The company maintains a fortress balance sheet with a 0% debt-to-equity ratio, providing a stable foundation to support its ongoing infrastructure expansion.
| Metric | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Total Current Assets | 194.66M | 178.3M | 3.89M | 9.71M |
| Cash & Short-Term Investments | 114.8M | 46.7M | 601.73K | 3.65M |
| Cash Only | 114.8M | 46.7M | 601.73K | 3.65M |
| Short-Term Investments | 0 | 0 | 0 | 0 |
| Accounts Receivable | 9.05M | 4.28M | 437.53K | 988.62K |
| Days Sales Outstanding | 10.92 | 6.08 | 10.61 | 16.77 |
| Inventory | 12.49M | 3.53M | 0 | 0 |
| Days Inventory Outstanding | 26.11 | 22.21 | - | - |
| Other Current Assets | 49.13M | 117.04M | 2.07M | 4.86M |
| Total Non-Current Assets | 76.12M | 13.37M | 8.01M | 5.34M |
| Property, Plant & Equipment | 72.18M | 11.78M | 8.01M | 5.34M |
| Fixed Asset Turnover | 4.19x | 21.83x | 1.88x | 4.03x |
| Goodwill | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 1.83M | 1.58M | 0 | 0 |
| Total Assets | 270.79M | 191.67M | 11.89M | 15.05M |
| Asset Turnover | 1.12x | 1.34x | 1.27x | 1.43x |
| Asset Growth % | 41.28% | 1511.43% | -20.96% | - |
| Total Current Liabilities | 60.6M | 42.56M | 2.5M | 5.03M |
| Accounts Payable | 6.85M | 858.21K | 198.1K | 19.41K |
| Days Payables Outstanding | 14.32 | 5.39 | 11.81 | 1.06 |
| Short-Term Debt | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 952.34K | 1.98M | 0 | 0 |
| Other Current Liabilities | 0 | 0 | 0 | 0 |
| Current Ratio | 3.21x | 4.19x | 1.56x | 1.93x |
| Quick Ratio | 3.01x | 4.11x | 1.56x | 1.93x |
| Cash Conversion Cycle | 22.71 | 22.89 | - | - |
| Total Non-Current Liabilities | 123.02K | 180.89K | 278.06K | 348.51K |
| Long-Term Debt | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 123.02K | 180.89K | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 278.06K | 348.51K |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 |
| Total Liabilities | 60.73M | 42.75M | 2.77M | 5.37M |
| Total Debt | 445.4K | 348.02K | 0 | 0 |
| Net Debt | -114.36M | -46.35M | -601.73K | -3.65M |
| Debt / Equity | 0.00x | 0.00x | - | - |
| Debt / EBITDA | 0.00x | 0.00x | - | - |
| Net Debt / EBITDA | -1.25x | -0.26x | -0.49x | -0.34x |
| Interest Coverage | - | 79.80x | -3.15x | 26.14x |
| Total Equity | 210.06M | 148.92M | 9.12M | 9.67M |
| Equity Growth % | 41.06% | 1532.94% | -5.73% | - |
| Book Value per Share | 1.84 | 1.30 | 0.08 | 0.08 |
| Total Shareholders' Equity | 209.71M | 148.78M | 9.03M | 9.67M |
| Common Stock | 0 | 0 | 0 | 0 |
| Retained Earnings | 209.95M | 149.02M | 9.27M | 9.49M |
| Treasury Stock | 0 | 0 | 0 | 0 |
| Accumulated OCI | -244.06K | -244.06K | -244.93K | 180.34K |
| Minority Interest | 352.15K | 143.59K | 91K | -568 |
Network difficulty and halving
As indicated by the company's reported financial profile, BGIN maintains a zero-debt capital structure that provides a significant buffer against industry-wide cyclicality, allowing the firm to sustain its 17.5% revenue growth trajectory without the leverage-induced risks that have historically destabilized many of its direct mining infrastructure peers.
The absence of debt suggests a conservative financial strategy that prioritizes long-term solvency over aggressive, debt-funded expansion. This trajectory appears to position the company to navigate the upcoming halving cycle from a position of strength, potentially enabling opportunistic asset acquisition when competitors face liquidity constraints.
Based on the firm's reported figures, BGIN holds a $114M cash cushion, which serves as a critical liquidity buffer that appears sufficient to cover operational requirements and R&D investments, even during periods of heightened network difficulty or downward pressure on digital asset prices within the mining sector.
This liquidity position is a standout feature compared to peers who often rely on external financing to fund fleet upgrades. Investors should monitor how this cash is deployed, as the lack of dividend distributions suggests a continued focus on internal reinvestment into proprietary chip design and hosting capacity.
While the balance sheet appears robust, analysts should note that the reported $114M cash position and overall asset quality may be sensitive to the fair value accounting of digital assets, as suggested by the company's 21.81% net margin which incorporates non-cash gains from treasury holdings.
The reliance on digital asset valuation introduces a layer of volatility that is not immediately apparent in a standard hardware manufacturer's balance sheet. Furthermore, the potential for rapid technological obsolescence of mining hardware warrants investigation into whether current carrying values for inventory adequately reflect the impact of next-generation chip releases.
According to financial disclosures, BGIN has maintained a clean equity base without the dilutive share issuance often seen in the mining industry, reflecting a management approach that favors internal capital generation over external financing to fund its vertically integrated hardware and hosting infrastructure expansion.
This focus on non-dilutive growth is a positive signal for shareholders, as it preserves ownership stakes while the company scales its operations. However, the absence of share buybacks or dividends suggests that the firm is in a high-growth phase where every dollar of retained earnings is being funneled back into the business.
Quick answers to the most common questions about buying BGIN stock.
As of 2024, BGIN BLOCKCHAIN Ltd (BGIN) had total assets of $270.8M including $194.7M in current assets.
BGIN BLOCKCHAIN Ltd (BGIN) carries total debt of $0.4M, offset by $114.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
BGIN BLOCKCHAIN Ltd (BGIN) has total shareholders' equity (book value) of $209.7M ($1.84 book value per share). Book value represents the net worth of the company belonging to common stock holders.
BGIN BLOCKCHAIN Ltd (BGIN) reported a current ratio of 3.21x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.