Belgravia Capital International Inc (BLGV) AI Stock Analysis

• Market Cap: C$4.82M
• Dividend Yield: N/A
• Average Volume (3M): 616.41K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.16
• Revenue Growth: 19.82%
• EPS Growth: -51.61%
• Country: CA
• Employees: 9
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): -0.03
• Shares Outstanding: 137,720,840
• 10 Day Avg. Volume: 891,522
• 30 Day Avg. Volume: 616,415
• PEG Ratio: 0.06
• Price to Book (P/B): -10.90
• Price to Sales (P/S): -6.37
• P/FCF Ratio: -5.16
• 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: 42 Neutral
• Price Target: C$0.03 ▼(-3.33% Downside)
• Action: Reiterated Date: 02/01/26
• Date: Action: Reiterated 02/01/26

The score is primarily weighed down by weak financial performance (TTM losses, cash burn, and higher leverage with recent equity volatility) and bearish technicals (below key moving averages with negative MACD and very low RSI). Valuation provides limited offset because the company is loss-making (negative P/E) and has no stated dividend yield.

Positive Factors

Revenue Growth

Sustained TTM revenue growth (≈19.8% per fundamentals) indicates expanding fee or investment-related income, which is a durable driver for future scale. If management can control costs, revenue expansion creates a path to operating leverage and eventual margin recovery over months.

Scalable, Lean Business Model

A small, focused investment/capital-markets platform with only nine employees supports a scalable, low-fixed-cost structure. This lean setup can preserve margins as assets grow, allowing incremental revenue to drop to the bottom line faster if investment performance and client flows improve.

Improving Free Cash Flow Trend

A positive swing in free cash flow growth (even from negative) signals improving cash-generation ability. If sustained, it reduces reliance on external funding, lowers execution risk, and supports incremental investments or fee-generating activities over the coming quarters.

Negative Factors

Sustained Net Losses

Material TTM net losses demonstrate weak underlying earnings power and undermine internal capital formation. Persistent losses constrain reinvestment, force reliance on external financing, and make it harder to build durable margins without structural changes to revenue mix or cost base.

Ongoing Cash Burn

Meaningful negative operating and free cash flow over the TTM implies ongoing cash burn and limited internal runway. Over a multi-month horizon this elevates refinancing and dilution risk, reduces strategic optionality, and pressures management to secure funding rather than invest in growth.

Elevated Leverage & Balance-Sheet Volatility

Material leverage and past negative equity indicate fragile financial flexibility. High debt relative to equity raises interest and covenant risk, limits ability to absorb shocks, and constrains long-term investments—especially problematic for an asset manager needing capital stability to grow AUM.

Belgravia Capital International Inc Business Overview & Revenue Model

Company Description

Belgravia Hartford Capital Inc. focuses on incubation, investments, and royalty and management services businesses. The company offers services to support the development of early stage companies; and merchant banking services. It also invests in various private and public companies with a focus on resources, technology, and healthcare sectors. The company was formerly known as Belgravia Capital International Inc. and changed its name to Belgravia Hartford Capital Inc. in December 2019. Belgravia Hartford Capital Inc. is based in Kelowna, Canada.

How the Company Makes Money

Belgravia Capital International Inc generates revenue primarily through its investments and holdings in various sectors. The company earns money by acquiring, developing, and managing a diverse portfolio of companies, with a focus on creating value through strategic partnerships, operational improvements, and financial restructuring. Revenue streams may include capital gains from the sale of investments, dividends, and interest income from portfolio companies, as well as management fees from subsidiaries. The company's financial performance is influenced by the success of its investments, market conditions, and the strategic execution of its business development plans.

Belgravia Capital International Inc Financial Statement Overview

Summary

Overall financials appear stressed: TTM shows sizable net losses and meaningful negative operating/free cash flow, alongside a material increase in leverage (debt materially above equity) and recent balance-sheet volatility (including negative equity in 2024).

Income Statement

TTM (Trailing-Twelve-Months) results remain deeply loss-making, with negative revenue and a large net loss (about -4.2M), indicating weak underlying earnings power. Reported revenue growth is strong in TTM, but the base is distorted by negative revenue and margins, so it does not translate into improved profitability. Earlier years show inconsistent performance, including a one-time-looking profit in 2020 followed by sustained losses, which undermines earnings quality and trend confidence.

Balance Sheet

Leverage increased materially in TTM (debt of ~8.9M vs. equity of ~4.0M; debt-to-equity ~2.23x), reducing financial flexibility. While equity is positive in TTM, the company has a recent history of negative equity (2024), highlighting balance-sheet volatility. Returns on equity are unfavorable in the most recent period (negative in TTM), and the sharp swing in capital structure year-over-year is a key risk factor.

Cash Flow

Cash generation is weak: TTM (Trailing-Twelve-Months) operating cash flow and free cash flow are both meaningfully negative (about -2.3M), implying ongoing cash burn. Free cash flow growth is positive in TTM, but it is improving from a still-negative level, not turning sustainably positive. Cash flow has been inconsistent historically (positive in 2021/2023 but negative in 2020/2022/2024/TTM), which increases execution and funding risk.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Dec 2020
Income Statement
Total Revenue	-314.65K	-580.20K	-638.38K	-6.29M	699.70K	1.44M
Gross Profit	-1.22M	-820.79K	-1.11M	-7.48M	-2.64M	112.47K
EBITDA	-4.17M	-1.74M	-2.23M	-9.78M	-4.09M	-2.07M
Net Income	-4.19M	-1.79M	-2.22M	-9.87M	-4.09M	6.20M
Balance Sheet
Total Assets	13.60M	582.63K	1.24M	3.15M	12.79M	15.53M
Cash, Cash Equivalents and Short-Term Investments	13.53M	357.20K	1.19M	2.97M	12.66M	15.35M
Total Debt	8.94M	230.29K	0.00	0.00	0.00	0.00
Total Liabilities	9.59M	921.69K	864.18K	556.15K	279.51K	184.89K
Stockholders Equity	4.01M	-339.06K	376.78K	2.60M	12.51M	15.35M
Cash Flow
Free Cash Flow	-2.33M	-715.73K	52.35K	-33.54K	424.16K	-2.48M
Operating Cash Flow	-2.32M	-713.38K	52.35K	-33.54K	426.18K	-2.48M
Investing Cash Flow	-3.54M	-2.35K	0.00	3.25M	-2.02K	1.93M
Financing Cash Flow	6.03M	997.79K	0.00	-128.79K	-348.22K	0.00

Belgravia Capital International Inc Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.03
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BLGV, the sentiment is Neutral. The current price of 0.03 is below the 20-day moving average (MA) of 0.04, below the 50-day MA of 0.03, and below the 200-day MA of 0.11, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 53.81 is Neutral, neither overbought nor oversold. The STOCH value of 35.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:BLGV.

Belgravia Capital International Inc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
ZC	67 Neutral	C$10.65M	0.09	75.06%	―	486.23%	478.94%
PDV	66 Neutral	C$6.30M	11.28	42.23%	7.52%	-54.61%	273.14%
AAB	56 Neutral	C$4.02M	1.63	-735.40%	―	82.65%	-70.88%
IDK	49 Neutral	C$10.37M	-0.44	-70.07%	―	53.55%	-289.42%
QCA	48 Neutral	C$4.21M	9.47	-45.81%	―	26.42%	-1217.14%
BLGV	42 Neutral	C$4.82M	-0.72	-226.11%	―	19.82%	-51.61%

Belgravia Capital International Inc Corporate Events

Belgravia Hartford Retires US$1.5 Million Credit Line in Bitcoin, Tightens Bitcoin Treasury Strategy

Belgravia Hartford Capital Inc. has fully repaid its US$1.5 million line of credit to Round13 Digital Asset Fund by returning 14.21448 Bitcoin held under a Bitcoin Standard loan agreement, a move that removes a debt overhang, reduces loan-related risk and costs, and strengthens its balance sheet while advancing its Bitcoin treasury strategy. Following the repayment, Belgravia holds 68.72854407 Bitcoin, of which 26.350911 are unencumbered, and it confirmed that a separate US$5 million convertible debenture used to purchase 42.3776327 Bitcoin remains in place, with amended terms that could trigger an accelerated conversion to equity if the share price sustains a specified trading level, potentially reshaping its capital structure and deepening its positioning within the Bitcoin-focused investment space.

The most recent analyst rating on (TSE:BLGV) stock is a Hold with a C$0.03 price target. To see the full list of analyst forecasts on Belgravia Capital International Inc stock, see the TSE:BLGV Stock Forecast page.

Belgravia Hartford Signs LOI with DelphX for First QCS Bitcoin Treasury Protection Deal

Belgravia Hartford Capital Inc. has signed a non-binding letter of intent with DelphX Capital Markets Inc. to collaborate on executing the first commercial QCS transaction, which would make Belgravia the inaugural corporate purchaser of a QCS collateralized put option aimed at protecting and preserving corporate Bitcoin treasury holdings. Under the proposed arrangement, Belgravia is also expected to provide advisory and structuring support for DelphX’s QCS launch, including work on documentation, compliance and onboarding with the placement agent, a move that could strengthen Belgravia’s positioning in Bitcoin-focused risk management solutions while showcasing DelphX’s proprietary collateralized put and reference note products to institutional users, subject to regulatory approvals, market conditions and definitive agreements.

Belgravia Hartford Confirms Bitcoin Holdings, Sets Trial Date and Eyes Insider-Backed Financing

Belgravia Hartford Capital Inc. has reaffirmed that it continues to hold 83 Bitcoin and maintains a US$12.2 million royalty tied to the 2017 sale of the Ochoa asset, while a jury trial date has been set for February 17–18, 2026, in its audit and inspection dispute with Polynatura Corp. The company also outlined a potential short‑term insider financing plan under which certain insiders may sell shares in the market and use the proceeds to advance loans for working capital, structured at a 3% annual interest rate and potentially convertible into equity subject to Canadian Securities Exchange approval; year‑to‑date, President and CEO Mehdi Azodi has already advanced C$123,000 on similar terms, highlighting the firm’s reliance on insider support to preserve its Bitcoin position and fund operations.

Belgravia Hartford Capital Inc. Announces AGM Results and Strategic Appointments

Belgravia Hartford Capital Inc. announced the results of its Annual General Meeting, where shareholders showed strong support for the company’s strategic direction. Patrick Wood, a seasoned capital markets professional, was elected to the board, and MNP LLP was appointed as the auditor. The AGM results empower the board and management to confidently pursue their 2026 strategic agenda, reinforcing the company’s position in the tech and finance sectors. The election of Patrick Wood is expected to bring valuable expertise and networks to Belgravia, benefiting the company and its shareholders.