Blockchain Group SA (ALCPB) AI Stock Analysis

• Market Cap: €167.88M
• Dividend Yield: N/A
• Average Volume (3M): 4.30M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.68
• Revenue Growth: -28.85%
• EPS Growth: 92.28%
• Country: FR
• Employees: 135
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): -0.01
• Shares Outstanding: 226,955,110
• 10 Day Avg. Volume: 4,507,332
• 30 Day Avg. Volume: 4,296,815
• PEG Ratio: -0.19
• Price to Book (P/B): 2.23
• Price to Sales (P/S): 1.96
• P/FCF Ratio: -13.98
• Enterprise Value/Market Cap: N/A
• 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: 41 Neutral
• Price Target: €0.68 ▼(-17.44% Downside)

The overall stock score reflects significant financial performance challenges, including declining revenue and profitability issues. Technical analysis indicates bearish momentum, and the valuation is unattractive due to a negative P/E ratio and no dividend yield. These factors collectively suggest caution for potential investors.

Positive Factors

Improved gross profit margin

A sharp improvement in gross margin to 34.5% indicates the business has meaningfully improved cost structure or pricing on core services. That change is durable if structural (product mix, SaaS/subscription scale or lower hosting costs) and supports future operating leverage if revenue stabilizes.

Diversified revenue streams

Multiple revenue lines (transaction fees, BaaS subscriptions, consulting) reduce single-market dependence and create mix of recurring and transactional cash. This diversification supports steadier revenue capture and cross-sell potential, aiding resilience over a multi-quarter horizon.

Moderate leverage and stronger equity ratio

Low debt-to-equity and an improved equity ratio indicate conservative financial structure and room to fund operations or selective investment without heavy interest burden. This balance-sheet flexibility supports strategic responses and reduces refinancing risk over coming quarters.

Negative Factors

Sharp revenue decline

A 30%-plus year-over-year revenue decline erodes scale, undermines unit economics, and can negate gross-margin gains if fixed costs remain. Sustained revenue contraction signals demand loss or competitive pressure that may take multiple quarters and material strategic action to reverse.

Negative free cash flow

Persistent negative free cash flow constrains reinvestment and forces external financing or asset sales. Even with margin improvement, negative FCF increases liquidity risk, limits runway for R&D or go-to-market spend, and elevates dependency on capital markets over the medium term.

Ongoing net and operating losses

Negative net and operating margins show the company still burns resources after core costs. Without restoring positive operating profitability, the firm cannot sustainably self-fund growth, increasing long-term dilution or solvency risk if losses persist across quarters.

Blockchain Group SA Business Overview & Revenue Model

Company Description

The Blockchain Group, together with its subsidiaries, develops and markets blockchain technologies in France and internationally. It also engages in the integration of blockchain technologies; and IT and marketing consulting activities. In addition, the company is involved in professional training support and consulting; and digital marketing activity for the operation of the Shopbot platform. Further, it offers ESM consulting activity in IT, for data science. The Blockchain Group was founded in 2008 and is headquartered in Puteaux, France.

How the Company Makes Money

Blockchain Group SA generates revenue through multiple streams, including transaction fees from its cryptocurrency trading platform, subscription fees for its blockchain-as-a-service offerings, and consulting fees for advisory services. Additionally, the company may profit from partnerships with financial institutions and tech companies, which can enhance its service offerings and expand its market reach. Strategic collaborations with industry leaders help drive revenue growth by providing access to new markets and customers.

Blockchain Group SA Financial Statement Overview

Summary

The company shows a mixed financial performance with declining revenue and net income, affecting profitability. Despite an improved gross profit margin, the net profit margin remains negative. The balance sheet is stable with moderate leverage, but cash flow issues indicate liquidity challenges.

Income Statement

The company experienced a sharp decline in revenue from 2023 to 2024, with a 32.1% drop. Despite this, the gross profit margin improved significantly, reaching 34.5% in 2024 from a mere 1.4% in the previous year. However, the net profit margin was still negative at -9.8%, indicating ongoing profitability challenges. The EBIT and EBITDA margins were negative, reflecting operational inefficiencies.

Balance Sheet

The balance sheet shows moderate leverage with a debt-to-equity ratio of 0.28. The equity ratio improved to 35.8% in 2024, suggesting a more stable capital structure compared to previous years. However, the return on equity remains low at 11.1%, indicating limited profitability relative to shareholder equity.

Cash Flow

Cash flow analysis reveals a concerning drop in operating cash flow in 2024. The free cash flow was negative, at -$1.95 million. The operating cash flow to net income ratio decreased, indicating inefficient cash generation relative to earnings. The free cash flow to net income ratio was also unfavorable, highlighting liquidity concerns.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	13.86M	20.41M	21.29M	15.82M	8.05M
Gross Profit	4.78M	5.39M	-2.25M	1.48M	1.33M
EBITDA	1.08M	-7.59M	-6.50M	-346.00K	1.49M
Net Income	1.36M	-21.17M	-5.02M	-516.00K	1.40M
Balance Sheet
Total Assets	34.06M	33.58M	50.83M	50.87M	13.97M
Cash, Cash Equivalents and Short-Term Investments	4.35M	1.35M	1.02M	3.25M	526.00K
Total Debt	3.42M	3.66M	5.94M	4.13M	1.02M
Total Liabilities	21.88M	26.17M	23.55M	20.92M	12.51M
Stockholders Equity	12.18M	7.42M	26.72M	29.17M	725.00K
Cash Flow
Free Cash Flow	-1.95M	360.00K	-5.61M	-1.49M	-25.00K
Operating Cash Flow	187.00K	2.63M	-1.31M	2.27M	453.00K
Investing Cash Flow	-4.46M	-2.07M	-9.11M	-7.84M	-1.01M
Financing Cash Flow	4.12M	1.49M	6.55M	7.04M	731.00K

Blockchain Group SA Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.82
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:ALCPB, the sentiment is Negative. The current price of 0.82 is above the 20-day moving average (MA) of 0.80, above the 50-day MA of 0.80, and below the 200-day MA of 1.89, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 39.70 is Neutral, neither overbought nor oversold. The STOCH value of 26.81 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:ALCPB.

Blockchain Group SA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SWP	75 Outperform	€348.23M	16.82	25.87%	5.63%	14.40%	1.92%
QDT	67 Neutral	€541.64M	8.54	5.80%	4.90%	0.13%	11.29%
LIN	63 Neutral	€201.84M	7.33	―	3.68%	0.23%	10.46%
74SW	62 Neutral	€1.06B	20.92	9.71%	―	103.99%	17.53%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
ALBFR	58 Neutral	€203.30M	21.91	21.64%	―	24.74%	18.04%
ALCPB	41 Neutral	€167.88M	-50.71	-6.17%	―	-28.85%	92.28%