BTCT

MKT CAP:$13M

BTC Digital Ltd.

Market Cap

$13M

Consumer Defensive·Education & Training Services·🇨🇳 China·NASDAQ

Consumer Def.·Education·🇨🇳·NASDAQ

Stock Price

$1.26-$0.37 (-22.70%)

Apr 21, 2026

Company Details

BTC Digital Ltd. engages in the cryptocurrency/bitcoin mining business. It also engages in mining machines resale and rental business. The company was formerly known as Meten Holding Group Ltd. and changed its name to BTC Digital Ltd. in Au...

CEO

Siguang Peng

IPO Date

Oct 17, 2018

Website

investor.metenedu-edtechx.com

Key Metrics TTM

Revenue

$13M

+3.9% YoY

Net Income

-$6M

EPS (Diluted)

-$0.72

Free Cash Flow

-$7M

Revenue / Share

$1.80

Gross Margin

-7.3%

Operating Margin

-49.3%

Net Margin

-44.4%

FCF Margin

-53.5%

P/S

1.0x

P/E

—

Earnings Reports

Q3 2025

Apr 29, 2026

PENDING

Q2 2025

Nov 12, 2025

$3M+28.8%EPS -$0.36

Q1 2025

Mar 31, 2025

$3M+14.7%EPS -$0.36

FY 2024

Apr 30, 2025

$12M+28.7%EPS -$0.01

Q4 2024

Apr 30, 2025

$4MEPS $0.00

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 19	$62M	$33M	$6M
Q4 19	$52M	$23M	-$23M
Q1 20	$27M	$5M	-$15M
Q2 20	$28M	$8M	-$13M
Q3 20	$44M	$18M	-$9M
Q4 20	$33M	$11M	-$21M
Q1 21	$30M	$10M	-$12M
Q2 21	$30M	$10M	-$11M
Q1 23	$907.0K	-$343.0K	-$1M
Q2 23	$6M	$233.0K	$36.0K
Q1 24	$3M	-$128.0K	-$1M
Q2 24	$2M	-$214.0K	-$628.0K
Q3 24	$3M	-$261.0K	-$542.0K
Q4 24	$4M	$718.0K	-$439.0K
Q1 25	$3M	-$696.9K	-$3M
Q2 25	$3M	-$687.7K	-$3M

Valuation

Quarter	P/S	P/E
Q3 19	3.9x	—
Q4 19	4.3x	—
Q1 20	8.9x	—
Q2 20	7.4x	—
Q3 20	6.1x	—
Q4 20	2.8x	—
Q1 21	2.1x	—
Q2 21	1.3x	—
Q1 23	0.1x	—
Q2 23	0.2x	—
Q1 24	0.6x	—
Q2 24	1.2x	—
Q3 24	0.8x	—
Q4 24	2.5x	—
Q1 25	2.2x	—
Q2 25	1.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 19	-$2M	-$2M
Q1 23	$6M	$4M
Q2 23	-$4M	-$3M
Q1 24	$172.0K	-$433.0K
Q2 24	$4M	$200.6K
Q3 24	-$284.0K	-$294.0K
Q4 24	-$2M	-$537.0K
Q1 25	-$2M	-$3M
Q2 25	-$2M	-$3M

Capital Expenditures

Quarter	CapEx
Q4 19	$0
Q1 23	$2M
Q2 23	$505.0K
Q1 24	$605.0K
Q2 24	$3M
Q3 24	$10.0K
Q4 24	$1M
Q1 25	$1M
Q2 25	$1M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 19	-1.9%	+38.3%
Q1 20	-42.3%	-22.6%
Q2 20	-47.0%	-32.7%
Q3 20	-29.6%	-5.6%
Q4 20	-35.3%	-26.8%
Q1 21	+13.8%	+2.1%
Q2 21	+8.2%	+0.8%
Q1 23	-97.9%	-96.3%
Q2 23	-80.9%	-88.4%
Q1 24	-91.2%	-91.3%
Q2 24	-92.2%	-92.8%
Q3 24	+182.1%	+62.6%
Q4 24	-35.1%	-27.8%
Q1 25	+14.7%	+53.4%
Q2 25	+28.8%	+90.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 19	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$138.0K	2.2%
Q1 24	$571.0K	21.5%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$913.5K	30.1%
Q2 25	$913.5K	30.5%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q3 19	$1M	$11M	$14M
Q4 19	$1M	$28M	$17M
Q1 20	$1M	$10M	$10M
Q2 20	$1M	$10M	$10M
Q3 20	$921.3K	$14M	$12M
Q4 20	$2M	$18M	$13M
Q1 21	$613.5K	$12M	$10M
Q2 21	$486.1K	$9M	$11M
Q1 23	—	$529.0K	$128.0K
Q2 23	—	$127.0K	$70.0K
Q1 24	—	$906.0K	$35.0K
Q2 24	—	$353.0K	$61.0K
Q3 24	—	$218.0K	$63.0K
Q4 24	—	$961.0K	$196.0K
Q1 25	—	$2M	$79.6K
Q2 25	—	$2M	$78.5K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 20	$22M	$0	$22M
Q2 20	$24M	$6M	$30M
Q3 20	$19M	$12M	$31M
Q4 20	$13M	$0	$13M
Q1 21	$9M	$0	$9M
Q2 21	$21M	$0	$21M
Q2 22	$2M	$0	$2M
Q4 22	$48.7K	$0	$48.7K
Q2 23	$215.0K	$0	$215.0K
Q4 23	$43.0K	$0	$43.0K
Q1 24	$32.0K	$722.0K	$754.0K
Q2 24	$287.0K	$815.0K	$1M
Q3 24	$27.0K	$0	$27.0K
Q4 24	$15M	$0	$15M
Q1 25	$7M	$1M	$8M
Q2 25	$7M	$1M	$8M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 19	202K	+0.1%	—
Q4 19	221K	+9.6%	+9.6%
Q1 20	202K	-8.8%	+0.1%
Q2 20	258K	+28.1%	+28.1%
Q3 20	366K	+41.7%	+81.4%
Q4 20	474K	+29.4%	+114.2%
Q1 21	355K	-25.2%	+75.6%
Q2 21	435K	+22.6%	+68.2%
Q1 23	3M	+575.0%	+701.2%
Q2 23	3M	+9.5%	+578.1%
Q1 24	6M	+89.9%	+1621.2%
Q2 24	7M	+7.0%	+1401.5%
Q3 24	7M	+3.2%	+129.7%
Q4 24	7M	0.0%	+109.7%
Q1 25	7M	+5.2%	+16.2%
Q2 25	7M	0.0%	+8.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 19	—	—
Q4 19	—	—
Q1 20	—	—
Q2 20	—	—
Q3 20	—	—
Q4 20	—	—
Q1 21	—	—
Q2 21	—	—
Q1 23	—	—
Q2 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	$197.0K	21
Q1 25	$144.7K	21
Q2 25	$142.8K	21

Revenue / Employee