Aurora Mobile Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Aurora Mobile 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	104	130	72.3	56.1	47.7	40.9	43.3	53.6
Cost of revenue	75.2	93.3	40.7	14.5	14.9	12.8	14.7	17.6
Gross profit	28.7	36.9	31.6	41.6	32.7	28.1	28.6	36
Research and development	19.5	25.3	26.8	32.4	22.4	17.2	13	15
Selling and marketing	12.2	17	15.7	18.3	14.3	11.6	11.6	14.4
General and administrative	10.4	15.7	18.3	12.5	15.3	6.43	6.23	6.89
Operating expenses	42.2	58	60.7	63.2	51.9	35.2	30.8	36.3
Operating income	-13.5	-21.1	-29.1	-21.7	-19.2	-7.17	-1.36	0.1
Interest expense	1.03	1.6	1.8	1.38	0.46	0.11	0.02	0.01
Interest income	0.53	0.91	0.94	1.04	0.34	0.17	0.4	0.19
Pre-tax income	-9.62	-15.8	-34.5	-22.1	-15.8	-9.09	-0.91	0.38
Income tax	0	0.02	0.01	0.01	-0.07	-0.27	0.02	0.01
Net income to minority interests					-0.22	-0.08	0.04	0.31
Net income	-9.63	-15.8	-34.5	-22.1	-15.5	-8.75	-0.97	0.06
EBITDA	-10.9	-16.8	-23.3	-17.4	-15.7	-6.42	-1.18	0.23

Balance sheet

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	82.8	66.1	55.9	13.1	16.4	16.1	16.3	24
Short-term investments			12.3	4.71	0			0.73
Receivables	20.6	19.5	6.88	6.88	4.31	4.84	6.96	6.18
Other current assets	11.7	12.4	7.51	7.32	4.41	2.85	1.95	2.19
Total current assets	117	93.9	81.3	59.8	25.6	23.9	25.3	33.2
Property, plant and equipment	13.5	15.3	11.3	9.76	2.17	0.2	0.63	0.4
Lease right-of-use assets					4.89	0.58	2.35	2.13
Goodwill					5.48	5.32	5.18	5.4
Intangible assets	0.22	1.27	1.46	0.85	3.47	2.53	1.89	1.43
Long-term investments	11.6	24.2	25.8	22.3	20.6	15.9	15.6	16.1
Other non-current assets	2.07	0.38	0.86	0.77	0.6	0.76	0.89	0.88
Total assets	144	135	121	93.5	62.8	49.3	51.8	59.5
Accounts payable	2.74	2.87	2.54	2.87	2.63	2.97	4.48	5.64
Accrued liabilities	7.51	7.97	9.12	8.31	6.03	4.61	5.05	6.65
Deferred revenue	4.81	5.69	10.9	12.6	12.8	11.7	11.9	17.4
Short-term debt				23.5	0.73		0.41
Total current liabilities	23.8	27.9	70.5	58.6	37	34	35.8	43.3
Lease liabilities					1.01	0.09	1.83	1.64
Other non-current liabilities	0.02	0.01		0.41	0.59	0.08	0.08	0.06
Total liabilities	56.8	62.1	71.4	59.6	39.9	34.7	38.2	45.3
Total debt	35	35	35
Paid-in capital	137	137	152	160	150	147	143	150
Retained earnings	-50.6	-65.1	-104	-129	-134	-139	-136	-142
Treasury stock	-0.46	-0.29			-0.25	-0.35	-0.23	-0.92
Other comprehensive income	1.22	0.91	1.66	1.95	2.65	2.71	2.75	2.64
Shareholders' equity	87.5	72.9	49.2	33.8	18.5	10.4	9.31	9.41
Minority interests						4.25	4.31	4.81
Total equity	87.5	72.9	49.2	33.8	18.5	14.6	13.6	14.2
Total liabilities and equity	144	135	121	93.5	62.8	49.3	51.8	59.5
Shares outstanding	0

Cash flow statement

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-9.63	-15.8	-34.5	-22.1	-15.7	-8.83	-6.77	0.37
Depreciation and amortization	2.63	4.32	5.78	4.29	3.53	0.75	0.18	0.13
Stock-based compensation	3.57	6.79	4.42	4.74	2.25	1.63	0.58	0.53
Deferred income tax	-0			0	-0.07	-0.27	0	-0.15
Change in receivables	-14.3	-3.66
Change in payables	1.52	0.18	-0.52	0.27	-0.15	0.41	1.59	0.96
Cash from operations	-14.2	-3.7	11.6	-12	-2.53	-2.52	1.17	9.28
Capital expenditures	-8.43	-5.67	-3.02	-2.56	-0.09	-0.04	-0.62	-0.04
Acquisitions					0.01		-0.06	-0.31
Purchases of investments			-1.23	-0.31	-5.94	-4.23	-27	-26.5
Cash from investing	-20.2	-12.8	-22.1	4.15	3.89	3.54	-0.74	-1.07
Stock issued		0.53	0.05			0.01	0.11	0.22
Share buybacks	-0.46	-5.4			-0.25	-0.52	-0.36	-1.09
Cash from financing	89.4	-4.87	0.05	-8.56	-21.5	-1.22	0.17	-1.15
Net change in cash	53.6	-20.8	-11.5	-16	-20.1	-0.18	0.62	6.98
Free cash flow	-22.7	-9.37	8.6	-14.6	-2.63	-2.57	0.55	9.24
Interest paid				0.71	0.35	0.03	0.02	0.01
Income taxes paid			0.03	0.03	0.04	0	0.02	0.04

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $6.79 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	67.2%	Gross profit / revenue.
Operating margin	0.2%	Operating income / revenue.
EBITDA margin	0.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	0.7%	Pre-tax income / revenue.
Net margin	0.1%	Net income / revenue.
FCF margin	17.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	17.3%	Cash from operations / revenue.
Effective tax rate	2.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	0.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.1%	Net income / average total assets.
R&D / revenue	27.9%	Research and development expense / revenue.
Stock-based pay / revenue	1.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.1%	Capital expenditures / revenue.
D&A / revenue	0.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	23.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-5.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	25.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	3.2%	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	2.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	693.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	-4.4%	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 growth, 1y	1,572.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	1.5%	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	1.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-20.2%	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	-28.2%	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	14.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.8%	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	-13.2%	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	0.77x	Current assets / current liabilities.
Quick ratio	0.71x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.57x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	76.1%	Total liabilities / total assets.
Interest coverage	9.18x	Operating income / interest expense.
Working capital	-$10.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	11.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.96x	Revenue / average total assets.
Fixed asset turnover	104x	Revenue / average property, plant and equipment.
Receivables turnover	8.16x	Revenue / average receivables.
Days sales outstanding	45 days	365 x average receivables / revenue.
Days payables	105 days	365 x average accounts payable / cost of revenue.
FCF conversion	15,154.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	0.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Buybacks / FCF	11.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$40.5M	Share price x shares outstanding.
Enterprise value	$15.7M	Market cap + total debt - cash - short-term investments.
P/E	664x	Market cap / net income. Only when net income is positive.
P/S	0.76x	Market cap / revenue.
P/B	4.30x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	15.7x	Market cap / tangible book value, when positive.
P/FCF	4.38x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	4.36x	Market cap / cash from operations, when positive.
EV/Sales	0.29x	Enterprise value / revenue.
EV/EBIT	156x	Enterprise value / operating income, when both are positive.
EV/EBITDA	67.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	1.70x	Enterprise value / free cash flow, when both are positive.
FCF yield	22.8%	Free cash flow / market cap.
Earnings yield	0.2%	Net income / market cap (the inverse of P/E).
Shareholder yield	2.7%	(Dividends paid + share buybacks) / market cap.

What was Aurora Mobile Ltd's revenue in fiscal 2025?

Aurora Mobile Ltd reported revenue of $53.6M for fiscal 2025, 23.7% higher than the year before.

Was Aurora Mobile Ltd profitable in fiscal 2025?

Yes. Net income was $61.0K, a net margin of 0.1%.

How much free cash flow did Aurora Mobile Ltd generate in fiscal 2025?

Cash from operations of $9.3M minus capital expenditures of $36.0K left free cash flow of $9.2M.

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.

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