olivlawolivlaw

olivLaw · US equity research

Ebang International Holdings Inc. EBON

Security & Commodity Brokers, Dealers, Exchanges & Services · SIC 6200 · Vertical: Security & Commodity Brokers, Dealers, Exchanges & Services (SIC 6200)

1.63USD−8.63% · 1 dayClose 05 Nov 2026

Ebang International Holdings Inc. operates from Irving, Texas, and has moved from manufacturing blockchain mining equipment to digital financial services and, since November 2024, to renewable energy in Australia. Fintech services accounted for about 48.1% of revenue in fiscal 2025, and the company presents diversification into solar and battery storage as a route to steadier earnings.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 05 Nov 2026, Ebang International Holdings Inc. (EBON) stock was 1.63 USD (−8.63% on the day), with market capitalisation 182.3 m USD, beta 1.47, 52-week range 1.50–4.27 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
182.3 m USD
shares as of 31 Dec 2019
P/E (TTM)
unavailable
Diluted EPS TTM -2.24 · TTM to 31 Dec 2025
E/P (TTM)
-137.34%
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
1.47
Volatility (1y) 84%
52-week range
1.504.27

Price history

Loading chart…

Technical reading

RSI (14)
39.2
weak (30–45)
Bollinger (20, 2)
1.63 – 2.14
below the lower band · %B -0.00 · band width 27.1%
SMA 50 / 200
2.03 / 2.23
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.08 / -0.05
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−18.5%−1.1%−17.4 pp—
3 months−14.6%−0.5%−14.2 pp—
6 months−32.0%+4.4%−36.4 pp—
Year to date−46.7%+12.3%−59.0 pp—
1 year−63.0%+13.5%−76.6 pp+11.2%
3 years−79.7%+76.4%−156.1 pp+41.2%
5 years−97.4%+63.7%−161.1 pp—
Max drawdown (1y)
−64.8%
07 Nov 2025 → 03 Nov 2026
Max drawdown (5y)
−97.9%
09 Nov 2021 → 03 Nov 2026
Compound annual growth (5y)
−51.8%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue319.0 m109.1 m19.0 m51.5 m32.3 m4.9 m5.9 m6.5 m
Revenue YoYunavailable−65.8%−82.6%+170.7%−37.2%−85.0%+20.9%+11.4%
Net income-12.3 m-42.4 m-32.1 m4.4 m-43.9 m-36.8 m-20.3 m-14.1 m
Net income YoYunavailableunavailableunavailableunavailable−1,090.5%unavailableunavailableunavailable
Diluted EPS-0.36-0.38-7.550.75-7.03-5.86-3.22-2.24
Diluted EPS YoYunavailableunavailableunavailableunavailable−1,037.3%unavailableunavailableunavailable
net %-3.9%-38.9%-169.0%8.6%-135.8%-757.4%-345.1%-215.6%
Free cash flow-114.2 m-19.1 m-26.4 m-22.0 m1.3 m-12.5 m-17.8 m-13.5 m

Reported results vs expectations

Loading…

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
200.2 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
245.0 m USD
Total assets
256.8 m USD
Debt / equity
unavailable
Current ratio
27.31x
ROE
-5.6%
ROA
-5.3%
FCF margin
-207.2%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
4.9 m
2024
5.9 m
2025
6.5 m

SEC (XBRL)· 24 Apr 2026verified

Cost of revenue
2023
21.6 m
2024
4.7 m
2025
6.1 m

SEC (XBRL)· 24 Apr 2026verified

Gross profit
2023
-16.7 m
2024
1.2 m
2025
394.8 k

SEC (XBRL)· 24 Apr 2026verified

Research & development
2023
7.4 m
2024
5.4 m
2025
4.1 m

SEC (XBRL)· 24 Apr 2026verified

Operating income
2023
-53.6 m
2024
-30.4 m
2025
-25.3 m

SEC (XBRL)· 24 Apr 2026verified

Depreciation & amortisation
2023
3.5 m
2024
2.6 m
2025
2.6 m

SEC (XBRL)· 24 Apr 2026verified

EBITDA
2023
-50.1 m ≈
2024
-27.8 m ≈
2025
-22.7 m ≈

SEC (XBRL)· 24 Apr 2026derived

Interest expense
2023
—
2024
—
2025
—

SEC (XBRL)· 29 Apr 2022verified

Pre-tax income
2023
-39.1 m
2024
-20.9 m
2025
-14.5 m

SEC (XBRL)· 24 Apr 2026verified

Income tax
2023
-1.0 m
2024
-42.5 k
2025
-321.0 k

SEC (XBRL)· 24 Apr 2026verified

Net income
2023
-36.8 m
2024
-20.3 m
2025
-14.1 m

SEC (XBRL)· 24 Apr 2026verified

Diluted EPS
2023
-5.86
2024
-3.22
2025
-2.24

SEC (XBRL)· 24 Apr 2026verified

Weighted average diluted shares
2023
6.3 m
2024
6.3 m
2025
6.3 m

SEC (XBRL)· 24 Apr 2026verified

Balance sheet · USD

Cash
2023
241.6 m
2024
213.8 m
2025
200.2 m

SEC (XBRL)· 24 Apr 2026verified

Receivables
2023
946.5 k
2024
1.6 m
2025
1.1 m

SEC (XBRL)· 24 Apr 2026verified

Inventories
2023
198.8 k
2024
597.1 k
2025
3.6 m

SEC (XBRL)· 24 Apr 2026verified

Current assets
2023
249.6 m
2024
230.8 m
2025
216.2 m

SEC (XBRL)· 24 Apr 2026verified

Property, plant & equipment, net
2023
33.2 m
2024
29.9 m
2025
29.8 m

SEC (XBRL)· 24 Apr 2026verified

Goodwill
2023
—
2024
1.3 m
2025
—

SEC (XBRL)· 28 Apr 2025verified

Intangibles (excl. goodwill)
2023
2.3 m
2024
3.3 m
2025
2.2 m

SEC (XBRL)· 24 Apr 2026verified

Total assets
2023
298.2 m
2024
275.8 m
2025
256.8 m

SEC (XBRL)· 24 Apr 2026verified

Accounts payable
2023
292.6 k
2024
286.1 k
2025
436.1 k

SEC (XBRL)· 24 Apr 2026verified

Long-term debt
2023
—
2024
—
2025
—

SEC (XBRL)· 30 Apr 2021verified

Current liabilities
2023
12.0 m
2024
11.9 m
2025
7.9 m

SEC (XBRL)· 24 Apr 2026verified

Total liabilities
2023
16.9 m
2024
15.4 m
2025
11.7 m

SEC (XBRL)· 24 Apr 2026verified

Equity
2023
281.3 m
2024
260.4 m
2025
245.0 m

SEC (XBRL)· 24 Apr 2026verified

Cash flow · USD

Operating cash flow
2023
-11.5 m
2024
-17.6 m
2025
-9.0 m

SEC (XBRL)· 24 Apr 2026verified

Capex
2023
985.8 k
2024
223.1 k
2025
4.5 m

SEC (XBRL)· 24 Apr 2026verified

Free cash flow
2023
-12.5 m ≈
2024
-17.8 m ≈
2025
-13.5 m ≈

SEC (XBRL)· 24 Apr 2026derived

Investing cash flow
2023
2.6 m
2024
-9.9 m
2025
-5.4 m

SEC (XBRL)· 24 Apr 2026verified

Financing cash flow
2023
—
2024
—
2025
—

SEC (XBRL)· 29 Apr 2022verified

Computed indicators

Growth

Revenue growth (YoY)
11.4%
computed by olivLawFY 2025
Revenue CAGR 3Y
-41.3%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
-19.2%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
6.0%
computed by olivLawFY 2025
EBITDA margin
-347.9%
computed by olivLawFY 2025
EBIT margin
-387.0%
computed by olivLawFY 2025
Net margin
-215.6%
computed by olivLawFY 2025
FCF margin
-207.2%
computed by olivLawFY 2025

Returns

ROE
-5.6%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
-5.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
-10.2%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
27.3x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
26.9x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
25.3x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
-9.0 m USD
computed by olivLawFY 2025
Capital expenditure
4.5 m USD
computed by olivLawFY 2025
Free cash flow
-13.5 m USD
computed by olivLawFY 2025
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
75 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days inventory outstanding
126 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
21 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Cash conversion cycle
180 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

Market and valuation

Market capitalisation
182.3 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-137.3%
computed by olivLawFY 2025
P/B
0.7x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
27.9x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-7.4%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 27.1% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

1.63 USD

05 Nov 2026Source: olivLaw, closing series

Market cap: 182.3 m USD

Key indicators

Market capitalisation
182.3 m USD
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
unavailable
insufficient data
P/B
0.7x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
-5.6%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
-215.6%
computed by olivLawFY 2025
Revenue growth (YoY)
11.4%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

31/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Source: SEC (XBRL)published 24 Apr 2026
verified 227

Score by group

27% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Security & Commodity Brokers, Dealers, Exchanges & Services (SIC 6200)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-215.6%7 (vs peers)23%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-41.3%0 (on a fixed band)31%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet27.3x100 (on a fixed band)15%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-7.4%0 (on a fixed band)31%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality· partial7/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Ebang International Holdings Inc. (EBON). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 6.5 m USD in 2025; YoY growth 11.4%; net margin -215.6%; ROE -5.6%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Current ratio: 27.3x

What contradicts it

  • Net margin: -215.6%
  • Revenue CAGR 3Y: -41.3%
  • FCF yield: -7.4%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Security & Commodity Brokers, Dealers, Exchanges & Services (SIC 6200) · same industry (4-digit SIC) · compared with 15 companies

Multiples and returns vs the median

P/E
—
vertical median 24.2x
EV/EBITDA
—
vertical median 17.1x
P/S
27.9x
vertical median 6.7x
above median (+319.1%)
P/B
0.7x
vertical median 3.9x
below median (−80.9%)
ROE
-5.6%
vertical median 14.2%
below median (−139.3%)
Net margin
-215.6%
vertical median 6.4%
below median (−3,451.7%)
EBIT margin
-387.0%
vertical median 14.9%
below median (−2,696.8%)
Revenue YoY
11.4%
vertical median 26.9%
below median (−57.7%)
Net debt/EBITDA
—
vertical median 2.9x
Dividend yield
—
vertical median 1.0%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
ICEIntercontinental Exchange, Inc.97.8 bn23.914.2%29.6%+7.5%+11% / +54%
NDAQNasdaq, Inc.60.9 bn30.017.4%22.8%+11.6%+21% / +96%
CBOECboe Global Markets, Inc.36.0 bn24.527.4%28.0%+15.1%+34% / +89%
LPLALPL Financial Holdings Inc.24.3 bn17.925.7%6.8%+37.2%−13% / +40%
SNEXStoneX Group Inc.6.5 bn12.321.9%0.3%+32.5%+33% / +196%
MRXMarex Group Ltd4.7 bn16.828.7%14.5%+26.9%+87% / unavailable
TOPTop Financial Group Limited438.2 m—-1.0%-23.3%+41.9%+113% / −46%
EBONEbang International Holdings Inc.182.3 m—-5.6%-215.6%+11.4%−63% / −80%
GSIWGarden Stage Limited162.5 m7.5-89.5%-190.1%+33.2%−65% / unavailable
WTFWaton Financial Limited94.5 m—-87.9%-136.7%+48.8%−41% / unavailable
STEXStreamex Corp.38.0 m—-705.4%—+122.2%−93% / −87%
SOSSOS Limited20.9 m—-22.7%-63.1%−33.3%−85% / −100%
CMECme Group Inc.—25.216.1%63.3%+6.4%+10% / +41%
PLUTPlutus Financial Group Limited——-55.3%-377.3%+6.9%−64% / unavailable
TWTradeweb Markets Inc.029.914.1%39.8%+18.9%+17% / +32%
BGCBGC Group, Inc.—25.519.5%6.0%+30.0%+20% / +61%

1- and 3-year price returns: for EBON from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 24 Apr 2026; since then the company filed 6-K (29 Sept 2026), 6-K (14 Aug 2026), 6-K (07 Aug 2026), 6-K (11 Jun 2026).

    In brief

    Ebang International Holdings Inc. operates from Irving, Texas, and has moved from manufacturing blockchain mining equipment to digital financial services and, since November 2024, to renewable energy in Australia. Fintech services accounted for about 48.1% of revenue in fiscal 2025 1, and the company presents diversification into solar and battery storage as a route to steadier earnings 1.

    SWOT

    Strengths

    • The company has manufacturing experience and expertise in blockchain technology and Fintech, along with proprietary in-house platforms 1.
    • Licences obtained in Australia and Hong Kong serve as an entry advantage into regulated markets 1.
    • Diversification into renewable energy provides a second business line with stated growth 1.

    Weaknesses

    • The company has incurred losses and negative operating cash flows and cannot guarantee profitability 1.
    • New business lines have short operating histories, and some have not yet generated material revenue 1.
    • Blockchain product and telecommunications sales have declined, showing reliance on volatile segments 1.

    Opportunities

    • Growth in the global renewable energy market could bring new customers for solar and storage solutions 1.
    • Extending Fintech services in Australia, Hong Kong and the United States could open new customer segments 1.
    • Developing SaaS energy analytics could support corporate ESG reporting needs 1.

    Threats

    • Regulatory change in Fintech and renewable energy could raise costs or block activities 1.
    • Volatile cryptocurrency prices can directly affect exchange and mining revenue 1.
    • Intense competition could compress margins across all segments, including renewable energy 1.

    Risks

    • Approvals and licenceshigh

      The company must obtain and maintain many approvals across several countries; failing to obtain them on time could significantly affect operations 1.

    • Fluctuating resultshigh

      Operating results have fluctuated and may continue to, for reasons that are hard to forecast, making outlook difficult 1.

    • International expansionmedium

      Expansion into several jurisdictions adds operational complexity and could affect profitability if not managed effectively 1.

    • Reliance on government policymedium

      Renewable energy depends on subsidies and public policy that can change, which may alter the financial viability of the business 1.

    • Dual-class voting structuremedium

      The dual-class structure limits the influence of Class A shareholders over corporate decisions 1.

    Investment thesis

    What would need to be true (bull case)

    • If the Fintech segment keeps pace with the global market and renewable energy develops as estimated, diversification could reduce reliance on cryptocurrencies 1.
    • Licences obtained in Australia and Hong Kong could ease service expansion into jurisdictions with rising demand 1.
    • The Redback Technologies acquisition could provide a recurring customer and revenue base through SaaS services 1.

    What would break the thesis

    • The company does not expect to pay dividends in the foreseeable future, and results could remain loss-making 1.
    • If regulation tightens or licences are not obtained, international expansion could be delayed or abandoned 1.
    • The decline in blockchain equipment sales shows the legacy line is no longer offsetting volatility 1.

    What to watch

    • Trend in the Fintech share and renewable energy revenuenext 10-K
    • New approvals or licences in Australia, Hong Kong and the United States2027
    • Redback Technologies results and renewable energy margin developmentQ1 2027
    • Operating losses and operating cash flowsnext 10-K

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 24 Apr 2026; since then the company filed 6-K (29 Sept 2026), 6-K (14 Aug 2026), 6-K (07 Aug 2026), 6-K (11 Jun 2026).

    The business

    Ebang describes its activity in four lines: Fintech, renewable energy, telecommunications and blockchain products 1. In Australia it operates the Ebonex cryptocurrency exchange and the EbonFX cross-border payment and foreign exchange platform, holding registrations from AUSTRAC and an AFSL, plus licences in Hong Kong 1. Fintech remains the main revenue source, but the company says it is consolidating that segment while developing renewable energy 1.

    Segments

    Fintech services

    The segment includes the Ebonex exchange and the EbonFX payment platform, aimed at retail and institutional clients, SMEs and high net-worth individuals 1. In fiscal 2025 it generated 48.1% of total revenue 1. The company notes the exchange is at an early stage with a short operating history 1.

    Renewable energy

    Since November 2024, through the acquisition of Redback Technologies, Ebang offers solar and battery storage solutions and SaaS energy data visualization and analytics 1. In fiscal 2025 renewable energy products were 8.6% of revenue and SaaS 17.6% 1. The company notes the sector depends on government incentives and faces growing competition 1.

    Telecommunications and blockchain

    Legacy lines have shrunk as a share of revenue: telecommunications was 3.5% of revenue in fiscal 2025, and blockchain product sales were nil in fiscal 2024 and 2025 1. The company attributes the decline to mining market conditions and investors choosing other products 1.

    Market context

    The company cites third-party estimates that the global Fintech market could reach US$356.73 billion in 2025 and US$686.85 billion by 2030 1. For renewable energy, the same source cites a US$1.74 trillion market in 2025 growing at a 17.23% CAGR to 2034 1. These are third-party forecasts, and the company acknowledges demand depends on macroeconomic conditions, costs and regulation 1.

    Demand for Ebang's products depends on equipment performance and on cryptocurrency trading volumes, which can be highly volatile 1. The company notes the crypto market has seen severe fluctuations and that investors now have more options beyond mining 1.

    Trends

    • Growth of the Fintech markettailwind

      The company links its Fintech growth to global expansion of financial technology and the digitization of financial services 1.

    • Investment in renewable energytailwind

      Global demand for renewable energy, supported by falling costs and government climate commitments, could support the new business line 1.

    • Cryptocurrency volatilityheadwind

      Trading volumes and crypto prices are highly volatile, directly affecting exchange and mining revenue 1.

    • Regulatory changemixed

      Rules for Fintech and renewable energy evolve differently across countries, which can raise compliance costs or restrict activities 1.

    Competitive position

    The company reports intense competition from traditional financial institutions transforming digitally and from Fintech startups 1. In renewable energy, competition could pressure prices and margins 1.

    In mining equipment, Ebang competes with producers launching more power-efficient chips, which could reduce its market share if it falls behind technologically 1.

    • Traditional financial institutions in transition

      Banks and financial institutions digitizing payment and currency exchange services, named by the company as rivals in Fintech 1.

    • Fintech startups

      Newer digital payment and exchange companies competing in the same service segments 1.

    • Solar and battery storage suppliers

      Companies in Australia and other markets selling solar systems and batteries, where margins can be compressed 1.

    • ASIC chip manufacturers

      Mining equipment producers launching new chip generations, affecting the competitiveness of the company's blockchain products 1.

    News & filings

    Sources

    1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Ebang International Holdings Inc. · 24 Apr 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.