BitVentures Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data BitVentures 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

	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	277	8.99	18.6	28	0	0.5
Gross profit						0.28
Selling and marketing	49.4	2.4	2.12	3.13	0.53	0.04
General and administrative	30.4	6.76	5.3	2.54	2.42	1.68
Operating income	42.5	-5.48	-3.33	-0.77	-3.69	-2.27
Other non-operating income	2.14	-0.79	0.17	0.01	-1.99	5.69
Pre-tax income	44.7	-6.27	-3.16	-0.77	-5.67	3.42
Income tax	13.3	0.01	0	0	0.12	0
Income from continuing operations			-3.16	-0.77	-5.79	3.42
Net income to minority interests			-1.38
Net income	31.4	-6.27	-3.47	-0.74	-5.37	3.42
EBITDA	46.4	-3.77	-2.16	0.24	-3.19	-2.25
EPS, basic		-2.97	-1.62	-0.27	-1.22	0.41
EPS, diluted		-2.97	-1.62	-0.27	-1.22	0.41
Shares, basic (weighted)	0.05	2.07	2.07	2.8	4.41	8.43
Shares, diluted (weighted)	0.05	2.07	2.07	2.8	4.41	8.43

Balance sheet

	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	68	3.43	12.6	13.3	0.95	4.46
Short-term investments				0	8.79	7.01
Receivables	92	84.1	57.5		0	0
Inventory					0	0.03
Other current assets	1.46	1.4	2.5	0.32	0.14	0.07
Total current assets	229	200	12.9	15.5	9.88	11.7
Property, plant and equipment	3.27	48.4	0	0	0.01	0.4
Lease right-of-use assets			2.2	1.24	0	0.06
Goodwill		11.2	35.7
Intangible assets	3.75	5	2.21
Long-term investments		0.15	0.14		0	2.1
Total assets	237	266	17.4	16.7	9.89	14.2
Accounts payable			0.46		0	0.02
Accrued liabilities	9.23	8.92	0.39	0.41	0	0.03
Short-term debt		0.3
Total current liabilities	123	116	12.5	13.9	0.16	0.26
Lease liabilities			1.31	0.25	0	0.02
Total liabilities	125	117	14.2	14.2	0.16	0.28
Paid-in capital	77.9	76	33.2	33.3	45.8	46.6
Retained earnings	21	51.9	-30	-30.7	-36.1	-32.6
Other comprehensive income	0.66	1.26	2.31		0	-0.02
Shareholders' equity	11.1	5.92	3.2	2.56	9.73	13.9
Minority interests			14
Total equity	11.1	5.92	3.2	2.56	9.73	13.9
Total liabilities and equity	237	266	17.4	16.7	9.89	14.2
Shares outstanding	56	2.07	2.07	56

Cash flow statement

	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	31.4	-6.27	-3.47	-0.74	-5.37	3.42
Depreciation and amortization	3.87	1.71	1.18	1.01	0.5	0.02
Stock-based compensation	3.32	1.14	0.75	0.1	0.24	0.8
Deferred income tax	0.26	-0.04	0	-0.32	0	0
Change in receivables	-28.8	4.67	22.6	0	0	-0
Change in inventory				0	0	-0.03
Cash from operations	50.5	-0.11	9.45	2.56	-6.48	4.31
Capital expenditures	-1.8		0	0	-0	-0.46
Acquisitions		-6.42	-26.4
Cash from investing	-2.21	-44.4	-0.26	0	-8.76	-0.8
Debt repaid		-0.16	-0.29
Cash from financing	28	-0.16	0	0	1.01	0
Net change in cash	80	-0.11	9.19	2.56	-14.2	3.51
Free cash flow	48.7		9.45	2.56	-6.48	3.85
Income taxes paid	12.8	13.2	0	0.19	0.48	0

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $15.22 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	57.0%	Gross profit / revenue.
Operating margin	-454.8%	Operating income / revenue.
EBITDA margin	-451.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	687.6%	Pre-tax income / revenue.
Net margin	687.6%	Net income / revenue.
FCF margin	773.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	866.3%	Cash from operations / revenue.
Effective tax rate	0.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	28.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	28.4%	Net income / average total assets.
Return on invested capital (ROIC)	-24.8%	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	159.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	93.2%	Capital expenditures / revenue.
D&A / revenue	3.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue CAGR, 3y	-70.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-71.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 5y	-35.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow CAGR, 3y	-23.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-38.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 3y	-25.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-39.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	43.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	63.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	4.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	43.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-6.4%	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	-43.0%	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	91.4%	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	59.6%	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	175.1%	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	44.8x	Current assets / current liabilities.
Quick ratio	44.1x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	44.1x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	2.0%	Total liabilities / total assets.
Working capital	$11.4M	Current assets - current liabilities.
Tangible book value	$13.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.04x	Revenue / average total assets.
Fixed asset turnover	2.44x	Revenue / average property, plant and equipment.
Receivables turnover	498x	Revenue / average receivables.
Days sales outstanding	1 days	365 x average receivables / revenue.
FCF conversion	112.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	10.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.41	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	$0.41	Net income per basic share, as reported (split-adjusted).
Revenue per share	$0.06	Revenue / diluted weighted shares.
FCF per share	$0.46	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.51	Cash from operations / diluted weighted shares.
Book value per share	$1.65	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.65	Tangible book value / shares outstanding.
Cash per share	$1.36	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$2.56B	Share price x shares outstanding.
Enterprise value	$2.55B	Market cap + total debt - cash - short-term investments.
P/E	747x	Market cap / net income. Only when net income is positive.
P/S	5,134x	Market cap / revenue.
P/B	184x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	184x	Market cap / tangible book value, when positive.
P/FCF	664x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	593x	Market cap / cash from operations, when positive.
EV/Sales	5,111x	Enterprise value / revenue.
EV/FCF	661x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.2%	Free cash flow / market cap.
Earnings yield	0.1%	Net income / market cap (the inverse of P/E).

What was BitVentures Ltd's revenue in fiscal 2026?

BitVentures Ltd reported revenue of $498.0K for fiscal 2026.

Was BitVentures Ltd profitable in fiscal 2026?

Yes. Net income was $3.4M, a net margin of 687.6%.

How much free cash flow did BitVentures Ltd generate in fiscal 2026?

Cash from operations of $4.3M minus capital expenditures of $464.0K left free cash flow of $3.9M.

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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