Despite maintaining a 76.5% gross margin, the company continues to struggle with profitability, reporting an operating loss of $391.4K in 2025Q4.
| Sales/Revenue | 725.78K | 740.7K | 2.15M | 3.4M | 120K | 0 | 3.17M | 8.5M | 12.92M | 19.14M |
| Revenue Growth % | -2.01% | -65.61% | -36.73% | 2736.28% | - | -100% | -62.65% | -34.26% | -32.5% | - |
| Cost of Goods Sold | 192.05K | 192.05K | 556.59K | 782.79K | 117 | 5.23K | 2M | 2.84M | 1.25M | 1.13M |
| COGS % of Revenue | 26.46% | 25.93% | 25.85% | 23% | 0.1% | - | 62.98% | 33.45% | 9.65% | 5.9% |
| Gross Profit | 533.73K | 548.65K | 1.6M | 2.62M | 119.88K | -5.23K | 1.17M | 5.65M | 11.68M | 18.01M |
| Gross Margin % | 73.54% | 74.07% | 74.15% | 77% | 99.9% | - | 37.02% | 66.55% | 90.35% | 94.1% |
| Gross Profit Growth % | -2.72% | -65.64% | -39.07% | 2086.09% | 2392.66% | -100.45% | -79.23% | -51.57% | -35.19% | - |
| Operating Expenses | 1.61M | 1.45M | 2.47M | 2.71M | 13.29M | 787.74K | 266.35K | 11.96M | 13.51M | 9.57M |
| OpEx % of Revenue | 221.63% | 196.42% | 114.86% | 79.54% | 11074.29% | - | 8.39% | 140.78% | 104.52% | 50% |
| Selling, General & Admin | 1.61M | 1.45M | 2.47M | 2.71M | 13.29M | 782.51K | 301.46K | 11.58M | 13.51M | 9.57M |
| SG&A % of Revenue | 221.63% | 196.42% | 114.86% | 79.54% | 11074.29% | - | 9.5% | 136.26% | 104.52% | 50% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 28.11K | 383.8K | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | 0.89% | 4.52% | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 5.23K | -63.22K | 0 | 0 | 0 |
| Operating Income | -1.07M | -906.27K | -876.67K | -9.38M | -13.48M | -787.74K | -266.35K | -6.31M | -1.83M | 8.44M |
| Operating Margin % | -148.09% | -122.35% | -40.71% | -275.73% | -11232.25% | - | -8.39% | -74.23% | -14.17% | 44.1% |
| Operating Income Growth % | -18.6% | -3.38% | 90.66% | 30.38% | -1611.06% | -195.75% | 95.78% | -244.26% | -121.7% | - |
| EBITDA | -1.07M | -906.27K | -875.28K | -9.38M | -13.48M | -782.51K | 331.3K | -5.41M | -1.09M | 8.97M |
| EBITDA Margin % | -148.09% | -122.35% | -40.64% | -275.69% | -11232.16% | - | 10.44% | -63.69% | -8.43% | 46.84% |
| EBITDA Growth % | -18.6% | -3.54% | 90.67% | 30.39% | -1622.48% | -336.19% | 106.12% | -396.65% | -112.15% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 1.4K | 1.4K | 117 | 5.23K | 597.65K | 895.27K | 742.27K | 523.7K |
| EBIT | -1.07M | -906.27K | -876.67K | -9.38M | -13.45M | -787.74K | -3.96M | -7.54M | -117.9K | 8.34M |
| Net Interest Income | -271.88K | 227.47K | 1M | -786 | 0 | 0 | -57.47K | -573.76K | -600.82K | -202.38K |
| Interest Income | 0 | 227.47K | 1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 271.88K | 0 | 0 | 786 | 0 | 163.4K | 57.47K | 573.76K | 600.82K | 202.38K |
| Other Income/Expense | -271.88K | 6.87M | -733.37K | -786 | -189.67K | 17.66K | -367.2K | -1.81M | 1.11M | -302.37K |
| Pretax Income | -1.35M | 5.96M | -1.61M | -9.39M | -13.48M | -770.07K | -4.02M | -8.11M | -718.72K | 8.14M |
| Pretax Margin % | -185.55% | 804.75% | -74.76% | -275.75% | -11232.25% | - | -126.68% | -95.49% | -5.56% | 42.52% |
| Income Tax | 15.6K | -335.75K | 94.95K | 255.81K | 16.78M | 0 | 73.27K | -479.9K | 342.86K | 1.77M |
| Effective Tax Rate % | -1.16% | -5.63% | -5.9% | -2.73% | -124.53% | 0% | -1.82% | 5.92% | -47.7% | 21.74% |
| Net Income | -1.36M | 6.3M | 5.2M | -10.35M | -30.07M | -612.64K | -4.09M | -7.63M | -1.06M | 6.37M |
| Net Margin % | -187.7% | 850.08% | 241.63% | -304.2% | -25061.26% | - | -128.99% | -89.84% | -8.21% | 33.28% |
| Net Income Growth % | -121.64% | 21% | 150.26% | 65.57% | -4808.85% | 85.03% | 46.37% | -618.93% | -116.66% | - |
| Net Income (Continuing) | -1.36M | 6.3M | -1.7M | -9.64M | -13.45M | -770.07K | -4.09M | -7.63M | -1.06M | 6.37M |
| Discontinued Operations | 0 | 0 | 6.91M | -712.41K | -16.59M | 157.44K | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.16 | 1.53 | -0.85 | -20.88 | -121.42 | -2.72 | -18.20 | -34.01 | -5.00 | 28.00 |
| EPS Growth % | -110.46% | 280% | 95.93% | 82.8% | -4363.97% | 85.05% | 46.49% | -580.2% | -117.86% | - |
| EPS (Basic) | -0.16 | 1.53 | -0.85 | -20.88 | -54.42 | -3.42 | -18.20 | -34.01 | -4.79 | 29.93 |
| Diluted Shares Outstanding | 8.67M | 4.1M | 2M | 495.88K | 247.68K | 227.27K | 224.92K | 224.37K | 221.56K | 226.18K |
| Basic Shares Outstanding | 8.67M | 4.1M | 2M | 532.52K | 552.61K | 175.04K | 224.92K | 224.37K | 212.31K | 227.52K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Regulatory and Liquidity Risk
As reported in recent financial filings, NFT Limited's revenue trajectory remains highly erratic, with the most recent quarter showing an 18.2% growth rate that fails to mask a broader, multi-year trend of significant top-line contraction from the $2.6 million peak observed in late 2021.
The revenue base has become increasingly lumpy, suggesting that the company is struggling to maintain a consistent pipeline of art-listing or consulting projects. This volatility indicates that the business lacks a recurring revenue model, leaving it highly susceptible to the timing of individual asset launches and broader market sentiment toward Chinese cultural assets.
Based on the company's reported figures, NFT Limited maintains a structurally high gross margin of 76.5%, yet this efficiency is fundamentally undermined by an operating margin of -95.7%, indicating that the platform's core economics are insufficient to cover its fixed administrative and compliance overhead.
While the digital nature of the platform allows for high gross margins, the inability to scale revenue means these gains are effectively neutralized by the costs of maintaining a regulated trading environment. Investors should monitor whether the company can ever achieve the necessary trading velocity to amortize these fixed costs, as current trends suggest a persistent inability to reach operational break-even.
According to historical income statements, NFT Limited exhibits a persistent lack of operating leverage, as SG&A expenses consistently dwarf gross profits, resulting in an operating loss of $391.4K in the most recent quarter despite the company's efforts to streamline its administrative cost structure.
The company's inability to scale operating income faster than gross profit suggests that its current cost structure is too rigid for its small revenue base. This lack of scalability implies that the business model may be fundamentally misaligned with its current market reach, necessitating either a radical reduction in overhead or a massive, unlikely surge in trading volume.
Based on an analysis of the income statement, short-sellers would likely focus on the company's inability to generate consistent operating income, noting that the recent net income fluctuations appear driven by non-operating items rather than any fundamental improvement in the core brokerage business's underlying profitability.
The reliance on non-operating gains to occasionally offset massive operating losses warrants significant skepticism regarding the long-term viability of the firm. Without a clear path to sustainable, recurring revenue, the company appears to be a cash-holding vehicle rather than a growing digital asset platform, leaving it vulnerable to further capital erosion.
Quick answers to the most common questions about buying MI stock.
For fiscal year 2025, NFT Limited (MI) reported total revenue of $0.7M. This represents a 96.2% decline compared to $19.1M in 2016.
NFT Limited (MI) reported a net loss of $1.4M for the fiscal year ending 2025.
NFT Limited (MI) reported an operating income of $-1.1M, resulting in an operating profit margin of -148.1%. This margin reflects the operational efficiency of the business before interest and taxes.
NFT Limited (MI) generated $0.5M in gross profit for the year, representing a gross profit margin of 73.5%. This demonstrates the company's core pricing power and production efficiency.