Revenue collapse of 85% YoY signals severe operational deterioration in mining and machine sales, though cash burn has stabilized. Monitor the next 10-Q for any recovery in mining operations or new business lines.
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Executive Summary
BGIN Blockchain reported H1 2026 unaudited results with total revenue collapsing 85% YoY to $7.4M from $47.7M, driven by a sharp decline in mining revenue (down 81% to $5.8M) and mining machine sales (down 89% to $1.0M). Gross loss widened to $9.9M from $6.3M, and net loss attributable to ordinary shareholders improved to $25.6M from $60.4M, largely due to reduced impairment and fair-value charges. Cash burn slowed significantly, with operating cash outflow of $14.8M versus $100.2M in the prior-year period, and cash increased to $31.4M from $26.3M at year-end 2025.
Key Facts
- Total revenue for H1 2026 was $7,375,831, down 85% from $47,663,674 in H1 2025.
- Mining revenue fell 81% to $5,810,2026 from $30,797,322.
- Sales of mining machines dropped 89% to $1,023,210 from $9,733,185.
- Gross loss was $(9,874,321) vs $(6,308,575) in H1 2025.
- Net loss attributable to ordinary shareholders was $(25,622,426), improving from $(60,417,002).
- Cash and cash equivalents increased to $31,420,292 from $26,286,333 at Dec 31, 2025.
- Operating cash outflow improved to $(14,814,716) from $(100,225,453).
- Share count was 113,135,941 shares outstanding as of June 30, 2026.
Financial Impact
Revenue decline of $40.3M YoY; net loss improved by $34.8M; cash increased $5.1M.
Risk Factors
- Continued decline in cryptocurrency mining revenue and machine sales.
- Negative gross margins and operating losses.
- Dependence on volatile cryptocurrency markets.
- High tax payable of $34.1M.
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001213900-26-103511 |
| Document: ea0305717-6k_bgin.htm | 0001213900-26-103511 |
| Document: 0001213900-26-103511-index-headers.html | 0001213900-26-103511 |
| Document: 0001213900-26-103511-index.html | 0001213900-26-103511 |
| Document: 0001213900-26-103511.txt | 0001213900-26-103511 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 25, 2026 4w ago | 6-K | $1.91 $1.74 | ▲ +8.75% | ▲ +8.72% | $1.74 (+8.75%) |
May 26, 2026 22w ago | 6-K | $3.34 $1.90 | ▼ −43.11% | ▼ −41.17% | $1.74 (−47.90%) |
Apr 24, 2026 26w ago | 6-K | $3.60 $3.34 | ▲ +7.15% | ▲ +12.10% | $1.74 (+51.63%) |
Apr 24, 2026 26w ago | Press Release | $3.60 $3.34 | ▲ +7.15% | ▲ +12.10% | $1.74 (+51.63%) |
Apr 17, 2026 27w ago | 6-K | $3.15 $3.99 | ▲ +26.67% | ▲ +22.46% | $1.74 (−44.76%) |
Apr 17, 2026 27w ago | Press Release | $3.15 $3.99 | ▲ +26.67% | ▲ +22.46% | $1.74 (−44.76%) |
Apr 13, 2026 28w ago | 6-K | $3.17 $3.94 | ▲ +24.29% | ▲ +16.56% | $1.74 (−45.11%) |
US Market Status
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