BHATFWholesale-Chemicals & Allied ProductsIFRS · EUR

Blue Hat Interactive Entertainment Technology

Blue Hat Interactive Entertainment Technology is a Cayman Islands holding company with operations centered in Xiamen, China. The company has historically developed and operated AR interactive entertainment products, including games, toys, and educational materials, and it has also described an expansion into commodity trading.

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Revenue18.7m EUR
−74.6 %y/y
Operating profit (EBIT)-4.5m EUR
+84.6 %y/y
EBIT margin-23.8%
+15.4 ppy/y
Net income-9.5m EUR
+50.6 %y/y

Fiscal year 2024 · change from previous year

Development 2019–2024

-100-50050100m EUR2019: 24 m EUR2019: EBIT 9.5 m EUR20192020: 30 m EUR2020: EBIT 9.6 m EUR20202021: 15 m EUR2021: EBIT -61 m EUR20212022: 7.4 m EUR2022: EBIT -8.0 m EUR20222023: 74 m EUR2023: EBIT -29 m EUR20232024: 19 m EUR2024: EBIT -4.5 m EUR202419-4.5
RevenueOperating profit (EBIT)
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Business

Share of revenue
AR Interactive Entertainment40 %

Augmented-reality games and related digital entertainment products.

Toys and Educational Materials30 %

Physical toys and learning products tied to interactive play.

Communication Services10 %

Legacy communication-related services and related offerings.

Commodity Trading20 %

Trading activities in commodities and related merchandise.

Customers

Blue Hat’s customers have included consumers and institutional buyers in China for interactive entertainment, toys, and educational products. Its commodity trading activity would typically serve commercial counterparties and trading partners rather than end consumers. The business mix suggests a combination of B2C entertainment demand and B2B trading relationships.

Consumers and families

Buy AR games and toys for entertainment and interactive play.

Schools and educational buyers

Buy educational materials and learning-oriented products.

Commodity trading counterparties

Buy or sell commodities through trading arrangements.

Retail and distribution partners

Source products for resale and broader market reach.

Strategy

Blue Hat has described a transition from legacy interactive entertainment activities toward commodity trading. The company also continues to use capital-markets actions, such as buybacks and reverse splits, to manage its public-company structure and market profile. Strategically, the shift toward trading reflects an attempt to broaden the business base beyond its original entertainment products.

Build commodity trading operationsMedium term

Broadens the business model beyond legacy entertainment products.

Preserve public-market accessShort term

Listing status supports financing, liquidity, and investor visibility.

Monetize legacy technology assetsMedium term

Patented technology can support product or trading-related differentiation.

Geography

The company is organized as a Cayman Islands exempted company with its principal executive office in Xiamen, China. Its reported business history and operating focus are centered in China, and its investor communications also reference U.S. listing activity through Nasdaq. Geography matters because operations, suppliers, customers, and regulatory oversight are split between China-based business activity and U.S. capital markets exposure.

Risks

Blue Hat faces business-model transition risk because its historical entertainment activities and newer trading ambitions require different capabilities, channels, and working capital needs. The company also faces capital-markets risk from Nasdaq compliance and share-price actions, which can affect liquidity, investor confidence, and market access. More generally, it is exposed to execution risk in China-based operations, competition in consumer entertainment, and commodity price and counterparty risk in trading.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Nasdaq listing compliance risk1Business model transition risk2Commodity trading risk3China operating and regulatory risk4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Nasdaq listing compliance riskImpact: HighLikelihood: High

    Trading status and share-price requirements can affect market access and liquidity.

    Exposure: Capital markets access

  2. Business model transition riskImpact: HighLikelihood: Medium

    The company is shifting from legacy entertainment activities into commodity trading, which requires different capabilities and controls.

    Exposure: Core business direction

  3. Commodity trading riskImpact: HighLikelihood: Medium

    Trading businesses are exposed to price volatility, counterparty defaults, and inventory/working capital needs.

    Exposure: New trading activities

  4. China operating and regulatory riskImpact: MediumLikelihood: Medium

    Operations, management, and customer activity are centered in China, creating regulatory and operating exposure.

    Exposure: Operating base

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Accounting

Judgemental items
Revenue recognition

Different business lines may require different timing and measurement rules.

Impact: Revenue comparability across periods

Commodity inventory valuation

Trading activities can require judgment over cost, net realizable value, or fair value.

Impact: Gross margin and asset values

Share count adjustments

Reverse stock splits change per-share metrics and historical comparability.

Impact: EPS and market data

Equity transactions

Repurchases affect treasury stock and shareholders' equity presentation.

Impact: Balance sheet and EPS

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Last updated: 28/09/2026

Blue Hat Interactive Entertainment Technology – Wholesale-Chemicals & Allied Products | Financial Analysis – Clarifo