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NASDAQ NMS - GLOBAL MARKET · Technology · CIK 0001945565
$1.94
+2.11% · delayed ~15 min
Last price from Oct 22, 2026
$219.5M market value
From BGIN BLOCKCHAIN Ltd's FY2025 20-F, filed Apr 28, 2026 · read the filing
BGIN BLOCKCHAIN lends money and provides credit. It took in $67.4M last year, which makes it a small company. It spends more than it earns — losing about 263 cents on every dollar of sales.
The financial picture is mixed, with debt needing attention and profitability and growth weaker.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
Financial health
Several areas of financial weakness.
From BGIN BLOCKCHAIN Ltd's FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Revenue
$302.3M → $67.4M
Gross profit
$127.7M → -$75.6M
Operating income
$81.6M → -$176.1M
Profit
$66.1M → -$177.0M
Measured against FY2024, from the 20-F filed Apr 28, 2026
Deteriorated: -77.7%
$302.3M to $67.4MCritical
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
How the latest move compares (quote delayed ~15 min), and what was published around it
BGIN rose 2.11% on the latest quote. The average Financials company tracked here moved +1.11%, and the S&P 500 −1.04%. That is 1.0 points above its sector and 3.1 points above the market.
No filing from BGIN and no news item about it appeared in the last 3 days.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
Filter by minute, hour, day or week — or compare against peers
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Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 0.2% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
The essentials
Each answered from the filings, with the numbers behind it.
No. It lost $177.0M last year, losing about 263 cents on every dollar of sales.
No. Sales shrank 77.7% last year.
For every $1 it owes, it owns $2.44 in assets. Banks and insurers always carry high debt — that is how lending works — so this is normal for the industry and not comparable with other sectors.
Core operating and valuation reference metrics
Whether the dividend is covered by what the business actually earns
It paid a dividend while making a loss, so the payment did not come out of profits — it came from reserves, borrowing or asset sales.
WeakFigures from the FY2025 annual filing
Last year it lost $177.0M and generated -$166.9M of cash from operations.
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202520-F · Apr 28, 2026Filing for FY2025 | FY202420-F · Apr 28, 2026Filing for FY2024 | FY202320-F · Apr 28, 2026Filing for FY2023 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|
| RevenueWhat is this? | $67.4M | $302.3M | $257.3M | −77.7% |
| Cost of revenue | $143.0M | $174.6M | $58.1M | −18.1% |
| Gross profit | -$75.6M | $127.7M | $199.2M | n/m |
| Gross marginGross profit ÷ revenueWhat is this? | -112.2% | 42.2% | 77.4% | −154.4 pts |
| Selling, general and administrative | $13.9M | $7.2M | $14.6M | +93.8% |
| Operating income | -$176.1M | $81.6M | $173.7M | n/m |
| Operating marginOperating income ÷ revenueWhat is this? | -261.3% | 27.0% | 67.5% | −288.3 pts |
| Income before tax | -$174.6M | $80.8M | $173.6M | n/m |
| Net income | -$177.0M | $66.1M | $139.8M | n/m |
| Net marginNet income ÷ revenueWhat is this? | -262.6% | 21.9% | 54.3% | −284.4 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | $-1.56 | $0.6135 | $1.30 | n/m |
† calculated from other reported figures, such as total liabilities as assets minus equity.
This company's latest filing beside its peers' stored scores
| Company | Health | F-Score | Revenue growth | Profit margin | P/E | Debt to equity |
|---|---|---|---|---|---|---|
| BGINBGIN BLOCKCHAIN Ltd · this page | 3.3/10 | 1/8 | -77.7% | -262.6% |
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Nothing recent
No insider trades, pending-sale notices or 5% stake filings from BGIN in the last few months. That is the ordinary case, not a gap.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
15 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Report filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingWrite down why you are following BGIN BLOCKCHAIN Ltd, what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
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Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from BGIN's 20-F for fiscal year 2025 (period ending 2025-12-31, filed Apr 28, 2026), reported under the US GAAP taxonomy. View the source filing.
3 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. Accounting had too few reported figures and is left out of the average rather than counted as a weakness, so a company is never marked down for a figure it did not publish. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 8 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 3.3 | 1/8 | 20-F, filed Apr 28, 2026 |
| FY2024 | 7.3 | 2/5 | 20-F, filed Apr 28, 2026 |
| FY2023 | 4.0 | 0/2 | 20-F, filed Apr 28, 2026 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
1 of 8 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's. One could not be evaluated and is excluded from the total rather than counted as a failure.
not reported — Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
not reported — Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
Deteriorated: turned negative
$127.7M to -$75.6MCritical
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Deteriorated: turned negative
$81.6M to -$176.1MCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: turned negative
$66.1M to -$177.0MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: −154.4 pts
42.2% to -112.2%Critical
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Deteriorated: −288.3 pts
27.0% to -261.3%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: −284.4 pts
21.9% to -262.6%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: turned negative
$0.61 to -$1.56Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: -77.1%
$114.8M to $26.3MCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Changed: -67.7%
$13.0M to $4.2MCritical
Why it matters: Neither good nor bad on its own. Heavy spending is a company building capacity or a company struggling to stand still, and the two look identical in this figure.
Improved: $41.2M narrower
-$212.3M to -$171.1MSignificant
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
Deteriorated: +4.9%
107.8M to 113.1MNotable
Why it matters: New shares divide the same company into more pieces, so each existing holding owns slightly less of it. Often pay for staff or an acquisition rather than anything wrong.
Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
Trailing P/E is not meaningful because the latest trailing earnings are zero or negative. The price-to-book and price-to-sales figures below still provide reference points.
Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Reported annual figures
| — |
| 0.70x |
| STXSeagate Technology Holdings plc | 10.0/10 | 8/9 | 34.1% | 26.1% | 45.74x | 3.60x |
|---|
| Median of peers | 10.0/10 | — | 34.1% | 26.1% | 45.74x | 3.60x |
|---|
Peers come from the company's industry classification. A difference describes the companies; it does not rank them.
Report filed on Form 6-K
Report filed on Form 6-K
Read the filingAnnual report for FY2025
Revenue -77.7% · Operating margin −288.3 pts · Gross profit turned negative — against FY2024
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingPrimary sources and further research