Jiuzi Holdings, Inc.

Tiny China new-energy battery/EV trader with razor-thin gross margin and going-concern uncertainty.

Strengths

• Strong reported liquidity (current/quick ratio 5.8, 95th pct) after a $5M raise
• Revenue more than doubled (94th pct) off a small base

Risks

• Gross margin 0.7% (6th pct) and operating margin -347%; ongoing net losses
• Going-concern evaluation, prior large impairments and vendor litigation
• Crypto/Bitcoin exposure, China prohibition on virtual-currency activity, PFIC and PRC risks

Notable findings

• Going concernIn evaluating the Company’s ability to continue as a going concern, management considered the conditions and events that could raise substantial doubt about the Company’s ability to continue as a goin
• Net lossNet loss (net margin -353.5%)
• Cash burnNegative free cash flow (-1.1M)
• Customer concentration~87% of revenue from one customer/distributor — 87% of our total revenues in 2025 and 2024, respectively