Kaixin Holdings KXIN
a Cayman Islands exempted company incorporated on November 28, 2016 as a blank check company for the purpose of entering into a
merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination,
with one or more target businesses. Our efforts to identify a prospective target business will not be limited to any particular
industry or geographic location.
Last close
1.77
2026-10-23
Market cap
$4.0M
estimated share count
52-week range
0.54 - 832.50
Valuation FY2025 figures against the last close
P/S30.7x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-24.20
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $129.0K | — | $31.5M | $82.8M | $253.8M | $1.2M | $45.8M | $431.4M | $116.6M | — |
| Cost of revenue | — | — | $31.2M | $82.2M | $248.6M | $1.2M | $45.7M | $414.0M | $113.1M | — |
| Gross profit | $129.0K | — | $342.0K | $646.0K | $5.3M | $1.0M | $186.0K | $17.4M | $3.5M | — |
| R&D | — | — | — | — | — | $757.0K | $3.4M | $4.4M | $4.0M | — |
| SG&A | $31.6M | $18.2M | $18.0M | $46.5M | $43.7M | $265.0K | $127.0K | $23.0M | $15.0M | — |
| Total operating expenses | $31.7M | $19.1M | $21.3M | $48.6M | $187.9M | $276.0K | $322.0K | $51.5M | $29.7M | — |
| Operating income | -$31.6M | -$19.1M | -$21.0M | -$47.9M | -$182.6M | -$276.0K | -$136.0K | -$34.1M | -$26.1M | — |
| Interest expense | $7.0K | $342.0K | $525.0K | $1.0M | $245.0K | $1.0K | $3.0K | $4.3M | $3.1M | — |
| Pre-tax income | -$56.6M | -$41.9M | -$53.8M | -$84.5M | -$196.7M | -$166.0K | -$110.0K | -$88.1M | -$29.4M | — |
| Income tax | $2.7M | $931.0K | $228.0K | $74.0K | $729.0K | $0 | $0 | $862.0K | $1.2M | — |
| Net income | -$53.9M | -$41.0M | -$53.6M | -$84.7M | -$196.6M | -$166.0K | -$110.0K | -$89.2M | -$28.6M | — |
| EPS, basic | -24.20 | -781.64 | -4,213.21 | -380.86 | -25.77 | -0.00 | -0.00 | — | — | — |
| EPS, diluted | -24.20 | -781.64 | -4,213.21 | -380.86 | -25.77 | -0.00 | -0.00 | -3.58 | -1.15 | — |
| Shares, diluted (wtd. avg.) | 2.2M | 52,418 | 12,713 | 222,408 | 7.6M | 74.0M | 74.0M | 25.0M | 25.0M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $859.0K | $2.4M | $2.1M | $7.1M | $5.3M | $607.0K | $4.0K | $18.0K | $64.4M | $35.0M |
| Receivables | — | — | — | — | — | — | $219.0K | $1.5M | — | — |
| Inventory | $66.0K | $29.0K | $65.0K | $31.0K | $404.0K | — | $21.0M | $58.0M | — | — |
| Total current assets | $1.0M | $3.0M | $4.2M | $42.3M | $58.9M | $1.8M | $52.0M | $115.4M | $224.5K | $75.0K |
| Property, plant and equipment | $236.0K | $310.0K | $403.0K | $49.0K | $22.0K | $1.0K | $153.0K | $813.0K | — | — |
| Goodwill | $21.2M | — | $38.2M | $0 | $143.7M | $0 | — | $75.0M | $64.2M | — |
| Other intangibles | $10.1M | $20.7M | $24.4M | $12.9M | $14.6M | $293.0K | — | — | — | — |
| Total assets | $33.0M | $24.6M | $67.6M | $55.7M | $74.2M | $6.6M | $54.4M | $191.2M | $207.0M | $75.0K |
| Accounts payable | $233.0K | $355.0K | — | — | $295.0K | $402.0K | $4.1M | $5.0M | $15.6K | — |
| Short-term debt | — | — | — | $2.0M | $6.3M | $15.3M | $16.6M | $49.9M | — | — |
| Total current liabilities | $9.0M | $9.0M | $15.1M | $19.9M | $29.4M | $430.0K | $51.0M | $167.2M | $19.9K | $84.5K |
| Total liabilities | $11.1M | $11.5M | $18.6M | $20.2M | $36.1M | $430.0K | $51.9M | $261.0M | — | — |
| Retained earnings | -$431.4M | -$377.5M | -$336.6M | -$283.0M | -$198.3M | -$1.7M | -$192.2M | -$146.1M | $327.7K | -$9.5K |
| Total equity | $21.9M | $13.2M | $49.0M | $35.5M | $38.1M | $6.2M | $4.0M | $103.0K | $1.4M | -$21.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$2.6M | -$3.0M | -$2.1M | -$2.4M | -$2.1M | -$1.1M | $160.0K | -$9.7M | -$73.7M | — |
| Depreciation and amortisation | $3.9M | $3.9M | $2.5M | $1.7M | $787.0K | $5.0K | $3.0K | $161.0K | $42.0K | — |
| Stock-based compensation | $25.4M | $10.9M | $12.0M | $39.3M | $41.6M | $3.4M | $3.8M | $11.4M | $4.5M | — |
| Capital expenditure | — | $18.0K | $396.0K | $59.0K | — | — | $68.0K | $764.0K | $21.0K | — |
| Investing cash flow | — | -$26.0K | -$3.1M | -$156.0K | $4.3M | -$290.0K | $1.2M | $99.0M | $162.4M | — |
| Financing cash flow | $1.0M | $4.5M | $1.0M | $5.4M | $2.0M | $2.1M | -$318.0K | -$138.6M | -$59.7M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-040360.
Plot the figures US dollars
Income statement
Revenue
Cost of revenue
Gross profit
R&D
SG&A
Total operating expenses
Operating income
Interest expense
Pre-tax income
Income tax
Net income
EPS, basic
EPS, diluted
Shares, diluted (wtd. avg.)
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $116.6M | $431.4M | $45.8M | $1.2M | $253.8M | $82.8M | $31.5M | — | $129.0K |
| Gross profit | — | $3.5M | $17.4M | $186.0K | $1.0M | $5.3M | $646.0K | $342.0K | — | $129.0K |
| Net income | — | -$28.6M | -$89.2M | -$110.0K | -$166.0K | -$196.6M | -$84.7M | -$53.6M | -$41.0M | -$53.9M |
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