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olivLaw · US equity research

Next Technology Holding Inc. NXTT

Services-Computer Processing & Data Preparation · SIC 7374 · Vertical: Services-Computer Processing & Data Preparation (SIC 7374)

5.00USD−2.72% · 1 dayClose 04 Nov 2026

Next Technology Holding Inc. (NXTT) combines two strategies: AI-enabled SaaS software development for clients in the Asia-Pacific region and holding Bitcoin as a treasury asset. Revenue in fiscal 2025 rose to 11.61 million USD, while the company holds 5,833 BTC, so results depend increasingly on the Bitcoin price.

At the close of 04 Nov 2026, Next Technology Holding Inc. (NXTT) stock was 5.00 USD (−2.72% on the day), with market capitalisation 736.5 m USD, beta 0.86, 52-week range 4.71–1,740.00 USD. Latest reported quarter (Q2 2026): revenue of 840.9 k USD, net income of -29.7 m USD (−125.1% YoY), diluted EPS -0.20 USD.

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

Market cap
736.5 m USD
shares as of 24 Jul 2026
P/E (TTM)
unavailable
Diluted EPS TTM -55.99 · TTM to 30 Jun 2026
E/P (TTM)
-1,119.82%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
0.86
Volatility (1y) 201%
52-week range
4.711,740.00

Price history

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Technical reading

RSI (14)
38.7
weak (30–45)
Bollinger (20, 2)
4.73 – 5.58
in the lower half of the band · %B 0.32 · band width 16.4%
SMA 50 / 200
5.41 / 153.20
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.62 / -0.87
MACD above 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−2.5%−1.1%−1.4 pp—
3 months−45.7%−0.5%−45.2 pp—
6 months−96.8%+4.4%−101.2 pp—
Year to date−99.2%+12.3%−111.5 pp—
1 year−99.7%+13.5%−113.2 pp−24.6%
3 years−100.0%+76.4%−176.4 pp−19.7%
5 yearsunavailable+63.7%unavailable—
Max drawdown (1y)
−99.7%
07 Nov 2025 → 28 Oct 2026
Max drawdown (5y)
−100.0%
05 Aug 2022 → 28 Oct 2026
Compound annual growth (5y)
unavailable
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
840.9 k USD
unavailable YoY
Net income
-29.7 m USD
−125.1% YoY
Diluted EPS
-0.20
−100.4% YoY
net / operating
-3,533.3% / -572.0%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue————1.8 m9.8 m465.2 k840.9 k
Cost of revenue————981.4 k8.9 m387.3 k487.1 k
Gross profit————806.8 k949.7 k77.9 k353.8 k
Research & development——————2.1 m915.8 k
Operating income-567.0 k1.2 m-449.9 k-256.0 k-44.3 m-35.2 m-6.6 m-4.8 m
Pre-tax income1.7 m13.1 m244.9 m150.1 m-9.6 m-185.8 m-133.1 m-42.9 m
Income tax364.7 k5.6 m51.4 m31.5 m7.3 m-33.9 m-27.3 m-13.2 m
Net income1.4 m7.6 m193.4 m118.6 m-16.9 m-152.0 m-105.9 m-29.7 m
Diluted EPS39.51219.48 ≈396.3854.36-6.86-37.07 ≈-11.86-0.20
Operating cash flow-80.8 k ≈————-6.7 m-1.4 m-673.6 k ≈

≈ derived quarter (cumulative difference / share-days average)

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 year2019202020212022202320242025
Revenueunavailable6.3 m14.4 m11.7 m2.6 m1.8 m11.6 m
Revenue YoYunavailableunavailable+129.3%−18.8%−77.4%−31.6%+545.3%
Net income-417.4 k2.7 m5.2 m-9.2 m-9.9 m21.5 m143.2 m
Net income YoYunavailableunavailable+93.5%−277.0%unavailableunavailable+564.5%
Diluted EPSunavailable0.010.02-5.602.10unavailableunavailable
Diluted EPS YoYunavailableunavailable+100.0%−28,100.0%unavailableunavailableunavailable
net %unavailable42.7%36.0%-78.5%-376.7%1,196.8%1,232.6%
Free cash flowunavailable1.2 m-4.2 m-38.5 munavailableunavailableunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
5.6 m USD
Financial debt
2.0 m USD
Net debt
-3.6 m USD
Equity
455.6 m USD
Total assets
524.1 m USD
Debt / equity
0.00x
Current ratio
133.17x
ROE
53.3%
ROA
46.4%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
2.6 m
2024
1.8 m
2025
11.6 m

SEC (XBRL)· 31 Mar 2026verified

Cost of revenue
2023
1.1 m
2024
730.0 k
2025
9.9 m

SEC (XBRL)· 31 Mar 2026verified

Gross profit
2023
1.4 m
2024
1.1 m
2025
1.8 m

SEC (XBRL)· 31 Mar 2026verified

Research & development
2023
—
2024
—
2025
14.5 m

SEC (XBRL)· 31 Mar 2026verified

Operating income
2023
-1.2 m
2024
-16.8 k
2025
-80.2 m

SEC (XBRL)· 31 Mar 2026verified

Depreciation & amortisation
2023
—
2024
—
2025
—

SEC (XBRL)· 14 Apr 2022verified

EBITDA
2023
—
2024
—
2025
—

SEC (XBRL)· 14 Apr 2022derived

Pre-tax income
2023
3.2 m
2024
29.8 m
2025
199.5 m

SEC (XBRL)· 31 Mar 2026verified

Income tax
2023
130.4 k
2024
8.2 m
2025
56.4 m

SEC (XBRL)· 31 Mar 2026verified

Net income
2023
-9.9 m
2024
21.5 m
2025
143.2 m

SEC (XBRL)· 31 Mar 2026verified

Diluted EPS
2023
2.10
2024
—
2025
—

SEC (XBRL)· 21 Jun 2024verified

Weighted average diluted shares
2023
1.5 m
2024
28.9 k
2025
2.3 m

SEC (XBRL)· 31 Mar 2026verified

Balance sheet · USD

Cash
2023
668.4 k
2024
668.4 k
2025
5.6 m

SEC (XBRL)· 31 Mar 2026verified

Receivables
2023
1.0 m
2024
1.8 m
2025
354.8 k

SEC (XBRL)· 31 Mar 2026verified

Current assets
2023
48.9 m
2024
92.9 m
2025
524.1 m

SEC (XBRL)· 31 Mar 2026verified

Property, plant & equipment, net
2023
—
2024
—
2025
—

SEC (XBRL)· 14 Aug 2023verified

Intangibles (excl. goodwill)
2023
—
2024
—
2025
—

SEC (XBRL)· 14 Aug 2023verified

Total assets
2023
48.9 m
2024
92.9 m
2025
524.1 m

SEC (XBRL)· 31 Mar 2026verified

Accounts payable
2023
800.0 k
2024
730.0 k
2025
751.3 k

SEC (XBRL)· 31 Mar 2026verified

Short-term debt
2023
—
2024
—
2025
2.0 m

SEC (XBRL)· 29 Apr 2026verified

Current liabilities
2023
4.2 m
2024
3.1 m
2025
3.9 m

SEC (XBRL)· 31 Mar 2026verified

Total liabilities
2023
4.2 m
2024
11.3 m
2025
68.6 m

SEC (XBRL)· 31 Mar 2026verified

Equity
2023
44.7 m †
2024
81.6 m †
2025
455.6 m †

SEC (XBRL)· 31 Mar 2026verified

Shares outstanding at year end
2023
—
2024
7.0 m
2025
—

SEC (XBRL)· 23 Dec 2024verified

Cash flow · USD

Operating cash flow
2023
20.2 m
2024
—
2025
-3.1 m

SEC (XBRL)· 31 Mar 2026verified

Capex
2023
—
2024
—
2025
—

SEC (XBRL)· 14 Jul 2023verified

Free cash flow
2023
—
2024
—
2025
—

SEC (XBRL)· 21 Jun 2024derived

Investing cash flow
2023
-32.6 m
2024
—
2025
—

SEC (XBRL)· 21 Jun 2024verified

Financing cash flow
2023
13.1 m
2024
—
2025
8.0 m

SEC (XBRL)· 31 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
545.3%
computed by olivLawFY 2025
Revenue CAGR 3Y
-0.2%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
13.1%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
564.5%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
121.7%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
unavailable
input data missing
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
16.9%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
unavailable
input data missing
EBIT margin
-703.8%
computed by olivLawTTM to 30 Jun 2026
Net margin
-2,356.0%
computed by olivLawTTM to 30 Jun 2026
FCF margin
unavailable
input data missing

Returns

ROE
-59.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-53.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
-23.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROCE
-17.9%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-158.5 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.0x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
175.6x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
54.5x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-3.1 m USD
computed by olivLawFY 2025
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
9 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
44 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

Market and valuation

Market capitalisation
736.5 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
578.0 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-1,119.8%
computed by olivLawTTM to 30 Jun 2026
P/B
1.5x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
57.0x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
insufficient data
EV/Sales
44.7x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

4 indicators that do not apply to the sector.

Valuation

olivLaw classification

Unattractive profile

Score: 24 / 100

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

score < 40

Closing price

5.00 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 736.5 m USD

Key indicators

Market capitalisation
736.5 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
1.5x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-59.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-2,356.0%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
545.3%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

29/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 24 Jul 2026
Source: SEC (XBRL)published 24 Jul 2026
verified 765derived 53

Score by group

  • Balance sheet100
  • Quality4
  • Valuation8
  • Growth32

Estimated value range

Low
1.15
USD per share
Mid
1.29
USD per share
High
1.54
USD per share
Price: 5.00 USD
The price is above the range
Potential to the central value: -74.2% (value / price − 1)
Margin of safety: -287.2% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.15 – 1.54 USD.

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

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
  • Peers: EV/Sales1.15 – 1.54 (Mid 1.29)
    10 companies used · median multiple 2.5x · quartiles 0.9x – 5.3x
    ADP, CARS, EGHT, FA, GLOB, GMHS, IBEX, SOPH, VRSK, WDAY
  • Peers: EV/EBITDAunavailable · input data missing
Multiple comparisons use the SIC vertical: Services-Computer Processing & Data Preparation (SIC 7374)

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

Unattractive profile · Score 24/100

FactorValueScoreWeight used
Gross margin · Quality16.9%0 (on a fixed band)16%
EBIT margin · Quality-703.8%8 (vs peers)13%
FCF margin · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-0.2%0 (on a fixed band)25%
Revenue growth (YoY) · Growth545.3%95 (vs peers)13%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Current ratio · Balance sheet175.6x100 (on a fixed band)9%
EV/Sales · Valuation44.7x8 (vs peers)25%
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—

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

Score groups

  • Balance sheet· partial100/100 · 1/2 factors with a value
  • Growth32/100 · 2/2 factors with a value
  • Quality4/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/1 factors with a value
  • Valuation· partial8/100 · 1/2 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

Next Technology Holding Inc. (NXTT). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 11.6 m USD in 2025; YoY growth 545.3%; net margin -2,356.0%; ROE -59.4%.

The estimated value range is 1.15–1.54 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.29 USD, the price of 5.00 USD leaves a potential of -74.2% (value / price − 1) and a margin of safety of -287.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 24/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, returns, valuation. Not investment advice.

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

What supports the thesis

  • Revenue growth (YoY): 545.3%
  • Current ratio: 175.6x

What contradicts it

  • Gross margin: 16.9%
  • EBIT margin: -703.8%
  • Revenue CAGR 3Y: -0.2%
  • EV/Sales: 44.7x
  • The price is above the estimated value range

Not assessed (insufficient data or a ratio without meaning): FCF margin, Net debt / EBITDA, FCF yield, Shareholder yield (distributions).

Versus the vertical median

Services-Computer Processing & Data Preparation (SIC 7374) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
—
vertical median 21.3x
EV/EBITDA
—
vertical median 11.0x
P/S
57.0x
vertical median 1.2x
above median (+4,710.8%)
P/B
1.5x
vertical median 2.4x
below median (−36.6%)
ROE
-59.4%
vertical median 13.5%
below median (−540.4%)
Net margin
-2,356.0%
vertical median 7.2%
below median (−32,851.9%)
EBIT margin
-703.8%
vertical median 5.0%
below median (−14,282.4%)
Revenue YoY
545.3%
vertical median 13.5%
above median (+3,927.8%)
Net debt/EBITDA
—
vertical median -0.3x
Dividend yield
—
vertical median 2.2%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
ADPAutomatic Data Processing, Inc.119.8 bn27.777.0%20.1%+6.7%+19% / +32%
WDAYWorkday, Inc.44.4 bn40.916.0%12.3%+13.1%−6% / −25%
VRSKVerisk Analytics, Inc.25.9 bn30.1—29.3%+6.6%−12% / −18%
ATHMAutohome Inc.10.4 bn53.56.3%443.2%+11.1%−5% / −18%
PEGAPegasystems Inc.5.6 bn21.351.4%16.9%+16.6%−37% / +32%
FAFirst Advantage Corp3.9 bn160.51.9%1.5%+83.0%+62% / +45%
QBTSD-Wave Quantum Inc.3.8 bn—-28.0%-2,001.6%+178.5%−54% / +1,166%
RAMPLiveRamp Holdings, Inc.2.3 bn15.816.2%18.7%+9.0%+41% / +39%
GLOBGlobant S.A.2.1 bn21.05.1%4.2%+1.6%−25% / −78%
INODInnodata Inc1.5 bn32.837.7%14.7%+47.6%−25% / +541%
LZLegalZoom.com, Inc.1.1 bn56.012.1%2.6%+10.9%−26% / −40%
NRDSNerdWallet, Inc.754.4 m13.318.2%7.6%+21.7%−21% / +1%
NXTTNext Technology Holding Inc.736.5 m—-59.4%-2,356.0%+545.3%−100% / −100%
CARSCars.com Inc.682.5 m22.47.4%4.7%+0.6%+10% / −32%
IBEXIBEX Limited593.6 m14.330.4%7.2%+15.4%+27% / +152%
SOPHSOPHiA GENETICS SA477.3 m—-110.0%-102.2%+18.6%+42% / +73%
GRVYGravity Co., Ltd.475.7 m0.016.5%17.0%−31.0%+19% / −6%
EGHT8x8, Inc.326.4 m55.53.5%0.6%+2.9%+16% / −27%
TCXTucows Inc140.3 m——-21.2%+7.7%−42% / −41%
TRAKRepositrak, Inc.132.7 m18.714.9%32.5%+3.0%−46% / −29%
BIRDSmartbird, Inc.92.1 m—-164.0%-72.8%−19.7%−68% / −91%
VERIVeritone, Inc.56.7 m—-517.7%-117.5%−0.5%−87% / −73%
GMHSGamehaus Holdings Inc.51.4 m8.511.8%4.1%−11.3%−35% / −93%
DGNXDiginex Limited38.7 m——-255.5%+57.0%−99% / unavailable
CHRCheer Holding, Inc.14.0 m0.17.6%17.2%+1.1%−77% / −100%

1- and 3-year price returns: for NXTT 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.

    In brief

    Next Technology Holding Inc. (NXTT) combines two strategies: AI-enabled SaaS software development for clients in the Asia-Pacific region and holding Bitcoin as a treasury asset. Revenue in fiscal 2025 rose to 11.61 million USD, while the company holds 5,833 BTC, so results depend increasingly on the Bitcoin price.

    SWOT

    Strengths

    • Rapid revenue growth from industrial client contracts and a strong treasury position in digital assets.
    • A research and development team that is substantial relative to the company's overall size.
    • A product portfolio covering automation, analytics, CRM and compliance functions.

    Weaknesses

    • Gross margin fell sharply in 2025, reflecting complex projects and reliance on external vendors.
    • Net income depends heavily on Bitcoin fair value gains rather than on operating activity.
    • The small size of the company and high administrative expenses limit financial flexibility.

    Opportunities

    • Expansion into new markets such as media, financial services or healthcare could diversify the client base.
    • Turning custom projects into standardized products could improve margins.
    • Opening a Japan subsidiary could strengthen the presence in the Asia-Pacific region.

    Threats

    • A fall in the Bitcoin price could produce valuation losses and weaken investor confidence.
    • Regulatory changes in Hong Kong or China could restrict operations and the ability to offer securities.
    • Cybersecurity incidents or loss of private keys could lead to the loss of digital assets.

    Risks

    • Bitcoin volatilityhigh

      The fair value of digital assets moves with the market price and can produce significant accounting losses.

    • Hong Kong exposurehigh

      Political and regulatory changes in Hong Kong could affect operations and the ability to attract investors.

    • Client concentrationmedium

      Revenue comes from a few large contracts, and losing one client could affect results.

    • Project marginsmedium

      Complex projects and dependence on outside personnel can reduce gross margin.

    • Digital asset securitymedium

      Cyberattacks or loss of private keys could lead to the loss of Bitcoin holdings.

    Investment thesis

    What would need to be true (bull case)

    • If software revenue keeps growing and projects become more standardized, the company could achieve better margins and more predictability.
    • Direct Bitcoin holdings give exposure to an asset with a limited supply that could appreciate if adoption grows.
    • A presence in several Asian countries and plans to expand in Japan could diversify income sources.

    What would break the thesis

    • Net income in 2025 was dominated by fair value gains, and a fall in the Bitcoin price could quickly reverse them.
    • Gross margin contracted, and personnel and outside vendor costs could remain high.
    • Exposure to Hong Kong and Chinese regulation could limit access to capital and listing markets.

    What to watch

    • Contract revenue trends and gross margin in the quarterly reportQ3 2026
    • Changes in the Bitcoin holdings value and fair value gainsnext 10-Q
    • Decision on establishing a Japan subsidiary2027
    • Regulatory updates on Hong Kong and digital assetsnext 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.

    The business

    The company, incorporated in Wyoming, pursues two corporate strategies: providing AI-enabled software development services and acquiring and holding Bitcoin 1. Its customers are in Hong Kong, Singapore, Malaysia, Japan and other Asian countries, and its products include cloud collaboration, data analytics, workflow automation and CRM tools 1. The principal executive office is in Japan, and PRC operations were terminated in 2024 1.

    Trends

    • Adoption of AI in industrytailwind

      Industrial and property clients increasingly seek AI-based automation and analytics, which could expand demand for the company's platforms if projects become more standardized.

    • Bitcoin price volatilitymixed

      The value of the digital asset directly affects results, since fair value gains dominated net income; a price decline could reverse those gains.

    • Regulation of digital assetsheadwind

      Legal frameworks in the US and other jurisdictions are changing and could limit custody or acquisition strategies if new restrictions emerge.

    • Geopolitical scrutiny of Hong Kong operationsheadwind

      Exposure to Hong Kong could bring additional regulatory control and higher compliance costs for a US-listed company.

    Competitive position

    In AI software development the company competes on product quality, the reputation of its support teams and its ability to integrate advanced artificial intelligence features 1. The sources provided do not name specific competitors, so the comparison remains at the level of criteria.

    • SaaS and data analytics vendors (not named in sources)

      The sources do not name competitors; the stated comparison criteria include product quality and differentiation.

    • Bitcoin mining and services operators (general category)

      The category includes miners, digital asset exchanges and custodians, but the sources do not identify specific entities.

    • US-listed spot Bitcoin ETPs

      These products offer Bitcoin exposure through traditional brokerage accounts and compete with direct holding.

    • Asian software developers in the same markets

      The company operates in Hong Kong, Singapore, Malaysia and Japan, where local competition is present.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Next Technology Holding Inc. · 31 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Next Technology Holding Inc. · 24 Jul 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Next Technology Holding Inc. · 11 Aug 2025

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