DNXcorp: Revenue Up 6.9% in First Half, Net Income Stable But Dampened by Bitcoin
DNXcorp (formerly DreamNex) published on September 24, 2026 its financial statements for the first half ended June 30, 2026. The Luxembourg publisher of adult entertainment sites shows an increase in revenue and operating profitability before crypto-assets.
However, a new impairment of its Bitcoin reserve, following the decline in the cryptocurrency's price during the half-year, brings the published operating result back to a stable level year-over-year.
Revenue Up 6.9% and Operating Profitability at 35%
First half 2026 revenue stands at €12.7 million, up 6.9% compared to the first half of 2025. According to the group, this growth is mainly attributable to price increases implemented on its offerings.
Operating income before impairment loss on crypto-assets reaches €4.5 million, up 35.9% year-over-year. Operating profitability before crypto-assets stands at 35.0% of revenue, compared to 27.5% one year earlier.
This improvement results from revenue growth combined with marketing expense optimization, with purchases and external charges declining 4.8% over the period.
Bitcoin Impairment of €1.2 Million: Operating Result Stable
In accordance with IAS 38 standard, the group's Bitcoin reserve was subject to an impairment test as of June 30, 2026. The decline in Bitcoin's price during the half-year led to the recognition of an additional loss in value of €1,195 thousand, presented on a separate line in the income statement.
After accounting for this loss in value, published operating income stands at €3.3 million, virtually stable compared to the first half of 2025 (−0.6%), for an operating margin of 25.6%. Income before tax amounts to €3.2 million, up 0.9% year-over-year.
Group net income stands at €2.5 million, down 1.8%. Net profitability stands at 19.9% of revenue, compared to 21.7% one year earlier, the gap explained, according to the group, by the loss in value on the Bitcoin reserve and by the increase in the tax charge (€706 thousand compared to €631 thousand).
Cash Position Up to €7.0 Million and Dividend Advance of €1.70
Cash net of current financial liabilities stands at €7.0 million as of June 30, 2026, compared to €4.8 million as of December 31, 2025, driven by cash flows generated by operations during the half-year (€3.9 million). The group remains free of any bank borrowings.
Beyond available cash, DNXcorp holds a reserve of 53 Bitcoins, acquired at an average price of approximately €88,600 per Bitcoin, whose net book value amounts to €2.7 million as of June 30, 2026 and market value of €3.9 million at the date of the press release, as well as a €4.5 million loan at a rate of 4.25% granted to PM Equity, its majority shareholder.
The dividend of €2.50 per share for fiscal year 2025 was paid in July 2026 for a total amount of €5.0 million, after the half-year close. The Board of Directors decided to pay a dividend advance of €1.70 per share for fiscal year 2026, with payment scheduled for October 15, 2026.
