Ebang International Holdings Inc.
EBON · Security & Commodity Brokers, Dealers, Exchanges & Services · EDGAR filings ↗
Grade
D44Deeply unprofitable China-based fintech/crypto/renewables conglomerate with negative margins and returns, cushioned only by a large cash pile.
Strengths
- Very large cash buffer with ~61-quarter runway (94th pct) and extreme liquidity (current ratio 27)
- Modest revenue growth (~11%, 53rd pct)
Risks
- Negative across the board (operating margin -387%, net margin -216%, ROE/ROA negative) with thin 6% gross margin
- Evolving/unfocused business model spanning fintech, crypto, renewables and equipment
- China governance, VIE/PCAOB, dual-class control (86% voting) and currency-control red flags
Notable findings
- Net lossNet loss (net margin -215.6%)
- Cash burnNegative free cash flow (-13.5M)
- Strong balance sheetStrong balance sheet — $206M cash & investments, ~61 quarters of runway
Key metrics
Gross margin
6.0%
Operating margin
-387.0%
Net margin
-215.6%
Return on equity
-5.8%
Return on assets
-5.5%
Revenue growth (QoQ)
11.4%
Current ratio
27.3×
Free cash flow
-$14M
EBITDA
-$23M
Tangible book value
$242M
Cash & investments
$206M
Cash runway
61q
Stock comp / revenue
5.6%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-24 | 2025-12-31 | 0001213900-26-047509 ↗ |
| 20-F | 2025-04-28 | 2024-12-31 | 0001213900-25-036063 ↗ |
| 20-F | 2024-04-26 | 2023-12-31 | 0001213900-24-036625 ↗ |
| 20-F | 2023-04-28 | 2022-12-31 | 0001213900-23-033864 ↗ |
| 20-F | 2022-04-29 | 2021-12-31 | 0001213900-22-022740 ↗ |
| 20-F | 2021-04-30 | 2020-12-31 | 0001213900-21-023955 ↗ |