BTC Digital Ltd.
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About the company
BTC Digital Ltd. primarily focuses on the extraction of cryptocurrencies, with a particular emphasis on Bitcoin. Beyond its core mining operations, the firm also handles the sale and leasing of specialized mining hardware.
- CEO
- Siguang Peng
- IPO
- 2018
- Employees
- 26
- HQ
- Singapore, CE, SG
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Similar companies
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- Market Cap
- $9.99M
- P/E
- -1.31
- PEG
- 0.01
- P/S
- 0.89
- P/B
- 0.26
- EV/EBITDA
- -3.86
- Div Yield
- 0.00%
- Gross Margin
- -22.39%
- Op Margin
- -56.33%
- Net Margin
- -59.40%
- ROE
- -17.91%
- ROIC
- -15.87%
Latest fiscal year · YoY change
- Revenue
- $14.04M+20.3%
- Gross Profit
- $-3,159,000-2847.0%
- Op Income
- $-8,809,000
- Net Income
- $-9,061,000-355.6%
- EPS
- $-1.10-7332.4%
- OCF Growth
- -379.3%
- FCF Growth
- -984.1%
- 52W High
- $3.12
- 52W Low
- $0.43
- 50D MA
- $1.15
- 200D MA
- $1.22
- Beta
- 5.81
- RSI (14)
- 43
- Avg Volume
- 10.48M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Meten cut offline centers to reduce COVID- and policy-driven pressure, but the quarter still saw steep revenue and profit declines as management pivots toward metaverse, blockchain, and crypto-related training.· November 22, 2021
- Offline learning centers were sharply reduced to one or two per city to lower fixed costs and manage COVID disruptions.
- Third-quarter revenue fell 36.9% year over year to RMB187.9 million, and net loss widened to RMB175.3 million.
- Gross profit margin fell to 34.1% in Q3, down 8.2 percentage points year over year, while nine-month margin improved to 33.5%.
- Management is repositioning the business toward metaverse-related training, communities, and experience centers, plus blockchain and crypto opportunities.
- Cash and cash equivalents were RMB279.9 million at September 30, 2021.
Third-quarter revenue was RMB187.9 million (US$29.2 million), down 36.9% year over year. First-nine-month revenue was RMB599.2 million (US$93.0 million), down 10.4% year over year. Q3 gross profit was RMB64.0 million (US$9.9 million), down 49.1% year over year, and gross margin was 34.1%, down 8.2 percentage points year over year. Nine-month gross profit was RMB201.0 million (US$31.2 million), down 7.0% year over year, and gross margin was 33.5%, up 1.2 percentage points year over year. Q3 operating loss was RMB166.8 million and net loss was RMB175.3 million; nine-month operating loss was RMB329.4 million and net loss was RMB345.0 million. Cash and cash equivalents were RMB279.9 million as of September 30, 2021. No formal next-quarter or full-year financial guidance was provided; management instead said it expects offline operations to improve when COVID conditions get better next year and outlined a strategic shift toward new metaverse, blockchain, and crypto-related businesses.
Alan Peng said the company deliberately reduced offline centers to protect the business from COVID-19 disruptions and improve resource utilization, with the long-term goal of lowering fixed costs and raising margins. He framed the quarter as part of a broader transformation toward metaverse-related education, career planning, and professional skills training, plus overseas blockchain and cryptocurrency opportunities. His tone was strategic and transitional, emphasizing that the company is moving toward a new business direction over the next one to two years.
The financial update showed sharp top-line pressure and heavier losses. Q3 revenue declined 36.9% to RMB187.9 million, gross profit fell 49.1% to RMB64.0 million, and gross margin dropped to 34.1%; nine-month revenue was RMB599.2 million, gross profit RMB201.0 million, and gross margin 33.5%. Operating costs fell 27.9% in Q3 to RMB123.8 million and 12.0% in the nine months to RMB398.2 million, but general and administrative expenses rose 76.4% in Q3 to RMB165.8 million and 38.3% in the nine months to RMB310.3 million, mainly due to goodwill impairment and share-based compensation. Cash and cash equivalents were RMB279.9 million at September 30, 2021.
Analysts pressed on the company’s premium service business and how management was handling the impact of COVID-19 and the double reduction policy. Alan Peng said the company is shrinking to one or two centers per city and focusing on stronger centers, while also adding career development and metaverse-related training as a fourth-quarter priority. Another analyst asked when metaverse-related training might generate revenue and how teachers would be recruited; Jason Zhao said the company expects demand to grow and cited partnerships, universities, platforms, forums, and hiring new graduates as recruitment channels. Management did not give a start date for revenue generation.
Management believes the center rationalization should reduce fixed costs, improve utilization, and eventually support better margins once pandemic conditions normalize. The company is also trying to create new growth avenues through metaverse education, blockchain, and crypto-related initiatives, with leadership expressing confidence that these efforts could evolve the company over the next one to two years.
The quarter showed significant deterioration in revenue and profitability, with Q3 revenue down 36.9%, gross profit down 49.1%, and net loss widening to RMB175.3 million. The business remains exposed to COVID closures and the double reduction policy, while the new metaverse and crypto initiatives are still ideas rather than operating businesses, with no timeline for revenue contribution.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 95.5%
- Shares Outstanding
- 9.52M
- Float Shares
- 9.08M
of shares held by institutions
9 13F filers
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| L1 Global Manager Pty Ltd | 526.32K | ▲ 526.32K |
| Hudson Bay Capital Management LP | 438.60K | ▲ 438.60K |
| Empery Asset Management, LP | 350.88K | ▲ 350.88K |
| Susquehanna International Group, Llp | 32.38K | ▲ 32.38K |
| Gts Securities LLC | 17.36K | ▲ 17.36K |
| Sbi Securities Co., Ltd. | 9.10K | ▲ 62 |
| Corecap Advisors, LLC | 3.00K | ▲ 3.00K |
| Ubs Group AG | 1.97K | ▼ 235.58K |
| Northwestern Mutual Wealth Management Co | 550 | ▲ 541 |
| Farther Finance Advisors, LLC | 42 | 0 |
| Mercer Global Advisors Inc /Adv | 40 | ▲ 40 |
Our BTCT coverage
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