BGIN · BGIN BLOCKCHAIN Ltd

BGIN BLOCKCHAIN LIMITED reported a challenging fiscal year 2025, with total revenue plummeting 78% to $67.4 million from $302.3 million in 2024. The decline was broad-based: mining pool revenue fell from $58.8 million to $5.9 million due to lower KAS prices and reduced miner count; sales of mining machines dropped from $192.2 million to $15.3 million amid decreased demand and competition; hosting revenue halved to $3.3 million; and mining revenue slipped slightly to $42.9 million. The company swung to a net loss of $177.0 million from net income of $66.1 million, driven by a gross loss of $75.6 million (vs. gross profit of $127.7 million) and increased operating expenses. Management attributed the loss to non-cash impairments and write-offs, including a $46.7 million inventory provision on KAS machines. R&D spending rose to $20.2 million as the company invested in its proprietary 4nm Bitcoin mining chip, which achieved first-pass silicon success in March 2026. The balance sheet showed $26.3 million in cash and $22.5 million in crypto assets as of December 31, 2025, down from $114.8 million and $32.1 million respectively a year earlier. The company also resolved a hosting dispute with its US subsidiary, recovering all mining machines. Management emphasized a strategic pivot toward Bitcoin and Dogecoin mining, scaling back altcoin operations, and focusing on cost-effective energy strategies. The IPO completed in 2025 provided strategic flexibility, and the company plans to explore cloud mining and consumer products to democratize crypto mining access.