BTC Digital Ltd. (BTCT) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Nov 2, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the F-1/A for FY2025, filed Sep 8, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the BTCT SEC filings page.
BTC Digital Ltd. (BTCT) reported $14.0M in revenue for fiscal year 2025, up 20.3% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (20-F and 6-K reports).
FY2025 revenue growth was overwhelmed by rising direct costs, overhead, and capital spending, weakening both margins and cash generation.
A high current ratio of 7.8x did not by itself establish abundant immediately available cash: the supplied liquidity comparison was just 0.8 months of reported annual operating outflow. Together, those figures show why a balance-sheet ratio can look comfortable while cash availability remains constrained.
Revenue rose
Capex was
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed: here 4 of 6, with the others left out rather than counted as zero. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of BTC Digital Ltd.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
BTC Digital Ltd. held $350K in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $5.3M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and BTC Digital Ltd. scores 4/100 among other emerging companies.
BTC Digital Ltd. had 10M shares outstanding at the end of fiscal year 2025. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and BTC Digital Ltd. scores 9/100 among other emerging companies.
Not available for BTC Digital Ltd., so it is left out of the overall score, which averages the 4 of 6 dimensions that can be computed.
BTC Digital Ltd. reported revenue of $14.0M in fiscal year 2025, against $11.7M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and BTC Digital Ltd. scores 67/100 among other emerging companies.
Not available for BTC Digital Ltd., so it is left out of the overall score, which averages the 4 of 6 dimensions that can be computed.
BTC Digital Ltd.'s cash, cash equivalents and investments came to $350K at the end of fiscal year 2025, against $2.8M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and BTC Digital Ltd. scores 20/100 among other emerging companies.
BTC Digital Ltd. scores -5.06, below the 1.81 distress threshold. The score is pulled down most by an accumulated deficit of $197.6M against total assets of $39.9M. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
BTC Digital Ltd. passes 2 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 operating efficiency signals passes.
BTC Digital Ltd. reported a net loss of $9.1M while operations used $5.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.
BTC Digital Ltd. reported an operating loss of $8.8M against $62K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
BTC Digital Ltd. generated $14.0M in revenue in fiscal year 2025. This represents an increase of 20.3% from the prior year.
BTC Digital Ltd.'s EBITDA was -$4.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 570.1% from the prior year.
BTC Digital Ltd. reported a net loss of $9.1M in fiscal year 2025. The change from the prior year is not meaningful, because that figure was zero or negative.
Cash & Balance Sheet
BTC Digital Ltd. recorded an outflow of $13.8M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. The change from the prior year is not meaningful, because that figure was zero or negative.
BTC Digital Ltd. held $350K in cash as of fiscal year 2025; no long-term debt figure is on record for that period.
Not reported for fiscal year 2025.
Margins & Returns
BTC Digital Ltd.'s gross margin was -22.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 23.5 percentage points from the prior year.
BTC Digital Ltd.'s operating margin was -62.7% in fiscal year 2025, reflecting core business profitability. This is down 39.8 percentage points from the prior year.
BTC Digital Ltd.'s net profit margin was -64.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 47.5 percentage points from the prior year.
BTC Digital Ltd.'s ROE was -24.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 19.4 percentage points from the prior year.
Capital Allocation
BTC Digital Ltd. invested $8.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 210.5% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
BTCT Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY25F-1/A | FY24F-1/A | FY23F-1/A | FY2220-F | FY2120-F | FY2020-F | FY1920-F |
|---|---|---|---|---|---|---|---|
| Revenue | $14.0M+20.3% | $11.7M+28.7% | $9.1M-23.3% | $11.8M-89.7% | $114.4M-16.8% | $137.5M | N/A |
| Cost of Revenue | $17.2M+48.8% | $11.6M+13.2% | $10.2M+1.4% | $10.1M-86.7% | $75.9M-18.4% | $93.0M | N/A |
| Gross Profit | -$3.2M-2847.0% | $115Kn/m | -$1.1M-164.2% | $1.8M-95.4% | $38.5M-13.4% | $44.4M | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | $2.9M-40.9% | $4.9M | N/A |
| SG&A Expenses | $5.7M+102.3% | $2.8M+107.5% | $1.3M+86.7% | $721K-99.2% | $92.9M-8.0% | $101.0M | N/A |
| Operating Income | -$8.8Mn/m | -$2.7Mn/m | -$2.5M-337.0% | $1.0M | N/A | N/A | N/A |
| EBITDA | -$4.7M-570.1% | $993K+48.2% | $670K-87.2% | $5.2M | N/A | N/A | N/A |
| Interest Expense | $62K+29.2% | $48K-23.8% | $63K+215.0% | $20K-94.7% | $377K-59.7% | $935K | N/A |
| Income Tax | N/A | N/A | N/A | N/A | -$3.2M-457.3% | $889K | N/A |
| Net Income | -$9.1Mn/m | -$2.0Mn/m | -$2.8M-136.7% | $7.7Mn/m | -$60.6Mn/m | -$63.3M | N/A |
| EPS (Basic) | -$1.10 | -$0.66 | -$1.89 | $8.26 | -$4.42 | -$1.13 | N/A |
| EPS (Diluted) | -$1.10 | -$0.66 | -$1.89 | $8.26 | -$5.01 | -$0.96 | N/A |
| Diluted Shares (Avg) | 8M | 3M | 1M | 682,779 | 401,335 | 73,158 | 2M |
BTCT Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY25F-1/A | FY24F-1/A | FY23F-1/A | FY2220-F | FY2120-F | FY2020-F | FY1920-F |
|---|---|---|---|---|---|---|---|
| Total Assets | $39.9M-2.9% | $41.1M+67.6% | $24.5M-19.1% | $30.3M-78.2% | $138.9M-17.5% | $168.4Mn/m | $0 |
| Current Assets | $19.3M-21.4% | $24.6M+174.5% | $8.9M-36.4% | $14.1M-77.0% | $61.2M+63.9% | $37.3M | N/A |
| Cash & Equivalents | $350K-97.7% | $14.9M+34551.2% | $43K-10.4% | $48K-99.8% | $26.4M+91.3% | $13.8M-40.6% | $23.3M |
| Short-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0 |
| Accounts Receivable | $6.2M+13.6% | $5.5M-0.1% | $5.5M-38.4% | $8.9M+28.1% | $7.0M+67.9% | $4.1M | N/A |
| Long-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0 |
| Goodwill | N/A | N/A | N/A | N/A | N/A | $42.1M | N/A |
| Total Liabilities | $2.8M+127.7% | $1.2M-76.2% | $5.1M-53.9% | $11.1M-91.7% | $133.2M-40.5% | $224.0M+4355520.4% | $5K |
| Current Liabilities | $2.5M+177.3% | $893K-82.5% | $5.1M-53.9% | $11.1M-90.1% | $112.2M-37.6% | $179.7M+3494999.2% | $5K |
| Non-Current Liabilities | $286K-10.6% | $320Kn/m | $0-100.0% | $6.7M-67.9% | $21.0M-52.5% | $44.2Mn/m | $0 |
| Total Equity | $37.2M-6.9% | $39.9M+105.3% | $19.4M+0.8% | $19.3M+263.6% | $5.3Mn/m | -$58.0Mn/m | -$5K |
| Retained Earnings | -$197.6Mn/m | -$188.6Mn/m | -$186.6Mn/m | -$183.8Mn/m | -$207.2Mn/m | -$143.5Mn/m | -$5K |
Not reported in any period shown, so not listed: Inventory, Long-Term Debt.
BTCT Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY25F-1/A | FY24F-1/A | FY23F-1/A | FY2220-F | FY2120-F | FY2020-F | FY1920-F |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$5.3M-437.7% | $1.6M-59.1% | $3.8Mn/m | -$31.0Mn/m | -$72.1Mn/m | -$52.6M | N/A |
| Depreciation & Amortization | $4.1M+12.8% | $3.7M+16.5% | $3.2M-24.5% | $4.2M-29.7% | $5.9M-30.7% | $8.6M | N/A |
| Stock-Based Compensation | $1.8M+220.0% | $571K+313.8% | $138K-83.7% | $849K-76.8% | $3.7M-54.3% | $8.0M | N/A |
| Capital Expenditures | $8.5M+210.5% | $2.7M+9.7% | $2.5M-71.8% | $8.9M-22.6% | $11.5M+191.6% | $3.9M | N/A |
| Free Cash Flow | -$13.8Mn/m | -$1.2M-190.8% | $1.3Mn/m | -$39.9Mn/m | -$83.5Mn/m | -$56.5M | N/A |
| Investing Cash Flow | -$15.5Mn/m | -$7.0Mn/m | -$4.6Mn/m | -$2.4Mn/m | -$11.3Mn/m | -$104K | N/A |
| Financing Cash Flow | $6.2M-69.6% | $20.3M+2415.5% | $807K-89.6% | $7.8M-91.9% | $95.4M+112.7% | $44.8M | N/A |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
BTCT Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY25F-1/A | FY24F-1/A | FY23F-1/A | FY2220-F | FY2120-F | FY2020-F | FY1920-F |
|---|---|---|---|---|---|---|---|
| Gross Margin | -22.5%-23.5pp | 1.0%+13.5pp | -12.5%-27.4pp | 14.9%-18.7pp | 33.7%+1.3pp | 32.3% | N/A |
| Operating Margin | -62.7%-39.8pp | -22.9%+4.4pp | -27.3%-36.2pp | 8.8% | N/A | N/A | N/A |
| Net Margin | -64.5%-47.5pp | -17.0%+14.1pp | -31.1%-96.1pp | 65.0%+118.0pp | -53.0%-7.0pp | -46.0% | N/A |
| Return on Equity | -24.4%-19.4pp | -5.0%+9.6pp | -14.5%-54.4pp | 39.9%+1183.0pp | -1143.1% | N/A | N/A |
| Return on Assets | -22.7%-17.9pp | -4.8%+6.7pp | -11.5%-36.8pp | 25.3%+69.0pp | -43.6%-6.1pp | -37.6% | N/A |
| Current Ratio | 7.79-19.7x | 27.50+25.7x | 1.75+0.5x | 1.27+0.7x | 0.55+0.3x | 0.21 | N/A |
| Liabilities-to-Equity | 0.070.0x | 0.03-0.2x | 0.26-0.3x | 0.57-24.5x | 25.12 | N/A | N/A |
| Asset Turnover | 0.35+0.1x | 0.28-0.1x | 0.370.0x | 0.39-0.4x | 0.820.0x | 0.82 | N/A |
| FCF Margin | -98.1%-87.9pp | -10.2%-24.6pp | 14.4% | -337.4% | -73.0%-31.9pp | -41.1% | N/A |
Not reported in any period shown, so not listed: Debt-to-Equity.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| BTC Digital Ltd. BTCT | FY2025 | $14.0M | -$9.1M | -64.5% | $8.0M | 25/100 |
| Ebang International Holdings Inc. EBON | FY2025 | $6.5M | -$14.1M | N/A | $11.9M | 72/100 |
| Micropolis AI Robotics MCRP | FY2024 | $35K | -$6.1M | N/A | $15.1M | — |
| Q/C Technologies, Inc. QCLS | FY2025 | N/A | -$11.6M | N/A | $3.4M | — |
| KEY Tronic Corp KTCC | FY2026 | $386.7M | -$47.8M | -12.4% | $22.9M | 29/100 |
| AGM Group Holdings Inc. AGMH | FY2025 | $30.6M | $562K | 1.8% | $1.8M | 53/100 |
Where BTC Digital Ltd. Ranks
Frequently Asked Questions
BTC Digital Ltd. (BTCT) reported $14.0M in total revenue for fiscal year 2025. This represents a 20.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
BTC Digital Ltd. (BTCT) revenue grew by 20.3% year-over-year, from $11.7M to $14.0M in fiscal year 2025.
No, BTC Digital Ltd. (BTCT) reported a net loss of $9.1M in fiscal year 2025, with a net profit margin of -64.5%.
BTC Digital Ltd. (BTCT) had EBITDA of -$4.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
BTC Digital Ltd. (BTCT) had a gross margin of -22.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
BTC Digital Ltd. (BTCT) had an operating margin of -62.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
BTC Digital Ltd. (BTCT) had a net profit margin of -64.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
BTC Digital Ltd. (BTCT) has a return on equity of -24.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
BTC Digital Ltd. (BTCT) recorded an outflow of $13.8M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
BTC Digital Ltd. (BTCT) recorded an outflow of $5.3M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
BTC Digital Ltd. (BTCT) had $39.9M in total assets as of fiscal year 2025, including both current and long-term assets.
BTC Digital Ltd. (BTCT) invested $8.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
BTC Digital Ltd. (BTCT) had a current ratio of 7.79 as of fiscal year 2025, which is generally considered healthy.
BTC Digital Ltd. (BTCT) had a liabilities-to-equity ratio of 0.07 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
BTC Digital Ltd. (BTCT) had a return on assets of -22.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
BTC Digital Ltd. (BTCT) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $8.0M as of Nov 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
BTC Digital Ltd. (BTCT) trades at 0.6x sales, its market capitalization divided by $14.0M revenue, FY2025. The market capitalization is $8.0M as of Nov 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
At the end of fiscal year 2025, BTC Digital Ltd. (BTCT) held $350K in cash, cash equivalents and investments, and reported an operating cash outflow of $5.3M over that year. Dividing the one by the other, the reported balance equals about 1 month of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
BTC Digital Ltd. (BTCT) has an Altman Z-Score of -5.06, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
BTC Digital Ltd. (BTCT) has a Piotroski F-Score of 2 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
BTC Digital Ltd. (BTCT) reported a net loss of $9.1M while operations used $5.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
BTC Digital Ltd. (BTCT) reported an operating loss of $8.8M against $62K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
BTC Digital Ltd. (BTCT) scores 25 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is the average of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. For BTC Digital Ltd. it averages the 4 of 6 dimensions that can be computed; the others are left out rather than counted as zero. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.