Executive Summary
Blueone Card Inc (BCRD) reported QQ1 2026 results showing meaningful top-line growth alongside a continued strain on profitability and liquidity. Revenue reached 95.56 million (thousands in the reported dataset), up 24.64% year over year and 56.79% quarter over quarter, driven by demand for payout solutions and prepaid card services. Gross profit totaled 60.50 million with a robust gross margin of approximately 63.3%, signaling strong product economics at the gross level. However, the company posted a sizable operating loss of 337.92 million and a net loss of 274.03 million, underscoring high fixed costs (notably general and administrative expenses of 359.95 million) and ongoing investment in scale. Net cash from operating activities was negative at 50.02 million, contributing to a free cash flow burn of about 52.04 million, and cash at period-end stood at a critically low 328 thousand. The balance sheet features an outsized goodwill balance (approximately 10.78 billion), substantial non-current asset intensiveness, and limited liquidity, suggesting elevated impairment and refinancing risks if profitability and cash generation do not improve. The quarter’s results imply a near-term investment phase with offsetting revenue growth potential but require disciplined cost management, margin stabilization, and stronger cash-flow conversion to justify a longer-term profitability trajectory.
Key Performance Indicators
QoQ: 345.38% | YoY:1 507.65%
QoQ: -68.02% | YoY:17.34%
QoQ: -35.48% | YoY:32.96%
QoQ: -26.58% | YoY:41.00%
Key Insights
Revenue: 95,556 (YoY +24.64%; QoQ +56.79%). Gross Profit: 60,496 (Margin 63.31%); YoY Gross Profit growth ~1507.65% (QoQ +345.38%). Operating Income: -337,923 (Margin -3.54%); YoY improvement of 17.34% but QoQ deterioration of -68.02%. Net Income: -274,030 (Margin -2.87%); YoY change +32.96% but QoQ change -35.48%. EPS: -0.02 (YoY +41.00%; QoQ -26.58%)....
Financial Highlights
Revenue: 95,556 (YoY +24.64%; QoQ +56.79%). Gross Profit: 60,496 (Margin 63.31%); YoY Gross Profit growth ~1507.65% (QoQ +345.38%). Operating Income: -337,923 (Margin -3.54%); YoY improvement of 17.34% but QoQ deterioration of -68.02%. Net Income: -274,030 (Margin -2.87%); YoY change +32.96% but QoQ change -35.48%. EPS: -0.02 (YoY +41.00%; QoQ -26.58%).
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
95.56K |
24.64% |
56.79% |
| Gross Profit |
60.50K |
1 507.65% |
345.38% |
| Operating Income |
-337.92K |
17.34% |
-68.02% |
| Net Income |
-274.03K |
32.96% |
-35.48% |
| EPS |
-0.02 |
41.00% |
-26.58% |
Management Commentary
Transcript data not provided in the prompt. Analysis is therefore anchored to the disclosed financials. Once the earnings call transcript is available, quotes and management themes can be integrated (e.g., strategy, cost discipline, monetization plans, international expansion, and outlook for 2026).
Transcript not provided in the prompt.
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Forward Guidance
No formal forward guidance is present in the provided data. Based on the operating losses, liquidity profile, and a very large goodwill balance, the near-term path to profitability hinges on: (1) sustaining revenue growth while achieving more favorable operating leverage; (2) reducing selling, general, and administrative expenses or achieving economies of scale to improve operating margins; (3) improving working capital and cash-flow conversion to stabilize the balance sheet; (4) potential impairment review on goodwill and continued consideration of financing options to support working capital and growth initiatives. Investors should monitor quarterly revenue trends, gross margin stability, opex discipline, cash burn rate, and any management commentary on monetization of payout solutions, partnerships, or product improvements that could drive faster scale without a proportional rise in fixed costs.