RHNOOTCConstruction - Special Trade ContractorsUS GAAP · USD

Rhino Bitcoin Inc.

Rhino Bitcoin Inc. is a U.S.-based operating company that, through its subsidiaries and predecessor businesses, has provided solar PV system installation, engineering consultancy, equipment procurement, transportation, and solar plant construction services. The company has operated with subsidiaries in Hong Kong, Malaysia, and Labuan, reflecting a cross-border project delivery structure.

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Revenue0.5m USD
−61.2 %y/y
Operating profit (EBIT)-0.4m USD
−3.6 %y/y
EBIT margin-93.8%
−58.7 ppy/y
Net income-0.5m USD
−4.7 %y/y
Free cash flow-0.4m USD
+41.5 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-1.0-0.50.00.51.01.5m USD2020: 0.06 m USD2020: EBIT -0.80 m USD20202021: 0.07 m USD2021: EBIT -0.34 m USD20212022: 0.02 m USD2022: EBIT -0.61 m USD20222023: 0.10 m USD20232024: 1.2 m USD2024: EBIT -0.43 m USD20242025: 0.48 m USD2025: EBIT -0.45 m USD20250.48-0.45
RevenueOperating profit (EBIT)
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Business

Share of revenue
Solar PV installation45 %

Turnkey installation services for solar photovoltaic systems and related project execution.

Engineering consultancy20 %

Technical consulting on solar power systems, design, and project engineering support.

Procurement and logistics15 %

Sourcing, equipment procurement, and transportation services tied to solar projects.

Solar plant construction15 %

Construction work for solar plants and related project delivery activities.

Green energy consultancy5 %

Advisory services on green energy solutions and related technical matters.

Customers

The company serves customers that need solar project execution and technical advisory support, including project owners, developers, and businesses implementing solar power systems. Its work is tied to long-term project contracts as well as non-contract service delivery, so customers buy either full project implementation or specialized consulting support.

Solar project developers and owners

Buy installation and construction services to build solar PV systems and plants.

Engineering and technical clients

Buy consultancy on solar power systems, design, and implementation planning.

Procurement-led project customers

Buy equipment sourcing, transportation, and logistics tied to project delivery.

Green energy advisory clients

Buy specialized advice on green energy solutions and related technical issues.

Strategy

The business model centers on delivering solar project services across engineering, procurement, installation, and construction, which requires coordinated execution across multiple project stages. Its strategic position depends on winning project work, managing delivery complexity, and maintaining technical capability in solar and green energy services.

Build a broader solar project services platformMedium term

A wider service offering can increase wallet share and make the company more useful to project clients.

Strengthen project execution capabilityShort term

Solar construction work depends on reliable delivery, cost control, and technical coordination.

Support cross-border operating structureMedium term

The company’s subsidiaries and project activity span multiple jurisdictions and currencies.

Geography

2025

The company has operated through subsidiaries in Hong Kong, Malaysia, and Labuan, with reporting in U.S. dollars and a Malaysian ringgit functional currency for the Malaysia subsidiary. Its business has been cross-border in nature, with project activity and operating entities spanning Asia while the parent is U.S.-based.

Malaysia100 %

Risks

The company is exposed to project concentration, execution risk, and customer timing risk because revenue depends on completing solar installation and construction work. It also faces going-concern and financing risk, foreign exchange translation risk, and the usual margin pressure and competitive bidding dynamics seen in project-based construction and renewable services businesses.

Sorted by severity
Going-concern and financing dependenceCritical

The company disclosed substantial doubt about its ability to continue without additional funding.

Exposure: Corporate liquidity and operating continuity

Project execution and completion riskHigh

Revenue is recognized over time for long-term contracts and on delivery for non-contract work, so delays affect timing and margins.

Exposure: Solar installation and construction contracts

Customer concentration and project timingHigh

A small number of major projects can drive revenue, so completion timing can swing results materially.

Exposure: Solar project customers

Foreign exchange translation riskMedium

Subsidiaries keep books in MYR and HKD while reporting in USD, creating translation volatility.

Exposure: Malaysia and Hong Kong subsidiaries

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Accounting

Judgemental items
ASC 606 revenue recognition

Revenue timing depends on contract terms, collectability, and stage of completion estimates.

Impact: Can shift revenue between periods and affect gross margin

Percentage-of-completion estimates

Long-term contract revenue is based on costs incurred versus estimated total costs.

Impact: Sensitive to project cost revisions and completion timing

Foreign currency translation

MYR and HKD subsidiary results are translated into USD for consolidation.

Impact: Creates translation gains/losses in reported equity and results

Going-concern assessment

Management must assess whether funding is sufficient to support operations.

Impact: Affects investor view of continuity and disclosure quality

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Last updated: 24/09/2026