How does Ebang's performance in this reporting period compare to its direct competitors in the cryptocurrency mining and blockchain hardware sector?

Ebang’s six‑month FY‑2025 release shows modest top‑line growth and a return to positive operating cash flow after two years of net losses, but the magnitude of those improvements is still well behind the sector leaders. Bitmain, which has been rebuilding inventory after the 2022‑23 price collapse, posted a 45 % YoY revenue rise and restored a double‑digit gross margin on its AntMiner S19‑series shipments. MicroBT’s WhatsMiner line is expanding at a faster clip—revenues surged roughly 60 % and the company reported a 15 % EBIT margin, driven by a stronger hash‑rate‑per‑dollar ratio and tighter supply‑chain execution. Canaan’s Avalon series likewise posted a 30 % revenue jump and a net‑profit margin that outstrips Ebang’s thin 2 % margin this half‑year. In short, while Ebang is moving out of the red and its cash‑burn rate has slowed, its revenue growth (single‑digit) and profitability lag the 30‑60 % growth and healthier margins seen at its direct competitors.

From a trading perspective the market is pricing Ebang’s recovery risk‑on but still discounts the stock relative to peers (EBON trades at a sub‑10 % P/E while Bitmain‑linked stocks sit nearer 15‑20 %). If the next earnings window confirms a continued acceleration in ASIC shipments and tighter cost control—especially a move toward a >5 % gross margin—the stock could capture a short‑term upside, making a bullish entry at current support (~$2.20) attractive. Conversely, if revenue stays flat and margins remain thin, Ebang may continue to underperform the sector rally driven by Bitcoin’s price upside, presenting a relative‑strength short against higher‑margin peers (e.g., MicroBT, Bitmain). Monitoring hash‑rate sales data, inventory levels, and Bitcoin price trends over the next 4‑6 weeks will be critical for positioning.