Phoenix incurs $135.9M loss in 9M 2026; $44.9M in Q3

28/10/2026 Argaam Exclusive

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ADX-listed Phoenix Group narrowed losses to $135.9 million (equivalent to AED 499.1 million, or 2.25 cent/share) for the first nine months of 2026, compared to $229.1 million for the same period in 2025.



Financials (Million USD)

Item 9m 2025 9m 2026 Change‬
Revenues 92.33 59.69 (35.3 %)
Gross Income 26.68 22.75 (14.7 %)
Operating Income (76.39) (63.65) 16.7 %
Net Income (229.13) (135.89) 40.7 %
Average Shares 6,048.82 6,048.82 -
Earnings Per Share before unusual items (Cents) (1.40) (1.09) 22.2 %
EPS (Cents) (3.79) (2.25) 40.7 %

This was fueled by a 64% decrease year-on-year (YoY) in unrealized losses from digital assets to $54.8 million during the nine-month period, in addition to a 61% decline in impairment and write-offs to $17.7 million versus $45.7 million in a prior-year period.

 

The company also reported gains of $13.1 million from fair value changes in fair-value investments, versus losses of $134,000 in the same period last year, and a 15% decline YoY in other operating expenses to $15.1 million.



Current Quarter Comparison (Million USD)

Compared With The
Item Q3 2025 Q3 2026 Change‬
Revenues 31.94 17.37 (45.6 %)
Gross Income 12.25 6.71 (45.2 %)
Operating Income (56.56) (16.85) 70.2 %
Net Income (46.36) (44.87) 3.2 %
Average Shares 6,048.82 6,048.82 -
Earnings Per Share before unusual items (Cents) (0.99) (0.64) 35.2 %
EPS (Cents) (0.77) (0.74) 3.2 %

Q3 2026 net loss shrank to $44.9 million from $46.3 million in Q3 2025, but widened from $9.99 million in Q2 2026.

 

For more financial results 

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Share Price

PHOENIX GROUP PLC
0.46
(0.01) (1.91 %)

PHOENIX GROUP PLC (Phoenix Group)

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Financial Ratios
Current
Market Cap (M Dirham) 2,794.56
Enterprise Value (EV) (M Dirham) 2,820.73
Shares Outstanding ((M)) 6,048.82
Recurring EPS (Fils) (TTM) (5.17)
Book Value (BV) ( Dirham) 0.30
Par Value ( Fils) 9.91
Recurring P/E (TTM) Neg
P/E (TTM) NEG
Price/book 1.52
Dividend Yield (%) (Last Year) -
Return on Average Assets (%) (TTM) (27.72 )
Return on Average Equity (%) (TTM) (30.05 )
EV/Revenues 9.02
more


Financial results (Million USD)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2021 - - - - - -
Q2 2021 - - - - - -
Q3 2021 - - - - - -
Q4 2021 - - - - - -
Q1 2022 - - - - - -
Q2 2022 - - - - - -
Q3 2022 - - - - - -
Q4 2022 - - - - - -
Q1 2023 81.95 - 28.60 - 25.33 -
Q2 2023 78.86 - 26.34 - 21.24 -
Q3 2023 68.77 - 28.01 - 23.06 -
Q4 2023 58.61 - 5.92 - (22.34) -
Q1 2024 68.93 (15.9 %) 29.20 2.1 % 3.70 (85.4 %)
Q2 2024 51.21 (35.1 %) 17.57 (33.3 %) 3.30 (84.5 %)
Q3 2024 35.97 (47.7 %) 3.30 (88.2 %) (15.24) (166.1 %)
Q4 2024 49.57 (15.4 %) (23.97) (505.2 %) (48.38) (116.6 %)
Q1 2025 31.26 (54.7 %) 6.31 (78.4 %) (10.06) (371.8 %)
Q2 2025 29.13 (43.1 %) 8.12 (53.8 %) (9.77) (395.9 %)
Q3 2025 31.94 (11.2 %) 12.25 270.9 % (56.56) (271.1 %)
Q4 2025 25.42 (48.7 %) 9.92 141.4 % (20.65) 57.3 %
Q1 2026 23.31 (25.4 %) 8.83 39.8 % (30.59) (204.0 %)
Q2 2026 19.01 (34.7 %) 7.22 (11.1 %) (16.21) (66.0 %)
Q3 2026 17.37 (45.6 %) 6.71 (45.2 %) (16.85) 70.2 %


Profit Performance (Million USD)

Period Net Income Change EPS(Cents) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Cents)
Q1 2021 - - - - - -
Q2 2021 - - - - - -
Q3 2021 - - - - - -
Q4 2021 - - - - - -
Q1 2022 - - - - - -
Q2 2022 - - - - - -
Q3 2022 - - - - - -
Q4 2022 - - - - - -
Q1 2023 24.88 - 0.41 (0.02) 24.89 0.41
Q2 2023 23.28 - 0.38 (0.06) 23.34 0.39
Q3 2023 96.30 - 1.59 75.75 20.55 0.34
Q4 2023 63.32 - 1.05 75.96 (12.64) (0.21)
Q1 2024 66.15 165.9 % 1.09 73.40 (7.25) (0.12)
Q2 2024 56.13 141.2 % 0.93 60.94 (4.81) (0.08)
Q3 2024 47.56 (50.6 %) 0.79 72.47 (24.91) (0.41)
Q4 2024 (2.47) (103.9 %) (0.04) 23.15 (25.62) (0.42)
Q1 2025 (153.60) (332.2 %) (2.54) (142.73) (10.87) (0.18)
Q2 2025 (29.17) (152.0 %) (0.48) (15.36) (13.81) (0.23)
Q3 2025 (46.36) (197.5 %) (0.77) 13.82 (60.18) (0.99)
Q4 2025 (42.52) (1,621.5 %) (0.70) (23.40) (19.12) (0.32)
Q1 2026 (81.04) 47.2 % (1.34) (42.59) (38.44) (0.64)
Q2 2026 (9.99) 65.7 % (0.17) (21.43) 11.44 0.19
Q3 2026 (44.87) 3.2 % (0.74) (5.89) (38.98) (0.64)

Profitability

Period Gross Margin Adjusted EBITDA margin Net Margin Before Unusual Items
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 - - -
Q2 2022 - - -
Q3 2022 - - -
Q4 2022 - - -
Q1 2023 - - -
Q2 2023 - - -
Q3 2023 - - -
Q4 2023 30.83 % - 19.48 %
Q1 2024 32.51 % - 8.72 %
Q2 2024 32.60 % - (1.67 %)
Q3 2024 26.07 % - (23.10 %)
Q4 2024 12.69 % - (30.43 %)
Q1 2025 1.91 % - (39.40 %)
Q2 2025 (4.27 %) - (51.53 %)
Q3 2025 1.91 % - (77.85 %)
Q4 2025 31.08 % - (88.31 %)
2025 31.08 % - (88.31 %)
Q1 2026 35.62 % - (119.82 %)
Q2 2026 38.33 % - (106.66 %)
Q3 2026 38.38 % - (100.00 %)


Per Share Data (USD)

Compared With The
Period Shares Outstanding (M) EPS (Cents) Earnings Per Share before unusual items (Cents) Book Value (BV)
Q1 2021 - - - -
Q2 2021 - - - -
Q3 2021 - - - -
Q4 2021 - - - -
Q1 2022 - - - -
Q2 2022 - - - -
Q3 2022 - - - -
Q4 2022 - - - -
Q1 2023 6,048.82 - - -
Q2 2023 6,048.82 - - -
Q3 2023 6,048.82 - - 0.05
Q4 2023 6,048.82 3.44 0.93 0.12
Q1 2024 6,048.82 4.12 0.40 0.13
Q2 2024 6,048.82 4.66 (0.07) 0.14
Q3 2024 6,048.82 3.85 (0.82) 0.14
Q4 2024 6,048.82 2.77 (1.03) 0.15
Q1 2025 6,048.82 (0.87) (1.09) 0.12
Q2 2025 6,048.82 (2.28) (1.24) 0.12
Q3 2025 6,048.82 (3.83) (1.83) 0.11
Q4 2025 6,048.82 (4.49) (1.72) 0.10
Q1 2026 6,048.82 (3.29) (2.17) 0.09
Q2 2026 6,048.82 (2.97) (1.76) 0.09
Q3 2026 6,048.82 (2.95) (1.41) 0.08

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 - - -
Q2 2022 - - -
Q3 2022 - - -
Q4 2022 - - -
Q1 2023 - - -
Q2 2023 - - -
Q3 2023 - - -
Q4 2023 17.76 65.71 5.29
Q1 2024 13.49 More than 100 4.34
Q2 2024 10.17 NEG 3.48
Q3 2024 10.60 NEG 2.82
Q4 2024 11.71 NEG 2.20
Q1 2025 NEG NEG 2.04
Q2 2025 NEG NEG 3.60
Q3 2025 NEG NEG 3.25
Q4 2025 NEG NEG 2.59
Q1 2026 NEG NEG 2.60
Q2 2026 NEG NEG 2.01
Q3 2026 NEG NEG 1.88

Business Segments (Million USD)

Compared With The
Period Sales and trade of ASIC devices, wallets and watches Revenue from hosting Revenues from mining Income from services
Q1 2023 62.64 13.38 5.90 0.02
Q2 2023 52.77 18.86 7.23 -
Q3 2023 43.94 17.91 6.92 0.01
Q4 2023 21.64 25.13 11.76 0.08
Q1 2024 27.67 19.52 21.60 0.15
Q2 2024 5.01 17.57 28.52 0.10
Q3 2024 2.69 6.11 26.63 0.54
Q4 2024 15.36 3.94 30.09 0.18
Q1 2025 6.80 3.79 20.67 -
Q2 2025 3.64 4.43 21.06 -
Q3 2025 4.79 4.87 22.27 -
Q4 2025 0.43 4.96 20.03 -
Q1 2026 - 4.30 19.01 -
Q2 2026 - 4.32 14.70 -

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