BTCT revenueFY2025$14.04M
- FY YoY
- +20.3%
- 5Y CAGR
- -36.6%
BTCT revenue was $14.04M for fiscal 2025 (ended Dec 31, 2025), up 20.3% from fiscal 2024. Compound annual growth was -36.6% over 5 years. It rose in 2 of the last 5 fiscal years.
BTC Digital Ltd. (BTCT) financials
For fiscal 2025 (ended Dec 31, 2025), BTC Digital Ltd. reported $14.04M of revenue and -$9.06M of net income.
- Revenue, FY2025
- $14.04M
- Revenue growth, YoY
- +20.3%
- Net income, FY2025
- -$9.06M
- Net margin
- -64.5%
- Free cash flow, FY2025
- -$13.78M
- EPS, diluted, FY2025
- -$1.10
- Cash
- $350.0K
- P/S
- 0.52
- Market cap
- $7.3M
FY2020FY2025
FY2020FY2025
FY2020FY2025
BTCT revenue and earnings growth
BTCT net incomeFY2025-$9.06M
BTCT net income was -$9.06M for fiscal 2025 (ended Dec 31, 2025), compared with -$1.99M in fiscal 2024.
BTCT EPSFY2025-$1.10
BTCT diluted EPS was -$1.10 for fiscal 2025 (ended Dec 31, 2025).
BTCT free cash flowFY2025-$13.78M
BTCT free cash flow was -$13.78M for fiscal 2025 (ended Dec 31, 2025), compared with -$1.19M in fiscal 2024.
Income statement
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 |
|---|---|---|---|---|---|---|
| Revenue | $14.04M | $11.68M | $9.07M | $11.83M | $114.39M | $137.48M |
| Cost of revenue | $17.20M | $11.56M | $10.21M | $10.06M | $75.90M | $93.04M |
| Gross profit | -$3.16M | $115.0K | -$1.14M | $1.77M | $38.49M | $44.44M |
| Research and development | - | - | - | - | $2.89M | $4.89M |
| Selling, general and admin | $5.07M | $2.44M | $1.12M | $721.0K | $53.58M | $53.40M |
| Operating income | -$8.81M | -$2.68M | -$2.48M | $1.05M | - | - |
| Interest expense | $62.0K | $48.0K | $63.0K | $20.0K | $377.0K | $935.0K |
| Pre-tax income | -$9.06M | -$1.99M | -$2.82M | $967.0K | -$63.80M | -$62.37M |
| Income tax | - | - | - | - | -$3.18M | $889.0K |
| Net income | -$9.06M | -$1.99M | -$2.82M | $7.69M | -$60.62M | -$63.26M |
| EPS, basic | -$1.10 | -$0.66 | -$1.89 | $8.26 | -$4.42 | -$1.13 |
| EPS, diluted | -$1.10 | -$0.66 | -$1.89 | $8.26 | -$5.01 | -$0.96 |
| Diluted shares | 8.2M | 3.0M | 1.5M | 682,779 | 401,335 | 73,158 |
Balance sheet
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 |
|---|---|---|---|---|---|---|
| Cash and equivalents | $350.0K | $14.90M | $43.0K | $48.0K | $25.70M | $15.77M |
| Receivables | $6.22M | $5.48M | $5.49M | $8.90M | $6.95M | $4.14M |
| Current assets | $19.30M | $24.55M | $8.94M | $14.06M | $61.16M | $37.32M |
| Goodwill | - | - | - | - | $192.96M | $42.08M |
| Total assets | $39.92M | $41.13M | $24.54M | $30.34M | $138.93M | $168.40M |
| Current liabilities | $2.48M | $893.0K | $5.10M | $11.06M | $112.17M | $179.72M |
| Short-term debt | $2.17M | $484.0K | $125.0K | $870.0K | - | - |
| Total liabilities | $2.76M | $1.21M | $5.10M | $11.06M | $133.19M | $223.97M |
| Shareholders' equity | $37.16M | $39.92M | $19.44M | $19.28M | $5.30M | -$58.03M |
Cash flow
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$5.26M | $1.56M | $3.81M | -$31.05M | -$72.08M | -$52.60M |
| Capital expenditures | $8.52M | $2.74M | $2.50M | $8.88M | $11.46M | $3.93M |
| Free cash flow | -$13.78M | -$1.19M | $1.31M | -$39.92M | -$83.54M | -$56.53M |
| Investing cash flow | -$15.45M | -$7.00M | -$4.62M | -$2.36M | -$11.29M | -$104.0K |
| Financing cash flow | $6.16M | $20.30M | $807.0K | $7.75M | $95.41M | $44.85M |
| Stock-based compensation | $1.83M | $571.0K | $138.0K | $849.0K | $3.66M | $8.01M |
| Depreciation and amortization | $4.14M | $3.67M | $3.15M | $4.18M | $5.94M | $8.57M |
Key ratios
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 |
|---|---|---|---|---|---|---|
| Revenue growth, YoY | 20.3% | 28.7% | -23.3% | -89.7% | -16.8% | - |
| Gross margin | -22.5% | 1.0% | -12.5% | 14.9% | 33.6% | 32.3% |
| Operating margin | -62.7% | -22.9% | -27.3% | 8.8% | - | - |
| Net margin | -64.5% | -17.0% | -31.1% | 65.0% | -53.0% | -46.0% |
| Free cash flow margin | -98.1% | -10.2% | 14.4% | -337.4% | -73.0% | -41.1% |
| Return on equity | -24.4% | -5.0% | -14.5% | 39.9% | -1143.1% | - |
| Return on assets | -22.7% | -4.8% | -11.5% | 25.3% | -43.6% | -37.6% |
| Current ratio | 7.79 | 27.49 | 1.75 | 1.27 | 0.55 | 0.21 |
Income statement
| Line item | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.14M | $2.56M | $2.33M | $2.65M | $944.0K | $845.0K | $6.38M | $907.0K |
| Cost of revenue | $3.42M | $2.82M | $2.54M | $2.78M | $1.43M | $1.39M | $6.14M | $1.25M |
| Gross profit | $718.0K | -$261.0K | -$214.0K | -$128.0K | -$484.0K | -$541.0K | $233.0K | -$343.0K |
| Selling, general and admin | $961.0K | $218.0K | $353.0K | $906.0K | $177.0K | $153.0K | $262.0K | $529.0K |
| Operating income | -$439.0K | -$542.0K | -$628.0K | -$1.07M | -$688.0K | -$694.0K | -$99.0K | -$1.00M |
| Interest expense | $31.0K | $2.0K | $9.0K | $6.0K | $2.0K | $11.0K | $20.0K | $30.0K |
| Pre-tax income | $17.0K | -$571.0K | -$704.0K | -$731.0K | -$702.0K | -$1.01M | -$135.0K | -$980.0K |
| Net income | $17.0K | -$571.0K | -$704.0K | -$731.0K | -$702.0K | -$1.01M | -$135.0K | -$980.0K |
| EPS, basic | - | -$0.21 | -$0.27 | -$0.30 | - | -$0.63 | -$0.11 | -$0.83 |
| EPS, diluted | - | -$0.21 | -$0.27 | -$0.30 | - | -$0.63 | -$0.11 | -$0.83 |
| Diluted shares | - | 2.7M | 2.6M | 2.4M | - | 1.6M | 1.3M | 1.2M |
Balance sheet
| Line item | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $14.90M | $27.0K | $287.0K | $32.0K | $43.0K | $367.0K | $215.0K | $3.61M |
| Receivables | $5.48M | $1.69M | $441.0K | $1.73M | $5.49M | - | - | - |
| Current assets | $24.55M | $9.89M | $9.68M | $8.69M | $8.94M | - | - | - |
| Total assets | $41.13M | $25.06M | $24.66M | $24.58M | $24.54M | - | - | - |
| Current liabilities | $893.0K | $4.63M | $5.07M | $4.29M | $5.10M | - | - | - |
| Short-term debt | $484.0K | $544.0K | $510.0K | $308.0K | $125.0K | - | - | - |
| Total liabilities | $1.21M | $4.63M | $5.07M | $4.29M | $5.10M | - | - | - |
| Shareholders' equity | $39.92M | $20.43M | $19.59M | $20.30M | $19.44M | $19.18M | $18.30M | $18.30M |
Cash flow
| Line item | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$1.83M | -$284.0K | $3.50M | $172.0K | $1.76M | -$363.0K | -$3.77M | $6.18M |
| Capital expenditures | -$1.29M | $10.0K | $3.42M | $605.0K | $674.0K | $0 | -$505.0K | $2.33M |
| Free cash flow | -$3.12M | -$294.0K | $77.0K | -$433.0K | $1.09M | -$363.0K | -$4.27M | $3.85M |
| Investing cash flow | -$2.71M | -$10.0K | -$3.44M | -$838.0K | -$1.54M | -$1.25M | $505.0K | -$2.33M |
| Financing cash flow | $19.41M | $34.0K | $202.0K | $655.0K | -$546.0K | $1.77M | -$130.0K | -$287.0K |
| Stock-based compensation | $0 | $0 | $0 | $571.0K | $0 | $0 | - | - |
| Depreciation and amortization | $971.0K | $919.0K | $919.0K | $862.0K | $846.0K | $631.0K | $835.0K | $839.0K |
Key ratios
| Line item | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 |
|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 338.2% | 202.8% | -63.5% | 192.2% | - | - | - | - |
| Gross margin | 17.4% | -10.2% | -9.2% | -4.8% | -51.3% | -64.0% | 3.7% | -37.8% |
| Operating margin | -10.6% | -21.2% | -27.0% | -40.3% | -72.9% | -82.1% | -1.6% | -110.3% |
| Net margin | 0.4% | -22.3% | -30.2% | -27.6% | -74.4% | -119.2% | -2.1% | -108.0% |
| Free cash flow margin | -75.4% | -11.5% | 3.3% | -16.3% | 115.0% | -43.0% | -67.0% | 424.3% |
| Current ratio | 27.49 | 2.14 | 1.91 | 2.03 | 1.75 | - | - | - |
Source: XBRL data BTC Digital Ltd. files with the SEC, latest filing dated May 11, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
BTCT peers
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| BTCT | $14.04M | +20.3% | -$9.06M | -64.5% | $7.3M |
| AXP | $77.59B | +10.2% | $12.26B | 15.8% | $215.24B |
| SPGI | $17.21B | +18.2% | $4.99B | 29.0% | $135.62B |
| MCO | $8.18B | +9.0% | $2.88B | 35.3% | $87.18B |
| NU | $15.77B | +37.0% | $2.87B | 18.2% | $58.39B |
| RKT | $11.46B | +90.4% | $1.30B | 11.4% | $42.74B |
| COIN | $5.63B | -26.6% | -$701.62M | -12.5% | $35.68B |
| AFRM | $4.59B | +32.7% | $2.01B | 43.9% | $23.08B |
| SYF | $19.31B | +2.6% | $3.33B | 17.3% | $22.96B |
BTCT FAQ
9 questionsWhat is BTCT revenue?
BTC Digital Ltd. (BTCT) reported $14.04M of revenue for fiscal 2025 (ended Dec 31, 2025). That is up 20.3% from the year before.Is BTCT profitable?
No. BTC Digital Ltd. reported a net loss of $9.06M for fiscal 2025 (ended Dec 31, 2025).How much cash and debt does BTCT have?
BTC Digital Ltd. reported $350.0K in cash and cash equivalents on its most recent balance sheet in SEC filings.How fast is BTCT revenue growing?
BTC Digital Ltd.'s revenue changed +20.3% in fiscal 2025, to $14.04M. Its compound annual growth rate was -36.6% over 5 years.What is BTCT gross margin?
BTC Digital Ltd.'s gross profit was -$3.16M on $14.04M of revenue for fiscal 2025 (ended Dec 31, 2025), a gross margin of -22.5%.What is BTCT free cash flow?
BTC Digital Ltd. generated -$13.78M of free cash flow for fiscal 2025 (ended Dec 31, 2025), which is operating cash flow of -$5.26M less capital expenditures.What is BTCT earnings per share?
Diluted earnings per share were -$1.10 for fiscal 2025 (ended Dec 31, 2025), from SEC filings, restated for any stock split those filings show.When did BTCT last report financial results?
The latest statements here come from BTC Digital Ltd.'s 20-F filed on May 11, 2026, covering the period ended Dec 31, 2025.Where does this BTCT financial data come from?
Quantisnow builds these statements from the structured XBRL data BTC Digital Ltd. files with the SEC. It is provided for information only and is not investment advice.