BTC Digital Financials
This page shows BTC Digital (BTCT) financial statements, including the 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 (10-K and 10-Q reports).
BTC Digital’s cash position now reflects external financing and a light-liability balance sheet more than durable operating margins.
In FY2024, operating cash flow was$1.6M against net income of-$2.0M , continuing the FY2023-FY2024 pattern of cash staying positive while earnings stay negative. That gap matters because gross margin was only1.0% and free cash flow was-$1.2M , so cash is being supported by non-cash charges and timing effects rather than a healthy spread on revenue.
The FY2024 balance sheet looks unusually clean for a money-losing small company: cash reached
FY2022 shows why earnings quality matters here: net income was
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of BTC Digital'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 has an operating margin of -62.7%, meaning the company retains $-63 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -22.9% the prior year.
BTC Digital's revenue surged 20.3% year-over-year to $14.0M, reflecting rapid business expansion. This strong growth earns a score of 74/100.
BTC Digital carries a low D/E ratio of 0.07, meaning only $0.07 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 7.79, BTC Digital holds $7.79 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
While BTC Digital generated -$5.3M in operating cash flow, capex of $8.5M consumed most of it, leaving -$13.8M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
BTC Digital generates a -24.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -5.0% the prior year.
BTC Digital passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, BTC Digital generates $0.58 in operating cash flow (-$5.3M OCF vs -$9.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
BTC Digital earns $-142.1 in operating income for every $1 of interest expense (-$8.8M vs $62K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
BTC Digital generated $14.0M in revenue in fiscal year 2025. This represents an increase of 20.3% from the prior year.
BTC Digital'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 reported -$9.1M in net income in fiscal year 2025. This represents a decrease of 355.6% from the prior year.
BTC Digital earned $-1.10 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 66.7% from the prior year.
Cash & Balance Sheet
BTC Digital generated -$13.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 1060.7% from the prior year.
BTC Digital held $350K in cash against $0 in long-term debt as of fiscal year 2025.
BTC Digital had 10M shares outstanding in fiscal year 2025. This represents an increase of 47.9% from the prior year.
Margins & Returns
BTC Digital'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'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'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'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 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.
BTCT Income Statement
| Metric | Q4'25 | Q2'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | $4.1M+61.7% | $2.6M+9.9% | $2.3M-12.1% | $2.6M+180.7% | $944K+11.7% | $845K |
| Cost of Revenue | N/A | N/A | $3.4M+21.2% | $2.8M+10.9% | $2.5M-8.5% | $2.8M+94.5% | $1.4M+3.0% | $1.4M |
| Gross Profit | N/A | N/A | $718K+375.1% | -$261K-22.0% | -$214K-67.2% | -$128K+73.6% | -$484K+10.5% | -$541K |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | $961K+340.8% | $218K-38.2% | $353K-61.0% | $906K+411.9% | $177K+15.7% | $153K |
| Operating Income | N/A | N/A | -$439K+19.0% | -$542K+13.7% | -$628K+41.3% | -$1.1M-55.4% | -$688K+0.9% | -$694K |
| Interest Expense | N/A | N/A | N/A | $2K-77.8% | $9K | N/A | N/A | $11K |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | N/A | N/A | $17K+103.0% | -$571K+18.9% | -$704K+3.7% | -$731K-4.1% | -$702K+30.3% | -$1.0M |
| EPS (Diluted) | N/A | N/A | N/A | $-0.21+22.2% | $-0.27+10.0% | $-0.30 | N/A | $-0.63 |
BTCT Balance Sheet
| Metric | Q4'25 | Q2'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $39.9M+6.6% | $37.5M-8.9% | $41.1M+64.1% | $25.1M+1.6% | $24.7M+0.3% | $24.6M+0.2% | $24.5M | N/A |
| Current Assets | $19.3M-7.4% | $20.8M-15.2% | $24.6M+148.1% | $9.9M+2.3% | $9.7M+11.4% | $8.7M-2.9% | $8.9M | N/A |
| Cash & Equivalents | $350K-94.5% | $6.4M-57.1% | $14.9M+55085.2% | $27K-90.6% | $287K+796.9% | $32K-25.6% | $43K-88.3% | $367K |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $6.2M+36.8% | $4.5M-17.0% | $5.5M+223.7% | $1.7M+283.7% | $441K-74.5% | $1.7M-68.5% | $5.5M | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $2.8M+395.9% | $557K-54.1% | $1.2M-73.8% | $4.6M-8.6% | $5.1M+18.3% | $4.3M-16.0% | $5.1M | N/A |
| Current Liabilities | $2.5M+793.9% | $277K-69.0% | $893K-80.7% | $4.6M-8.6% | $5.1M+18.3% | $4.3M-16.0% | $5.1M | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $37.2M+0.7% | $36.9M-7.6% | $39.9M+95.4% | $20.4M+4.3% | $19.6M-3.5% | $20.3M+4.4% | $19.4M+1.4% | $19.2M |
| Retained Earnings | -$197.6M-2.2% | -$193.4M-2.6% | -$188.6M0.0% | -$188.6M-0.3% | -$188.0M-0.4% | -$187.3M-0.4% | -$186.6M | N/A |
BTCT Cash Flow Statement
| Metric | Q4'25 | Q2'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | N/A | N/A | -$1.8M-543.7% | -$284K-108.1% | $3.5M+1933.1% | $172K-90.2% | $1.8M+584.8% | -$363K |
| Capital Expenditures | N/A | N/A | -$1.3M-13010.0% | $10K-99.7% | $3.4M+465.3% | $605K-10.2% | $674K | $0 |
| Free Cash Flow | N/A | N/A | -$3.1M-960.9% | -$294K-481.8% | $77K+117.8% | -$433K-139.9% | $1.1M+399.2% | -$363K |
| Investing Cash Flow | N/A | N/A | -$2.7M-26980.0% | -$10K+99.7% | -$3.4M-311.0% | -$838K+45.5% | -$1.5M-22.5% | -$1.3M |
| Financing Cash Flow | N/A | N/A | $19.4M+56985.3% | $34K-83.2% | $202K-69.2% | $655K+220.0% | -$546K-130.8% | $1.8M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
BTCT Financial Ratios
| Metric | Q4'25 | Q2'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | 17.4%+27.6pp | -10.2%-1.0pp | -9.2%-4.4pp | -4.8%+46.4pp | -51.3%+12.7pp | -64.0% |
| Operating Margin | N/A | N/A | -10.6%+10.6pp | -21.2%+5.8pp | -27.0%+13.4pp | -40.3%+32.5pp | -72.9%+9.3pp | -82.1% |
| Net Margin | N/A | N/A | 0.4%+22.7pp | -22.3%+7.9pp | -30.2%-2.7pp | -27.6%+46.8pp | -74.4%+44.8pp | -119.2% |
| Return on Equity | N/A | N/A | 0.0%+2.8pp | -2.8%+0.8pp | -3.6%0.0pp | -3.6%+0.0pp | -3.6%+1.6pp | -5.3% |
| Return on Assets | N/A | N/A | 0.0%+2.3pp | -2.3%+0.6pp | -2.9%+0.1pp | -3.0%-0.1pp | -2.9% | N/A |
| Current Ratio | 7.79-67.4 | 75.21+47.7 | 27.50+25.4 | 2.14+0.2 | 1.91-0.1 | 2.03+0.3 | 1.75 | N/A |
| Debt-to-Equity | 0.07+0.1 | 0.02-0.0 | 0.03-0.2 | 0.23-0.0 | 0.26+0.0 | 0.21-0.1 | 0.26 | N/A |
| FCF Margin | N/A | N/A | -75.4%-63.9pp | -11.5%-14.8pp | 3.3%+19.6pp | -16.3%-131.4pp | 115.0%+158.0pp | -43.0% |
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Frequently Asked Questions
What is BTC Digital's annual revenue?
BTC Digital (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.
How fast is BTC Digital's revenue growing?
BTC Digital (BTCT) revenue grew by 20.3% year-over-year, from $11.7M to $14.0M in fiscal year 2025.
Is BTC Digital profitable?
No, BTC Digital (BTCT) reported a net income of -$9.1M in fiscal year 2025, with a net profit margin of -64.5%.
What is BTC Digital's EBITDA?
BTC Digital (BTCT) had EBITDA of -$4.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is BTC Digital's gross margin?
BTC Digital (BTCT) had a gross margin of -22.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is BTC Digital's operating margin?
BTC Digital (BTCT) had an operating margin of -62.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is BTC Digital's net profit margin?
BTC Digital (BTCT) had a net profit margin of -64.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is BTC Digital's return on equity (ROE)?
BTC Digital (BTCT) has a return on equity of -24.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is BTC Digital's free cash flow?
BTC Digital (BTCT) generated -$13.8M in free cash flow during fiscal year 2025. This represents a -1060.7% change compared to the previous fiscal year. 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.
What is BTC Digital's operating cash flow?
BTC Digital (BTCT) generated -$5.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are BTC Digital's total assets?
BTC Digital (BTCT) had $39.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What are BTC Digital's capital expenditures?
BTC Digital (BTCT) invested $8.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is BTC Digital's current ratio?
BTC Digital (BTCT) had a current ratio of 7.79 as of fiscal year 2025, which is generally considered healthy.
What is BTC Digital's debt-to-equity ratio?
BTC Digital (BTCT) had a debt-to-equity ratio of 0.07 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is BTC Digital's return on assets (ROA)?
BTC Digital (BTCT) had a return on assets of -22.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is BTC Digital's cash runway?
Based on fiscal year 2025 data, BTC Digital (BTCT) had $350K in cash against an annual operating cash burn of $5.3M. This gives an estimated cash runway of approximately 1 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is BTC Digital's Piotroski F-Score?
BTC Digital (BTCT) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. 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.
Are BTC Digital's earnings high quality?
BTC Digital (BTCT) has an earnings quality ratio of 0.58x, considered low quality (accrual-driven). 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.
Can BTC Digital cover its interest payments?
BTC Digital (BTCT) has an interest coverage ratio of -142.1x, meaning it can struggle to cover its interest obligations. 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.
How financially healthy is BTC Digital?
BTC Digital (BTCT) scores 46 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.