XChange TEC.INC XHG
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No price or market cap here: this company files no 10-K, so the only share count SEC publishes for it counts its ordinary shares in its home market, while its US listing is a depositary receipt standing for some number of them. That number is in no filing, so a price multiplied by that count is not this company's value and is not shown. The financial statements below are as filed.
Valuation FY2025 figures against the last close
P/S—
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS0.00
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $51.3M | $41.1M | — | $79.5M | $145.8M | $162.8M | $152.4M | — |
| Cost of revenue | $50.2M | $39.2M | — | $100.0M | $147.4M | $177.2M | $182.6M | — |
| Gross profit | $1.1M | $1.9M | — | -$20.4M | -$1.6M | -$14.5M | -$30.2M | — |
| R&D | — | $3.0K | — | $393.0K | $1.2M | $3.7M | $6.6M | — |
| SG&A | $4.6M | $2.3M | $3.5M | $8.7M | $33.7M | $15.1M | $15.1M | — |
| Total operating expenses | $102.3M | $85.8M | — | $126.0M | $222.8M | $399.0M | $235.3M | — |
| Operating income | -$101.2M | -$83.9M | -$3.5M | -$34.3M | -$62.0M | -$221.0M | -$62.7M | — |
| Interest expense | $3.9M | $3.7M | $215.0K | — | — | — | — | — |
| Pre-tax income | -$105.1M | -$87.3M | -$3.7M | $115.3M | -$88.3M | -$225.9M | -$69.7M | — |
| Income tax | $6.0K | $78.0K | — | $3.0K | $5.0K | $2.0K | $9.0K | — |
| Net income | -$105.1M | -$32.3M | -$9.8M | $115.3M | -$88.3M | -$225.9M | -$69.7M | — |
| EPS, basic | 0.00 | 0.00 | 0.00 | 0.01 | — | — | — | — |
| EPS, diluted | 0.00 | 0.00 | 0.00 | 0.01 | -0.06 | -0.17 | -0.26 | — |
| Shares, diluted (wtd. avg.) | 50.25B | 238.2M | 28.1M | 1,025.84B | 146.07B | 1.35B | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.5M | $1.2M | $49.0K | $390.0K | $2.7M | $4.7M | $35.1M | $16.6M |
| Short-term investments | $266.0K | $290.0K | — | — | — | — | — | — |
| Receivables | $3.3M | $5.2M | — | $106.0K | $57.0K | $286.0K | $180.0K | — |
| Total current assets | $5.6M | $9.6M | $11.7M | $10.0M | $27.4M | $29.9M | $83.5M | — |
| Property, plant and equipment | $1.0K | $1.0K | — | $70.0K | $6.0M | $52.7M | $165.8M | — |
| Goodwill | $3.3M | $101.1M | — | — | — | — | — | — |
| Other intangibles | $95.0K | — | — | $1.9M | $23.7M | $32.7M | $175.0K | — |
| Total assets | $9.7M | $111.6M | $11.7M | $13.4M | $58.6M | $125.3M | $251.8M | — |
| Accounts payable | $4.1M | $5.3M | $25.0K | $17.2M | $49.7M | $43.4M | $38.8M | — |
| Short-term debt | $4.6M | $4.6M | $6.1M | $15.5M | $86.7M | $112.3M | $44.6M | — |
| Total current liabilities | $133.3M | $190.8M | — | $94.0M | $364.3M | $288.9M | $237.4M | — |
| Long-term debt | — | — | — | — | $31.2M | $68.5M | $59.9M | — |
| Total liabilities | $133.4M | $190.9M | $99.9M | $94.0M | $444.3M | $419.1M | $365.2M | — |
| Retained earnings | -$646.9M | -$549.6M | -$497.5M | -$500.3M | -$679.6M | -$561.1M | -$318.4M | — |
| Total equity | -$123.6M | -$79.3M | -$88.2M | -$80.5M | -$387.1M | -$295.2M | -$314.2M | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$1.6M | -$1.4M | -$5.5M | -$5.6M | -$17.0M | $8.1M | -$12.3M | — |
| Stock-based compensation | — | $357.0K | $655.0K | $1.4M | $2.5M | $2.4M | $1.1M | — |
| Capital expenditure | — | — | — | — | — | $14.6M | $47.8M | — |
| Investing cash flow | -$69.0K | $1.4M | — | -$1.6M | -$1.0M | -$20.4M | -$49.2M | — |
| Financing cash flow | $2.6M | $1.2M | $5.2M | $4.1M | $15.8M | -$18.0M | $79.7M | — |
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 0001213900-26-004379.
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 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | $152.4M | $162.8M | $145.8M | $79.5M | — | $41.1M | $51.3M |
| Gross profit | — | -$30.2M | -$14.5M | -$1.6M | -$20.4M | — | $1.9M | $1.1M |
| Net income | — | -$69.7M | -$225.9M | -$88.3M | $115.3M | -$9.8M | -$32.3M | -$105.1M |
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