BGIN (NASDAQ: BGIN) reported a substantial net loss of US$177 million in 2025, largely driven by impairments, write-offs, and inventory provisions. According to the company, this significant loss was predominantly non-cash and related to scaling back altcoin operations and asset write-downs.
The decline in revenue was primarily due to lower mining pool revenue and a sharp drop in mining machine sales, which fell from $103.9 million in 2024 to $14.8 million in 2025. This decrease was mainly attributed to the weakness of KAS prices and reduced demand for machines.
BGIN held $26.3 million in cash and $22.5 million in crypto assets as of December 31, 2025, providing runway for the company's strategic pivot toward Bitcoin and Dogecoin.