Executive Summary
Blueone Card Inc (BCRD) reported QQ3 2025 revenue of $60.9 million? (Note: Data shows 60,947 in thousands USD format in the filing context; interpreted as $60.95k for clarity). The quarter shows a meaningful top-line uptick versus prior periods, with gross profit of $13.58k and a gross margin of 22.29%. The company remains unprofitable: operating loss of $201.12k and net loss of $202.27k, with an EBITDA of about $-157.14k and an EPS of $-0.0158. Cash flow from operations was negative at approximately $-70.97k, and free cash flow was similarly negative. The balance sheet reveals limited liquidity: cash and cash equivalents of $4.0k and a current ratio of ~0.046, against total current liabilities of roughly $1.58M and short-term debt of about $34.95k. The company carries substantial goodwill and intangible assets (Goodwill and Intangibles ≈ $15.39M) and a relatively small equity base in the context of a very modest revenue engine, which raises concerns about impairment risk and future capital needs.
Key momentum is evident in QoQ revenue progression (Q1 to Q3 2025) and YoY revenue uplift reported in metrics, but profitability remains elusive. Without meaningful operating leverage, sustained cash burn, or substantial financing, the business faces a high-uncertainty path to breakeven. Investors should monitor working capital dynamics, liquidity restoration efforts, potential debt/equity raises, and any strategic pivots toward scalable, high-margin software solutions or recurring revenue streams.
Key Performance Indicators
QoQ: 136.16% | YoY:2 163.83%
Key Insights
Revenue (QQ3 2025): 60,947; Cost of Revenue: 47,364; Gross Profit: 13,583; Gross Margin: 0.223; Operating Income: -201,116; EBITDARatio: -2.58; EBITDA: -157,137; Net Income: -202,265; Net Margin: -3.32%; EPS (Diluted): -0.0158; Weighted Avg Shs Outstanding: 12,805,227.
Balance Sheet highlights: Total Assets 15,688,532; Total Liabilities 1,586,535; Total Stockholders’ Equity 8,172,117; Cash and Cash Equivalents: 4,009; Current Assets: 71,668; Current Liabilities: 1,575,227; Short-term Debt: 3...
Financial Highlights
Revenue (QQ3 2025): 60,947; Cost of Revenue: 47,364; Gross Profit: 13,583; Gross Margin: 0.223; Operating Income: -201,116; EBITDARatio: -2.58; EBITDA: -157,137; Net Income: -202,265; Net Margin: -3.32%; EPS (Diluted): -0.0158; Weighted Avg Shs Outstanding: 12,805,227.
Balance Sheet highlights: Total Assets 15,688,532; Total Liabilities 1,586,535; Total Stockholders’ Equity 8,172,117; Cash and Cash Equivalents: 4,009; Current Assets: 71,668; Current Liabilities: 1,575,227; Short-term Debt: 34,949; Total Debt: 46,257; Net Debt: 42,248.
Cash Flow: Net Income -205,718; Depreciation & Amortization 43,979; Change in Working Capital -137,246; Accounts Payables 100,435; Other Working Capital -237,681; Net Cash Provided by Operating Activities: -70,966; Free Cash Flow: -70,966; Net Cash Provided by (Used in) Financing Activities: 63,000; Net Change in Cash: -7,966; Cash at Beginning of Period: 11,975; Cash at End of Period: 4,009.
Liquidity and Leverage: Current ratio 0.046; Quick ratio 0.046; Cash ratio 0.0026; Debt/Equity ~0.006; Interest Coverage negative (–43.7x); Payout ratio 0; Price/Book around 9.79x; Enterprise Value Multiple negative, reflecting net cash position and market pricing dynamics.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
60.95K |
5 994.70% |
N/A |
| Gross Profit |
13.58K |
2 163.83% |
136.16% |
| Operating Income |
-201.12K |
57.06% |
12.49% |
| Net Income |
-202.27K |
56.61% |
13.58% |
| EPS |
-0.02 |
59.17% |
18.13% |
Key Financial Ratios
operatingProfitMargin
-330%
operatingCashFlowPerShare
$-0.01
freeCashFlowPerShare
$-0.01
priceEarningsRatio
-98.92
Management Commentary
transcriptHighlights: No earnings call transcript data provided for QQ3 2025. As a result, there are no management quotes available in this dataset to anchor the highlights by theme. In lieu of direct transcript quotes, the assessment below relies on the disclosed financial results and the implicit guidance embedded in the quarterly filing.
Forward Guidance
There is no formal forward guidance disclosed in the QQ3 2025 filing. Based on the quarterly performance and balance sheet dynamics, the near-term outlook hinges on liquidity restoration and meaningful top-line progression. Key areas to monitor include: (1) liquidity runway and potential financing arrangements (debt or equity), (2) potential monetization of payout solutions and any scale-up in prepaid-card adoption that could lift gross margins, (3) cost structure optimization to reduce operating expenses and leverage existing fixed costs, and (4) any strategic actions (acquisitions, partnerships, or product enhancements) that could convert the current low-margin revenue mix into higher-margin, recurring revenue streams. Management commentary (when available) should clarify whether there is a plan to achieve breakeven within a defined horizon and what milestones would indicate sustainable operating leverage.