Official name
Phoenix Group
ADX · PHX
Phoenix Group
- Research depth
- Detailed review in preparation
- Sector lens
- Technology
- Reporting context
- FY2025 audited; H1 2026 reviewed IAS 34
Company overview
- Exchange
- ADX
- Ticker
- PHX
- ISIN
- Not yet available in the public research layer.
- Market identifier code (MIC)
- XADS
- Stable research ID
- ADX-PHX
- Industry evidence
- Bitcoin mining, crypto data-centre hosting, mining equipment distribution, digital-asset treasury and developing AI/HPC infrastructure
- Sector
- Technology
- Instrument type
- Listed equity
- Research status
- Detailed review in preparation
- Latest financial period
- FY2025 audited; H1 2026 reviewed IAS 34
- Identity evidence checked
- 2026-08-10
- Identity checked
- Identity revalidation is due; this dated record is not proof of current listing status
- Listing lifecycle
- Primary active route confirmedA dated identity record does not prove the current listing state after its verification date.
Issuer participationProfile foundation available
Phoenix Group · What the issuer can provide
- business and research review
- current identity confirmation
Why this company is in the directory
Coverage follows a reconciled listed-security identity and dated evidence. Inclusion describes research scope only; it is not a ranking, recommendation or claim of complete financial coverage.
- Identity reconciliation
- Exchange and ticker matched the research registry
- Current public research layer
- Company profile published · detailed review in preparation
- Evidence boundary
- Identity record checked: 2026-08-10
Company evidence map
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Identity-only public coverage; no completed research review is claimed.Stale
Open the Company BriefListed-security identity
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Checked: 2026-08-10→AvailableIssuer profile
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→AvailableSource documents
3 source documents are linked to public facts.
→MissingCompany activity
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→AvailableOfficial sources
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→Public identity dossier
Verified listing identity
The fields below come from the current public company registry and any human-published issuer profile. Empty issuer-contact fields stay visibly missing until source and publication-rights review are complete.
- Official listed name
- Phoenix Group Available
- Exchange
- ADX Available
- MIC
- XADS Available
- Ticker
- PHX Available
- ISIN
- Missing Missing
- Instrument
- Listed equity Available
- Sector
- Technology Available
- Industry
- Bitcoin mining, crypto data-centre hosting, mining equipment distribution, digital-asset treasury and developing AI/HPC infrastructure Available
- Identity checked
- 2026-08-10 Available
- Official website
- Missing Missing
- Investor relations
- Missing Missing
- Registered address
- Missing Missing
- Public contacts
- Missing Missing
Company activity context
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No linked update currently passes every public gate.
Open the full chronologyPublic identity passport
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Ticker
PHX
Exchange and MIC
ADX · XADS
ISIN
Not available in the public evidence layer
Instrument type
Listed equity
Sector and industry
Technology · Bitcoin mining, crypto data-centre hosting, mining equipment distribution, digital-asset treasury and developing AI/HPC infrastructure
Listing status
Primary active route confirmed
Official website
Not available in the public evidence layer
Investor relations
Not available in the public evidence layer
Registered address
Not available in the public evidence layer
Public email
Not available in the public evidence layer
Public phone
Not available in the public evidence layer
Business description
Not available in the public evidence layer
Verified issuer profile
A verified public issuer profile has not been published yet.
Business model
Power-backed high-density compute infrastructure group. Current revenue comes primarily from Bitcoin self-mining, third-party mining-machine hosting and a reduced ASIC/digital-wallet equipment-trading activity. The group also owns and actively manages digital assets and financial investments, with some tokens pledged against exchange margin loans. It is developing AI/HPC data-centre projects, beginning with an 18MW Lyon site, but the AI pipeline was not operating or evidenced as contracted customer capacity at H1 2026. Economics depend on Bitcoin/hashprice, network difficulty, uptime, fleet efficiency and obsolescence, power cost, hosting utilisation and customer retention, treasury prices and liquidity, collateral LTV, maintenance/growth CAPEX and execution/funding of AI projects.
Phoenix Group — bitcoin machines, pledged coins and a French building site
Five ways the company earns, one that dominates
Phoenix runs high-density, power-hungry computing sites across the United States, Ethiopia, Oman, Canada, the UAE and, in development, France. It mines bitcoin for its own account, hosts and operates third-party machines for a fee, distributes ASIC hardware and wallets, and holds a treasury of BTC, SOL, stablecoins, associates and other investments. Self-mining supplied USD84.037m of FY2025 revenue, hosting USD18.055m and equipment sales USD15.652m. By H1 2026 equipment sales had collapsed to USD0.002m, leaving mining at USD33.703m and hosting at USD8.615m of a USD42.320m total, down from USD60.392m a year earlier. Second-quarter management figures show 13.0 EH/s average total hash rate, 5.65 EH/s self-mining, 354.8 bitcoin mined including 239.9 self-mined, 18.81 J/TH efficiency and about USD0.047 per kWh of power.
Token marks overwhelm the operating result
FY2025 revenue of USD117.744m carried adjusted EBITDA of just USD3.413m and, after USD39.645m of depreciation and amortisation, an operating loss of USD36.232m. The loss attributable to shareholders was USD271.654m, driven by a USD223.260m unrealised digital-asset loss against a USD37.307m realised gain. H1 2026 adjusted EBITDA turned negative at USD1.314m with an owner loss of USD91.027m, while operating cash flow was USD24.033m. The auditor attached a going-concern emphasis of matter to both periods, tied to expected cash from mining and from selling digital assets; neither the opinion nor the review conclusion was modified.
Every disclosed bitcoin is collateral
Statutory cash was USD5.404m at FY2025 and USD11.728m at H1 2026, against digital assets of USD266.854m and USD197.549m and interest-bearing loans of USD25.691m and USD33.833m. The H1 holding splits into USD137.553m of inventory, USD33.150m of BTC and USD26.846m of USDT and USDC. All 559 bitcoin and the specified SOL and BNSOL positions were pledged against margin facilities that can be liquidated once loan-to-value reaches 91%.
A four-seat board and an unresolved ownership chain
Agora SPV Ltd held 42.02% and International Tech Group 8.50% at 31 December 2025, with institutions at 82.8% and retail at 17.2%; separately, Munaf Ali was disclosed as holding 602,326,568 shares personally and through wholly owned companies. These slices are drawn on different bases and do not add up. The board has four members, three of them independent non-executives. Two customers accounted for 59.08% of FY2025 revenue and 53.77% in H1 2026. The 2025 annual general meeting approved no dividend for FY2024.
Everything the Lyon story still lacks
The first AI project, 18 MW at Lyon, was under development at 30 June 2026 with construction from Q3 2026 and delivery targeted for Q4 2027 — no contracted customers, pricing or project returns are disclosed. Also absent: all-in cash cost per bitcoin, uptime, hosting contract terms, unrestricted liquidity after collateral, and the beneficial-control chain. This page ranks nothing and recommends nothing.
How to read this company's economics
Numerical values remain in the separate source-document checkHow the operating model becomes revenue and cash
Technology businesses convert software, compute, data, integration or managed services into licence, usage, subscription, project and support revenue. Contracted value can precede delivery and cash.
Five questions before reading the headline
1. What created demand?
Separate contracted backlog, active users, usage, project milestones and renewals.
2. What was actually delivered?
Tie licences, subscriptions and projects to exact delivery and revenue rules.
3. What determines the margin?
Read product, cloud, people, partner and hardware mix before gross margin.
4. Where is cash tied up?
Trace capitalised development, receivables, deferred revenue and contract assets.
5. What must be funded next?
Match compute and development investment to utilisation, retention and monetisation.
Official-source snapshot
What the company does and where to verify it
A manually reviewed, paraphrased snapshot from issuer and official market records. Each field keeps its exact source and verification date.
No public snapshot has passed this separate review yet.
Official website, investor-relations, market-record and public contact fields remain unavailable here until their exact source, current value and reuse boundary are reviewed. Nothing is inferred from aggregators or another company.
Technology infrastructure analytical model
The metrics below define the correct analytical lens for this business model. They contain no company values: a value appears only after official-document provenance and editorial verification.
- Backlog and contracted revenue
- Signed remaining contract value with scope, duration, cancellation terms and expected recognition window.
- Recurring revenue mix
- Managed services, subscriptions, hosting or capacity revenue separated from hardware and project delivery.
- Capacity and utilisation
- Available and used compute, satellite, data-centre or specialist capacity on one dated physical basis.
- Delivery margin
- Gross or contribution margin by solution or service with vendor, energy and staff costs stated.
- CAPEX and cash conversion
- Growth and maintenance investment matched to contract assets, receivables, customer advances and operating cash.
Financial data availability
No financial fact values are currently displayed in this structured public data layer. This does not mean the issuer has not disclosed financial information.
Documents
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Sources of the dated reviewWhat changed
Full company chronologyVerified company activity
Only exact-security activity that passes the automatic source, locator, date and localization gates is shown. Exceptions remain unpublished. Each date keeps its lifecycle meaning.
No linked activity currently passes every public source-document check.
Sources
Identity evidence
- Identity evidence
- Exchange-hosted evidence
- Identity record checked
- 2026-08-10
- Evidence host
- apigateway.adx.ae
Research collections
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Research products
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