Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data J & Friends Holdings 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
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
153
185
58
27.2
10.8
7.44
4.82
1.6
Cost of revenue
80.7
111
43.8
14.1
9.09
5.39
1.76
Gross profit
72.4
74.1
14.2
13.1
1.72
0.05
3.06
1.14
Research and development
13.8
11.4
5.75
3.56
2.31
0.02
0.31
Selling and marketing
14.5
10
6.85
6.42
3.94
2.77
2.59
General and administrative
45.5
157
22.6
13.8
7.29
0.26
0.29
1.44
Operating expenses
73.8
179
45.9
24.3
13.5
-0.3
0.29
2.48
Operating income
-1.47
-105
-31.7
-11.2
-11.8
0.35
-0.29
-1.34
Other non-operating income
1.28
-1.6
-1.94
1.15
0.06
-1.43
-0.01
0.59
Pre-tax income
1.15
-130
-37.8
-16
-28.1
-5.71
-0.32
-0.81
Income tax
0.83
0.28
7.54
1.08
0.37
-1.96
0.09
-0.07
Income from continuing operations
-5.71
-0.32
-0.49
Net income to minority interests
-0.09
-0.34
-1.11
-0.92
-0.35
0.09
Net income
0.32
-130
-45
-16
-27.6
-11.1
-2.15
-1.32
EBITDA
-0.79
-103
-29.4
-9.26
-11
0.61
-1.15
EPS, basic
-0.46
-0.15
-0.05
-0.09
-0.02
-0.00
-0.00
EPS, diluted
-0.46
-0.15
-0.05
-0.09
-0.02
-0.00
-0.00
Shares, basic (weighted)
101
282
297
300
300
495
555
582
Shares, diluted (weighted)
101
282
297
300
300
495
555
582
Balance sheet
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
65.7
15.7
59.2
31.6
36.2
5.71
3.69
0.95
Short-term investments
0.15
Receivables
6.93
10.7
7.81
5.78
2.7
0.22
0.47
0.33
Inventory
0.13
Other current assets
33.3
11.3
10.1
24.3
3.28
0.65
0
0.4
Total current assets
322
167
110
82.7
56.4
15.3
12.9
1.81
Property, plant and equipment
1.14
2.06
16.4
15
13
0.01
Lease right-of-use assets
0.25
0.1
Goodwill
3.74
5.05
3.76
Intangible assets
0.79
7.15
2.55
1.55
1.43
3.66
Long-term investments
8.44
15.6
18.6
19.2
5.08
Other non-current assets
0.08
0.01
Total assets
344
224
150
119
76.7
16
14.2
9.35
Accounts payable
5.65
8.29
1.59
3.36
3.29
0.7
0.56
0.14
Accrued liabilities
0.05
0.17
Short-term debt
32
46
19.9
0.25
0
Total current liabilities
186
155
79.9
63.5
76.3
68.9
67.6
1.44
Long-term debt
11.5
0
1.8
Lease liabilities
0.16
0.02
Other non-current liabilities
1.27
1.25
1.36
3.03
1.57
0.68
0.56
Total liabilities
191
173
143
130
113
69.6
68.3
3.27
Total debt
3.13
3.09
0
1.8
Paid-in capital
276
284
304
313
290
288
304
372
Retained earnings
-127
-267
-330
-354
-355
-355
-370
-370
Other comprehensive income
4.51
6.16
3.05
1.43
2.27
10.4
9.22
-0.36
Shareholders' equity
154
27.2
-18.2
-35.3
-58.3
-55.5
-56
1.49
Minority interests
24.3
25.6
25.1
22.5
1.85
1.91
4.59
Total equity
154
51.5
7.37
-10.2
-35.8
-53.6
-54.1
6.08
Total liabilities and equity
344
224
150
119
76.7
16
14.2
9.35
Cash flow statement
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
0.32
-130
-45.4
-17.1
-28.5
-11.4
-2.05
-1.54
Depreciation and amortization
0.68
1.77
2.33
1.94
0.81
0.27
0.19
Stock-based compensation
19.1
2.56
1.82
0.6
0.66
-0.97
0.01
Deferred income tax
-2.48
7.19
0.29
0.14
-0.35
-0.07
Change in receivables
-17.3
-7.15
2.63
1.64
2.24
-0.02
-0.4
-0.03
Change in inventory
0.01
Cash from operations
15.8
25.1
8.73
-5.05
-1.53
1.22
-2.07
0.15
Purchases of investments
-0.15
Cash from investing
36.4
-77.4
29.5
-18.7
12.6
4.98
-0.01
-5.27
Debt issued
471
98
1.55
Debt repaid
-632
-130
-45.5
Stock issued
0
0
4
Cash from financing
-7.17
32.2
-43.9
-20.8
-8.39
-36.3
0.25
1.55
Exchange rate effect
3.57
1.45
-3.3
-2.13
Net change in cash
48.6
-18.6
-8.98
-46.7
4.56
-30.7
-2.03
-3.43
Income taxes paid
2.65
4.8
0.99
0.17
0.21
0.13
0.09
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $0.95 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
71.5%
Gross profit / revenue.
Operating margin
-83.9%
Operating income / revenue.
EBITDA margin
-72.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-50.5%
Pre-tax income / revenue.
Net margin
-82.9%
Net income / revenue.
Operating cash flow margin
9.1%
Cash from operations / revenue.
Return on assets (ROA)
-11.3%
Net income / average total assets.
Stock-based pay / revenue
0.9%
Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue
11.9%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-66.8%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-47.1%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
-51.2%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
-62.6%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
-12.8%
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
-39.6%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y
-55.9%
Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-34.0%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-50.4%
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
-42.6%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
4.9%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
24.7%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
14.4%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.25x
Current assets / current liabilities.
Quick ratio
0.88x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.65x
(Cash + short-term investments) / current liabilities.
Debt / equity
1.21x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
19.3%
Total debt / total assets.
Liabilities / assets
35.0%
Total liabilities / total assets.
Net debt
$855.0K
Total debt - cash - short-term investments. Negative means more cash than debt.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
-$0.00
Net income per basic share, as reported (split-adjusted).
Revenue per share
$0.00
Revenue / diluted weighted shares.
Operating cash flow per share
$0.00
Cash from operations / diluted weighted shares.
Book value per share
$0.00
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
10.9x
Market cap / revenue.
P/B
11.7x
Market cap / shareholders' equity. Only when equity is positive.
P/OCF
119x
Market cap / cash from operations, when positive.
EV/Sales
11.4x
Enterprise value / revenue.
Earnings yield
-7.6%
Net income / market cap (the inverse of P/E).
What was J & Friends Holdings Ltd's revenue in fiscal 2025?
J & Friends Holdings Ltd reported revenue of $1.6M for fiscal 2025, 66.8% lower than the year before.
Was J & Friends Holdings Ltd profitable in fiscal 2025?
No. It reported a net loss of $1.3M.
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.