Despite revenue growth, the collapse in gross margin and ongoing net losses make this a bearish print. Monitor next quarter for signs of margin stabilization and whether the company can leverage its $200M cash balance to improve operations. The stock may face pressure despite the narrower net loss.
Price Chart
Executive Summary
Ebang International Holdings (EBON) reported FY2025 revenue of $6.54 million, up 11.4% YoY, but gross profit collapsed to $0.39 million from $1.19 million in FY2024, while net loss narrowed to $14.17 million from $20.87 million. Despite revenue growth, profitability deteriorated sharply due to a 31.3% increase in cost of revenues and a $1.1 million intangible asset impairment.
Key Financial Metrics
Key Facts
- FY2025 revenue: $6.54 million (up 11.4% YoY from $5.87 million)
- Gross profit: $0.39 million (down 67% YoY from $1.19 million)
- Gross margin collapsed to 6.0% from 20.3% in FY2024
- Net loss: $14.17 million (improved from $20.87 million loss in FY2024)
- Cash and cash equivalents: $200.2 million as of Dec 31, 2025
- Basic and diluted net loss per share: $2.24 (improved from $3.22 in FY2024)
- Cost of revenues increased 31.3% to $6.14 million, driven by revenue growth and $1.7 million VAT recoverable impairment
- Operating expenses decreased 18.6% to $25.69 million
Financial Impact
Revenue increased by $668k but gross profit fell by $795k; net loss reduced by $6.7M due to lower operating expenses and exchange gains
Risk Factors
- Gross margin deterioration from 20.3% to 6.0% signals serious cost control or pricing issues
- Continued net losses despite revenue growth raise sustainability concerns
- High concentration of cash ($200M) relative to revenue ($6.5M) suggests inefficient capital deployment
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3281079 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 14, 2026 10w ago | 6-K | $2.00 $2.00 | · 0.00% | ▼ −1.98% | $1.98 (+1.00%) |
Aug 14, 2026 10w ago | Press Release | $2.00 $2.00 | · 0.00% | ▲ +1.98% | $1.98 (−1.00%) |
Jun 11, 2026 19w ago | 6-K | $2.22 $2.14 | ▼ −3.83% | ▼ −5.72% | $1.98 (−10.81%) |
Jun 11, 2026 19w ago | EFFECT | $2.22 $2.14 | ▲ +3.83% | ▲ +5.72% | $1.98 (+10.81%) |
Apr 24, 2026 26w ago | 6-K | $2.58 $2.00 | ▼ −22.48% | ▼ −27.44% | $1.98 (−23.26%) |
Apr 24, 2026 26w ago | Press Release | $2.58 $2.00 | ▲ +22.48% | ▲ +27.44% | $1.98 (+23.26%) |
Apr 24, 2026 26w ago | 20-F | $2.58 $2.00 | ▼ −22.48% | ▼ −27.44% | $1.98 (−23.26%) |
US Market Status
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