--- title: "Next Tech | 10-K: FY2025 Revenue: USD 11.61 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/281225146.md" datetime: "2026-03-31T17:36:28.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/281225146.md) - [en](https://longbridge.com/en/news/281225146.md) - [zh-HK](https://longbridge.com/zh-HK/news/281225146.md) --- # Next Tech | 10-K: FY2025 Revenue: USD 11.61 M 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 . #### Revenue and Gross Profit - **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 . - **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 . - **Gross Profit**: Gross profit grew by 64.2% to $1,756,594 in 2025 from $1,070,000 in 2024 . - **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 . #### Operating Expenses - **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 . - **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 . - **Research and Development Expenses**: R&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 . - **Total Operating Expenses**: Total operating expenses increased by 7,440.9% to - $81,955,291 in 2025 from - $1,086,804 in 2024 . - **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% . #### Other Income and Net Income - **Impairment of Long-Term Investment**: No impairment was recorded in 2025, compared to - $13,396,000 in 2024 . - **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 . - **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 . - **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 . - **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 . #### Balance Sheet Highlights - **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 . - **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 . - **Total Assets**: Total assets grew to $524,131,414 as of December 31, 2025, from $92,916,317 as of December 31, 2024 . - **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 . - **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 . #### Cash Flows - **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 . - **Net Cash Flows Used in Investing Activities**: Net cash used in continuing investing activities was nil for both 2025 and 2024 . - **Net Cash Provided by Financing Activities**: Net cash provided by continuing financing activities was $8,030,250 in 2025, compared to nil in 2024 . #### Unique Metrics - Bitcoin Holdings - **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 . - **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 . - **Bitcoin Purchases (2025)**: The company acquired 5,000 additional Bitcoin at a cost of $158,083,667 . - **Fair Value Gain on Digital Assets (2025)**: $279,747,388 . - **Fair Value Gain on Digital Assets (2024)**: $43,184,854 . #### Outlook / Guidance 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 . ### Related Stocks - [NXTT.US](https://longbridge.com/en/quote/NXTT.US.md) ## Related News & Research - [Intuit Q3 FY26 GAAP EPS rises 11% to $11.09; revenue increases 10% to $8.6 billion](https://longbridge.com/en/news/287111081.md) - [SoundThinking Reports Stable Risk Profile Despite Potential Emerging Risks Beyond Formal Filings](https://longbridge.com/en/news/286662685.md) - [Bill Ackman now has $13 billion in just 11 stocks](https://longbridge.com/en/news/286972743.md) - [VisitIQ Corp. FY 2025: Revenue $2.64M, EPS ($3.16) — 10-K Summary](https://longbridge.com/en/news/287123082.md) - [Envoy Medical Flags Limited Risk Detail, Urges Investors to Review 2026 Form 10-K for Key Uncertainties](https://longbridge.com/en/news/286046067.md)