The company maintains a high current ratio of 27.31, though this liquidity is primarily supported by a cash balance that is being depleted to fund ongoing operational deficits.
| Total Current Assets | 216.19M | 230.77M | 250.43M | 269.11M | 298.83M | 68.6M | 28.83M | 125.03M | 313.09M | 35.78M | 25.82M | 8.43M |
| Cash & Short-Term Investments | 206.39M | 219.31M | 242.13M | 257.16M | 275.49M | 54.5M | 3.46M | 10M | 132.7M | 10.03M | 14.05M | 990.12K |
| Cash Only | 200.22M | 213.82M | 241.63M | 251.32M | 240.04M | 13.67M | 3.46M | 10M | 132.66M | 9.99M | 14M | 990.12K |
| Short-Term Investments | 6.17M | 4.91M | 496.12K | 5.84M | 35.44M | 40.84M | 0 | 0 | 38.39K | 41.87K | 52.82K | 0 |
| Accounts Receivable | 1.1M | 1.59M | 946.51K | 3.33M | 9.87M | 7.97M | 8.13M | 21.58M | 18.28M | 14.74M | 9.4M | 5.87M |
| Days Sales Outstanding | 61.37 | 98.69 | 71.16 | 37.65 | 70.04 | 153.09 | 27.2 | 24.68 | 45.19 | 284.53 | 228.15 | 253.54 |
| Inventory | 4.12M | 667.43K | 198.85K | 1.62M | 8.19M | 3.85M | 13.09M | 66.27M | 162.11M | 10.57M | 2.36M | 1.07M |
| Days Inventory Outstanding | 244.88 | 52.06 | 3.37 | 34.92 | 134.57 | 64.07 | 34.22 | 82.11 | 874.26 | 387.68 | 126.14 | 95.98 |
| Other Current Assets | 3.85M | 8.81M | 5.78M | 8.17M | 6.34M | 2.28M | 4.15M | 27.19M | 0 | 431.17K | 189.22K | 170.16K |
| Total Non-Current Assets | 40.58M | 45.04M | 47.81M | 75.06M | 87.03M | 75.6M | 18.33M | 21.7M | 19.12M | 10.55M | 3.65M | 4.64M |
| Property, Plant & Equipment | 33.48M | 33.3M | 39.3M | 42.41M | 36.6M | 30.04M | 14.54M | 17M | 8.27M | 3.35M | 612.91K | 740.9K |
| Fixed Asset Turnover | 0.20x | 0.18x | 0.12x | 0.76x | 1.41x | 0.63x | 7.50x | 18.77x | 17.85x | 5.64x | 24.54x | 11.40x |
| Goodwill | 0 | 1.28M | 0 | 2.3M | 0 | 0 | 0 | 0 | 1.94M | 1.81M | 0 | 0 |
| Intangible Assets | 2.2M | 3.34M | 2.33M | 6.89M | 22.51M | 23.08M | 3.78M | 4.7M | 5.8M | 4.94M | 2.87M | 3.73M |
| Long-Term Investments | 796.79K | 602.18K | 1.2M | 903.13K | 883.13K | 47.45K | 43.32K | 2.21M | -1.94M | 7.04M | 3.28M | 0 |
| Other Non-Current Assets | 4.1M | 6.52M | 4.98M | 22.55M | 27.04M | 22.48M | -18.33M | -21.7M | 4.2M | -7.02M | -3.28M | 171.03K |
| Total Assets | 256.77M | 275.8M | 298.24M | 344.17M | 385.86M | 144.2M | 82.61M | 149.46M | 332.2M | 46.33M | 29.46M | 13.07M |
| Asset Turnover | 0.03x | 0.02x | 0.02x | 0.09x | 0.13x | 0.13x | 1.32x | 2.13x | 0.44x | 0.41x | 0.51x | 0.65x |
| Asset Growth % | -6.9% | -7.52% | -13.34% | -10.81% | 167.59% | 74.55% | -44.73% | -55.01% | 617.04% | 57.25% | 125.34% | - |
| Total Current Liabilities | 7.91M | 11.85M | 11.96M | 15.49M | 14.71M | 34.26M | 39.05M | 77M | 225.77M | 15.17M | 4.7M | 2.4M |
| Accounts Payable | 436.12K | 286.1K | 292.57K | 1.46M | 3.39M | 2.76M | 11.83M | 43.63M | 9.89M | 1.93M | 1.91M | 1.14M |
| Days Payables Outstanding | 25.92 | 22.32 | 4.95 | 31.43 | 55.63 | 46.03 | 30.93 | 54.06 | 53.32 | 70.81 | 102.01 | 102.02 |
| Short-Term Debt | 1.15M | 0 | 0 | 0 | 1.45M | 1.85M | 4.86M | 23.04M | 5.71M | 9.72M | 0 | 0 |
| Deferred Revenue (Current) | 14.81K | 55.4K | 122.52K | 1.01M | 894.17K | 2.06M | 7.27M | 2.01M | 186.34M | 85.91K | 71.92K | 0 |
| Other Current Liabilities | 4.77M | 8.72M | 5.72M | 9.59M | 6.07M | 0 | 12.71M | 0 | 23.83M | 2.42M | 1.84M | 917.64K |
| Current Ratio | 27.31x | 19.47x | 20.94x | 17.38x | 20.32x | 2.00x | 0.74x | 1.62x | 1.39x | 2.36x | 5.50x | 3.51x |
| Quick Ratio | 26.79x | 19.41x | 20.92x | 17.27x | 19.76x | 1.89x | 0.40x | 0.76x | 0.67x | 1.66x | 4.99x | 3.06x |
| Cash Conversion Cycle | 280.33 | 128.43 | 69.57 | 41.14 | 148.97 | 171.14 | 30.49 | 52.74 | 866.13 | 601.4 | 252.28 | 247.5 |
| Total Non-Current Liabilities | 3.81M | 3.59M | 4.96M | 6.89M | 2.18M | 119.7K | 17.63M | 4.63M | 666.62K | 688.54K | 3.7K | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 17.63M | 4.63M | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 3.45M | 2.89M | 4.88M | 5.76M | 2M | 118.83K | 361.75K | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 3.38K | 326.45K | 74.22K | 1.13M | 178.58K | 872 | 0 | 0 | 666.62K | 688.54K | 3.7K | 0 |
| Other Non-Current Liabilities | 357.4K | 376.84K | 0 | 1.13M | 0 | 872 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 11.73M | 15.44M | 16.92M | 22.38M | 16.88M | 34.38M | 57.04M | 81.63M | 226.44M | 15.86M | 4.7M | 2.4M |
| Total Debt | 4.61M | 4.03M | 6.68M | 7.26M | 3.45M | 2.65M | 23.69M | 27.67M | 5.71M | 11.48M | 305.07K | 0 |
| Net Debt | -195.62M | -209.79M | -234.96M | -244.07M | -236.6M | -11.02M | 20.22M | 17.67M | -126.95M | 1.49M | -13.69M | -990.12K |
| Debt / Equity | 0.02x | 0.02x | 0.02x | 0.02x | 0.01x | 0.02x | 0.93x | 0.41x | 0.05x | 0.38x | 0.01x | - |
| Debt / EBITDA | - | - | - | - | 0.42x | - | - | 25.01x | 0.08x | 3.78x | 0.06x | - |
| Net Debt / EBITDA | - | - | - | - | -28.55x | - | - | 15.97x | -1.86x | 0.49x | -2.74x | -0.95x |
| Interest Coverage | - | - | - | - | 546.06x | -30.39x | -18.92x | -10.85x | 227.92x | 11.96x | - | - |
| Total Equity | 245.04M | 260.36M | 281.32M | 321.79M | 368.98M | 109.82M | 25.57M | 67.83M | 105.77M | 30.47M | 24.76M | 10.67M |
| Equity Growth % | -5.88% | -7.45% | -12.58% | -12.79% | 235.97% | 329.49% | -62.3% | -35.87% | 247.1% | 23.05% | 132.09% | - |
| Book Value per Share | 39.02 | 41.45 | 44.83 | 51.51 | 62.23 | 27.02 | 5.05 | 60.19 | 1.94 | 0.29 | 0.28 | 0.21 |
| Total Shareholders' Equity | 244.23M | 259.59M | 279.84M | 318.93M | 363.74M | 103.13M | 17.98M | 61.57M | 97.68M | 23.66M | 24.76M | 10.67M |
| Common Stock | 24.16K | 24.16K | 24.16K | 24.06K | 23.83K | 17.39K | 14.33K | 14.33K | 17.16M | 15.12M | 10.79M | 8.22M |
| Retained Earnings | -149.19M | -135.09M | -114.84M | -78.07M | -34.18M | -38.58M | -7.91M | 45.55M | 58.99M | 5.39M | 5.46M | 2.45M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -2.7M | -1.79M | -2.81M | -644.88K | 4.18M | 3.4M | 1.98M | 2.63M | 4.73M | 794.45K | 606.6K | 0 |
| Minority Interest | 809.01K | 767.61K | 1.48M | 2.86M | 5.24M | 6.7M | 7.59M | 6.26M | 8.08M | 6.82M | 0 | 0 |
Capital depletion and obsolescence
According to reported financial statements, Ebang's total assets have steadily declined from $389.5 million in 2021Q2 to $256.8 million by 2025Q4, signaling a contraction in the company's operational footprint as it struggles to maintain its competitive position within the ASIC hardware manufacturing industry.
The consistent reduction in total assets suggests that the company is failing to replace its depreciating manufacturing base with new, productive capital. This downward trend appears to mirror the company's inability to generate sufficient revenue to justify reinvestment, potentially indicating a long-term erosion of business quality.
Based on recent SEC filings, Ebang maintains a current ratio of 27.31, which is primarily driven by a $200.2 million cash position that serves as a defensive buffer against the company's ongoing inability to generate positive operating cash flow from its core hardware business.
While the headline liquidity metrics appear exceptionally strong, they are somewhat misleading because they reflect a lack of active capital deployment rather than operational efficiency. Investors should monitor how quickly this cash runway is consumed by persistent operating losses, as the current ratio may provide a false sense of security.
As indicated by historical balance sheets, Ebang's retained earnings have deteriorated significantly, falling to a deficit of $149.2 million in 2025Q4, which highlights the cumulative impact of sustained operational losses on the company's equity base over the past several years.
The persistent growth of this deficit suggests that the company has been unable to achieve a profitable business model, effectively consuming shareholder capital to fund its overhead. This trend warrants further investigation into whether the current pivot to services can reverse the long-term destruction of equity value.
Analysis of the balance sheet reveals that net PPE has remained relatively stagnant at $33.5 million as of 2025Q4, which may suggest that the company is carrying legacy manufacturing assets that are increasingly susceptible to impairment given the rapid technological obsolescence in the ASIC sector.
The disconnect between the company's high cash balance and its low-margin hardware operations suggests that the balance sheet is currently propped up by financial assets rather than productive operating assets. There is a risk that future write-downs of these legacy assets could further accelerate the depletion of the company's remaining equity.
Quick answers to the most common questions about buying EBON stock.
As of 2025, Ebang International Holdings Inc. (EBON) had total assets of $256.8M including $216.2M in current assets.
Ebang International Holdings Inc. (EBON) carries total debt of $4.6M, offset by $206.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Ebang International Holdings Inc. (EBON) has total shareholders' equity (book value) of $244.2M ($39.02 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Ebang International Holdings Inc. (EBON) reported a current ratio of 27.31x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.