Blueone Card Inc (BCRD) Q3 2025 Earnings Report

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.