Ebang International Holdings Inc. (EBON): Business Model Canvas [Dec-2025 Updated]

You're trying to map out Ebang International Holdings Inc.'s strategy right now, and honestly, it's a fascinating pivot: they're trying to run a tight crypto exchange business while simultaneously building out a renewable energy division. It's a complex dual mandate, especially when you look at the H1 2025 numbers-net revenues of only $3.58 million against operating expenses hitting $10.21 million, even with a decent cash cushion of $213.8 million from the end of last year. This Business Model Canvas cuts through the noise to show you exactly where they are placing their bets, from Mastercard partnerships to photovoltaic sales. Let's see if this diversification makes sense for the long haul.

Ebang International Holdings Inc. (EBON) - Canvas Business Model: Key Partnerships

You're looking at the key external relationships Ebang International Holdings Inc. relies on to execute its business strategy, especially as it pivots toward new growth areas. Honestly, the data we have for late 2025 is heavily skewed toward the renewable energy side of the business, which is clearly a major focus for partnerships now.

The partnerships are critical for both the legacy Fintech/ASIC business and the newer renewable energy focus. Here's a breakdown based on the latest available figures for the first six months of fiscal year 2025.

Mastercard for Ebonex crypto-linked payment cards

Ebang International Holdings Inc.'s Australian cryptocurrency exchange platform, Ebonex, achieved Principal Member status with Mastercard to self-issue crypto-linked Mastercard payment cards. This collaboration, initially announced in 2022, aims to bridge traditional finance and cryptocurrency spending for Ebonex customers.

The specific financial contribution or cardholder count for this partnership as of the first six months of 2025 was not publicly detailed in the latest filings.

• Ebonex is the first Australian cryptocurrency exchange to attain Mastercard Principal Membership for card issuance.
• The cards are designed to seamlessly convert crypto holdings into fiat currency at the point of sale.

Suppliers for ASIC chip components and raw materials

Ebang International Holdings Inc. maintains relationships with third-party wafer foundry capacity providers, a necessary component for its ASIC design capabilities. The company has historically focused on developing proprietary chips, including completing the design for 8 nm and 7 nm ASIC chips.

The company stated it is ready to mass-produce its proprietary 8 nm ASIC chips when market conditions become suitable. While specific 2025 supplier contract values are not public, the historical context shows the importance of these supply chain links.

Renewable energy product manufacturers and distributors

This segment is showing clear financial traction through partnerships. Revenue generated from sales of renewable energy products and services is a primary driver of recent top-line growth. Leveraging its chip technology expertise, Ebang International Holdings Inc. is repurposing its capabilities into photovoltaic, energy storage, and smart energy applications.

The financial impact of these renewable energy partnerships is evident in the H1 2025 results:

• Total net revenues for the first six months of 2025 reached US$3.58 million.
• This represented a 69.46% period-over-period increase from US$2.11 million in the first six months of 2024.
• Cost of revenues for the same period was US$4.23 million, a 108.20% increase year-over-year.

Contract manufacturers for 'Made in America' expansion

Information detailing specific contract manufacturing partnerships established or utilized for a 'Made in America' expansion, along with any associated financial commitments or production volumes for 2025, was not available in the latest disclosures.

The Chairman and CEO noted a commitment to persistently scanning global markets for emerging demands and prudently allocating resources to expand new development spaces.

Finance: draft 13-week cash view by Friday.

Ebang International Holdings Inc. (EBON) - Canvas Business Model: Key Activities

You're looking at the core things Ebang International Holdings Inc. does to make money and run the business as of late 2025. Honestly, the data shows a company actively pivoting, with the renewable energy side picking up steam while the Fintech/crypto side is being explored under a compliance framework.

Research and development of ASIC chip technology.

Ebang International Holdings Inc. is leaning on its deep background here. The Chairman and CEO noted leveraging over fifteen years of extensive experience in chip technology, hardware, and intelligent manufacturing to pivot into photovoltaic and energy storage applications. This core competency is what they are repurposing for the new energy sector. While specific R&D spend isn't broken out, the strategic focus on high-efficiency computing power suggests this remains a foundational activity.

Manufacturing and sales of renewable energy products.

This activity is clearly a primary revenue driver in the near term. Total net revenues for the first six months of 2025 reached US$3.58 million, which was a 69.46% period-over-period increase from US$2.11 million in the same period of 2024. The company explicitly stated this revenue surge was driven by more revenue generated from sales of renewable energy products and services, along with rental services that started in the second half of 2024. The cost associated with this revenue growth was also significant, with Cost of Revenues increasing by 108.20% to US$4.23 million in the first six months of 2025.

Operating the Ebonex cryptocurrency exchange platform.

Ebang International Holdings Inc. continues to explore this area, focusing on the regulated Fintech market. The company is committed to continuously launching products and services that align with market needs in digital asset trading. No specific revenue or expense figures are isolated for the Ebonex platform in the latest reports, but it falls under the broader Fintech exploration. The overall net loss for the first six months of 2025 was US$4.50 million.

Cross-border payment and foreign exchange services.

This is another key area within the Fintech segment being actively explored. Management mentioned looking to capture the incremental demand for technology and cross-border payments within the regulated Fintech market. This activity is part of the strategy to build out their service offerings alongside digital asset trading.

Executing cost-saving initiatives to reduce operating expenses.

Cost control is a definite focus, especially given the gross loss reported. Total operating expenses in the first six months of 2025 were US$10.21 million, down from US$12.50 million in the same period of 2024. This reduction was seen across the board in the expense categories. Selling expenses dropped to US$0.27 million in H1 2025 from US$0.66 million in H1 2024, which the company attributed mainly to the execution of cost-saving initiatives across its Chinese subsidiaries. General and administrative expenses also decreased to US$9.94 million from US$11.84 million year-over-year for the same period, due to optimization and streamlining of business operations.

Here's a quick look at the top-line performance reflecting the combined impact of these activities for the first half of 2025:

The shift in focus is also visible in the full-year 2024 results, where Total net revenues were US$5.9 million, a 20.9% increase, and the Net loss narrowed to US$20.9 million from US$38.0 million in fiscal year 2023. Total operating expenses for FY 2024 were US$31.6 million, a 14.6% decrease from FY 2023's US$36.9 million.

The key activities translate into the following operational highlights for H1 2025:

• Selling expenses were US$0.27 million.
• General and administrative expenses were US$9.94 million.
• Cost of revenues was US$4.23 million.
• The company is actively exploring new development spaces.
• Optimization and streamlining of business operations were executed.

If onboarding takes 14+ days, churn risk rises, and for Ebang International Holdings Inc., the continued success of the renewable energy segment is crucial to offset the gross loss from its combined operations.

Finance: draft 13-week cash view by Friday.

Ebang International Holdings Inc. (EBON) - Canvas Business Model: Key Resources

You're looking at the core assets Ebang International Holdings Inc. relies on to execute its dual-track strategy across Fintech and renewable energy, which is a necessary pivot given the past volatility in the mining hardware sector. Here's a breakdown of what they own and control as of late 2025, grounded in the latest available data.

The company's financial foundation is anchored by significant liquidity, which is crucial for funding its strategic expansion and navigating the transition period, as evidenced by the H1 2025 results showing a gross loss of US$0.65 million while total net revenues grew to US$3.58 million.

Financial Assets

• Cash and cash equivalents were reported at US$213.8 million as of December 31, 2024.

Intellectual Property and Technology

Ebang International Holdings Inc. maintains a strong technical core, which it is now applying beyond its original focus. This expertise is a key barrier to entry for competitors in the specialized hardware space. The company functions as a fabless semiconductor designer, meaning it focuses on the design and outsources the physical fabrication.

• Proprietary ASIC chip design expertise, underpinned by nearly a decade of industry experience.
• Completed design of 8 nm ASIC chips, with development focused on proprietary 5 nm ASIC chips.
• Achieved a 100% tape-out success rate to date for front-end and back-end IC design.
• Repurposing of ASIC technology and intelligent manufacturing experience for photovoltaic, energy storage, and smart energy applications.

Physical and Operational Assets

The operational footprint supports both the legacy and the new energy/Fintech segments. The company leverages years of manufacturing experience. The exploration of U.S.-based manufacturing hubs is part of a strategy to align with domestic clean energy incentives.

The Fintech segment, which includes the Ebonex exchange, provides a degree of stability to balance the growth potential of the renewable energy pivot. The company's total operating expenses were US$10.21 million in the first half of 2025, showing cost discipline during the transition.

Finance: draft 13-week cash view by Friday.

Ebang International Holdings Inc. (EBON) - Canvas Business Model: Value Propositions

Ebang International Holdings Inc. offers value through a dual focus, blending its established expertise in technology with a strategic pivot into sustainable energy solutions.

Diversified exposure across Fintech and renewable energy.

The business model now centers on generating revenue from both its technology-focused Fintech operations and its newer renewable energy segment. For the first six months of fiscal year 2025, total net revenues reached US$3.58 million, which is a 69.46% period-over-period increase from US$2.11 million in the same period of 2024. This top-line growth was explicitly driven by more revenue generated from sales of renewable energy products and services, along with rental services that started in the second half of 2024. The company is committed to exploring incremental demand in the regulated Fintech market looking ahead.

High-efficiency computing power for blockchain applications.

The foundation of Ebang International Holdings Inc.'s technology value proposition lies in its ASIC chip design capability, leveraging fifteen years of experience in chip technology and intelligent manufacturing. The company has completed the design of its 8 nm ASIC chips and 7 nm ASIC chips and is ready for mass production of the 8 nm chips when market conditions are suitable. Furthermore, the focus includes developing proprietary 5 nm ASIC chips and mining machines for non-Bitcoin cryptocurrencies. The core value here is maximizing computing power, measured as hash rate, while reducing energy consumption.

Regulated digital asset trading and cross-border payments.

Ebang International Holdings Inc. continues to explore the incremental demand for technology, cross-border payments, and digital asset trading within a compliance framework. The company utilizes advanced technologies and cutting-edge financial services to develop and launch innovative Fintech service platforms. This segment provides a layer of stability, balancing the growth potential of the renewable energy sector.

Integrated solutions for photovoltaic and energy storage applications.

Ebang International Holdings Inc. is rapidly repurposing its high-efficiency computing power, precision manufacturing, and energy management technologies into photovoltaic, energy storage, and smart energy applications. This strategic pivot aims to build a vertically-integrated renewable energy ecosystem. The global energy storage market is forecast to experience an annual growth rate of 21% through 2030, suggesting a strong market backdrop for these integrated solutions. The company's approach targets dual optimization in product iteration and cost efficiency for these sustainable applications.

Here's a quick look at the financial context surrounding these value drivers for the first half of 2025:

The company's commitment to cost discipline is evident in the reduction of operating expenses, which fell 18.3% to US$10.21 million in H1 2025, achieved through operational streamlining. This cost management helped narrow the bottom-line loss, as the net loss decreased to US$4.50 million from US$6.65 million year-over-year for the first six months of 2025.

The value proposition is supported by these operational focuses:

• Leveraging fifteen years of expertise in chip technology and hardware.
• Achieving dual optimization in product iteration and cost efficiency.
• Focusing on compliance within the Fintech market.
• Expanding into photovoltaic and energy storage applications.

For context on the prior full-year performance, total net revenues for fiscal year 2024 were US $5.9 million, a 20.9% increase from 2023, and the net loss was reduced to $20.9 million from $38.0 million in the prior year.

Finance: review the H2 2025 renewable energy revenue contribution percentage by end of Q1 2026.

Ebang International Holdings Inc. (EBON) - Canvas Business Model: Customer Relationships

You're looking at how Ebang International Holdings Inc. interacts with its various customer bases across its dual focus on Fintech and renewable energy as of late 2025. The relationship model shifts based on the segment, moving from highly automated digital interactions to direct sales support for large hardware deals.

Automated service via digital Fintech platforms

The core Fintech offering relies on self-service digital platforms, which contributed to the total net revenues of US$3.58 million for the first six months of fiscal year 2025. The company, with a total employee count of 218, supports these platforms with centralized technological resources rather than extensive one-on-one account management for every user. The relationship is maintained through the platform's functionality and compliance framework, which the Chairman and CEO noted is a focus for the foreseeable future.

Dedicated sales support for large-volume renewable product orders

For the renewable energy segment, which drove a 69.46% period-over-period increase in total net revenues to US$3.58 million in H1 2025, the relationship is more direct. This segment involves dedicated support for photovoltaic and energy storage system sales, which are large-ticket, complex transactions. The company leverages its fifteen years of experience in hardware and intelligent manufacturing to manage these higher-touch sales cycles. The cost of revenues associated with these sales grew by 108.20% to US$4.23 million in H1 2025, indicating significant transaction volume or cost associated with servicing these large orders.

Self-service model for cryptocurrency exchange users

The proprietary cryptocurrency exchange platform operates primarily on a self-service basis for its users, similar to many digital asset trading venues. While Ebang International Holdings Inc. continues to explore incremental demand in the regulated Fintech market, the day-to-day trading relationship is automated. The company's overall financial performance in H1 2025 included an interest income of US$4.41 million, which suggests ongoing treasury or asset management activities related to its financial operations.

Investor relations for public shareholders (NASDAQ: EBON)

Ebang International Holdings Inc. maintains formal communication channels for its public shareholders listed on NASDAQ under the ticker EBON. The company issued its latest unaudited financial results for the first six months of fiscal year 2025 on August 15, 2025, and its full-year 2024 results on April 28, 2025. The net loss attributable to Ebang International Holdings Inc. for H1 2025 was US$4.51 million, a figure communicated directly to this stakeholder group.

The structure of customer engagement across Ebang International Holdings Inc.'s diverse business lines can be summarized by the following operational metrics and financial context:

The company's commitment to its various customer groups is reflected in its operational focus, which is detailed in its investor communications:

• Focus on compliance within the regulated Fintech market.
• Repurposing high-efficiency computing power for energy applications.
• Decreased operating expenses to US$10.21 million in H1 2025.
• Maintaining a global clientele across its technology offerings.
• Selling blockchain products directly and through its website.

Ebang International Holdings Inc. (EBON) - Canvas Business Model: Channels

You're looking at how Ebang International Holdings Inc. (EBON) gets its products and services to the customer base as of late 2025. The channels reflect a dual focus on the newer renewable energy push and the established fintech/crypto side.

Direct sales force for renewable energy products and services

The revenue stream from renewable energy products and services is a primary channel driver for Ebang International Holdings Inc. in 2025. The company is repurposing its manufacturing and technology expertise into photovoltaic, energy storage, and smart energy applications. The sales channel for these products is supported by the company's stated commitment to achieving dual optimization in product iteration and cost efficiency, leveraging its experience in intelligent manufacturing.

• Revenue from renewable energy products and services was a key driver of the 69.46% period-over-period increase in total net revenues for the first six months of 2025.
• Total net revenues for the first six months of 2025 reached US$3.58 million.

Ebonex cryptocurrency exchange platform (digital)

Ebang International Holdings Inc. operates a proprietary cryptocurrency exchange platform, which serves as a direct digital channel for its fintech services. This platform exists within a rapidly expanding global market. The company continues to explore incremental demand for digital asset trading in the regulated Fintech market.

• The global cryptocurrency exchange platform market size is projected to grow to $54.8 billion in 2025.
• The US is expected to have nearly 100 million cryptocurrency users in 2025.

Over-The-Counter (OTC) execution for crypto transactions

The company's fintech segment also encompasses services like cross-border payment and foreign exchange services, which often interface with OTC execution capabilities for larger or specialized digital asset transactions. While specific 2025 OTC execution volume for Ebang International Holdings Inc. isn't itemized, this service supports the broader digital asset trading exploration mentioned by management.

Corporate website and investor relations portals

The corporate website acts as a direct sales channel for blockchain products, alongside the physical sales force. The investor relations portal is the primary channel for disseminating official corporate information, including financial results and operational updates, to the investment community.

• Ebang International Holdings Inc. sells its blockchain products directly, as well as through its website.
• The latest financial update, reporting H1 2025 results, was released via a Form 6-K on August 15, 2025.

Here's a quick look at the top-line financial context for H1 2025, which underpins the performance across these channels:

Finance: review the Q3 2025 revenue contribution split between renewable energy and fintech segments by October 31st.

Ebang International Holdings Inc. (EBON) - Canvas Business Model: Customer Segments

You're looking at the customer base for Ebang International Holdings Inc. as of late 2025, which clearly shows a strategic pivot alongside legacy operations. The company is now focused on two main areas: Fintech services, which include crypto-related activities, and the growing renewable energy sector. Here are the distinct groups they serve.

Global cryptocurrency traders and investors (Ebonex users)

This segment involves users of the proprietary cryptocurrency exchange platform operated by Ebang International Holdings Inc. While the exact number of Ebonex users as of late 2025 isn't explicitly reported in the latest filings, this group interacts with the platform for trading activities. The company also sells bitcoin mining machines under the Ebit brand to this customer base.

• The company has 218 employees as of December 6, 2025.
• The company's market capitalization stood at $23.03M as of December 5, 2025.

Commercial and industrial clients for renewable energy products

This is a key growth area, leveraging Ebang International Holdings Inc.'s expertise in chip technology and intelligent manufacturing for sustainability. These clients purchase solar and battery storage solutions, including smart solar inverters and hybrid solar and storage systems. The financial impact of this segment is clear in the overall revenue figures.

Institutional clients for OTC crypto transaction matching

Ebang International Holdings Inc. provides cryptocurrency exchange services, which inherently includes matching transactions. While specific institutional OTC volume data isn't available, the company's historical business in blockchain technology and ASIC chip design supports this function. The company's overall net loss attributable to Ebang International Holdings Inc. in the first six months of 2025 was US$4.51 million.

Customers requiring cross-border payment and FX services

Ebang International Holdings Inc. serves customers in Mainland China and Australia with cross-border payment and foreign exchange services. This business line, alongside its telecommunication product offerings, forms part of the company's established operational footprint.

The overall financial performance in the first half of 2025 provides the context for these customer segments:

The revenue increase in the first six months of 2025 was explicitly driven by more revenue generated from sales of renewable energy products and services, plus rental services that started in the second half of 2024. The trailing twelve months revenue ending June 30, 2025, totaled $7.34M, showing a 104.28% year-over-year growth.

Ebang International Holdings Inc. (EBON) - Canvas Business Model: Cost Structure

You're looking at the cost side of Ebang International Holdings Inc.'s (EBON) operations as of late 2025, based on their first-half performance. It's clear that the costs associated with generating revenue are currently outpacing the revenue itself, which is a key pressure point for profitability.

The Cost of revenues for Ebang International Holdings Inc. in the first six months of 2025 (H1 2025) hit US$4.23 million. This figure represents a significant period-over-period increase of 108.20% compared to H1 2024's cost of revenues of US$2.03 million. This surge is directly linked to the shift in their business mix.

A major component driving up the cost of revenues was a specific accounting charge. Ebang International Holdings Inc. recognized a value-added tax ("VAT") recoverable impairment, which was substantially allocated to the cost of revenue in H1 2025, as recovery in the foreseeable future was not expected. There was no such impairment recorded in the same period of 2024.

The overall Operating expenses for Ebang International Holdings Inc. in H1 2025 totaled US$10.21 million. This is an improvement, showing a decrease from the US$12.50 million recorded in H1 2024, reflecting management's focus on operational discipline.

Here's a breakdown of those operating costs for H1 2025:

• General and administrative expenses: US$9.94 million
• Selling expenses: US$0.27 million

The strategic pivot toward renewable technology means that R&D investment is a critical, though perhaps embedded, cost. While a specific R&D line item for H1 2025 isn't separately detailed to reach the total operating expenses, the General and Administrative expenses figure reflects the ongoing effort. You should note that in prior periods, expenses for exploring new markets and investments in the renewable energy business contributed to G&A increases, suggesting that the development of new ASIC chip technology and renewable energy solutions is being funded within this structure.

The Selling and administrative expenses show clear cost-cutting actions. Selling expenses fell sharply to US$0.27 million in H1 2025 from US$0.66 million in H1 2024, driven by cost-saving initiatives across their Chinese subsidiaries. Similarly, General and administrative expenses decreased to US$9.94 million from US$11.84 million year-over-year, attributed to optimization and streamlining of business operations, which would include general compliance cost management within the regulated Fintech market exploration.

To put the H1 2025 cost structure into perspective, look at the key components:

Finance: draft 13-week cash view by Friday.

Ebang International Holdings Inc. (EBON) - Canvas Business Model: Revenue Streams

Ebang International Holdings Inc.'s revenue streams reflect a strategic pivot, balancing established Fintech operations with significant growth focus on renewable energy solutions. As of the first half of 2025, the company reported Total net revenues of US$3.58 million in H1 2025.

The Chairman and CEO noted that the period-over-period increase in total net revenues was driven by more revenue generated from sales of renewable energy products and services as well as rental services. Furthermore, the Fintech business, which includes digital asset trading, demonstrated resilience.

While the specific H1 2025 breakdown is not fully public, the composition of revenue streams, based on the latest available detailed data, shows the relative contribution of these key areas, which are central to the current business model:

The company is actively repurposing its expertise in chip technology and intelligent manufacturing into photovoltaic, energy storage, and smart energy applications, positioning the renewable energy segment as a new growth engine. The Fintech operations continue to explore incremental demand in cross-border payments and digital asset trading in regulated markets.

The overall financial performance for the period shows that Total net revenues of US$3.58 million in H1 2025 represented a 69.46% period-over-period increase from US$2.11 million in the same period of 2024.

You can see how the focus has shifted, with renewable energy sales and rental income being the primary contributors to the recent top-line growth, even as the company manages the cost structure associated with scaling these new operations.

• Sales of renewable energy products and services.
• Cryptocurrency exchange service fees and transaction matching.
• Rental services from leasing constructed buildings.
• Cross-border payment and foreign exchange services revenue.