BGIN BLOCKCHAIN Ltd (BGIN) 10-Year Financial Performance & Capital Metrics

BGIN • • Industrial / General

TechnologyComputer HardwareCryptocurrency Mining HardwareBitcoin Mining Equipment

AboutBgin 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.Show more

Revenue $302M +17.5%
EBITDA $91M -48.3%
Net Income $66M -52.8%
EPS (Diluted) 0.58 -52.5%
Gross Margin 42.24% -45.4%
EBITDA Margin 30.2% -56.0%
Operating Margin 27.01% -60.0%
Net Margin 21.81% -59.8%
ROE 36.73% -79.2%
ROIC 61.76% -73.7%
Debt/Equity 0.00 -9.3%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Excellent 3Y average ROE of 70.4%
✓Healthy 5Y average net margin of 27.6%
✓Efficient asset utilization: 1.1x turnover

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y141.27%

TTM-

Profit (Net Income) CAGR

10Y-

5Y-

3Y104.52%

TTM-

EPS CAGR

10Y-

5Y-

3Y104.82%

TTM-

ROCE

10Y Avg88.42%

5Y Avg88.42%

3Y Avg86.23%

Latest45.44%

Peer Comparison

Bitcoin Mining Equipment

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	Debt/Equity
BGINBGIN BLOCKCHAIN Ltd	297.11M	3.28	5.66	17.5%	21.81%	36.73%	0.00
CANCanaan Inc.	539.21M	0.82	-0.89	27.35%	-77.01%	-82.19%	0.36
EBONEbang International Holdings Inc.	16.31M	3.45	-1.07	20.88%	-5.26%	-21.11%	0.02

Profit & Loss

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	21.52M	15.05M	257.27M	302.28M
Revenue Growth %	-	-0.3%	16.09%	0.17%
Cost of Goods Sold+	6.66M	6.12M	58.1M	174.59M
COGS % of Revenue	0.31%	0.41%	0.23%	0.58%
Gross Profit+	14.87M	8.93M	199.17M	127.69M
Gross Margin %	0.69%	0.59%	0.77%	0.42%
Gross Profit Growth %	-	-0.4%	21.3%	-0.36%
Operating Expenses+	5.35M	9.51M	25.51M	46.05M
OpEx % of Revenue	0.25%	0.63%	0.1%	0.15%
Selling, General & Admin	3.51M	1.86M	15.4M	7.83M
SG&A % of Revenue	0.16%	0.12%	0.06%	0.03%
Research & Development	195.26K	7.18M	10.1M	16.37M
R&D % of Revenue	0.01%	0.48%	0.04%	0.05%
Other Operating Expenses	1.64M	468.55K	5.57K	21.84M
Operating Income+	9.52M	-572.85K	173.67M	81.63M
Operating Margin %	0.44%	-0.04%	0.68%	0.27%
Operating Income Growth %	-	-1.06%	304.16%	-0.53%
EBITDA+	10.75M	1.22M	176.63M	91.29M
EBITDA Margin %	0.5%	0.08%	0.69%	0.3%
EBITDA Growth %	-	-0.89%	143.85%	-0.48%
D&A (Non-Cash Add-back)	1.23M	1.79M	2.96M	9.65M
EBIT	10.98M	-162.39K	173.36M	103.45M
Net Interest Income+	-72.01K	-182.06K	-2.18M	0
Interest Income	0	0	0	0
Interest Expense	364.25K	182.06K	2.18M	0
Other Income/Expense	-315.96K	299K	-94.33K	-847.67K
Pretax Income+	9.2M	-273.85K	173.57M	80.79M
Pretax Margin %	0.43%	-0.02%	0.67%	0.27%
Income Tax+	1.5M	-45.03K	33.81M	14.65M
Effective Tax Rate %	0.84%	0.8%	0.8%	0.82%
Net Income+	7.71M	-220.38K	139.71M	65.93M
Net Margin %	0.36%	-0.01%	0.54%	0.22%
Net Income Growth %	-	-1.03%	634.93%	-0.53%
Net Income (Continuing)	7.71M	-228.82K	139.76M	66.14M
Discontinued Operations	0	0	0	0
Minority Interest	-568	91K	143.59K	352.15K
EPS (Diluted)+	0.07	-0.00	1.22	0.58
EPS Growth %	-	-1.03%	-	-0.52%
EPS (Basic)	0.07	-0.00	1.22	0.58
Diluted Shares Outstanding	114.14M	114.14M	114.14M	114.14M
Basic Shares Outstanding	114.14M	114.14M	114.14M	114.14M
Dividend Payout Ratio	-	-	-	-

Balance Sheet

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	9.71M	3.89M	178.3M	194.66M
Cash & Short-Term Investments	3.65M	601.73K	46.7M	114.8M
Cash Only	3.65M	601.73K	46.7M	114.8M
Short-Term Investments	0	0	0	0
Accounts Receivable	988.62K	437.53K	4.28M	9.05M
Days Sales Outstanding	16.77	10.61	6.08	10.92
Inventory	0	0	3.53M	12.49M
Days Inventory Outstanding	-	-	22.21	26.11
Other Current Assets	4.86M	2.07M	117.04M	49.13M
Total Non-Current Assets+	5.34M	8.01M	13.37M	76.12M
Property, Plant & Equipment	5.34M	8.01M	11.78M	72.18M
Fixed Asset Turnover	4.03x	1.88x	21.83x	4.19x
Goodwill	0	0	0	0
Intangible Assets	0	0	0	0
Long-Term Investments	0	0	0	0
Other Non-Current Assets	0	0	1.58M	1.83M
Total Assets+	15.05M	11.89M	191.67M	270.79M
Asset Turnover	1.43x	1.27x	1.34x	1.12x
Asset Growth %	-	-0.21%	15.11%	0.41%
Total Current Liabilities+	5.03M	2.5M	42.56M	60.6M
Accounts Payable	19.41K	198.1K	858.21K	6.85M
Days Payables Outstanding	1.06	11.81	5.39	14.32
Short-Term Debt	0	0	0	0
Deferred Revenue (Current)	0	0	1000K	952.34K
Other Current Liabilities	0	0	0	0
Current Ratio	1.93x	1.56x	4.19x	3.21x
Quick Ratio	1.93x	1.56x	4.11x	3.01x
Cash Conversion Cycle	-	-	22.89	22.71
Total Non-Current Liabilities+	348.51K	278.06K	180.89K	123.02K
Long-Term Debt	0	0	0	0
Capital Lease Obligations	0	0	180.89K	123.02K
Deferred Tax Liabilities	348.51K	278.06K	0	0
Other Non-Current Liabilities	0	0	0	0
Total Liabilities	5.37M	2.77M	42.75M	60.73M
Total Debt+	0	0	348.02K	445.4K
Net Debt	-3.65M	-601.73K	-46.35M	-114.36M
Debt / Equity	-	-	0.00x	0.00x
Debt / EBITDA	-	-	0.00x	0.00x
Net Debt / EBITDA	-0.34x	-0.49x	-0.26x	-1.25x
Interest Coverage	26.14x	-3.15x	79.80x	-
Total Equity+	9.67M	9.12M	148.92M	210.06M
Equity Growth %	-	-0.06%	15.33%	0.41%
Book Value per Share	0.08	0.08	1.30	1.84
Total Shareholders' Equity	9.67M	9.03M	148.78M	209.71M
Common Stock	0	0	0	0
Retained Earnings	9.49M	9.27M	149.02M	209.95M
Treasury Stock	0	0	0	0
Accumulated OCI	180.34K	-244.93K	-244.06K	-244.06K
Minority Interest	-568	91K	143.59K	352.15K

Cash Flow

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-6.2M	-12.74M	-31.29M	-199.34M
Operating CF Margin %	-0.29%	-0.85%	-0.12%	-0.66%
Operating CF Growth %	-	-1.05%	-1.45%	-5.37%
Net Income	7.71M	-228.82K	139.76M	66.14M
Depreciation & Amortization	1.23M	1.79M	2.96M	9.65M
Stock-Based Compensation	0	0	0	0
Deferred Taxes	-2.59K	-45.03K	-278.06K	-2.11M
Other Non-Cash Items	-19.59M	-13.19M	-197.38M	-165.67M
Working Capital Changes	4.46M	-1.08M	23.65M	-107.35M
Change in Receivables	0	-406.74K	-3.85M	-4.7M
Change in Inventory	0	0	-3.53M	-120.84M
Change in Payables	3.09M	-79.86K	3.47M	5.22M
Cash from Investing+	10.75M	9.65M	77.74M	267.98M
Capital Expenditures	-4.17M	-5.19M	-6.69M	-12.97M
CapEx % of Revenue	0.19%	0.34%	0.03%	0.04%
Acquisitions	-	-	-	-
Investments	-	-	-	-
Other Investing	14.92M	14.85M	84.43M	280.95M
Cash from Financing+	-963.12K	350.12K	-361.58K	-538.69K
Debt Issued (Net)	-	-	-	-
Equity Issued (Net)	-	-	-	-
Dividends Paid	0	0	0	0
Share Repurchases	-	-	-	-
Other Financing	-963.12K	350.12K	-361.58K	-538.69K
Net Change in Cash	-	-	-	-
Free Cash Flow+	-10.38M	-17.94M	-37.97M	-212.31M
FCF Margin %	-0.48%	-1.19%	-0.15%	-0.7%
FCF Growth %	-	-0.73%	-1.12%	-4.59%
FCF per Share	-0.09	-0.16	-0.33	-1.86
FCF Conversion (FCF/Net Income)	-0.80x	57.83x	-0.22x	-3.02x
Interest Paid	0	0	0	0
Taxes Paid	0	0	17.49K	381.81K

Key Ratios

Metric	2021	2022	2023	2024
Return on Equity (ROE)	79.67%	-2.35%	176.8%	36.73%
Return on Invested Capital (ROIC)	118.6%	-5.91%	234.49%	61.76%
Gross Margin	69.07%	59.34%	77.42%	42.24%
Net Margin	35.81%	-1.46%	54.3%	21.81%
Debt / Equity	-	-	0.00x	0.00x
Interest Coverage	26.14x	-3.15x	79.80x	-
FCF Conversion	-0.80x	57.83x	-0.22x	-3.02x
Revenue Growth	-	-30.05%	1609.02%	17.5%

Frequently Asked Questions

Valuation & Price

BGIN BLOCKCHAIN Ltd (BGIN) has a price-to-earnings (P/E) ratio of 5.7x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

BGIN BLOCKCHAIN Ltd (BGIN) reported $302.3M in revenue for fiscal year 2024. This represents a 1305% increase from $21.5M in 2021.

BGIN BLOCKCHAIN Ltd (BGIN) grew revenue by 17.5% over the past year. This is strong growth.

Yes, BGIN BLOCKCHAIN Ltd (BGIN) is profitable, generating $65.9M in net income for fiscal year 2024 (21.8% net margin).

Dividend & Returns

BGIN BLOCKCHAIN Ltd (BGIN) has a return on equity (ROE) of 36.7%. This is excellent, indicating efficient use of shareholder capital.

BGIN BLOCKCHAIN Ltd (BGIN) had negative free cash flow of $212.3M in fiscal year 2024, likely due to heavy capital investments.

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