Bgin Blockchain Limited

BGIN

Computer Hardware · Technology

Price

$1.91

-0.01 (-0.67%)

Market Cap

$208.5M

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Based on the IPO prospectus (annual filing). This score will refine automatically once the company reports its first quarters.

Bgin Blockchain Limited, through its subsidiaries, operates as a digital asset technology company in Singapore, Hong Kong, the United States, and rest of Southeast Asia. It produces cryptocurrencies through its mining operations. The company also designs and sells mining machines for individual miners and distributors, as well as develops computer chips. In addition, it offers miner hosting, mining pool, and value-added services. The company was founded in 2019 and is based in Singapore.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

Revenue data limited

EPS Growth

EPS data limited

R&D Spend

$20M/ year

↑ Rising (+23% vs prior year)

30.0% of revenue

2.0x the sector average (15%)

Investing heavily in future products and technology

Insider Activity

60.2%ownership

Insiders own a meaningful stake in the company

Cash Runway

~1 months

$26M cash & investments

Quarterly Free Cash Flow

Short runway — potential dilution ahead through share issuance

Heavy R&D investment

Bgin Blockchain Limited is putting 30% of revenue into R&D and that number is rising. That's 2.0x the sector average.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.9% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 114.1M (2021) → 113.1M (2025)

Score breakdown

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Quality

Gross Margin

-112.2%

Thin — -112.2% gross margin

Operating Margin

-163.3%

Losing money on operations — -163.3%

ROCE

-201.9%

Weak — -201.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-77.7%

—

Shrinking sales (-77.7% YoY)

EPS YoY

-369.0%

—

Earnings shrinking (-369.0% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

N/A

—

Data not available

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-253.8%

Burning cash (-253.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.00

Conservative — low debt load (0.00)

Interest Cover

N/A

—

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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