Income statement, balance sheet and cash flow statement for the last 3 fiscal years, taken from the XBRL data DDC Enterprise Ltd files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2023
FY2024
FY2025
Revenue
28.9
37.4
39.2
Cost of revenue
21.7
26.8
26.9
Gross profit
7.25
10.6
12.3
Selling and marketing
2.46
2.87
1.1
General and administrative
11.6
13.6
11.4
Operating expenses
27.8
29.5
47.6
Operating income
-20.6
-18.8
-35.3
Interest expense
1.72
2.29
2.92
Interest income
0.36
0.45
1.15
Pre-tax income
-22.1
-20.5
-46.2
Income tax
0.7
0.98
2.1
Net income to minority interests
0.61
1.81
2.67
Net income
-22.8
-21.5
-48.3
EBITDA
-19.7
-18.2
-35
Balance sheet
FY2023
FY2024
FY2025
Cash and equivalents
11.1
8.35
3.02
Short-term investments
14.7
17.8
18.6
Receivables
4.16
4.54
5.94
Inventory
1.41
0.65
1.18
Other current assets
13.7
20.3
54.9
Total current assets
45.1
51.7
83.7
Property, plant and equipment
0.08
0.08
0.04
Lease right-of-use assets
0.87
0.71
1.23
Goodwill
5.69
3.65
0.71
Intangible assets
1.33
1.49
0.23
Long-term investments
1.99
1.16
Other non-current assets
6.08
7.72
9.27
Total assets
61.2
66.5
200
Accounts payable
2.93
3.33
3.65
Deferred revenue
1.94
1.7
2
Short-term debt
0.28
0.11
0.08
Total current liabilities
39.6
50.8
95.5
Lease liabilities
0.57
0.49
0.92
Other non-current liabilities
1.47
1.43
1.49
Total liabilities
52.6
55.2
121
Total debt
0.28
0.11
0.08
Paid-in capital
256
272
357
Retained earnings
-232
-249
-310
Other comprehensive income
-19.1
-18.1
-18
Shareholders' equity
5.5
6.5
71.2
Minority interests
3.05
4.77
7.66
Total equity
8.54
11.3
78.9
Total liabilities and equity
61.2
66.5
200
Cash flow statement
FY2023
FY2024
FY2025
Net income
-22.8
-21.5
-48.3
Depreciation and amortization
0.86
0.64
0.26
Stock-based compensation
11.8
2.62
31.2
Deferred income tax
-0.18
-0.71
-0.36
Change in receivables
-0.63
-0.62
-1.42
Change in inventory
-0.13
0.57
-0.53
Change in payables
0.07
-1.28
0.17
Cash from operations
-12.6
-15.5
-39.7
Capital expenditures
-0.03
-0.05
-0
Acquisitions
1.12
0.2
Purchases of investments
-2.49
Cash from investing
-19
-1.49
-62.5
Cash from financing
30.4
14.3
96.8
Exchange rate effect
-1
-0.15
0.12
Net change in cash
-2.2
-2.82
-5.33
Free cash flow
-12.6
-15.5
-39.7
Interest paid
1.99
1.31
0.34
Income taxes paid
-0.03
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $0.20 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
31.4%
Gross profit / revenue.
Operating margin
-90.0%
Operating income / revenue.
EBITDA margin
-89.4%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-118.0%
Pre-tax income / revenue.
Net margin
-123.3%
Net income / revenue.
FCF margin
-101.3%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-101.3%
Cash from operations / revenue.
Return on equity (ROE)
-124.4%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-36.3%
Net income / average total assets.
Return on invested capital (ROIC)
-83.8%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue
79.7%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.0%
Capital expenditures / revenue.
D&A / revenue
0.7%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
4.6%
Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y
15.8%
Gross profit vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
996.2%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
200.2%
Total assets vs the same period a year earlier. Only from a positive base.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.88x
Current assets / current liabilities.
Quick ratio
0.29x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.23x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.00x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
0.0%
Total debt / total assets.
Liabilities / assets
60.5%
Total liabilities / total assets.
Net debt
-$21.6M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Valuation
Metric
Value
How it is calculated
Market cap
$9.1M
Share price x shares outstanding.
Enterprise value
-$12.5M
Market cap + total debt - cash - short-term investments.
P/S
0.23x
Market cap / revenue.
P/B
0.13x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.13x
Market cap / tangible book value, when positive.
FCF yield
-435.6%
Free cash flow / market cap.
Earnings yield
-530.4%
Net income / market cap (the inverse of P/E).
What was DDC Enterprise Ltd's revenue in fiscal 2025?
DDC Enterprise Ltd reported revenue of $39.2M for fiscal 2025, 4.6% higher than the year before.
Was DDC Enterprise Ltd profitable in fiscal 2025?
No. It reported a net loss of $48.3M.
How much free cash flow did DDC Enterprise Ltd generate in fiscal 2025?
Cash from operations of $39.7M minus capital expenditures of $4.6K left free cash flow of -$39.7M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.