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Bitmax Valuation Multiples

Discover revenue and EBITDA valuation multiples for Bitmax and similar public comparables like iCetana, CodeMill, Zoo Digital Group, Bambuser and more.

Bitmax Overview

About Bitmax

Bitmax Co Ltd is an AR technology company. It focuses on research and development on Metaverse Platform and augmented reality. AR technology will help people with immediate and visual tools in improving decision-making capabilities.


Founded

2010

HQ

South Korea

Employees

N/A

Website

maxst.com

Financials (FY)

Revenue: $18M
EBITDA: ($57M)

EV

$68M

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Bitmax Financials

Bitmax reported last fiscal year revenue of $18M and negative EBITDA of ($57M).

In the same fiscal year, Bitmax generated $3M in gross profit, ($57M) in EBITDA losses, and had net loss of ($64M).


Bitmax P&L

In the most recent fiscal year, Bitmax reported revenue of $18M and EBITDA of ($57M).

Bitmax is unprofitable as of last fiscal year, with gross margin of 15%, EBITDA margin of (315%), and net margin of (354%).

See analyst estimates for Bitmax
Last FY202320242025202620272028
Revenue$18M$1M$25M$18M
Gross Profit$3M$1M$6M$3M
Gross Margin15%100%22%15%
EBITDA($57M)($7M)($16M)($57M)
EBITDA Margin(315%)(578%)(63%)(315%)
EBIT Margin(32%)(936%)(50%)(32%)
Net Profit($64M)($9M)($18M)($64M)
Net Margin(354%)(749%)(72%)(354%)
Net Debt$50M

Financial data powered by Morningstar, Inc.

Bitmax Stock Performance

Bitmax has current market cap of $19M, and enterprise value of $68M.

Market Cap Evolution


Bitmax's stock price is $1.74.

Bitmax share price decreased by 24.5% in the last 30 days, and by 32.1% in the last year.

Bitmax has an EPS (earnings per share) of $-6.01.

See more trading valuation data for Bitmax
EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$68M$19M-0.2%-24.5%-43.1%-32.1%$-6.01

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Bitmax Valuation Multiples

Bitmax trades at 3.7x EV/Revenue multiple, and (1.2x) EV/EBITDA.

See NTM and 2027E valuation multiples for Bitmax

Bitmax Financial Valuation Multiples

As of May 17, 2026, Bitmax has market cap of $19M and EV of $68M.

Bitmax has a P/E ratio of (0.3x).

Last FY202320242025202620272028
EV/Revenue3.7x57.8x2.7x3.7x
EV/EBITDA(1.2x)(10.0x)(4.4x)(1.2x)
EV/EBIT(11.9x)(6.2x)(5.5x)(11.9x)
EV/Gross Profit25.3x57.8x12.3x25.3x
P/E(0.3x)(2.1x)(1.0x)(0.3x)
EV/FCF(1.1x)(4.8x)(6.0x)(1.1x)

Multiples above and below 250x are considered non-meaningful (n/m). Valuation data powered by FactSet, Inc. and Morningstar, Inc.

Verified Bitmax Valuation Multiples

Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.

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Bitmax Margins & Growth Rates

In the most recent fiscal year, Bitmax reported gross margin of 15%, EBITDA margin of (315%), and net margin of (354%).

See estimated margins and future growth rates for Bitmax

Bitmax Margins

Last FY20242025202720282029
Gross Margin15%22%15%
EBITDA Margin(315%)(63%)(315%)
EBIT Margin(32%)(50%)(32%)
Net Margin(354%)(72%)(354%)
FCF Margin(342%)(46%)(342%)

Bitmax Growth Rates

23/2424/2526/2727/2828/29
Revenue Growth2005%(27%)
Gross Profit Growth369%(51%)
EBITDA Growth130%266%
EBIT Growth12%(54%)
Net Profit Growth102%259%
FCF Growth(21%)449%

Data powered by FactSet, Inc. and Morningstar, Inc.

Bitmax Operational KPIs

Access forward-looking KPIs for Bitmax
Last FY202320242025202620272028
S&M Expenses to Revenue13%115%8%13%
G&A Expenses to Revenue2%45%3%2%
R&D Expenses to Revenue1%76%7%1%
Opex to Revenue46%1036%72%46%

Data powered by FactSet, Inc. and Morningstar, Inc.

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Bitmax Competitors

Bitmax competitors include iCetana, CodeMill, Zoo Digital Group, Bambuser, VOGO, M4B S.A., Witbe, Blackbird, Beamr and Netgem.

Most Bitmax public comparables operate across Video & Streaming Software.

EV/RevenueEV/EBITDA
Last FYLTM2027ELast FYLTM2027E
iCetana13.0x(7.4x)
CodeMill2.8x11.7x
Zoo Digital Group0.3x0.4x14.2x4.1x
Bambuser1.5x(1.5x)
VOGO1.4x1.4x22.0x20.0x
M4B S.A.1.8x13.7x
Witbe0.6x4.2x
Blackbird3.2x(2.8x)

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Bitmax Funding History

Before going public, Bitmax raised $12M in total equity funding, across 4 rounds.


Bitmax Funding Rounds

DateStageRaised FromRaisedValuationRev. MultipleDeal Summary
Mar-22SeedDoubleUGames$2M
Sep-19Series BHana Financial Group; Mando Corporation; Partners Investment; Yuanta Securities Korea$6M
Aug-17Series AAG Investment; Cognitive Ventures; InterVest Co.; L&S Venture Capital$3M
Jan-16SeedDS Asset Management; Hyundai; L&S Venture Capital$2M

Bitmax M&A Activity

Bitmax has acquired 2 companies to date.

Last acquisition by Bitmax was on December 28th 2023. Bitmax acquired ILFU for $13M (EV/Revenue multiple of ).

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Latest Acquisitions by Bitmax

ILFU
Buk.io
Description
ILFU is a South Korea-based IT services provider specializing in optimization through consulting, advanced technology implementations, and deployment of operational personnel. The company targets enterprises needing streamlined IT operations, offering tailored solutions for infrastructure upgrades and efficiency gains. Operating from its base in Seoul, ILFU supports clients across various industries with services including system integration and performance enhancement.
Buk.io is a Seoul-based ebook platform developed by BBDBU Inc that converts EPUB files into web-accessible content via URL sharing. Publishers use the service to direct readers to specific book paragraphs across iOS, Android, web browsers, and Chromebooks. Handling over 48,000 EPUB transformations, Buk.io supports direct marketing and embedded reading experiences at buk.io.
HQ CountrySouth KoreaSouth Korea
HQ City
Seoul
Seoul
Deal Date28 Dec 202310 May 2022
Valuation$13Mundisclosed
EV/Revenue
EV/EBITDA

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About Bitmax

When was Bitmax founded?Bitmax was founded in 2010.
Where is Bitmax headquartered?Bitmax is headquartered in South Korea.
Is Bitmax publicly listed?Yes, Bitmax is a public company listed on Korea Exchange.
What is the stock symbol of Bitmax?Bitmax trades under 377030 ticker.
When did Bitmax go public?Bitmax went public in 2021.
Who are competitors of Bitmax?Bitmax main competitors include iCetana, CodeMill, Zoo Digital Group, Bambuser, VOGO, M4B S.A., Witbe, Blackbird, Beamr, Netgem.
What is the current market cap of Bitmax?Bitmax's current market cap is $19M.
What is the current revenue of Bitmax?Bitmax's last fiscal year revenue is $18M.
What is the current EV/Revenue multiple of Bitmax?Current revenue multiple of Bitmax is 3.7x.
Is Bitmax profitable?No, Bitmax is not profitable.
How many companies Bitmax has acquired to date?As of May 2026, Bitmax has acquired 2 companies.
What was the largest acquisition by Bitmax?$13M acquisition of ILFU on 28th December 2023 was the largest M&A Bitmax has done to date.
What companies Bitmax acquired?Bitmax acquired ILFU and Buk.io.
In how many companies Bitmax has invested to date?Bitmax hasn't invested in any companies yet (or none have been disclosed publicly).

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