Bgin Blockchain Ltd. Class A (BGIN) AI Stock Analysis

• Market Cap: $323.57M
• Dividend Yield: N/A
• Average Volume (3M): 53.66K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.50
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 109
• Sector: Technology
• Sector Strength: 88
• Industry: Computer Hardware
• EPS (TTM): N/A
• Shares Outstanding: 90,581,566
• 10 Day Avg. Volume: 38,464
• 30 Day Avg. Volume: 53,665
• PEG Ratio: -0.16
• Price to Book (P/B): 2.70
• Price to Sales (P/S): 1.87
• P/FCF Ratio: -2.67
• Enterprise Value/Market Cap: 1.40
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 53 Neutral
• Price Target: $3.50 ▲(21.11% Upside)
• Action: Reiterated Date: 11/21/25
• Date: Action: Reiterated 11/21/25

Bgin Blockchain Ltd. Class A's overall stock score is primarily influenced by its strong revenue growth and effective equity utilization. However, significant challenges such as declining profitability margins, negative cash flows, and bearish technical indicators weigh heavily on the score. The lack of valuation data adds uncertainty to the stock's assessment.

Positive Factors

Low leverage and high ROE

Extremely low leverage and a robust 31% ROE provide durable financial flexibility, allowing the company to fund growth initiatives and absorb shocks without heavy interest burdens. This balance-sheet strength supports longer-term investments in mining and infrastructure expansion.

Capital raised to expand mining and develop chips

The $30 million IPO earmarked for mining expansion and proprietary chip development is a structural capital infusion. It enables capacity buildout and potential vertical integration, which can lower unit costs and create sustainable competitive advantages over the medium term.

Insider buying signals management conviction

Material insider purchases by the chairman and an independent director align management with shareholders and signal conviction in the company’s strategic path. Such alignment is a durable governance positive that can support disciplined long-term decision making and capital allocation.

Negative Factors

Negative operating and free cash flows

Persistent negative operating and free cash flows indicate difficulties converting reported results into cash, creating liquidity and funding risk. Over the next several months this limits reinvestment capacity and may force external financing or dilution to support mining and chip programs.

Significant margin deterioration

Sharp declines in gross and net margins reflect structural cost pressures or pricing erosion that undermine profitability sustainability. Even with revenue growth, sustained margin compression weakens cash generation, reducing funds available for capital projects and long-term strategic initiatives.

Six-month gross loss from rising mining costs

A six-month gross loss driven by higher mining costs shows operational vulnerability in the core mining business. This structural cost exposure can persist absent efficiency gains or tech improvements, threatening long-term margin recovery and the viability of planned capacity expansion.

Bgin Blockchain Ltd. Class A Business Overview & Revenue Model

Company Description

Bgin Blockchain Limited, through its subsidiaries, operates as a digital asset technology company in Singapore, Hong Kong, the United States, and rest of Southeast Asia. It produces cryptocurrencies through its mining operations. The company also designs and sells mining machines for individual miners and distributors, as well as develops computer chips. In addition, it offers miner hosting, mining pool, and value-added services. The company was founded in 2019 and is based in Singapore.

How the Company Makes Money

Bgin Blockchain Ltd. generates revenue through multiple streams, primarily by offering blockchain development services and consulting to enterprises looking to implement blockchain solutions. This includes custom software development for dApps and smart contracts, which are billed based on project scope and complexity. Additionally, the company monetizes its proprietary blockchain platforms through subscription models and transaction fees for users engaging with its services. BGIN may also enter strategic partnerships with technology firms and industry leaders, allowing it to expand its service offerings and access new markets, thus contributing to its overall revenue growth.

Bgin Blockchain Ltd. Class A Financial Statement Overview

Summary

Bgin Blockchain Ltd. Class A demonstrates strong revenue growth and effective equity utilization. However, it faces challenges with declining profitability margins and negative cash flows, indicating potential liquidity issues. The low leverage is a positive aspect, but liquidity issues need to be addressed to ensure sustainable financial health.

Income Statement

Bgin Blockchain Ltd. Class A has shown a strong revenue growth rate of 17.50% in the latest year, indicating positive momentum. However, the company's margins have decreased significantly compared to the previous year, with the gross profit margin dropping from 77.42% to 42.24% and the net profit margin from 54.30% to 21.81%. This suggests a decline in profitability and efficiency.

Balance Sheet

The company maintains a very low debt-to-equity ratio of 0.21%, indicating minimal leverage and financial risk. The return on equity is robust at 31.44%, showcasing effective use of equity to generate profits. However, the equity ratio stands at 77.45%, suggesting a strong reliance on equity financing.

Cash Flow

Bgin Blockchain Ltd. Class A faces challenges with negative operating and free cash flows, indicating potential liquidity issues. The operating cash flow to net income ratio is negative, reflecting inefficiencies in converting income into cash. Despite this, the free cash flow to net income ratio is positive, suggesting some ability to generate cash relative to net income.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	302.28M	257.27M	15.05M	21.52M
Gross Profit	127.69M	199.17M	8.93M	14.87M
EBITDA	113.11M	176.32M	1.63M	12.21M
Net Income	65.93M	139.71M	-220.38K	7.71M
Balance Sheet
Total Assets	270.79M	191.67M	11.89M	15.05M
Cash, Cash Equivalents and Short-Term Investments	114.80M	46.70M	601.73K	3.65M
Total Debt	445.40K	348.02K	0.00	0.00
Total Liabilities	60.73M	42.75M	2.77M	5.37M
Stockholders Equity	209.71M	148.78M	9.03M	9.67M
Cash Flow
Free Cash Flow	-212.31M	-37.97M	-17.94M	-10.38M
Operating Cash Flow	-199.34M	-31.29M	-12.74M	-6.20M
Investing Cash Flow	267.98M	77.74M	9.65M	10.75M
Financing Cash Flow	-538.69K	-361.58K	350.12K	-963.12K

Bgin Blockchain Ltd. Class A Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
BGIN	53 Neutral	$323.57M	―	―	―	―	―
IONQ	53 Neutral	$11.81B	-6.24	-108.23%	―	113.07%	-555.52%
QBTS	49 Neutral	$7.12B	-14.34	-122.03%	―	156.20%	-218.56%
QUBT	46 Neutral	$1.84B	-13.59	-14.49%	―	41.51%	-111.74%
CAN	46 Neutral	$299.10M	-0.95	-59.93%	―	83.38%	50.44%
EBON	46 Neutral	$17.60M	-0.92	-7.04%	―	154.52%	47.31%

Bgin Blockchain Ltd. Class A Corporate Events

BGIN Blockchain Leaders Boost Insider Stakes in January Share Purchases

On January 8, 2026, BGIN Blockchain Limited reported that its chairman and co-founder, Oisin Li, and independent director, Paul Tsang, had purchased additional Class A ordinary shares in the company on the open market, acquiring 60,000 shares at an average price of US$3.70 and 8,100 shares at an average price of US$2.85, respectively. The insider buying underscores management’s stated confidence in BGIN’s long-term prospects and its strategy to become an infrastructure player within the Bitcoin ecosystem, signaling to investors that key leaders perceive a disconnect between the current share price and the company’s anticipated future value.

The most recent analyst rating on (BGIN) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Bgin Blockchain Ltd. Class A stock, see the BGIN Stock Forecast page.

BGIN Blockchain Appoints MaloneBailey as New Auditor

On December 15, 2025, BGIN Blockchain Limited announced the appointment of MaloneBailey, LLP as its new independent registered public accounting firm, effective December 12, 2025. This decision, approved by the company’s Audit Committee and Board of Directors, follows a thorough evaluation process and aims to leverage MaloneBailey’s extensive experience in the cryptocurrency sector to support BGIN’s growth and operations. The company expressed gratitude to its former auditor, ZH CPA, LLC, for their service over the past four years.

The most recent analyst rating on (BGIN) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Bgin Blockchain Ltd. Class A stock, see the BGIN Stock Forecast page.

Bgin Blockchain Ltd. Announces Departure of Communication Officer

Bgin Blockchain Ltd., a company involved in blockchain technology, announced the departure of its communication officer, Nicholas Williams, on November 28, 2025. The separation was mutual and amicable, with a severance agreement providing Williams a lump sum payment equivalent to three months of his salary. This change in personnel may impact the company’s communication strategies and stakeholder relations.

The most recent analyst rating on (BGIN) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Bgin Blockchain Ltd. Class A stock, see the BGIN Stock Forecast page.

Bgin Blockchain Ltd. Reports Financial Loss Amidst Revenue Decline

Bgin Blockchain Ltd. reported its unaudited financial results for the six months ended June 30, 2025, showing a significant decrease in total revenue compared to the same period in 2024. The company experienced a gross loss of $6.3 million, primarily due to increased costs in mining operations, despite a rise in mining revenue. This financial performance may impact the company’s market positioning and stakeholder confidence as it navigates the challenges within the volatile cryptocurrency industry.