAL HOLDINGS INC.
CONSOLIDATED BALANCE SHEETS
(Stated in US dollars)
December 31, December 31,
2025 2024
------------- -------------
ASSETS
Current assets:
Cash and cash equivalents $ 200,191,726 $ 213,822,331
Restricted cash, current 31,155 580,019
Short-term investments 6,169,815 4,906,760
Accounts receivable, net 1,099,081 1,586,766
Advances to suppliers 477,748 70,312
Inventories, net 3,642,958 597,116
Prepayments 729,713 322,382
VAT recoverable, current 87,505 3,203,198
Other current assets, net
(include $126,920 and nil
due from a related party
as of December 31, 2025
and 2024, respectively) 3,758,291 5,676,953
------------ ------------
Total current assets 216,187,992 230,765,837
------------ ------------
Non-current assets:
Property, plant and
equipment, net 29,804,484 29,907,181
Intangible assets, net 2,196,854 3,339,664
Operating lease
right-of-use assets 3,608,497 3,348,442
Operating lease
right-of-use assets -
related party 69,486 40,081
Restricted cash,
non-current 796,786 602,178
Goodwill - 1,277,789
VAT recoverable,
non-current 1,468,819 766,587
Other assets 2,635,010 5,756,224
------------ ------------
Total non-current assets 40,579,936 45,038,146
------------ ------------
Total assets $ 256,767,928 $ 275,803,983
============ ============
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $ 436,119 $ 286,099
Accrued liabilities and
other payables (include
$126,920 and nil due to a
related party as of
December 31, 2025 and
2024, respectively) 6,310,237 10,367,210
Operating lease
liabilities, current 1,105,514 1,114,377
Operating lease liabilities
- related party, current 48,252 29,961
Advances from customers 14,812 55,403
------------ ------------
Total current liabilities 7,914,934 11,853,050
------------ ------------
Non-current liabilities:
Operating lease
liabilities, non-current 3,430,152 2,877,122
Operating lease liabilities
-- related party,
non-current 21,234 10,120
Other non-current liability 357,403 376,841
Deferred tax liabilities 3,379 326,452
------------ ------------
Total non-current liabilities 3,812,168 3,590,535
------------ ------------
Total liabilities 11,727,102 15,443,585
Equity:
Class A ordinary share,
HKD0.03 par value,
11,112,474 shares
authorized, 4,989,746
shares issued, 4,726,424
shares outstanding as of
December 31, 2025 and
2024(1) 18,178 18,178
Class B ordinary share,
HKD0.03 par value,
1,554,192 shares
authorized, issued and
outstanding as of December
31, 2025 and 2024(1) 5,978 5,978
Additional paid-in capital 396,090,766 396,454,715
Statutory reserves 11,079,649 11,079,649
Accumulated deficit (149,185,245) (135,091,716)
Accumulated other
comprehensive loss (13,777,506) (12,874,020)
------------ ------------
Total Ebang International
Holdings Inc. shareholders'
equity 244,231,820 259,592,784
Non-controlling interest 809,006 767,614
------------ ------------
Total equity 245,040,826 260,360,398
------------ ------------
Total liabilities and equity $ 256,767,928 $ 275,803,983
============ ============
(1) As of December 31, 2025 and 2024, 263,322 reserved
for future issuance upon the vesting of RSAs granted
under the 2020 Plan were considered issued but not
outstanding.
EBANG INTERNATIONAL HOLDINGS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS
(Stated in US dollars)
For the year For the year For the year
ended ended ended
December 31, December 31, December 31,
2025 2024 2023
------------ ------------ ------------
Product revenue $ 793,047 $ 1,179,404 $ 782,349
Service revenue 5,743,940 4,689,367 4,072,832
----------- ----------- -----------
Total revenues 6,536,987 5,868,771 4,855,181
Cost of revenues 6,142,141 4,679,085 21,558,986
----------- ----------- -----------
Gross profit (loss) 394,846 1,189,686 (16,703,805)
Operating
expenses:
Selling expenses 536,562 1,107,048 1,893,607
General and
administrative
expenses 22,733,520 30,455,530 29,041,432
Impairment of
intangible assets 1,096,816 - 3,708,247
Impairment of
goodwill 1,327,457 - 2,299,628
----------- ----------- -----------
Total operating
expenses 25,694,355 31,562,578 36,942,914
Gain on disposal of
subsidiaries - - 7,524
----------- ----------- -----------
Loss from
operations (25,299,509) (30,372,892) (53,639,195)
----------- ----------- -----------
Other income
(expenses):
Interest income 8,513,402 11,371,783 11,941,453
Other income 167,841 328,360 1,131,178
(Loss) gain from
investment (508,155) 382,896 356,996
Net (loss) gain on
disposal of
cryptocurrencies - (374,964) 744,803
Exchange gain
(loss) 3,078,562 (2,169,880) 456,647
Government grants 39,121 52,191 62,600
Other expenses (477,443) (126,208) (119,531)
----------- ----------- -----------
Total other income 10,813,328 9,464,178 14,574,146
Loss before income
taxes benefit (14,486,181) (20,908,714) (39,065,049)
Income taxes
benefit (320,983) (42,545) (1,031,461)
----------- ----------- -----------
Net loss (14,165,198) (20,866,169) (38,033,588)
----------- ----------- -----------
Less: net loss
attributable to
non-controlling
interest (71,669) (615,118) (1,261,445)
----------- ----------- -----------
Net loss
attributable to
Ebang
International
Holdings Inc. $(14,093,529) $(20,251,051) $(36,772,143)
=========== =========== ===========
Comprehensive
loss
Net loss $(14,165,198) $(20,866,169) $(38,033,588)
Other
comprehensive
loss:
Foreign currency
translation
adjustment (790,425) 917,303 (2,278,915)
----------- ----------- -----------
Total comprehensive
loss (14,955,623) (19,948,866) (40,312,503)
Less: comprehensive
loss attributable
to non-controlling
interest 41,392 (710,883) (1,377,803)
----------- ----------- -----------
Comprehensive loss
attributable to
Ebang
International
Holdings Inc. $(14,997,015) $(19,237,983) $(38,934,700)
=========== =========== ===========
Net loss per
ordinary share
attributable to
Ebang
International
Holdings Inc.
Basic $ (2.24) $ (3.22) $ (5.86)
=========== =========== ===========
Dilute $ (2.24) $ (3.22) $ (5.86)
=========== =========== ===========
Weighted average
ordinary shares
outstanding
Basic 6,280,616 6,280,616 6,275,118
=========== =========== ===========
Diluted 6,280,616 6,280,616 6,275,118
=========== =========== ===========
(END) Dow Jones Newswires
April 24, 2026 16:15 ET (20:15 GMT)
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