EBON Ebang International Holdings Inc.

Overview and Growth

In fiscal 2025, Ebang International Holdings Inc. recorded $6.54M of revenue, net loss of $14.09M, and an operating cash outflow of $9.05M. The $6.54M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 11.4% above fiscal 2024 revenue of $5.87M, marking a year-over-year increase. The company reported diluted EPS of -$2.24, adding a shareholder-level measure to the absolute income figures considered below. Diluted shares averaged 6.28M; this is the reported share base over which the company’s diluted per-share earnings were spread. The company employed $256.77M of total assets, the balance-sheet base supporting its current operating and cash-flow results. The revenue-to-assets relationship was 0.03x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The first profit layer was $394.85K of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. The gross-profit relationship equaled 6.0% of revenue, quantifying the portion retained before operating expenses were recognized. The company recorded an operating loss of $25.30M after the reported operating expense base. The operating loss equaled 387.0% of revenue, showing the scale of the operating deficit relative to sales. After all below-operating-line items, the company recorded a net loss of $14.09M for the fiscal year. Measured against revenue, the bottom-line deficit represented 215.6% after all recognized items. EBITDA was negative $22.75M, showing a deficit before interest, taxes, depreciation, and amortization. The pretax result was a loss of $14.49M, establishing the deficit before tax effects. Pretax margin was -221.6%, reflecting a pre-tax loss equal to 221.6% of revenue. The reported tax benefit was $320.98K, favorably bridging the pretax and after-tax results. The loss-to-equity relationship was 5.8%, placing the bottom-line deficit against shareholder capital. The net loss equaled 5.5% of period-end assets, showing the deficit relative to the asset base. The net loss narrowed to $14.09M from $20.25M in fiscal 2024.

Liquidity and Capital Structure

At period end, the $256.77M asset base was financed through $11.73M of liabilities and $245.04M of equity. Current assets were $216.19M against $7.91M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. At 27.31x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. The company held $200.19M in cash and equivalents, a narrower liquidity measure than total current assets. Book equity represented 95.4% of total assets, quantifying the balance-sheet share supported by shareholder capital. Relative to total assets, liabilities measured 4.6%, complementing the separate equity-based view of the company’s capital structure. The cash-to-assets relationship was 78.0%, comparing reported cash and equivalents with the full positive asset balance. Compared with $275.80M in fiscal 2024, the current asset base moved 6.9% and finished lower. Book equity was 5.9% lower than fiscal 2024 equity of $260.36M, showing how shareholder capital changed year over year. The reported cash balance changed 6.4% from $213.82M in fiscal 2024, ending lower year over year.

Cash Flow and Earnings Quality

Cash flow from operations was an outflow of $9.05M, showing that operations absorbed cash during the period. Capital spending of $4.50M added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. Negative free cash flow was $13.54M, leaving a cash deficit after capital spending and reducing financial flexibility. Relative to revenue, the post-investment cash deficit represented 207.2%. The cash deficit after capital spending represented 5.3% of the period-end asset base. Cash absorbed by operations decreased from $17.61M in fiscal 2024 to $9.05M.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.