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DMG Blockchain Solutions

DMGI.V
13
Financial - Capital Markets · Financial Services
Price
C$0.52
+0.02 (+4.04%)
Market Cap
C$106.6M
Exchange
Toronto Stock Exchange Ventures
Winston Score
13
Winston is worried
Weak fundamentals across most pillars.
Data as of Sep 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
Growth
Weak
Cash Flow
Weak
Stability
Good
Valuation
Data not available
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Share count rising — dilution

+46.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 136.2M (2021) → 198.9M (2025)

§Winston Score History

The full picture

DMG Blockchain Solutions is a Canadian company that mines Bitcoin using computer hardware and also builds technology tools for other blockchain and cryptocurrency businesses. Its main activities include running large-scale Bitcoin mining operations and offering services like hosting, monitoring, and management for other miners. The company is based in British Columbia and operates mining facilities powered in part by renewable energy sources.

DMG earns revenue primarily from Bitcoin mining rewards and from fees charged for its blockchain infrastructure services. It is a small-cap company trading on the TSX Venture Exchange, competing in a crowded field of publicly listed crypto miners. Its use of low-cost, clean energy is a potential differentiator, but the business remains highly sensitive to Bitcoin's price and mining difficulty, and recent financials show negative operating margins. The key risk is that prolonged weakness in cryptocurrency prices or rising energy costs could continue to pressure profitability.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-45.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-900.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

C$2M/ year

↑ Rising (+9% vs prior year)

4.9% of revenue

Below sector average (7%)

R&D investment increasing — building for the future

Insider Activity

1.6%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

C$50M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

DMG Blockchain Solutions's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
-10.4%
Thin — -10.4% gross margin
Profit after running costs
Operating Margin
-44.9%
Losing money on operations — -44.9%
Return on the money invested
ROCE
-7.1%
Weak — -7.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
-13.2%
Shrinking sales (-13.2% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
—
Data not available
Spare cash per sale
FCF Margin
-16.3%
Burning cash (-16.3%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
0.26
Conservative — low debt load (0.26)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
—
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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