Digital asset custody and cyber risk
Bitcoin holdings depend on third-party custody and secure private key management; breaches could cause loss of assets.
- Scope
- Treasury operations
- Materiality
- high
Empery Digital Inc.
Empery Digital Inc. is a U.S.-based powersports and small vehicle company that sells branded vehicles and accessories through dealers and direct-to-consumer channels. In 2025, it also launched a digital asset treasury strategy, using capital raised in private placements to acquire Bitcoin and establish cryptocurrency treasury operations.
−15 711,0 %
−37,2 %
−15 390,4 %
−75,5 %
0.27
0.26
| % | |
|---|---|
| Powersports vehicles | 80% Two-wheeled and utility vehicle models sold through dealers and direct channels. |
| Golf cart vehicles | 10% MN1 golf cart variants sold to dealers and supported by inventory financing. |
| Accessories and parts | 5% Replacement parts and add-on accessories sold alongside vehicle purchases. |
| Financing revenue | 5% Revenue from financing arrangements tied to dealer or inventory transactions. |
The company sells primarily to powersports dealers, bicycle retailers, and golf cart dealers, with a smaller...
- Powersports dealersprimary
Buy vehicles for retail resale; this is the main route to market for the company’s powersports lineup.
- Golf cart dealersprimary
Buy MN1 variants and may use floor plan financing to support inventory purchases.
- Bicycle retailerssecondary
Buy the Brat for retail customers seeking a smaller electric vehicle offering.
- Direct consumerssecondary
Purchase the Brat online for home delivery in the continental U.S.
- International distributorsemerging
Buy products for markets outside the U.S., extending the brand beyond domestic dealers.
Empery Digital’s operating footprint is centered in the United States, where it sells through domestic dealers and...
- •U.S. is the core sales market for dealers and direct consumers
- •Products are manufactured internationally by third-party suppliers
- •Tariffs and import rules can raise landed product costs
- •Port and carrier delays can disrupt shipments and customer deliveries
- •International distributors add non-U.S. commercial exposure
The company is repositioning from a vehicle business toward a digital asset treasury model centered on Bitcoin...
01
Expand Bitcoin treasury holdingsshort-term
The company has explicitly repositioned around digital asset accumulation and treasury operations.
02
Shift the legacy vehicle business toward financingshort-term
Management expects revenue to decline as it transitions away from traditional vehicle sales.
03
Develop new e-bike productsmedium-term
New products are needed to replace declining legacy vehicle demand and broaden the offering.
04
Stabilize supply chain and sourcingmedium-term
Outsourced manufacturing creates delivery risk and limits the company’s ability to scale reliably.
The business is exposed to supply-chain concentration because all vehicles are outsourced to a limited number of...
Third-party manufacturing concentration
All vehicles and accessories are outsourced, so supplier delays or failures can stop shipments and trigger cancellations.
- Scope
- Vehicle sales and customer fulfillment
- Materiality
- high
Tariff and import cost inflation
The company says new and increased tariffs will raise product costs and may further compress margins.
- Scope
- Imported vehicles and accessories
- Materiality
- high
Digital asset price volatility
Changes in BTC value can materially affect reported results and investor perception of the company.
- Scope
- Treasury holdings and market valuation
- Materiality
- high
Regulatory and legal uncertainty
Digital assets may face securities, money transmission, or other regulatory treatment that increases compliance burden.
- Scope
- Treasury strategy and future operations
- Materiality
- medium
Digital asset valuation and custody accounting
Large swings in non-operating income and balance sheet value
Revenue recognition on vehicle sales and returns
Quarterly comparability and gross margin volatility
Warranty accruals and reversals
Gross margin volatility
Financing revenue recognition
Non-product revenue and cash flow presentation
: 28.4.2026