Ebang International Reports Financial Results for Fiscal Year 2025
Rhea-AI Summary
Ebang International (Nasdaq: EBON) reported fiscal 2025 results for the year ended December 31, 2025. Revenues rose 11.4% to $6.5M while gross profit fell to $0.4M. Net loss narrowed to $14.2M and basic/diluted loss per share was $2.24. Operating expenses declined and an acquisition of a renewable energy business contributed to revenue growth.
The company cited a $1.7M VAT recoverable impairment in cost of revenues and a $1.1M intangible-asset impairment; cash and cash equivalents were $200.2M as of year-end.
Positive
- Total net revenues +11.4% to $6.5M
- Net loss narrowed from $20.9M to $14.2M
- Operating expenses decreased 18.6%
Negative
- Cost of revenues +31.3% to $6.1M, including $1.7M VAT recoverable impairment
- Gross profit declined from $1.2M to $0.4M
- Impairment of intangible assets $1.1M recognized in 2025
News Market Reaction – EBON
In the Apr 27 session, EBON gained 4.03%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Aug 15 | H1 2025 earnings | Positive | -1.0% | Revenue growth and narrower net loss driven by renewables and rentals. |
| Apr 28 | FY 2024 earnings | Positive | +0.5% | Revenue growth, return to gross profit, and reduced net loss versus 2023. |
| Aug 23 | H1 2024 earnings | Negative | -1.9% | Sharp revenue and gross profit declines despite some net loss improvement. |
| Apr 26 | FY 2023 earnings | Neutral | -3.2% | Annual financial results without detailed disclosed metrics in summary. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have generally led to modest negative or muted reactions, even when results showed operational improvement.
Over recent periods, Ebang’s earnings updates have combined revenue volatility with efforts to narrow losses and shift its business mix. H1 2024 revenue fell to US$2.11M, then H1 2025 revenue rose to US$3.58M. FY 2024 revenue reached US$5.9M with net loss of US$20.9M, improving from FY 2023. Today’s FY 2025 report shows revenue of US$6.5M, gross profit of US$0.4M, net loss of US$14.2M, and cash of US$200.2M, continuing the gradual loss reduction but with weaker gross profitability.
Key Terms
impairment financial
deferred tax liability financial
cryptocurrency assets financial
pcaob regulatory
hfcaa regulatory
form 3 regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
IRVING, Texas, April 24, 2026 (GLOBE NEWSWIRE) -- Ebang International Holdings Inc. (Nasdaq: EBON, the “Company,” “we” or “our”), today announced its financial results for the fiscal year ended December 31, 2025.
Operational and Financial Highlights for Fiscal Year 2025
Total net revenues in the 2025 fiscal year increased by
Gross profit in the 2025 fiscal year was US
Net loss in the 2025 fiscal year was US
Mr. Dong Hu, Chairman and Chief Executive Officer of the Company, commented, “In fiscal year 2025, despite a complex and volatile external environment, we adhered to our “progress amid stability” approach. While maintaining stable operations across existing businesses, we continuously monitored industry trends and dynamically evaluated potential development opportunities. In response to market shifts and industrial evolution, we prudently optimized resource allocation and explored advanced manufacturing sectors through technical pathway analysis, team building, and preliminary mapping of supply chain resources, creating strategic reserves for future expansion.”
Mr. Hu continued: “Looking ahead, we will take technological innovation and real-sector manufacturing as dual engines, and gradually develop a highly coordinated industrial ecosystem. In electrical power equipment, we will leverage internal resources and market conditions to pursue energy-efficient, intelligent products, capturing opportunities from the global green upgrade of power grids. In new materials, we will continue optimizing processes for high-performance soft magnetic materials, focusing on reducing material loss to improve power equipment energy efficiency. This will help convert material performance advantages into product competitiveness and strengthen long-term growth. We will continue to prudently advance these initiatives based on market conditions, business performance, and compliance requirements, while optimizing our business structure, resource allocation, and operational efficiency to create long-term shareholder value. We remain cautiously optimistic about our transition towards high-quality development.”
Financial Results for Fiscal Year 2025
Total net revenues in the 2025 fiscal year increased by
Cost of revenues in the 2025 fiscal year increased by
Gross profit in the 2025 fiscal year was US
Total operating expenses in the 2025 fiscal year decreased by
- Selling expenses in the 2025 fiscal year decreased by
51.5% to US$0.5 million , from US$1.1 million in the 2024 fiscal year, mainly due to the continuous decrease in sales staff salaries, which is also the result of the Company continuously adjusting its strategic policies according to changes in the market situation, while reducing costs and increasing efficiency. - General and administrative expenses in the 2025 fiscal year decreased by
25.4% to US$22.7 million , from US$30.5 million in the 2024 fiscal year, primarily due to decreases in payroll expenses, office rental expenses, and the tightening of various expense expenditures. - Impairment of intangible assets was US
$1.1 million in the 2025 fiscal year, compared to nil in the 2024 fiscal year.
Loss from operations in the 2025 fiscal year was US
Interest income in the 2025 fiscal year was US
Exchange (loss) gain in the 2025 fiscal year was exchange gain of US
Other expenses in the 2025 fiscal year was US
Government grants in the 2025 fiscal year was US
Income taxes benefit in the 2025 fiscal year was US
Net loss in the 2025 fiscal year was US
Net loss attributable to Ebang International Holdings Inc. in the 2025 fiscal year was US
Basic and diluted net loss per share in the 2025 fiscal year was US
Cash and cash equivalents were US
About Ebang International Holdings Inc.
With years of manufacturing experience and expertise in blockchain technology and Fintech, we have established ourselves as a key participant in these fields. Leveraging advanced technologies and cutting-edge financial services, our Fintech service platforms have been widely recognized by the market. Striving to diversify our offerings to achieve a more stable financial performance, we expanded into the renewable energy sector in Australia in November 2024, underscoring our commitment to sustainability and long-term growth. In the foreseeable future, we will continue to focus on our renewable energy business and further explore opportunities in related businesses, while proactively adapting to changes in market demand and seizing new development opportunities. Our diversified model enables us to explore synergies across our businesses, driving value for our Company and shareholders. For more information, please visit https://ir.ebang.com/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s development plans and business outlook, which can be identified by terminology such as “may,” “will,” “expects,” “anticipates, ” “aims,” “potential,” “future,” “intends,” “plans,” “believes,” “estimates,” “continue,” “likely to,” and other similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such statements are not historical facts, and are based upon the Company’s current beliefs, plans and expectations, and the current markets and operating conditions. Forward-looking statements include, but are not limited to, statements regarding our future operating results and financial position, our business strategy and plans, expectations relating to our industry, the regulatory environment, market conditions, trends and growth, expectations relating to customer behaviors and preferences, our market position and potential market opportunities, and our objectives for future operations. Forward-looking statements involve inherent known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance and achievements to differ materially from those contained in any forward-looking statement. These risks and uncertainties include our ability to successfully execute our business and growth strategy and maintain future profitability, market acceptance of our products and services, our ability to further penetrate our existing customer base and expand our customer base, our ability to develop new products and services, our ability to expand internationally, the success of any acquisitions or investments that we make, the efforts of increased competition in our markets, our ability to stay in compliance with applicable laws and regulations, market conditions across the blockchain, Fintech and general markets, political and economic conditions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. These forward-looking statements are made only as of the date indicated, and the Company undertakes no obligation to update or revise the information contained in any forward-looking statements as a result of new information, future events or otherwise, except as required under applicable law.
Investor Relations Contact
For investor and media inquiries, please contact:
Ebang International Holdings Inc.
Email: ir@ebang.com
| EBANG INTERNATIONAL HOLDINGS INC. CONSOLIDATED BALANCE SHEETS (Stated in US dollars) | |||||||||
| December 31, 2025 | December 31, 2024 | ||||||||
| ASSETS | |||||||||
| Current assets: | |||||||||
| Cash and cash equivalents | $ | 200,191,726 | $ | 213,822,331 | |||||
| Restricted cash, current | 31,155 | 580,019 | |||||||
| Short-term investments | 6,169,815 | 4,906,760 | |||||||
| Accounts receivable, net | 1,099,081 | 1,586,766 | |||||||
| Advances to suppliers | 477,748 | 70,312 | |||||||
| Inventories, net | 3,642,958 | 597,116 | |||||||
| Prepayments | 729,713 | 322,382 | |||||||
| VAT recoverable, current | 87,505 | 3,203,198 | |||||||
| Other current assets, net (include | 3,758,291 | 5,676,953 | |||||||
| Total current assets | 216,187,992 | 230,765,837 | |||||||
| Non-current assets: | |||||||||
| Property, plant and equipment, net | 29,804,484 | 29,907,181 | |||||||
| Intangible assets, net | 2,196,854 | 3,339,664 | |||||||
| Operating lease right-of-use assets | 3,608,497 | 3,348,442 | |||||||
| Operating lease right-of-use assets - related party | 69,486 | 40,081 | |||||||
| Restricted cash, non-current | 796,786 | 602,178 | |||||||
| Goodwill | - | 1,277,789 | |||||||
| VAT recoverable, non-current | 1,468,819 | 766,587 | |||||||
| Other assets | 2,635,010 | 5,756,224 | |||||||
| Total non-current assets | 40,579,936 | 45,038,146 | |||||||
| Total assets | $ | 256,767,928 | $ | 275,803,983 | |||||
| LIABILITIES AND EQUITY | |||||||||
| Current liabilities: | |||||||||
| Accounts payable | $ | 436,119 | $ | 286,099 | |||||
| Accrued liabilities and other payables (include | 6,310,237 | 10,367,210 | |||||||
| Operating lease liabilities, current | 1,105,514 | 1,114,377 | |||||||
| Operating lease liabilities - related party, current | 48,252 | 29,961 | |||||||
| Advances from customers | 14,812 | 55,403 | |||||||
| Total current liabilities | 7,914,934 | 11,853,050 | |||||||
| Non-current liabilities: | |||||||||
| Operating lease liabilities, non-current | 3,430,152 | 2,877,122 | |||||||
| Operating lease liabilities – related party, non-current | 21,234 | 10,120 | |||||||
| Other non-current liability | 357,403 | 376,841 | |||||||
| Deferred tax liabilities | 3,379 | 326,452 | |||||||
| Total non-current liabilities | 3,812,168 | 3,590,535 | |||||||
| Total liabilities | 11,727,102 | 15,443,585 | |||||||
| Equity: | |||||||||
| Class A ordinary share, HKD0.03 par value, 11,112,474 shares authorized, 4,989,746 shares issued, 4,726,424 shares outstanding as of December 31, 2025 and 2024(1) | 18,178 | 18,178 | |||||||
| Class B ordinary share, HKD0.03 par value, 1,554,192 shares authorized, issued and outstanding as of December 31, 2025 and 2024(1) | 5,978 | 5,978 | |||||||
| Additional paid-in capital | 396,090,766 | 396,454,715 | |||||||
| Statutory reserves | 11,079,649 | 11,079,649 | |||||||
| Accumulated deficit | (149,185,245 | ) | (135,091,716 | ) | |||||
| Accumulated other comprehensive loss | (13,777,506 | ) | (12,874,020 | ) | |||||
| Total Ebang International Holdings Inc. shareholders’ equity | 244,231,820 | 259,592,784 | |||||||
| Non-controlling interest | 809,006 | 767,614 | |||||||
| Total equity | 245,040,826 | 260,360,398 | |||||||
| Total liabilities and equity | $ | 256,767,928 | $ | 275,803,983 | |||||
| (1) | As of December 31, 2025 and 2024, 263,322 reserved for future issuance upon the vesting of RSAs granted under the 2020 Plan were considered issued but not outstanding. |
| EBANG INTERNATIONAL HOLDINGS INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Stated in US dollars) | |||||||||||||
| For the year ended December 31, 2025 | For the year ended December 31, 2024 | For the year ended December 31, 2023 | |||||||||||
| Product revenue | $ | 793,047 | $ | 1,179,404 | $ | 782,349 | |||||||
| Service revenue | 5,743,940 | 4,689,367 | 4,072,832 | ||||||||||
| Total revenues | 6,536,987 | 5,868,771 | 4,855,181 | ||||||||||
| Cost of revenues | 6,142,141 | 4,679,085 | 21,558,986 | ||||||||||
| Gross profit (loss) | 394,846 | 1,189,686 | (16,703,805 | ) | |||||||||
| Operating expenses: | |||||||||||||
| Selling expenses | 536,562 | 1,107,048 | 1,893,607 | ||||||||||
| General and administrative expenses | 22,733,520 | 30,455,530 | 29,041,432 | ||||||||||
| Impairment of intangible assets | 1,096,816 | - | 3,708,247 | ||||||||||
| Impairment of goodwill | 1,327,457 | - | 2,299,628 | ||||||||||
| Total operating expenses | 25,694,355 | 31,562,578 | 36,942,914 | ||||||||||
| Gain on disposal of subsidiaries | - | - | 7,524 | ||||||||||
| Loss from operations | (25,299,509 | ) | (30,372,892 | ) | (53,639,195 | ) | |||||||
| Other income (expenses): | |||||||||||||
| Interest income | 8,513,402 | 11,371,783 | 11,941,453 | ||||||||||
| Other income | 167,841 | 328,360 | 1,131,178 | ||||||||||
| (Loss) gain from investment | (508,155 | ) | 382,896 | 356,996 | |||||||||
| Net (loss) gain on disposal of cryptocurrencies | - | (374,964 | ) | 744,803 | |||||||||
| Exchange gain (loss) | 3,078,562 | (2,169,880 | ) | 456,647 | |||||||||
| Government grants | 39,121 | 52,191 | 62,600 | ||||||||||
| Other expenses | (477,443 | ) | (126,208 | ) | (119,531 | ) | |||||||
| Total other income | 10,813,328 | 9,464,178 | 14,574,146 | ||||||||||
| Loss before income taxes benefit | (14,486,181 | ) | (20,908,714 | ) | (39,065,049 | ) | |||||||
| Income taxes benefit | (320,983 | ) | (42,545 | ) | (1,031,461 | ) | |||||||
| Net loss | (14,165,198 | ) | (20,866,169 | ) | (38,033,588 | ) | |||||||
| Less: net loss attributable to non-controlling interest | (71,669 | ) | (615,118 | ) | (1,261,445 | ) | |||||||
| Net loss attributable to Ebang International Holdings Inc. | $ | (14,093,529 | ) | $ | (20,251,051 | ) | $ | (36,772,143 | ) | ||||
| Comprehensive loss | |||||||||||||
| Net loss | $ | (14,165,198 | ) | $ | (20,866,169 | ) | $ | (38,033,588 | ) | ||||
| Other comprehensive loss: | |||||||||||||
| Foreign currency translation adjustment | (790,425 | ) | 917,303 | (2,278,915 | ) | ||||||||
| Total comprehensive loss | (14,955,623 | ) | (19,948,866 | ) | (40,312,503 | ) | |||||||
| Less: comprehensive loss attributable to non-controlling interest | 41,392 | (710,883 | ) | (1,377,803 | ) | ||||||||
| Comprehensive loss attributable to Ebang International Holdings Inc. | $ | (14,997,015 | ) | $ | (19,237,983 | ) | $ | (38,934,700 | ) | ||||
| Net loss per ordinary share attributable to Ebang International Holdings Inc. | |||||||||||||
| Basic | $ | (2.24 | ) | $ | (3.22 | ) | $ | (5.86 | ) | ||||
| Dilute | $ | (2.24 | ) | $ | (3.22 | ) | $ | (5.86 | ) | ||||
| Weighted average ordinary shares outstanding | |||||||||||||
| Basic | 6,280,616 | 6,280,616 | 6,275,118 | ||||||||||
| Diluted | 6,280,616 | 6,280,616 | 6,275,118 | ||||||||||
