Stocks HTT Financial statements
Financial statementsHigh Templar Tech Ltd financial statements
Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data High Templar Tech 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
| FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 734 | 1,119 | 1,270 | 565 | 260 | 83.7 | 17.8 | 29.7 | 5.86 |
| Cost of revenue | 135 | 398 | 130 | 132 | 46.9 | 55.5 | 22.6 | 27.5 | 5.44 |
| Gross profit | 599 | 721 | 1,140 | 433 | 213 | 28.2 | -4.76 | 2.11 | 0.42 |
| Research and development | 23.6 | 29 | 29.4 | 26.2 | 22.2 | 8.45 | 6.73 | 8.01 | 6.54 |
| Selling and marketing | 66.4 | 78.6 | 40.3 | 44.9 | 20 | 39.4 | 0.53 | 0.8 | 1.15 |
| General and administrative | 28.2 | 37.2 | 41.1 | 43.8 | 69.6 | 41.7 | 38.5 | 37.9 | 41.7 |
| Operating expenses | 333 | 603 | 353 | 80.8 | 81.4 | 50.1 | 44.4 | 57.4 | |
| Operating income | 372 | 391 | 553 | 133 | 145 | -47.8 | -46.6 | -42.2 | -57 |
| Interest income | 3.28 | 5.2 | 6.34 | 4.2 | 4.34 | 7.94 | 15.6 | 19.9 | 15.9 |
| Other non-operating income | -0.19 | -5.86 | 6 | 54.4 | |||||
| Pre-tax income | 372 | 385 | 559 | 187 | 133 | -39.1 | 14.3 | 21.6 | 106 |
| Income tax | 39.3 | 22.9 | 90 | 40.2 | 40.9 | 13.4 | 8.78 | 9.02 | 4.39 |
| Net income to minority interests | -0.49 | -0.01 | |||||||
| Net income | 333 | 362 | 469 | 147 | 92.4 | -52.5 | 5.51 | 12.6 | 101 |
| EBITDA | 373 | 393 | 556 | 134 | 148 | -46.6 | -44.7 | -39.1 | -49.7 |
Balance sheet
| FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 1,050 | 364 | 411 | 236 | 324 | 505 | 1,015 | 584 | 791 |
| Short-term investments | 46.1 | 773 | 930 | 780 | 90.5 | 153 | 126 | ||
| Receivables | 27.3 | 17 | 32.1 | 0 | 3.64 | 4.7 | 0.77 | ||
| Inventory | 18.6 | 1.28 | 14.1 | 2.39 | 16.9 | 1.46 | 8 | ||
| Other current assets | 74.1 | 264 | 235 | 117 | 251 | 305 | 94.4 | 265 | 208 |
| Total current assets | 2,949 | 2,107 | 2,445 | 1,792 | 1,917 | 1,603 | 1,431 | 1,389 | 1,629 |
| Property, plant and equipment | 0.71 | 3.81 | 13.3 | 46.4 | 103 | 112 | 184 | 217 | 240 |
| Lease right-of-use assets | 21.4 | 32.3 | 47.2 | 15 | 23.2 | 21.6 | 13.2 | ||
| Intangible assets | 0.91 | 1.06 | 0.98 | 1.3 | 1.73 | 1.41 | 0.44 | 0.3 | 0.23 |
| Long-term investments | 9.8 | 31 | 30 | 11 | 10 | ||||
| Other non-current assets | 0.99 | 2.49 | 2.54 | 64.3 | 69.5 | 65.4 | 70.3 | 48.4 | 35.6 |
| Total assets | 2,979 | 2,364 | 2,637 | 2,053 | 2,211 | 1,848 | 1,758 | 1,708 | 1,947 |
| Short-term debt | 1,226 | 561 | 151 | 98.6 | 225 | ||||
| Total current liabilities | 1,434 | 730 | 560 | 72.4 | 77.4 | 84.8 | 106 | 154 | 283 |
| Long-term debt | 78.4 | 60.1 | |||||||
| Lease liabilities | 3.12 | 12.3 | 26.5 | 0.06 | 5.6 | 6.67 | 0.09 | ||
| Other non-current liabilities | 1.57 | ||||||||
| Total liabilities | 1,512 | 790 | 925 | 228 | 246 | 102 | 112 | 161 | 283 |
| Total debt | 78.4 | 60.1 | |||||||
| Paid-in capital | 1,164 | 896 | 570 | 614 | 630 | 585 | 568 | 552 | 575 |
| Retained earnings | 379 | 737 | 1,197 | 1,274 | 1,397 | 1,238 | 1,208 | 1,188 | 1,341 |
| Treasury stock | -64.7 | -52.7 | -52 | -56.9 | -54.3 | -70.6 | -127 | -194 | -245 |
| Other comprehensive income | -12 | -6.52 | -1.86 | -7.88 | -9.26 | -6.66 | -3.4 | 1.88 | -7.89 |
| Shareholders' equity | 1,466 | 1,574 | 1,713 | 1,824 | 1,964 | 1,746 | 1,646 | 1,547 | 1,663 |
| Minority interests | 1.53 | 1.08 | |||||||
| Total equity | 1,466 | 1,574 | 1,713 | 1,825 | 1,965 | 1,746 | 1,646 | 1,547 | 1,663 |
| Total liabilities and equity | 2,979 | 2,364 | 2,637 | 2,053 | 2,211 | 1,848 | 1,758 | 1,708 | 1,947 |
Cash flow statement
| FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Net income | 333 | 362 | 469 | 147 | 91.9 | -52.5 | 5.51 | 12.6 | 101 |
| Depreciation and amortization | 0.89 | 1.75 | 3.18 | 1.6 | 3.39 | 1.15 | 1.96 | 3.08 | 7.25 |
| Stock-based compensation | 9.85 | 8.43 | 12.5 | 6.99 | 5.55 | 3.49 | 0.7 | 0.31 | 0 |
| Deferred income tax | 15 | -18.6 | 19 | 20.3 | 19.7 | 3.02 | -0.3 | ||
| Change in receivables | -3.67 | -1.16 | 4.18 | ||||||
| Cash from operations | 473 | 485 | 791 | 379 | 145 | 37.8 | 49.6 | -15.2 | 98.2 |
| Capital expenditures | -1.74 | -20.4 | -11 | -34 | -75.1 | -39.7 | -79.6 | -43.6 | -16.7 |
| Purchases of investments | -178 | -197 | -65.2 | -2,575 | -3,107 | -2,253 | |||
| Cash from investing | -108 | -406 | -134 | -501 | -38.7 | 273 | 549 | -321 | 121 |
| Debt issued | 1,342 | 385 | 323 | 15.7 | 6.73 | ||||
| Debt repaid | -1,662 | -1,167 | -776 | -159 | -21 | -102 | -20.5 | -103 | |
| Stock issued | 821 | 0 | 0 | 36.1 | 0 | 0 | 0 | ||
| Share buybacks | -64.7 | -205 | -300 | -2.38 | -21.1 | -59.2 | -73 | -43 | |
| Cash from financing | 577 | -979 | -484 | -244 | -13.2 | -121 | -79.7 | 25.6 | 79.4 |
| Exchange rate effect | -12 | ||||||||
| Net change in cash | 929 | -908 | 184 | -375 | 89.5 | 193 | 520 | -304 | 288 |
| Free cash flow | 471 | 464 | 780 | 345 | 69.6 | -1.85 | -30 | -58.8 | 81.6 |
| Interest paid | 68 | 88.7 | 52 | 4 | 1.21 | 0.25 | 4.61 | ||
| Income taxes paid | 35.5 | 30.3 | 37.9 | 97.8 | 21.6 | 8.57 | 6.11 | 19.8 | 0.83 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 7.1% | Gross profit / revenue. |
| Operating margin | -972.6% | Operating income / revenue. |
| EBITDA margin | -848.8% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Pre-tax margin | 1,805.0% | Pre-tax income / revenue. |
| Net margin | 1,730.0% | Net income / revenue. |
| FCF margin | 1,393.0% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 1,677.0% | Cash from operations / revenue. |
| Effective tax rate | 4.1% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 6.3% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 5.5% | Net income / average total assets. |
| Return on invested capital (ROIC) | -6.0% | 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%. |
| R&D / revenue | 111.6% | Research and development expense / revenue. |
| Stock-based pay / revenue | 0.0% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 284.7% | Capital expenditures / revenue. |
| D&A / revenue | 123.8% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | -80.2% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | -58.8% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | -59.9% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | -80.2% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | -75.4% | Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Gross profit CAGR, 5y | -75.1% | Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | 706.3% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 5y | -7.2% | Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 3y | 37.5% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | -23.7% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow CAGR, 5y | -25.0% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | 7.5% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | -1.6% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value CAGR, 5y | -1.8% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | 14.0% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 1.7% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | -1.1% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Current ratio | 5.75x | Current assets / current liabilities. |
| Quick ratio | 3.24x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 3.24x | (Cash + short-term investments) / current liabilities. |
| Liabilities / assets | 14.6% | Total liabilities / total assets. |
| Working capital | $1.35B | Current assets - current liabilities. |
| Goodwill and intangibles / assets | 0.0% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | $1.66B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.00x | Revenue / average total assets. |
| Fixed asset turnover | 0.03x | Revenue / average property, plant and equipment. |
| Inventory turnover | 0.68x | Cost of revenue / average inventory. |
| Days inventory | 537 days | 365 x average inventory / cost of revenue. |
| Receivables turnover | 2.15x | Revenue / average receivables. |
| Days sales outstanding | 170 days | 365 x average receivables / revenue. |
| FCF conversion | 80.5% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 17.0% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| Buybacks / FCF | 52.7% | Share buybacks / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $374.2M | Share price x shares outstanding. |
| Enterprise value | -$542.6M | Market cap + total debt - cash - short-term investments. |
| P/E | 3.69x | Market cap / net income. Only when net income is positive. |
| P/S | 63.9x | Market cap / revenue. |
| P/B | 0.22x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 0.23x | Market cap / tangible book value, when positive. |
| P/FCF | 4.59x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 3.81x | Market cap / cash from operations, when positive. |
| FCF yield | 21.8% | Free cash flow / market cap. |
| Earnings yield | 27.1% | Net income / market cap (the inverse of P/E). |
| Shareholder yield | 11.5% | (Dividends paid + share buybacks) / market cap. |
What was High Templar Tech Ltd's revenue in fiscal 2025?
High Templar Tech Ltd reported revenue of $5.9M for fiscal 2025, 80.2% lower than the year before.
Was High Templar Tech Ltd profitable in fiscal 2025?
Yes. Net income was $101.3M, a net margin of 1,729.9%.
How much free cash flow did High Templar Tech Ltd generate in fiscal 2025?
Cash from operations of $98.2M minus capital expenditures of $16.7M left free cash flow of $81.6M.