Revenue has experienced a severe downward trajectory, declining by 21.3% in 2025Q4 alone, while SG&A expenses frequently exceed total sales, indicating a failure to right-size the organization.
| Sales/Revenue | 6.54M | 5.87M | 4.86M | 32.33M | 51.45M | 19M | 109.06M | 319.04M | 147.62M | 18.91M | 15.04M | 8.45M |
| Revenue Growth % | 11.39% | 20.88% | -84.98% | -37.17% | 170.73% | -82.57% | -65.82% | 116.12% | 680.81% | 25.7% | 78.03% | - |
| Cost of Goods Sold | 6.14M | 4.68M | 21.56M | 16.92M | 22.23M | 21.9M | 139.62M | 294.6M | 67.68M | 9.95M | 6.84M | 4.08M |
| COGS % of Revenue | 93.96% | 79.73% | 444.04% | 52.33% | 43.2% | 115.26% | 128.02% | 92.34% | 45.85% | 52.63% | 45.47% | 48.29% |
| Gross Profit | 394.85K | 1.19M | -16.7M | 15.41M | 29.22M | -2.9M | -30.56M | 24.45M | 79.94M | 8.96M | 8.2M | 4.37M |
| Gross Margin % | 6.04% | 20.27% | -344.04% | 47.67% | 56.8% | -15.26% | -28.02% | 7.66% | 54.15% | 47.37% | 54.53% | 51.71% |
| Gross Profit Growth % | -66.81% | 107.12% | -208.38% | -47.26% | 1107.92% | 90.51% | -225.03% | -69.42% | 792.58% | 9.2% | 87.74% | - |
| Operating Expenses | 23.27M | 31.56M | 36.94M | 63.4M | 27.19M | 23.75M | 8.28M | 34.89M | 14.74M | 7.39M | 4.2M | 3.92M |
| OpEx % of Revenue | 355.98% | 537.81% | 760.74% | 196.12% | 52.85% | 124.96% | 7.6% | 10.94% | 9.99% | 39.11% | 27.95% | 46.37% |
| Selling, General & Admin | 19.18M | 31.56M | 30.94M | 42.67M | 27.19M | 23.75M | 20.08M | 55.51M | 5.48M | 4.06M | 2.44M | 4.19M |
| SG&A % of Revenue | 293.38% | 537.81% | 637.16% | 131.99% | 52.85% | 124.96% | 18.42% | 17.4% | 3.71% | 21.49% | 16.23% | 49.65% |
| Research & Development | 4.09M | 0 | 7.4M | 5.15M | 6.56M | 8.46M | 13.37M | 43.49M | 9.26M | 3.33M | 1.76M | 0 |
| R&D % of Revenue | 62.6% | - | 152.44% | 15.92% | 12.74% | 44.52% | 12.26% | 13.63% | 6.28% | 17.62% | 11.72% | - |
| Other Operating Expenses | 0 | 0 | -1.4M | 15.58M | -6.56M | -8.46M | -25.17M | 27.37M | 0 | 0 | 0 | 0 |
| Operating Income | -22.88M | -30.37M | -53.64M | -47.99M | 2.03M | -26.65M | -50.64M | -3.69M | 65.2M | 1.56M | 4M | 81.51K |
| Operating Margin % | -349.94% | -517.53% | -1104.78% | -148.44% | 3.95% | -140.21% | -46.43% | -1.16% | 44.16% | 8.26% | 26.58% | 0.96% |
| Operating Income Growth % | 24.69% | 43.38% | -11.78% | -2463.52% | 107.62% | 47.38% | -1271.25% | -105.66% | 4073.6% | -60.93% | 4804.99% | - |
| EBITDA | -20.32M | -27.77M | -50.12M | -37.28M | 8.29M | -19.49M | -41.78M | 1.11M | 68.44M | 3.03M | 5M | 1.04M |
| EBITDA Margin % | -310.86% | -473.21% | -1032.29% | -115.31% | 16.11% | -102.58% | -38.31% | 0.35% | 46.36% | 16.05% | 33.22% | 12.3% |
| EBITDA Growth % | 26.83% | 44.59% | -34.45% | -549.74% | 142.52% | 53.34% | -3876.23% | -98.38% | 2154.91% | -39.26% | 380.69% | - |
| D&A (Non-Cash Add-back) | 2.55M | 2.6M | 3.52M | 10.71M | 6.26M | 7.15M | 8.86M | 4.8M | 3.24M | 1.47M | 999.18K | 958.04K |
| EBIT | -22.88M | -30.37M | -39.07M | -27.26M | 2.39M | -22.13M | -38.63M | -9.99M | 65.46M | 1.82M | 4.38M | 81.51K |
| Net Interest Income | 8.51M | 11.37M | 11.94M | 4.36M | 1.78M | 96.09K | -1.82M | -467.06K | 80.35K | -111.32K | 0 | 0 |
| Interest Income | 8.51M | 11.37M | 11.94M | 4.36M | 1.78M | 824.43K | 217.2K | 453.99K | 367.55K | 40.85K | 55.27K | 8.45K |
| Interest Expense | 0 | 0 | 0 | 0 | 4.38K | 728.35K | 2.04M | 921.05K | 287.2K | 152.18K | 0 | 0 |
| Other Income/Expense | 8.39M | 9.46M | 14.57M | 2.16M | 358.61K | 3.79M | 9.97M | 20.15M | -23.38K | 105.82K | 377.39K | 626.33K |
| Pretax Income | -14.49M | -20.91M | -39.07M | -45.83M | 2.39M | -22.86M | -40.67M | -10.91M | 65.17M | 1.67M | 4.38M | 459.67K |
| Pretax Margin % | -221.6% | -356.27% | -804.61% | -141.77% | 4.64% | -120.29% | -37.29% | -3.42% | 44.15% | 8.82% | 29.09% | 5.44% |
| Income Tax | -320.98K | -42.55K | -1.03M | -72.93K | -378.84K | 9.25M | 400.31K | 899.59K | 8.21M | -9.03K | 519.16K | 48.01K |
| Effective Tax Rate % | 2.22% | 0.2% | 2.64% | 0.16% | -15.86% | -40.47% | -0.98% | -8.24% | 12.59% | -0.54% | 11.87% | 10.44% |
| Net Income | -14.09M | -20.25M | -36.77M | -43.89M | 4.43M | -30.68M | -42.4M | -12.31M | 55.91M | 1.87M | 3.86M | 411.67K |
| Net Margin % | -215.6% | -345.06% | -757.38% | -135.76% | 8.61% | -161.41% | -38.88% | -3.86% | 37.87% | 9.9% | 25.64% | 4.87% |
| Net Income Growth % | 30.41% | 44.93% | 16.21% | -1090.49% | 114.44% | 27.66% | -244.5% | -122.02% | 2885.39% | -51.44% | 836.71% | - |
| Net Income (Continuing) | -14.17M | -20.87M | -38.03M | -45.76M | 2.77M | -32.11M | -41.07M | -11.81M | 56.97M | 1.68M | 3.86M | 411.67K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 |
| EPS (Diluted) | -2.24 | -3.22 | -5.86 | -7.03 | 0.75 | -7.55 | -8.38 | -10.92 | 1.03 | 0.02 | 0.04 | 0.01 |
| EPS Growth % | 30.43% | 45.05% | 16.64% | -1037.33% | 109.93% | 9.9% | 23.26% | -1160.19% | 5590.61% | -57.91% | - | - |
| EPS (Basic) | -2.24 | -3.22 | -5.86 | -7.03 | 0.75 | -7.55 | -8.38 | -10.92 | 1.03 | 0.02 | 0.04 | 0.01 |
| Diluted Shares Outstanding | 6.28M | 6.28M | 6.28M | 6.25M | 5.93M | 4.06M | 5.06M | 1.13M | 54.45M | 103.67M | 89.76M | 51.06M |
| Basic Shares Outstanding | 6.28M | 6.28M | 6.28M | 6.25M | 5.92M | 4.06M | 5.06M | 1.13M | 54.45M | 103.67M | 89.76M | 51.06M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | 73.22% | - | - |
Technological obsolescence and insolvency
Based on reported financial statements, Ebang's revenue has experienced a severe downward trajectory, falling from a peak of $33.2 million in 2021Q4 to just $3.0 million by 2025Q4, reflecting a persistent inability to maintain market relevance in the highly competitive ASIC hardware manufacturing sector.
The consistent decline in top-line performance suggests that Ebang's legacy hardware offerings are failing to capture demand in a market increasingly dominated by more efficient, large-scale competitors. This contraction highlights the difficulty of transitioning from a hardware-centric model to a service-oriented business while the core product line loses its competitive edge.
As indicated by historical income statements, Ebang's gross margins have exhibited extreme volatility, swinging from a high of 71.1% in 2021Q4 to negative territory in 2023Q4, underscoring the company's lack of pricing power and vulnerability to semiconductor supply chain cost fluctuations.
The inability to sustain positive gross margins suggests that the company's production costs are poorly aligned with current market pricing for mining hardware. Investors should monitor whether the shift toward service-based revenue can stabilize these margins, as the current hardware-heavy cost structure appears fundamentally unviable.
According to recent SEC filings, Ebang's SG&A expenses have remained disproportionately high relative to its shrinking revenue base, with quarterly administrative costs frequently exceeding total sales, which indicates a lack of expense discipline and a failure to right-size the organization for its current operational scale.
The persistent gap between operating expenses and revenue suggests that the company is carrying significant fixed overhead that its current business model cannot support. This structural imbalance necessitates a critical evaluation of whether the existing administrative footprint is sustainable without further eroding the company's remaining cash reserves.
While the company maintains a substantial cash position, analysis of the income statement reveals that Ebang has consistently burned through capital to fund operating losses, with net losses totaling millions per quarter, suggesting that the cash balance is a depleting asset rather than a growth engine.
Short-sellers would likely focus on the disconnect between the company's market valuation and its inability to generate positive operating cash flow. The reliance on legacy cash reserves to fund ongoing losses warrants further investigation into how long the company can survive before requiring dilutive financing or asset liquidation.
Quick answers to the most common questions about buying EBON stock.
For fiscal year 2025, Ebang International Holdings Inc. (EBON) reported total revenue of $6.5M. This represents a 22.6% decline compared to $8.4M in 2014.
Ebang International Holdings Inc. (EBON) reported a net loss of $14.1M for the fiscal year ending 2025.
Ebang International Holdings Inc. (EBON) reported an operating income of $-22.9M, resulting in an operating profit margin of -349.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Ebang International Holdings Inc. (EBON) generated $0.4M in gross profit for the year, representing a gross profit margin of 6.0%. This demonstrates the company's core pricing power and production efficiency.