BTOG

MKT CAP:$3M

Bit Origin Ltd

Market Cap

$3M

Financial Services·Financial - Data & Stock Exchanges·🇸🇬 Singapore·NASDAQ

Financials·Financial·🇸🇬·NASDAQ

Stock Price

$2.01-$9.11 (-81.92%)

Apr 24, 2026

Company Details

Bit Origin Ltd engages in the cryptocurrency mining business. It deploys crypto asset mining and blockchain technologies. The company was formerly known as China Xiangtai Food Co., Ltd. and changed its name to Bit Origin Ltd in April 2022. ...

CEO

Jinghai Jiang

IPO Date

Aug 15, 2019

Website

bitorigin.io

Key Metrics TTM

Revenue

$7M

-92.5% YoY

Net Income

-$45M

EPS (Diluted)

-$645.79

Free Cash Flow

-$11M

Revenue / Share

$7.25

Gross Margin

-46.8%

Operating Margin

-294.3%

Net Margin

-638.0%

FCF Margin

-154.4%

P/S

0.4x

P/E

—

Earnings Reports

FY 2025

Oct 31, 2025

$39.5KEPS -$16.80

Q4 2025

Oct 31, 2025

$39.5KEPS -$3.79

Q4 2024

Jun 30, 2024

$0-100.0%EPS -$91.20

Q2 2024

Dec 30, 2023

$3MEPS -$118.80

FY 2023

Oct 31, 2023

$6MEPS -$516.60

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 17	$12M	$1M	$2M
Q4 17	$20M	$1M	$1M
Q2 18	$24M	$4M	$3M
Q4 18	$27M	$6M	$4M
Q2 19	$55M	$5M	$2M
Q4 19	$44M	$4M	-$4M
Q4 21	-$31M	-$4.6K	-$3M
Q4 23	$4M	-$2M	-$7M
Q2 24	$3M	-$946.0K	-$7M
Q4 24	$0	$1.0K	-$8M
Q4 25	$39.5K	$0	$822.3K

Valuation

Quarter	P/S	P/E
Q2 17	—	—
Q4 17	—	—
Q2 18	—	—
Q4 18	0.0x	0.5x
Q2 19	0.0x	0.4x
Q4 19	0.0x	0.4x
Q4 21	0.0x	—
Q4 23	0.0x	—
Q2 24	0.1x	—
Q4 24	—	—
Q4 25	0.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 17	$474.0K	$462.3K
Q4 17	-$3M	-$3M
Q2 18	-$806.9K	-$2M
Q4 18	-$990.6K	-$2M
Q2 19	-$3M	-$3M
Q4 19	-$893.6K	-$2M
Q4 21	$519.3K	$519.3K
Q4 23	-$4M	-$4M
Q2 24	-$5M	-$5M
Q4 24	-$3M	-$3M
Q4 25	$634.6K	$634.6K

Capital Expenditures

Quarter	CapEx
Q2 17	$11.8K
Q4 17	$108
Q2 18	$40.6K
Q4 18	$48.8K
Q2 19	$948
Q4 19	$19.7K
Q4 21	$0
Q4 23	$115.0K
Q2 24	$0
Q4 24	$0
Q4 25	$4

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 19	+367.3%	+465.8%
Q4 19	+122.1%	+158.2%
Q4 21	-232.2%	-237.8%
Q4 23	-84.4%	-51.1%
Q2 24	-94.7%	-81.7%
Q4 24	-100.0%	-83.3%
Q4 25	+100.1%	+97.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 17	$0	0.0%
Q4 17	$0	0.0%
Q2 18	$0	0.0%
Q4 18	$0	0.0%
Q2 19	$0	0.0%
Q4 19	$0	0.0%
Q4 21	$2M	—
Q4 23	$33.6K	0.8%
Q2 24	$42.0K	1.5%
Q4 24	$31.2K	—
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q2 17	$186.2K	$215.4K	—
Q4 17	$164.7K	$211.9K	—
Q2 18	$296.8K	$203.9K	—
Q4 18	$684.5K	$504.6K	—
Q2 19	$722.2K	$699.9K	—
Q4 19	$583.6K	$2M	—
Q4 21	$391.9K	—	—
Q4 23	$2M	$3M	—
Q2 24	$879.5K	$401.2K	—
Q4 24	$3M	$804.0K	—
Q4 25	—	—	$1M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 18	$2M	$0	$2M
Q4 18	$308.0K	$0	$308.0K
Q2 19	$292.5K	$0	$292.5K
Q4 19	$3M	$0	$3M
Q2 20	$2M	$0	$2M
Q4 20	$1M	$0	$1M
Q2 21	$124.2K	$0	$124.2K
Q4 21	$7.6K	$0	$7.6K
Q2 22	$7M	$0	$7M
Q4 22	$17.8K	$0	$17.8K
Q2 23	$32.9K	$2M	$2M
Q4 23	$16.3K	$0	$16.3K
Q2 24	$7M	$0	$7M
Q4 24	$1M	$178.7K	$2M
Q2 25	$29.8K	$178.7K	$208.4K
Q4 25	$55.6K	$0	$55.6K

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 17	11K	—	—
Q4 17	11K	0.0%	—
Q2 18	11K	0.0%	—
Q4 18	11K	+0.8%	—
Q2 19	12K	+3.0%	+3.8%
Q4 19	12K	+7.3%	+11.4%
Q4 21	21K	+70.3%	+89.7%
Q4 23	56K	+165.5%	+399.7%
Q2 24	59K	+5.7%	+412.7%
Q4 24	116K	+95.4%	+833.6%
Q4 25	983K	+750.6%	+4562.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 17	—	—
Q4 17	—	—
Q2 18	—	—
Q4 18	—	—
Q2 19	—	—
Q4 19	$248.2K	178
Q4 21	-$1M	24
Q4 23	$466.7K	9
Q2 24	$320.9K	9
Q4 24	$0	5
Q4 25	$7.9K	5

Revenue / Employee