$BTCT

BTC Digital Ltd.

CIK:0001796514|SEC Filings

Consolidated Statements of Operations Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenues	$ 14,041	$ 11,675	$ 9,073
Cost of revenues	(17,200)	(11,560)	(10,208)
Gross profit /(loss)	(3,159)	115	(1,135)
Operating expenses:
Selling and marketing expenses	(585)	(355)	(225)
General and administrative expenses	(5,065)	(2,438)	(1,121)
Loss from operations	(8,809)	(2,678)	(2,481)
Other income (expenses):
Realized gain/(loss) on exchange of digital assets	(418)	713	34
Interest income	191		1
Interest expenses	(62)	(48)	(63)
Equity in income on equity method investments	91	75	12
Other expenses, net	(54)	(51)	(327)
Loss before income tax	(9,061)	(1,989)	(2,824)
Income tax expense
Net Loss	(9,061)	(1,989)	(2,824)
Net Loss	$ (9,061)	$ (1,989)	$ (2,824)
Net loss per share-Basic (in Dollars per share)	$ (1.1)	$ (0.66)	$ (1.89)
Net loss per share- Diluted (in Dollars per share)	$ (1.1)	$ (0.66)	$ (1.89)
Weighted average shares used in calculating net loss per share
- Basic (in Shares)	8,222,890	3,023,327	1,494,333
- Diluted (in Shares)	8,222,890	3,023,327	1,494,333

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (9,061)	$ (1,989)	$ (2,824)
Adjustments to reconcile net loss to net cash generated from operating activities:
Depreciation	4,141	3,671	3,151
Realized loss/(gain) on exchange of digital assets	418	(713)	(34)
Equity income on equity method investments	(91)	(75)	(12)
Share-based compensation expenses	1,827	571	138
Loss on write-off of property and equipment	35	45
Loss on disposal of property and equipment			357
Amortization of operating lease right-of-use asset	41	10
Increase/(decrease) in accounts receivable	(746)	8	3,417
Increase in right-of-use asset		(394)
(Increase)/decrease in prepayments and other current assets	(780)	8	3,003
Change of Digital assets	(909)	64	(311)
Increase/(decrease) in accounts payable	(115)	(13)	(3,327)
(Increase)/decrease in deferred revenue	(124)	(126)	250
Increase/(decrease) in accrued expenses and other payables	140	121
Increase in operating lease liability		49
Increase/(decrease) of lease liability-non-current	(34)	320
Net cash flow generated from/(used in) operating activities	(5,258)	1,557	3,808
Cash flows from investing activities:
Purchases of property and equipment	(8,519)	(2,744)	(2,501)
Payment for investment in associate	(200)
Repayment of advances from related parties	(475)
Purchases of digital assets	(5,997)
Proceeds from disposal of property and equipment			564
Advances to related parties	37	(4,697)	(2,683)
Advance to third party	(300)
Repayment of advances to related parties		441
Net cash used in investing activities	(15,454)	(7,000)	(4,620)
Cash flows from financing activities:
Proceeds from short term loans	7,823	810	182
Repayment of short term loans	(6,141)	(451)	(927)
Proceeds from issuance of ordinary shares, net of issuance costs	4,480	19,941	1,552
Net cash generated from financing activities	6,162	20,300	807
Net increase/(decrease) in cash and cash equivalents	(14,550)	14,857	(5)
Cash and cash equivalents at the beginning of the year	14,900	43	48
Cash and cash equivalents at the end of the year	350	14,900	43
Supplemental disclosure of cash flow information:
Interest paid	62	21	63
Supplemental disclosure of non-cash flow information:
Lease liability arising from obtaining right-of-use asset		394
Non-cash issuance of common shares for the purchase of equity in a joint venture		1,051
Non-cash issuance of common shares for the payment of mining facility acquisition		360
Issuance of ordinary shares for previously received cash proceeds		$ 542

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 350	$ 14,900
Accounts receivable	6,223	5,477
Prepayments and other current assets	4,512	2,891
Digital assets	7,573	1,085
Total current assets	19,296	24,553
Non-current assets
Equity method investments	4,314	4,023
Right-of-use asset	343	384
Property and equipment, net	15,972	12,170
Total non-current assets	20,629	16,577
Total assets	39,925	41,130
Current liabilities
Accounts payable		115
Short term loans	2,166	484
Contract liabilities		124
Current lease liability	49	49
Accrued expenses and other payables	261	121
Total current liabilities	2,476	893
Non-current liability
Lease liability	286	320
Total non-current liability	286	320
Total liabilities	2,762	1,213
Shareholders’ equity
Ordinary shares (US$0.06 par value; 200,000,000 shares authorized; 6,434,040 and 9,516,975 shares issued outstanding as of December 31, 2024 and December 31, 2025)	553	368
Additional paid-in capital	234,259	228,137
Accumulated deficit	(197,649)	(188,588)
Total shareholders’ equity	37,163	39,917
Total liabilities and shareholders’ equity	39,925	41,130
Related Party
Current assets
Amounts due from related parties	$ 638	$ 200