Cryptocurrency Mining was The9’s largest segment in fiscal 2025, bringing in $56.35M of $107.90M (52%).
| Segment | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|
| Cryptocurrency Mining | $97.86M | $168.32M | $110.74M | $56.35M | ||
| Online Game Services | — | $5.72M | $975.00K | $51.55M | ||
| Corporate & Others | $7.07M | — | — | — | ||
| Corporate & Other | — | — | — | — | ||
| Corporate | — | — | — | — | ||
| Total | $104.93M | $174.05M | $111.71M | $107.90M |
The9 brought in $107.90M from its two segments in fiscal 2025, the year ended December 31, 2025. That was down 3.4% from $111.71M in fiscal 2024. Cryptocurrency Mining was the largest at $56.35M (52.2%), ahead of Online Game Services at $51.55M (47.8%).
Compared with fiscal 2024, Online Game Services grew 5,186.8% to $51.55M, while Cryptocurrency Mining fell 49.1% to $56.35M.
The9 began breaking out Online Game Services in fiscal 2023, when it brought in $5.72M. The9 stopped reporting Corporate & Others as a separate segment after fiscal 2022, when it brought in $7.07M.
Asia/Eastern Europe was The9’s largest region in fiscal 2025, bringing in $64.39M of $107.90M (60%).
| Geography | FY 2017 | FY 2018 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Asia/Eastern Europe | $38.70M | $134.30M | $102.96M | $64.39M | ||||
| North America | $65.57M | $39.31M | $8.47M | $8.07M | ||||
| Greater China | $655.00K | $428.00K | $289.00K | $35.43M | ||||
| Other Areas | — | — | — | — | ||||
| Total | $104.93M | $174.05M | $111.71M | $107.90M |
The9 brought in $107.90M from its three regions in fiscal 2025, the year ended December 31, 2025. That was down 3.4% from $111.71M in fiscal 2024. Asia/Eastern Europe was the largest at $64.39M (59.7%), ahead of Greater China at $35.43M (32.8%) and North America at $8.07M (7.5%).
Compared with fiscal 2024, Greater China grew fastest, up 12,159.9% to $35.43M, while Asia/Eastern Europe fell the most, down 37.5% to $64.39M. From fiscal 2022 to 2025, combined revenue from these regions grew from $104.93M to $107.90M, a compound annual growth rate of 0.9%. Asia/Eastern Europe's share of the total rose from 36.9% to 59.7%.
Cryptocurrency Mining Revenue was The9’s largest product and service line in fiscal 2025, bringing in $56.35M of $107.90M (52%).
| Product and Service | FY 2017 | FY 2018 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Cryptocurrency Mining Revenue | $97.86M | $168.32M | $110.74M | $56.35M | ||||
| Online Game Services | — | — | — | — | ||||
| Online Game Services & Other Revenues | $7.07M | $5.72M | $975.00K | $51.55M | ||||
| Other Revenues | — | — | — | — | ||||
| Total | $104.93M | $174.05M | $111.71M | $107.90M |
The9 brought in $107.90M from its two product and service lines in fiscal 2025, the year ended December 31, 2025. That was down 3.4% from $111.71M in fiscal 2024. Cryptocurrency Mining Revenue was the largest at $56.35M (52.2%), ahead of Online Game Services & Other Revenues at $51.55M (47.8%).
Compared with fiscal 2024, Online Game Services & Other Revenues grew 5,186.8% to $51.55M, while Cryptocurrency Mining Revenue fell 49.1% to $56.35M. From fiscal 2022 to 2025, combined revenue from these lines grew from $104.93M to $107.90M, a compound annual growth rate of 0.9%. Cryptocurrency Mining Revenue's share of the total fell from 93.3% to 52.2%.
The9 (NCTY) reports its revenue by segment, by geography and by product and service. In fiscal 2025, Cryptocurrency Mining was its largest segment, bringing in $56.35M (52.2% of the total), followed by Online Game Services at $51.55M (47.8%).
Cryptocurrency Mining was The9's largest segment in fiscal 2025, bringing in $56.35M, or 52.2% of the $107.90M total across its two segments.
Asia/Eastern Europe was The9's largest region in fiscal 2025, bringing in $64.39M, or 59.7% of the $107.90M total across its three regions.
Cryptocurrency Mining Revenue was The9's largest product and service line in fiscal 2025, bringing in $56.35M, or 52.2% of the $107.90M total across its two product and service lines.
Online Game Services grew faster than Cryptocurrency Mining in fiscal 2025, up 5,186.8% from $975.00K to $51.55M. Cryptocurrency Mining fell 49.1% to $56.35M.
Every figure comes from The9's annual financial filings, as reported. Each line keeps the name The9 gives it, and years follow its fiscal calendar.
The9's revenue by segment goes back to fiscal 2020, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.