Revenue has collapsed to a nominal $39,495 in 2025Q4, while the company continues to report persistent operating losses, including a $1.1 million loss in the most recent quarter.
| Sales/Revenue | 39.49K | 2.89M | 6.26M | 192.35K | 0 | 24.25M | 99.08M | 101.1M | 63.28M | 34.63M |
| Revenue Growth % | -98.63% | -53.87% | 3155.03% | - | -100% | -75.53% | -2% | 59.78% | 82.73% | - |
| Cost of Goods Sold | 0 | 3.83M | 10.83M | 403.38K | 0 | 22.22M | 90.43M | 91.45M | 58.21M | 29.68M |
| COGS % of Revenue | - | 132.72% | 172.92% | 209.71% | - | 91.63% | 91.27% | 90.45% | 91.99% | 85.7% |
| Gross Profit | 0 | -945.2K | -4.57M | -211.03K | 0 | 2.03M | 8.65M | 9.65M | 5.07M | 4.95M |
| Gross Margin % | - | -32.72% | -72.92% | -109.71% | - | 8.37% | 8.73% | 9.55% | 8.01% | 14.3% |
| Gross Profit Growth % | 100% | 79.3% | -2063.42% | - | -100% | -76.54% | -10.37% | 90.47% | 2.33% | - |
| Operating Expenses | 3.03M | 13.89M | 23.74M | 5.85M | 3.47M | 4.64M | 2.57M | 4.12M | 1.55M | 2.22M |
| OpEx % of Revenue | 7674.87% | 480.9% | 379.15% | 3039.88% | - | 19.13% | 2.6% | 4.07% | 2.44% | 6.42% |
| Selling, General & Admin | 3.03M | 3.89M | 2.98M | 5.85M | 3.47M | 4.64M | 2.57M | 4.12M | 1.55M | 2.22M |
| SG&A % of Revenue | 7674.87% | 134.66% | 47.63% | 3039.88% | - | 19.13% | 2.6% | 4.07% | 2.44% | 6.42% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 10M | 20.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -2.99M | -14.84M | -28.3M | -6.06M | -3.47M | -2.61M | 6.08M | 5.54M | 3.52M | 2.73M |
| Operating Margin % | -7574.87% | -513.62% | -452.07% | -3149.59% | - | -10.76% | 6.13% | 5.48% | 5.57% | 7.88% |
| Operating Income Growth % | 79.83% | 47.59% | -367.21% | -74.38% | -33.12% | -142.94% | 9.79% | 57.2% | 29.04% | - |
| EBITDA | -2.99M | -13.93M | -22.94M | -5.78M | -3.48M | -2.61M | 6.6M | 6.08M | 4.05M | 3.32M |
| EBITDA Margin % | -7574.87% | -482.43% | -366.43% | -3005.71% | - | -10.76% | 6.66% | 6.01% | 6.41% | 9.58% |
| EBITDA Growth % | 78.53% | 39.26% | -296.83% | -65.95% | -33.58% | -139.52% | 8.58% | 49.96% | 22.17% | - |
| D&A (Non-Cash Add-back) | 0 | 900.94K | 5.36M | 276.76K | 0 | 1.58K | 521.92K | 542.19K | 531.63K | 588.67K |
| EBIT | -2.99M | -17.79M | -27.99M | -6.06M | -3.48M | -2.61M | 6.08M | 5.54M | 3.52M | 2.73M |
| Net Interest Income | -455.19K | -497.77K | -227.38K | -54.14K | -156.05K | -527.06K | -847.01K | -893.51K | 73.47K | 250.5K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 2.45K | 2.16K | 388.78K | 741.22K | 793K |
| Interest Expense | 455.19K | 497.77K | 227.38K | 54.14K | 156.05K | 529.51K | 849.17K | 1.28M | 667.75K | 542.49K |
| Other Income/Expense | -1.38M | -3.45M | 88.29K | 715.59K | -165.79K | -533.32K | -838K | -1.05M | -190.91K | 182.72K |
| Pretax Income | -4.37M | -18.28M | -28.22M | -5.34M | -3.64M | -3.14M | 5.24M | 4.48M | 3.33M | 2.91M |
| Pretax Margin % | -11064.45% | -633.03% | -450.66% | -2777.57% | - | -12.96% | 5.29% | 4.43% | 5.26% | 8.41% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 223.17K | 213.65K | 714.38K | 875.74K | 727.95K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | -7.1% | 4.08% | 15.94% | 26.29% | 25% |
| Net Income | -4.39M | -17.53M | -28.22M | 3.24M | -45.61M | -4.88M | 4.36M | 3.77M | 2.45M | 2.18M |
| Net Margin % | -11108.22% | -606.95% | -450.66% | 1684.1% | - | -20.11% | 4.4% | 3.73% | 3.88% | 6.31% |
| Net Income Growth % | 74.98% | 37.87% | -971.04% | 107.1% | -835.21% | -211.76% | 15.8% | 53.5% | 12.41% | - |
| Net Income (Continuing) | -4.37M | -18.28M | -28.22M | -5.34M | -3.64M | -3.37M | 5.03M | 3.77M | 2.45M | 2.18M |
| Discontinued Operations | 0 | 0 | 0 | 3.18M | -43.44M | -1.03M | -662.62K | 0 | 0 | 0 |
| Minority Interest | -735.77K | -753.06K | 0 | 0 | 1.6M | 3.02M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -16.97 | -200.40 | -516.60 | 96.39 | -2473.22 | -366.21 | 355.50 | 306.99 | 200.00 | 177.91 |
| EPS Growth % | 91.53% | 61.21% | -635.95% | 103.9% | -575.36% | -203.01% | 15.8% | 53.5% | 12.42% | - |
| EPS (Basic) | -16.97 | -200.40 | -516.60 | 96.39 | -2473.22 | -366.21 | 355.50 | 306.99 | 200.00 | 177.91 |
| Diluted Shares Outstanding | 385.08K | 87.36K | 54.65K | 33.61K | 18.44K | 13.32K | 12.27K | 12.27K | 12.27K | 12.27K |
| Basic Shares Outstanding | 385.08K | 87.36K | 54.65K | 33.61K | 18.44K | 13.32K | 12.27K | 12.27K | 12.27K | 12.27K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and insolvency risk
As documented in recent financial filings, Bit Origin's revenue has experienced a near-total evaporation, plummeting from historical multi-million dollar levels to a nominal $39,495 in 2025Q4, signaling the complete failure of the legacy agricultural business model to transition into a viable digital asset operation.
The company's shift from agricultural commodities to cryptocurrency mining has resulted in a catastrophic loss of top-line scale. Investors should note that the current revenue figures are insufficient to support the company's existing corporate overhead, suggesting that the pivot has yet to establish any meaningful commercial traction.
Based on the reported income statements, Bit Origin exhibits extreme negative operating leverage, with administrative expenses consistently outpacing the negligible revenue generated by its mining activities, resulting in an operating margin that reached -27.5% in the most recent quarter despite the absence of meaningful production.
The company's inability to scale operating income relative to its cost base highlights a structural inefficiency in its current business model. The persistent reliance on high administrative spending while revenue remains near zero suggests that the company is currently functioning as a capital-draining entity rather than an operational business.
According to the provided financial data, Bit Origin's cost structure is dominated by fixed administrative expenses, which have forced the company into a cycle of persistent operating losses that totaled $1.1 million in 2025Q4 alone, despite the near-total absence of variable cost-generating revenue streams.
The lack of a clear path to amortizing these fixed costs over a larger revenue base indicates that the company's expense discipline is currently non-existent. Without a significant increase in hash rate or a reduction in corporate overhead, the current cost structure appears unsustainable for long-term viability.
Financial statements suggest that Bit Origin is currently a distressed corporate shell rather than a functional Bitcoin miner, as evidenced by the $55,639 cash balance which appears critically insufficient to fund the capital-intensive hardware acquisitions required to compete in the current high-difficulty mining environment.
Short-sellers would likely focus on the company's inability to generate positive cash flow from its mining pivot, viewing the entity as a vehicle for potential equity dilution rather than operational growth. The discrepancy between the company's sector classification and its actual financial performance warrants extreme caution regarding its ongoing survival.
Quick answers to the most common questions about buying BTOG stock.
For fiscal year 2025, Bit Origin Ltd (BTOG) reported total revenue of $0.0M. This represents a 99.9% decline compared to $34.6M in 2016.
Bit Origin Ltd (BTOG) reported a net loss of $4.4M for the fiscal year ending 2025.
Bit Origin Ltd (BTOG) reported an operating income of $-3.0M, resulting in an operating profit margin of -7574.9%. This margin reflects the operational efficiency of the business before interest and taxes.