BTC Digital Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data BTC Digital Ltd. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	137	114	11.8	9.07	11.7	14
Cost of revenue	93	75.9	10.1	10.2	11.6	17.2
Gross profit	44.4	38.5	1.77	-1.14	0.12	-3.16
Research and development	4.89	2.89
Selling and marketing	47.6	39.4		0.23	0.36	0.59
General and administrative	53.4	53.6	0.72	1.12	2.44	5.07
Operating income			1.05	-2.48	-2.68	-8.81
Interest expense	0.94	0.38	0.02	0.06	0.05	0.06
Other non-operating income	0.71	0.1	0.03	-0.33	-0.05	-0.05
Pre-tax income	-62.4	-63.8	0.97	-2.82	-1.99	-9.06
Income tax	0.89	-3.18
Income from continuing operations	-61.4	-57.3	0.97	-2.82
Net income to minority interests	-0.28	-0.31	-2.05
Net income	-63.3	-60.6	7.69	-2.82	-1.99	-9.06
EBITDA			5.22	0.67	0.99	-4.67
EPS, basic	-1.13	-4.42		-1.89	-0.66	-1.10
EPS, diluted	-0.96	-5.01		-1.89	-0.66	-1.10
Shares, basic (weighted)	0.06	0.45	0.68	1.49	3.02	8.22
Shares, diluted (weighted)	0.07	0.4	0.68	1.49	3.02	8.22

Balance sheet

	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	13.8	26.4	0.05	0.04	14.9	0.35
Receivables	4.14	6.95	8.9	5.49	5.48	6.22
Other current assets		32.2	0.09	0.37	2.89	4.51
Total current assets	37.3	61.2	14.1	8.94	24.6	19.3
Property, plant and equipment	22.5	13.5	13.4	12.7	12.2	16
Lease right-of-use assets	49.4	16.6			0.38	0.34
Goodwill	42.1	193
Intangible assets	2.96	2.3
Other non-current assets		11.1
Total assets	168	139	30.3	24.5	41.1	39.9
Accounts payable	2.61	2.54	3.46	0.13	0.12
Deferred revenue	52.4	33.4		0.79	0.12
Short-term debt			0.87	0.13	0.48	2.17
Total current liabilities	180	112	11.1	5.1	0.89	2.48
Lease liabilities	30.7	9.39			0.32	0.29
Total liabilities	224	133	11.1	5.1	1.21	2.76
Paid-in capital	85.4	211	203	206	228	234
Retained earnings	-143	-207	-184	-187	-189	-198
Shareholders' equity	-58	5.3	19.3	19.4	39.9	37.2
Minority interests	2.47	2.22
Total equity	-55.6	5.3	19.3	19.4	39.9	37.2
Total liabilities and equity	168	139	30.3	24.5	41.1	39.9
Shares outstanding	1.9	11.4	1.04	2.1	6.43	9.52

Cash flow statement

	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-63.3	-60.6	5.64	-2.82	-1.99	-9.06
Depreciation and amortization	8.58	5.94	4.18	3.15	3.67	4.14
Stock-based compensation	8.01	3.66	0.85	0.14	0.57	1.83
Deferred income tax	-0.43	-3.24	0.06
Change in receivables	-3.39	-3.86	-10.3	3.42	0.01	-0.75
Change in payables	0.2	-0.13	3.29	-3.33	-0.01	-0.12
Cash from operations	-52.6	-72.1	-31	3.81	1.56	-5.26
Capital expenditures	-3.93	-11.5	-8.88	-2.5	-2.74	-8.52
Purchases of investments	-6.44
Cash from investing	-0.1	-11.3	-2.36	-4.62	-7	-15.5
Stock issued			6.46	1.55
Cash from financing	44.8	95.4	7.75	0.81	20.3	6.16
Exchange rate effect			-2.43	-2.54
Net change in cash	-7.86	12	-25.7	-0.01	14.9	-14.6
Free cash flow	-56.5	-83.5	-39.9	1.31	-1.19	-13.8
Interest paid	0.79	0.38	0.02	0.06	0.02
Income taxes paid	0.04	0.02	0.1	0.06	0.02	0.06

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $1.19 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	-22.5%	Gross profit / revenue.
Operating margin	-62.7%	Operating income / revenue.
EBITDA margin	-33.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-64.5%	Pre-tax income / revenue.
Net margin	-64.5%	Net income / revenue.
FCF margin	-98.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-37.4%	Cash from operations / revenue.
Return on equity (ROE)	-23.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-22.4%	Net income / average total assets.
Return on invested capital (ROIC)	-22.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	13.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	60.7%	Capital expenditures / revenue.
D&A / revenue	29.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	20.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-36.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-2,847.0%	Gross profit vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-570.1%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-437.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-6.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	24.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	-2.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	9.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-25.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	172.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	129.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	157.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	7.79x	Current assets / current liabilities.
Quick ratio	2.65x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.14x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	6.9%	Total liabilities / total assets.
Interest coverage	-142x	Operating income / interest expense.
Working capital	$16.8M	Current assets - current liabilities.
Tangible book value	$37.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.35x	Revenue / average total assets.
Fixed asset turnover	1.00x	Revenue / average property, plant and equipment.
Receivables turnover	2.40x	Revenue / average receivables.
Days sales outstanding	152 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.10	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$1.10	Net income per basic share, as reported (split-adjusted).
Revenue per share	$1.71	Revenue / diluted weighted shares.
FCF per share	-$1.68	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.64	Cash from operations / diluted weighted shares.
Book value per share	$3.90	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.90	Tangible book value / shares outstanding.
Cash per share	$0.04	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$14.0M	Share price x shares outstanding.
Enterprise value	$13.7M	Market cap + total debt - cash - short-term investments.
P/S	1.00x	Market cap / revenue.
P/B	0.38x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.38x	Market cap / tangible book value, when positive.
EV/Sales	0.98x	Enterprise value / revenue.
FCF yield	-98.1%	Free cash flow / market cap.
Earnings yield	-64.5%	Net income / market cap (the inverse of P/E).

What was BTC Digital Ltd.'s revenue in fiscal 2025?

BTC Digital Ltd. reported revenue of $14.0M for fiscal 2025, 20.3% higher than the year before.

Was BTC Digital Ltd. profitable in fiscal 2025?

No. It reported a net loss of $9.1M.

How much free cash flow did BTC Digital Ltd. generate in fiscal 2025?

Cash from operations of $5.3M minus capital expenditures of $8.5M left free cash flow of -$13.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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