AGM Group Holdings Inc. (AGMH): Business Model Canvas [Dec-2025 Updated]

You're looking at AGM Group Holdings Inc. (AGMH) in late 2025 and seeing a company that has executed a massive strategic pivot, so understanding its new engine is key. Honestly, after divesting a subsidiary for $57.45 million and consolidating shares in June, the focus is now razor-sharp on high-performance computing and mining infrastructure, which still delivered a $15.24 million TTM Net Income ending June 30, 2025. To see precisely how they are assembling hardware, building data centers in Canada and Finland, and generating revenue from those moves, you need to map out the nine core components of this newly defined business model below.

AGM Group Holdings Inc. (AGMH) - Canvas Business Model: Key Partnerships

You're looking at AGM Group Holdings Inc. (AGMH) and seeing a company actively reshaping its operational footprint through strategic alliances, especially following a major divestiture in 2025.

Strategic collaboration with HashBeaver for cloud mining and AI innovation

AGM Group Holdings Inc. announced a strategic partnership agreement with HashBeaver on February 28, 2025. This collaboration is designed to merge AGM Group Holdings Inc.'s mining resources located in Canada with HashBeaver's computing power services. The preliminary estimates from this February 2025 agreement suggested the partnership could generate over 2 Exahash (EH)/s of additional computing power.

Negotiations with energy providers for vast energy reserves

While AGM Group Holdings Inc. has a history of leveraging relationships with energy partners possessing vast energy reserves as part of its expansion strategy, specific financial or capacity figures related to new negotiations in late 2025 are not publicly detailed in the latest filings.

Joint mining ventures and discussions with Bitcoin mining farms

The company's joint mining venture activity is best exemplified by the December 2024 agreement with Nowlit Solutions Corp. to develop a data center in Canada. This venture, AGM Energy Corp., is a key part of the strategy to expand mining operations. The initial commitment involved Nowlit contributing its existing 50 megawatts (MW) data center assets. This initial 50MW contribution is projected to host over 6,800 high-performance computing servers, equating to an estimated computing power of 2,457 petahashes (P). The overall goal for the JV is to incrementally add capacity, targeting an average of 20MW per month toward a total projected capacity of 375MW, which is expected to yield a total computing power capacity of 18,427P within two years.

MOUs for construction of data centers in Canada and Finland in 2025

The Canadian data center expansion is anchored by the joint venture with Nowlit, which is set to develop capacity incrementally. Specific, quantifiable data regarding a separate MOU for data center construction in Finland as of late 2025 was not available in the latest reports. The company's prior phase targets, announced in early 2024, included managing up to 200MW of data centers worldwide and deploying over 50,000 mining machines by the end of 2024.

The quantifiable infrastructure and equipment partnerships are summarized here:

Partnering with Hong Kong Giant Electronics Co., Limited (buyer of divested subsidiary)

AGM Technology Limited, a subsidiary of AGM Group Holdings Inc., completed the sale of its entire stake in Nanjing Lucun Semiconductor Co., Ltd. to Hong Kong Giant Electronics Co., Limited. The closing of this sale occurred on May 7, 2025. The total transfer consideration agreed upon was USD 57,450,000. This transaction resulted in a Strategic Cash Infusion of $57.45 million for AGM Group Holdings Inc., which helps fortify the balance sheet to fund other strategic expansions like Bitcoin mining. Nanjing Lucun was primarily involved in producing high-performance hardware and computing equipment.

The divestiture removed a revenue stream, making future top-line growth highly dependent on the new mining operations. For context on the financial position post-divestiture, the company reported approximately $20.3 million in revenue for H1 2025, a 431% year-over-year increase, but also a $2.8 million net loss for the period driven by inventory sales strategy. Working Capital stood at $26.8 million as of H1 2025.

The company's focus is clearly shifting.

AGM Group Holdings Inc. (AGMH) - Canvas Business Model: Key Activities

You're looking at the core actions AGM Group Holdings Inc. (AGMH) is undertaking to drive value, especially after some major structural changes in 2025. Here's the quick math on what they are actively doing.

Assembling and direct sales of high-performance computing equipment.

This activity underpins the reported revenue base. For the full year ended December 31, 2024, sales were reported as USD 32.04 million. More recently, for the trailing twelve months ending June 30, 2025, the current revenue figure stands at $48.5M. This business line has historically involved large-scale fulfillment, evidenced by 2021 contracts including 30,000 ASIC miners for one client and 25,000 MinerVa MV7 ASICs for another.

Research and development of blockchain-oriented ASIC chips.

AGMH maintains a focus on the blockchain ecosystem, which historically included collaborations to enhance ASIC chip R&D, such as the 2021 partnership with Shenzhen Highsharp. The strategic divestiture of Nanjing Lucun Semiconductor for $57.45 million in 2025 suggests a potential shift in the emphasis or funding allocation away from direct semiconductor manufacturing towards other core technology or mining infrastructure plays.

Establishing and operating Bitcoin mining data centers globally.

A key operational focus involves building out mining infrastructure. This includes a December 2024 joint venture with Nowlit to develop a 375MW data center in Canada for Bitcoin mining and AI computing. Furthermore, AGM Group Holdings secured an option, valid until December 31, 2025, to acquire up to 30,000 additional BTC mining units, representing a combined power capacity not exceeding 300 megawatts.

Managing liquidity and capital structure after the $57.45 million divestiture.

The $57.45 million cash infusion from the sale of its stake in Nanjing Lucun Semiconductor is central to liquidity management. The company is working with these proceeds while maintaining operational stability. For instance, the Current Ratio was reported at 1.32, and Levered Free Cash Flow over the Last Twelve Months (LTM) was $7.11 million. Total cash was reported at $1.6M in one filing, which will be impacted by the divestiture proceeds.

Maintaining Nasdaq listing compliance after the June 2025 share consolidation.

To maintain listing on The Nasdaq Capital Market, AGM Group Holdings completed a 50 for 1 share consolidation effective June 3, 2025. This action reduced total issued and outstanding Class A ordinary shares from 98,713,955 to approximately 1,974,279, and Class B shares from 2,100,000 to about 42,000. The company received a letter on June 18, 2025, evidencing compliance with the bid price requirement under Nasdaq Listing Rule 5550(a)(2).

Here are the key financial and operational metrics relevant to these activities:

The ongoing activities require managing several internal and external factors:

• Securing low-cost electricity contracts for mining operations.
• Optimizing cooling systems for high-performance hardware.
• Maintaining high machine uptime for revenue generation.
• Managing cash payments for fractional shares resulting from the consolidation.
• Satisfying ongoing listing criteria through at least September 29, 2025.

AGM Group Holdings Inc. (AGMH) - Canvas Business Model: Key Resources

You're looking at the core assets AGM Group Holdings Inc. (AGMH) relies on as of late 2025. These are the tangible and intangible things the company absolutely needs to make its business model work.

Financially, the balance sheet saw a significant, albeit one-time, boost from the divestiture of its semiconductor arm. AGM Group Holdings Inc. completed the sale of its wholly-owned subsidiary, Nanjing Lucun Semiconductor Co. Ltd., to Hong Kong Giant Electronics Co., Limited on May 7, 2025, for $57,450,000.

Liquidity management remains an active focus, as evidenced by recent capital-raising activities. For instance, in September 2025, AGM Group Holdings Inc. entered into agreements to issue up to $6 million in original issue discount convertible advances. Separately, as of September 2025, the company reported cash reserves marked at over $1.17M.

The technology itself is a cornerstone resource. AGM Group Holdings Inc. specializes in the research and development of blockchain-oriented Application-Specific Integrated Circuit (ASIC) chips. This R&D feeds directly into the assembly and sales of high-end crypto miners for Bitcoin and other cryptocurrencies.

Here's a quick look at the financial events underpinning this resource base:

The operational footprint includes mining infrastructure and resources located in Canada, supporting its hardware and blockchain ecosystem focus. The management team, led by Chief Executive Officer Bo Zhu, is experienced and explicitly focused on becoming a key participant and contributor in the global blockchain ecosystem.

The key intangible and physical assets AGM Group Holdings Inc. deploys include:

• Proprietary ASIC chip research and development capabilities.
• Assembled high-end crypto miner technology inventory.
• Physical mining infrastructure assets situated in Canada.
• The strategic capital infusion from the $57.45 million asset sale.
• The mandate and expertise of the management team under CEO Bo Zhu.

AGM Group Holdings Inc. (AGMH) - Canvas Business Model: Value Propositions

You're looking at the value AGM Group Holdings Inc. delivers to its customers, which is rooted in high-performance computing for the digital asset space. Honestly, the numbers from the Trailing Twelve Months (TTM) ending June 30, 2025, show a business in transition, but with some very strong profitability markers from recent strategic moves.

High-performance, specialized hardware for Bitcoin and crypto mining.

AGM Group Holdings Inc. provides the physical gear needed for digital asset operations. This value proposition is supported by recent procurement activities, showing a commitment to acquiring modern equipment.

• Purchase agreement for 2,000 A15 series water-cooled mining machines.
• Secured contracts in 2021 included orders for 30,000 ASIC miners from Nowlit Solutions.
• Secured contracts in 2021 included 25,000 MinerVa MV7 ASICs.

Access to AI-driven blockchain solutions via strategic partnerships.

The company is positioning itself beyond just hardware sales by integrating AI and blockchain development through collaborations. The HashBeaver partnership, announced in February 2025, is a key example of this focus.

The expected boost in computing power from this partnership is a concrete metric of the scale they aim to support:

Hosting services and co-location for mining equipment.

Delivering infrastructure as a service is a core component, enabling clients to deploy their hardware without managing the facility build-out themselves. This is evidenced by major infrastructure development agreements.

The scale of the planned infrastructure is significant:

• Joint Venture with Nowlit to develop a data center in Canada with a capacity of 375MW for Bitcoin mining and AI computing.

Commitment to sustainable and transparent industry practices.

The stated goal of the HashBeaver collaboration includes promoting sustainable and transparent practices within the industry. While direct sustainability spending figures aren't public, the strategic alignment itself is the value proposition offered.

Providing a full-suite blockchain infrastructure solution.

The combination of hardware assembly, infrastructure hosting, and solution development aims to offer an end-to-end capability. The financial results for the TTM period ending June 30, 2025, reflect the outcome of this integrated approach, though the business is clearly undergoing a major shift, highlighted by the H1 2025 net loss versus the strong TTM net income.

Here's a look at the key financial outcomes for the TTM period ending June 30, 2025, and the most recent half-year data:

The company also executed a major strategic transaction in September 2025, the sale of Nanjing Lucun Semiconductor, for $57.45 million, which significantly impacted the reported net income figures. Furthermore, the company completed a 1-for-50 reverse stock consolidation effective June 3, 2025, reducing Class A ordinary shares from approximately 98.7 million to about 1.97 million.

Finance: draft 13-week cash view by Friday.

AGM Group Holdings Inc. (AGMH) - Canvas Business Model: Customer Relationships

You're looking at AGM Group Holdings Inc. (AGMH) as it executes a major strategic pivot, so the customer relationships are splitting between legacy hardware sales and the new, long-term hosting and joint venture model. Honestly, the financial results for the first half of 2025 defintely highlight this split in customer interaction types.

Cultivating long-term relationships for mining machine purchases.

While the core business remains technology hardware sales, the long-term relationship focus shifts to supporting the infrastructure for the company's new Energy Project Investment and Operations and IDC Data Center Construction and Operations segments, which were highlighted with signed MOUs in 2025 for Data Center Construction in Canada and Finland. For the Trailing Twelve Months (TTM) ending June 30, 2025, AGM Group Holdings Inc. reported total revenue of $48.53 million, but the nature of these relationships is moving away from single transactions toward service contracts. The company's TTM Gross Profit Margin was only 15.45%, suggesting that pure hardware sales, which are transactional, may not be the primary driver for future stable relationships.

Direct, dedicated service for mining hosting clients.

This segment is central to the company's strategy announced in early 2024. Hosting clients require a direct, dedicated service model to manage their deployed assets within AGM Group Holdings Inc.'s data centers. This relationship is built on Service Level Agreements (SLAs) for uptime and operational efficiency, which is a high-touch, recurring service relationship. The need to fund this capital-intensive play, which includes the new data center construction, is evident in the strategic cash infusion of $57.45 million from a unit sale, signaling commitment to these long-term hosting partners. If onboarding takes 14+ days, churn risk rises.

Transactional sales model for bulk hardware orders.

This relationship type was the dominant factor in the first half of 2025. The immediate revenue surge in H1 2025, reaching approximately $20.3 million, a massive 431% jump year-over-year, was explicitly driven by promoting inventory sales via bulk discounts. This is the classic transactional model: high volume, low margin, one-off sales of cryptocurrency mining machines and standardized computing equipment. However, this strategy resulted in a H1 2025 net loss of $2.8 million, showing the financial trade-off of prioritizing volume over relationship depth in this segment.

Managed services for joint mining venture partners.

For joint mining venture partners, the relationship moves into a managed services framework, where AGM Group Holdings Inc. shares in the operational risk and reward. This is a deeper partnership than simple hosting, involving shared management of mining operations. The TTM Net Income for the period ending June 30, 2025, was $15.24 million, which reflects the profitability of the existing business mix, but the TTM Cash from Operations was negative at -$12.93 million. This negative cash flow from operations underscores the need for the joint venture model to provide steady, predictable cash generation to support the capital-intensive pivot.

Here's a quick comparison of the customer interaction types based on 2025 financial context:

The company's customer relationship strategy is clearly bifurcated: using transactional hardware sales to generate short-term revenue, as seen in the H1 2025 figures, while simultaneously building the foundation for long-term, high-touch relationships through hosting and joint ventures to support the new data center footprint in places like Canada and Finland.

Finance: draft 13-week cash view by Friday.

AGM Group Holdings Inc. (AGMH) - Canvas Business Model: Channels

You're looking at how AGM Group Holdings Inc. (AGMH) gets its products and services to the market, which is heavily weighted toward large-scale infrastructure and equipment sales as of late 2025.

Direct sales team for hardware and computing equipment

AGM Group Holdings Inc. specializes in the assembling and sales of high-performance hardware and computing equipment, which suggests a direct sales approach for its core offerings like crypto miners. This channel moves the Application-Specific Integrated Circuit (ASIC) chips and assembled hardware directly to clients needing compute power. While the exact size of the direct sales force isn't public, the nature of the transactions-involving large equipment purchases-necessitates a dedicated, specialized team for closing these deals.

• Focus on assembling and sales of high-performance hardware.
• Targeting the global blockchain ecosystem participants.
• Moves high-end crypto miners for Bitcoin and other cryptocurrencies.

Data centers and established mining sites in strategic locations

The primary channel for realizing value from the hardware is through the operation and expansion of data center infrastructure, often via joint ventures in strategic locations like Canada. This infrastructure serves as both a direct operational asset and a channel for delivering computing power services. The scale here is significant, aiming for substantial power capacity.

AGM Group Holdings Inc. is executing this through its Canadian joint venture, AGM Energy Corp., with Nowlit Solutions Corp. This JV is the vehicle for deploying the hardware into operational, revenue-generating sites.

Furthermore, the company holds an option for further expansion, which is a critical pipeline for this channel, though it is time-bound.

• Option to acquire up to 30,000 additional BTC mining units.
• Option capacity limit not exceeding 300 megawatts.
• Option validity expires on December 31, 2025.

Corporate website and investor relations (for market communication)

Market communication channels are essential for maintaining listing compliance and attracting capital, especially given the recent corporate actions. The corporate website, www.agmprime.com, serves as the official source for company information. Investor Relations activities communicate financial milestones, such as the closing of a $5.4 million offering in March 2025, and corporate restructuring events like the 50-for-1 share consolidation effective June 3, 2025. The company's market standing as of October 14, 2025, reflects the visibility of these communications.

Maintaining listing on The Nasdaq Capital Market through September 29, 2025, required clear communication via these channels.

Digital platforms for fintech software services (historical/ongoing focus)

AGM Group Holdings Inc. has a history of focusing on providing fintech software services, which implies digital platforms as a key channel for service delivery. Although the current strategic upgrade emphasizes digital assets and hardware, the fintech component remains part of the integrated technology focus. The overall Trailing Twelve Months (TTM) revenue ending June 30, 2025, was approximately $48.53 million, which reflects the combined sales across all segments, including any ongoing fintech operations.

The revenue for the first half of 2025 was $20.3 million. While the specific revenue contribution from the digital fintech platforms is not segmented in the latest reports, this channel represents the company's foundation in the broader financial technology ecosystem.

AGM Group Holdings Inc. (AGMH) - Canvas Business Model: Customer Segments

You're looking at the customer base for AGM Group Holdings Inc. (AGMH) and seeing a clear split between hardware buyers and infrastructure partners, all operating within a highly volatile tech cycle. The core business, as reflected in the H1 2025 revenue of approximately $20.3 million, is still heavily reliant on product sales.

Institutional and large-scale crypto miners requiring high-end hardware.

This segment is the primary buyer of AGM Group Holdings Inc. (AGMH)'s high-performance hardware, which includes the assembling and sales of crypto miners and standardized computing equipment. The company has demonstrated its ability to secure large-scale hardware deals, evidenced by past contracts for 30,000 ASIC miners for Nowlit Solutions Corp and 25,000 MinerVa MV7 ASICs for MinerVa Semiconductor Corp. For near-term capacity, AGM Group Holdings Inc. (AGMH) secured an option, valid until December 31, 2025, to acquire up to 30,000 additional BTC mining units with a combined power capacity not exceeding 300 megawatts (MW).

Bitcoin mining farms needing hosting services and joint ventures.

AGM Group Holdings Inc. (AGMH) is actively pivoting to capture value from infrastructure services, moving beyond just selling the boxes. The company is committed to establishing and operating Bitcoin mining data centers, offering hosting services, and entering joint mining ventures. A key move here is the December 2024 joint venture with Nowlit to develop a 375MW data center in Canada, which combines Bitcoin mining and AI computing capabilities. Furthermore, a strategic partnership with HashBeaver aims to harness AGM Group Holdings Inc. (AGMH)'s Canadian mining resources, with preliminary estimates suggesting the collaboration could generate over 2 Exahash (EH)/s of additional computing power.

The scale of their hardware and infrastructure focus can be mapped out like this:

Clients in primary market focus regions like China, Hong Kong, and Singapore.

The company generates maximum revenue from the sale of cryptocurrency mining machines and standardized computing equipment, with a stated market focus on China, Hong Kong, and Singapore. The Hong Kong subsidiary, AGM Technology, was the entity that entered into the December 2024 purchase agreement for 2,000 A15 series water-cooled mining machines.

Investors interested in the volatile crypto-tech growth play.

This segment is drawn to AGM Group Holdings Inc. (AGMH) due to its positioning as an integrated technology company specializing in blockchain-oriented ASIC chip design and high-end crypto miner production. The market reaction to their strategy is reflected in the 431% jump in H1 2025 revenue year-over-year, though this growth was fueled by inventory sales that resulted in a $2.8 million net loss for the period. The TTM Net Profit Margin ending June 30, 2025, was reported at 31.40%, translating to $15.24 million in Net Income, driven by non-core activities.

You're watching a company that is definitely making big moves on the infrastructure side, but the core revenue quality remains a question mark.

• Focus on assembling and sales of high-performance hardware.
• Involved in R&D for blockchain-oriented ASIC chips.
• TTM Gross Profit Margin was 15.45%.
• The company secured a $57.45 million cash infusion from a strategic divestiture in September 2025.

AGM Group Holdings Inc. (AGMH) - Canvas Business Model: Cost Structure

You're analyzing the cost base of AGM Group Holdings Inc. (AGMH) as they navigate their pivot, and the structure shows a heavy reliance on direct costs, offset by unusual administrative activity for the Trailing Twelve Months (TTM) ending June 2025.

The most substantial component of the cost structure remains the Cost of Revenue, which is dominated by hardware procurement and assembly for their technology products. This figure was reported at $41.03 million TTM June 2025. This aligns with the reported TTM Gross Margin of 15.45% on TTM Revenue of $48.53 million, suggesting that for every dollar of revenue, about 84.55 cents went directly to the cost of goods sold.

A significant area of planned expenditure, reflecting the company's strategic direction, is the Significant investment in Research & Development for ASIC chips. While a precise TTM June 2025 figure for R&D is not explicitly itemized here, this investment is critical for their long-term positioning in the blockchain and high-performance computing space.

The operational costs include expenses related to the physical infrastructure supporting their business, specifically Operating expenses for data center and energy consumption. Given the nature of their business, energy is a major variable cost; for context, industry data suggests that electricity is the largest ongoing expense for many data center operators, sometimes accounting for 46% to 60% of total costs in service provider facilities.

Interestingly, the Selling, General & Administrative (SG&A) line item shows a net credit for the period. The SG&A expenses reflected a credit of -$12.06 million TTM June 2025. This unusual negative figure suggests significant non-operating income or recoveries booked through this category, which heavily influenced the reported TTM Net Income of $15.24 million.

Finally, the necessary overhead for a publicly traded entity on a major exchange must be factored in. This includes Costs associated with corporate compliance and maintaining Nasdaq listing. The need to address the minimum bid price requirement, which saw a reverse stock split on June 3, 2025 (a 1:50 ratio), indicates that legal, administrative, and filing fees related to exchange maintenance are a persistent, albeit less quantifiable, cost of doing business for AGM Group Holdings Inc.

Here's a quick look at the key financial metrics surrounding this cost structure for the TTM ending June 2025:

Finance: draft 13-week cash view by Friday.

AGM Group Holdings Inc. (AGMH) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for AGM Group Holdings Inc. (AGMH) as of late 2025, and the picture is definitely one of high volatility driven by hardware cycles. The core of the revenue still comes from selling physical goods, but the context around those sales is what matters most for modeling future performance.

The primary revenue source remains the Product sales of crypto mining machines and computing equipment. For the Trailing Twelve Months (TTM) ending June 30, 2025, the total revenue figure clocked in at $48.53 million. This TTM number smooths out some of the extreme swings seen in shorter periods, but it reflects the current scale of the business.

The first half of 2025 saw a massive, but potentially one-off, boost from a revenue from a bulk inventory sales strategy that drove H1 2025 growth. The revenue for the half year ending June 30, 2025, was reported at $20.3 million. This surge was explicitly tied to moving existing stock, which, to be fair, is a tactical move to improve working capital, which reportedly increased to $26.8 million post-H1 2025. What this estimate hides is that this strategy reportedly led to a net loss of $2.8 million for that specific period, even as the top line soared.

To give you a clearer view of the financial results surrounding this TTM period, here's a snapshot of the key income statement metrics ending June 30, 2025, in millions USD:

The required $15.24 million TTM Net Income ending June 30, 2025, shows the bottom line is defintely strong on a TTM basis, but details matter. That strong net income contrasts with the H1 loss, suggesting that profitability was heavily weighted toward the period before the bulk inventory push or was driven by non-operating items, like the strategic cash infusion from a divestiture.

The underlying revenue streams that feed this top line are centered on the company's hardware expertise. You can break down the core product and service offerings that generate this revenue:

• Sale of cryptocurrency mining machines.
• Sale of standardized computing equipment.
• Technology hardware R&D, manufacture, and assembling services.

The company's strategy also mentions supplementary revenue areas, though specific 2025 financial breakdowns weren't immediately available for these segments. The potential revenue from fintech software services is a stated goal, complementing their hardware focus. Also, the business model historically includes, or is positioned to include, income from providing hosting and data center services, which would represent a recurring revenue component, a welcome change from pure equipment sales.