Recon Technology, Ltd RCON
"we", "us" or "our") is a provider of hardware, software, and on-site services to companies
in the petroleum mining and extraction industry in China ("PRC"). We provide services designed to automate and enhance
the extraction of petroleum. To date, we control by contract the PRC companies of Beijing BHD Petroleum Technology Co., Ltd. ("BHD")
and Nanjing Recon Technology Co., Ltd. ("Nanjing Recon"). We refer to BHD and Nanjing Recon collectively as the "Domestic
Last close
0.90
2026-10-23
Market cap
$9.6M
2025-06-30 share count
52-week range
0.88 - 376.00
Valuation FY2025 figures against the last close
P/S1.0x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-0.65
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.3M | $9.5M | $9.3M | $12.5M | $7.4M | $9.3M | $14.9M | $12.8M | $8.9M | $6.4M |
| Cost of revenue | $7.1M | $6.6M | $6.7M | $9.6M | $6.3M | $6.5M | $10.6M | $12.2M | $6.5M | $5.3M |
| Gross profit | $2.1M | $2.9M | $2.6M | $2.9M | $1.1M | $2.8M | $4.3M | $626.9K | $2.4M | $1.1M |
| R&D | $2.3M | $2.0M | $1.2M | $1.3M | $905.3K | $996.1K | $456.3K | $485.8K | $1.1M | $1.0M |
| SG&A | $6.9M | $8.8M | $10.6M | $12.4M | $7.1M | $3.7M | $6.0M | $5.2M | $4.8M | $3.0M |
| Total operating expenses | $10.1M | $12.7M | $12.2M | $15.2M | $10.7M | $5.6M | $7.9M | $6.8M | $6.9M | $7.1M |
| Operating income | -$8.0M | -$9.9M | -$9.6M | -$12.3M | -$9.5M | -$2.9M | -$3.5M | -$6.2M | -$4.5M | -$6.0M |
| Interest expense | $155.1K | $147.3K | $346.8K | $227.3K | $342.2K | $205.4K | $231.4K | $135.6K | $81.0K | $136.0K |
| Pre-tax income | -$5.9M | -$7.1M | -$8.5M | $14.0M | -$4.1M | -$2.8M | -$3.7M | -$6.9M | -$4.6M | -$6.1M |
| Income tax | $221 | $4 | $2.5K | $91.7K | $81.2K | $39.9K | $58.0K | $2.5K | $45.4K | $82.2K |
| Net income | -$5.9M | -$6.9M | -$8.2M | $14.3M | -$3.5M | -$2.7M | -$3.6M | -$6.4M | -$4.5M | -$6.2M |
| EPS, basic | -0.65 | -1.36 | -3.78 | 0.48 | — | — | — | — | — | -1.09 |
| EPS, diluted | -0.65 | -1.36 | -3.78 | 0.48 | -0.28 | -0.59 | -0.19 | -0.58 | -0.72 | -1.09 |
| Shares, diluted (wtd. avg.) | 9.1M | 5.0M | 2.2M | 1.7M | 760,116 | 4.6M | — | — | — | 5.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $13.8M | $15.5M | $14.4M | $43.8M | $51.4M | $4.7M | $658.4K | $639.5K | $575.4K | $268.2K |
| Short-term investments | $502.4K | $12.1M | $25.4M | — | — | — | — | — | — | — |
| Receivables | $5.0M | $5.3M | $3.8M | $3.4M | $4.1M | $6.8M | $10.0M | $3.7M | $5.8M | $5.7M |
| Inventory | $187.7K | $155.3K | $873.0K | $581.4K | $564.4K | $280.9K | $185.0K | $1.0M | $387.8K | $950.1K |
| Total current assets | $49.7M | $69.7M | $69.6M | $66.5M | $75.6M | $18.3M | $14.2M | $15.2M | $10.1M | $11.2M |
| Property, plant and equipment | — | — | $3.4M | $3.8M | $4.2M | $4.2M | $533.2K | $479.0K | $408.4K | $437.6K |
| Goodwill | — | — | — | $706.2K | $1.1M | — | — | — | — | — |
| Other intangibles | — | — | — | $888.4K | $1.0M | — | — | — | — | — |
| Total assets | $73.4M | $76.0M | $73.3M | $73.2M | $87.7M | $27.5M | $22.9M | $18.4M | $10.5M | $12.0M |
| Accounts payable | $2.7M | $1.4M | $1.5M | — | — | — | — | — | — | — |
| Short-term debt | — | — | — | — | — | — | — | $0 | — | $79.8K |
| Total current liabilities | $8.5M | $6.5M | $8.4M | $7.9M | $11.8M | $9.2M | $6.1M | $3.9M | $4.3M | $4.5M |
| Total liabilities | $10.0M | $8.5M | $12.8M | $11.5M | $43.2M | $10.4M | $7.3M | $5.3M | — | — |
| Retained earnings | -$36.7M | -$30.3M | -$23.5M | -$16.6M | -$32.0M | -$26.0M | -$24.0M | -$21.1M | -$14.1M | -$9.6M |
| Total equity | $65.3M | $68.5M | $61.3M | $57.6M | $39.6M | $16.6M | $15.9M | $13.5M | $5.9M | $7.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$4.7M | -$6.0M | -$7.1M | -$3.9M | -$5.3M | -$739.9K | -$4.7M | -$3.2M | $836.8K | -$43.0K |
| Depreciation and amortisation | $439.4K | $391.4K | $411.5K | $390.0K | $429.4K | $223.8K | $169.0K | — | — | — |
| Stock-based compensation | — | — | — | $1.3M | $1.3M | $1.3M | $1.4M | $126.9K | $300.9K | $856.6K |
| Capital expenditure | — | — | — | — | — | — | — | $227.1K | $94.2K | $27.3K |
| Investing cash flow | $4.7M | $410.7K | -$33.8M | -$49.1K | -$7.2M | -$298.2K | -$2.0M | -$2.4M | -$86.5K | -$18.2K |
| Financing cash flow | -$456.9K | $6.2M | $7.8M | -$1.5M | $61.0M | $4.7M | $516.5K | $11.6M | -$454.0K | -$1.5M |
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 0001104659-25-099502.
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 | $6.4M | $8.9M | $12.8M | $14.9M | $9.3M | $7.4M | $12.5M | $9.3M | $9.5M | $9.3M |
| Gross profit | $1.1M | $2.4M | $626.9K | $4.3M | $2.8M | $1.1M | $2.9M | $2.6M | $2.9M | $2.1M |
| Net income | -$6.2M | -$4.5M | -$6.4M | -$3.6M | -$2.7M | -$3.5M | $14.3M | -$8.2M | -$6.9M | -$5.9M |
Others in SIC 1389
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| LBRT | Liberty Energy Inc. | $2.54B | 17.5x | -7.2% |
| NESR | National Energy Services Reunited Corp. | $2.06B | 39.3x | 1.7% |
| HLX | HORNBECK OFFSHORE SERVICES, INC. | $1.56B | 50.5x | -4.9% |
| WBI | WaterBridge Infrastructure LLC | $1.45B | — | 66.2% |
| RES | RPC INC | $1.39B | 41.7x | 15.0% |