DDC Enterprise Ltd: H1 Revenue Up 29% to $20.2M; Net Loss $38.4M Due to Bitcoin Holdings
DDC Enterprise Ltd reported a 29% increase in revenue to RMB136.7 million (US$20.2 million) for the six months ended June 30, 2026. However, the company incurred a net loss of RMB260.6 million (US$38.4 million), a significant shift from a net income of RMB37.1 million in the prior year period. This loss was largely attributed to non-cash mark-to-market unrealized fair value losses on its Bitcoin treasury holdings amounting to RMB232.5 million (US$34.3 million). The core food business demonstrated positive Non-GAAP Adjusted EBITDA of RMB8.1 million (US$1.2 million), indicating operational profitability in that segment. The company also reported a substantial increase in its Bitcoin holdings, growing by 145% since the start of 2026.
Key Highlights
- DDC Enterprise Ltd reported total revenue of RMB136.7 million (US$20.2 million) for H1 2026, a 29% increase from H1 2025.
- Net loss for H1 2026 was RMB260.6 million (US$38.4 million), compared to a net income of RMB37.1 million in H1 2025.
- The net loss was primarily driven by non-cash mark-to-market unrealized fair value losses on Bitcoin holdings of RMB232.5 million (US$34.3 million).
- Core food business delivered positive Non-GAAP Adjusted EBITDA of RMB8.1 million (US$1.2 million) for H1 2026.
- Company held approximately 2,899 bitcoins as of the report date, a 145% increase since the start of 2026.
- Cost of products increased to RMB95.2 million (US$14.0 million) in H1 2026 from RMB74.6 million in H1 2025.
- Gross margin declined from 33.4% in H1 2025 to 30.4% in H1 2026.
- Operating expenses increased to RMB55.4 million (US$8.2 million) in H1 2026 from RMB22.9 million in H1 2025.
Price Impact
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