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.