Revenue: As of FY2025, the actual value is USD 11.61 M.EPS: As of FY2025, the actual value is USD 61.77.EBIT: As of FY2025, the actual value is USD -80.2 M.Next Technology Holding Inc. operates as a single reportable segment .<h4>Revenue and Gross Profit</h4><ul><li>Service Revenue: Next Technology Holding Inc. reported service revenue of $11,614,772 in 2025, a significant increase of 545.3% from $1,800,000 in 2024, primarily due to the execution of four commercial customer agreements in hotel management, smart water-system management, and cryptocurrency mining industries .</li><li>Cost of Revenue: Cost of revenue increased to - $9,858,178 in 2025 from - $730,000 in 2024, marking a 1,250.4% rise, driven by increased utilization of external vendors, outsourced development resources, and higher personnel expenses .</li><li>Gross Profit: Gross profit grew by 64.2% to $1,756,594 in 2025 from $1,070,000 in 2024 .</li><li>Gross Margin: The gross margin decreased from 59.4% in 2024 to 15.1% in 2025, attributed to a shift towards more complex and resource-intensive projects requiring third-party vendors .</li></ul><h4>Operating Expenses</h4><ul><li>General and Administrative Expenses: These expenses increased substantially to - $66,722,208 in 2025 from - $1,086,804 in 2024, a 6,039.3% increase, mainly due to a significant rise in share-based compensation and higher professional service fees .</li><li>Selling and Marketing Expenses: Selling and marketing expenses were - $750,184 in 2025, compared to nil in 2024, reflecting increased payroll, bonuses for sales personnel, and expanded marketing activities .</li><li>Research and Development Expenses: R&amp;D expenses rose to - $14,482,899 in 2025 from nil in 2024, primarily due to $12.89 million in share-based compensation and $1.57 million in professional service fees for outsourced software development and technical consulting .</li><li>Total Operating Expenses: Total operating expenses increased by 7,440.9% to - $81,955,291 in 2025 from - $1,086,804 in 2024 .</li><li>Loss from Operations: Loss from operations significantly widened to - $80,198,697 in 2025 from - $16,804 in 2024, an increase of 477,159.6% .</li></ul><h4>Other Income and Net Income</h4><ul><li>Impairment of Long-Term Investment: No impairment was recorded in 2025, compared to - $13,396,000 in 2024 .</li><li>Other Income, Net: Other income surged to $279,747,388 in 2025 from $43,190,557 in 2024, a 547.7% increase, primarily due to the appreciation in the fair value of Bitcoin holdings .</li><li>Income Tax Expenses: Income tax expenses rose to - $56,383,743 in 2025 from - $8,234,503 in 2024, mainly driven by the significant increase in taxable income from Bitcoin appreciation .</li><li>Net Income from Continuing Operations: Net income from continuing operations increased to $143,164,948 in 2025 from $21,543,250 in 2024, a 564.5% increase, largely due to the gain in fair value of digital assets, partially offset by increased income tax expenses .</li><li>Net Income from Discontinuing Operations: Net income from discontinuing operations was nil in 2025, compared to $6,296 in 2024, as the PRC operations were dissolved in July 2024 .</li></ul><h4>Balance Sheet Highlights</h4><ul><li>Cash and Cash Equivalents: Cash and cash equivalents increased to $5,623,944 as of December 31, 2025, from $668,387 as of December 31, 2024 .</li><li>Digital Assets (Bitcoin): Digital assets increased significantly to $516,153,485 as of December 31, 2025, from $78,322,430 as of December 31, 2024 . The company held 5,833 Bitcoin as of December 31, 2025, compared to 833 Bitcoin as of December 31, 2024 .</li><li>Total Assets: Total assets grew to $524,131,414 as of December 31, 2025, from $92,916,317 as of December 31, 2024 .</li><li>Total Liabilities: Total liabilities increased to $68,552,005 as of December 31, 2025, from $11,288,255 as of December 31, 2024, primarily due to an increase in deferred tax liabilities to $64,616,342 from $8,234,503 .</li><li>Total Stockholders’ Equity: Total stockholders’ equity increased to $455,579,409 as of December 31, 2025, from $81,628,062 as of December 31, 2024 .</li></ul><h4>Cash Flows</h4><ul><li>Net Cash Flows Used in Operating Activities: Net cash used in continuing operating activities was - $3,074,693 in 2025, compared to nil in 2024 .</li><li>Net Cash Flows Used in Investing Activities: Net cash used in continuing investing activities was nil for both 2025 and 2024 .</li><li>Net Cash Provided by Financing Activities: Net cash provided by continuing financing activities was $8,030,250 in 2025, compared to nil in 2024 .</li></ul><h4>Unique Metrics - Bitcoin Holdings</h4><ul><li>Bitcoin Holdings (December 31, 2025): Original cost basis $183,073,667, fair value change $333,079,818, fair value $516,153,485, and 5,833 Bitcoin held .</li><li>Bitcoin Holdings (December 31, 2024): Original cost basis $24,990,000, fair value change $53,332,430, fair value $78,322,430, and 833 Bitcoin held .</li><li>Bitcoin Purchases (2025): The company acquired 5,000 additional Bitcoin at a cost of $158,083,667 .</li><li>Fair Value Gain on Digital Assets (2025): $279,747,388 .</li><li>Fair Value Gain on Digital Assets (2024): $43,184,854 .</li></ul><h4>Outlook / Guidance</h4>Next Technology Holding Inc. anticipates its existing cash, expected cash flow, and proceeds from ordinary share issuance will suffice for working capital and capital expenditures over the next 12 months . The company may seek additional financing if needed, though availability on acceptable terms is not assured . Furthermore, its ‘SaaS+AI’ offerings are expected to transition from tailored solutions to more standardized software .

Next Tech | 10-K: FY2025 Revenue: USD 11.61 M