Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Kaixin Holdings 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
117
431
45.8
1.21
254
82.8
31.5
0.13
Cost of revenue
113
414
45.7
1.21
249
82.2
31.2
Gross profit
3.53
17.4
0.19
1
5.26
0.65
0.34
0.13
Research and development
3.98
4.42
3.36
0.76
Selling and marketing
10.7
24.1
0.2
0.01
0.48
2.1
3.31
0.96
0.09
General and administrative
15
23
0.13
0.27
43.7
46.5
18
18.2
31.6
Operating expenses
29.7
51.5
0.32
0.28
188
48.6
21.3
19.1
31.7
Operating income
-26.1
-34.1
-0.14
-0.28
-183
-47.9
-21
-19.1
-31.6
Interest expense
3.07
4.26
0
0
0.25
1.03
0.53
0.34
0.01
Interest income
0.9
0.58
0.07
0.01
Other non-operating income
0.39
-0.81
0.06
0.03
-14
-36.6
-32.8
-22.8
-25
Pre-tax income
-29.4
-88.1
-0.11
-0.17
-197
-84.5
-53.8
-41.9
-56.6
Income tax
1.16
0.86
0
0
-0.73
0.07
-0.23
-0.93
-2.73
Income from continuing operations
-30.5
-88.6
-46.1
-5.3
Net income to minority interests
-0.08
-0.32
-23
-0.02
0.65
0.09
0.01
-0.01
-0
Net income
-28.6
-89.2
-0.11
-0.17
-197
-84.7
-53.6
-41
-53.9
EBITDA
-26.1
-33.9
-0.13
-0.27
-182
-46.3
-18.5
-15.2
-27.7
EPS, basic
-33.49
-104.27
-40.48
-59.37
-46,369.00
-11,426.00
-4,213.00
-781.64
-24.20
EPS, diluted
-33.49
-104.27
-40.48
-59.37
-46,369.00
-11,426.00
-4,213.00
-781.64
-24.20
Shares, basic (weighted)
0.86
0.86
0
0
0
0.01
0.01
0.05
2.23
Shares, diluted (weighted)
0.86
0.86
0
0
0
0.01
0.01
0.05
2.23
Balance sheet
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
17.2
7.95
3.19
0.61
5.26
7.1
2.09
2.39
0.86
Receivables
1.48
0.22
Inventory
58
21
0.4
0.03
0.07
0.03
0.07
Other current assets
0.06
2.44
2.57
0
1.36
0.19
0.6
0.56
0.1
Total current assets
0.22
115
52
1.75
58.9
42.3
4.2
2.97
1.02
Property, plant and equipment
0.81
0.15
0
0.02
0.05
0.4
0.31
0.24
Lease right-of-use assets
2.25
0.07
0.56
0.43
0.39
0.26
0.11
Goodwill
64.2
75
0
0
38.2
21.2
Intangible assets
0.29
14.6
12.9
24.4
20.7
10.1
Long-term investments
0.39
0.35
Other non-current assets
4.55
Total assets
207
191
54.4
6.59
74.2
55.7
67.6
24.6
33
Accounts payable
0.02
4.98
4.12
0.4
0.3
0.36
0.23
Accrued liabilities
1.14
3.04
2.8
2.7
2.22
0.59
0.49
0.39
Deferred revenue
4.08
1.68
0.41
0.55
0.08
0.01
Short-term debt
49.9
16.6
15.3
6.28
2
Total current liabilities
0.02
167
51
0.43
29.4
19.9
15.1
9.05
8.96
Lease liabilities
0.81
0.03
0.43
0.31
0.24
0.09
Total liabilities
206
261
51.9
0.43
36.1
20.2
18.6
11.5
11.1
Paid-in capital
4.67
38.6
186
7.63
227
313
399
406
438
Retained earnings
0.33
-146
-192
-1.72
-198
-283
-337
-378
-431
Other comprehensive income
1.38
-2.84
0.24
0.64
1.47
0.89
1.96
1.97
Shareholders' equity
5
-102
-4.57
6.16
29.7
31.3
45.6
13.2
21.9
Minority interests
32.4
7.1
7.56
8.42
4.19
3.43
0
Total equity
1.43
0.1
4.02
6.16
38.1
35.5
49
13.2
21.9
Total liabilities and equity
207
191
54.4
6.59
74.2
55.7
67.6
24.6
33
Shares outstanding
0.21
0.86
0
0
0.09
0.51
49.8
Cash flow statement
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-28.7
-89.5
-0.11
-0.17
-196
-84.6
-53.6
-41
-53.9
Depreciation and amortization
0.04
0.16
0
0.01
0.79
1.68
2.48
3.94
3.89
Stock-based compensation
4.5
11.4
3.81
3.36
41.6
39.3
12
10.9
25.4
Deferred income tax
-0.23
-0.93
-2.73
Change in receivables
-1.11
-0.23
1.04
-0.19
Change in inventory
-67.2
30.2
0.04
2
-0.4
0.37
-0.04
0.04
-0.04
Change in payables
0.02
0.77
Cash from operations
-73.7
-9.75
0.16
-1.14
-2.1
-2.39
-2.11
-3.02
-2.58
Capital expenditures
-0.02
-0.76
-0.07
-0.06
-0.4
-0.02
Acquisitions
-12.1
-9.95
Purchases of investments
-180
-626
Cash from investing
162
99
1.22
-0.29
4.27
-0.16
-3.13
-0.03
Debt issued
92.5
71.6
18.2
1.02
Debt repaid
-14.1
-108
-51.2
-3.24
Stock issued
0.03
Cash from financing
-59.7
-139
-0.32
2.13
2
5.41
1.02
4.51
1.04
Net change in cash
29
-49.4
-0.01
0.6
4.66
1.84
-5.02
0.3
-1.53
Free cash flow
-73.7
-10.5
0.09
-2.45
-2.5
-3.04
Interest paid
7.74
7.45
1.71
0.84
0.02
0.36
Income taxes paid
0.18
0
0.25
0.01
0.03
0.03
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $1.42 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
100.0%
Gross profit / revenue.
Operating margin
-24,490.0%
Operating income / revenue.
EBITDA margin
-21,474.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-43,908.0%
Pre-tax income / revenue.
Net margin
-41,788.0%
Net income / revenue.
Operating cash flow margin
-2,002.0%
Cash from operations / revenue.
Return on equity (ROE)
-307.2%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-187.0%
Net income / average total assets.
Return on invested capital (ROIC)
-156.7%
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
19,694.0%
Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue
3,016.0%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue CAGR, 3y
-88.4%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
-36.1%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit CAGR, 3y
-41.5%
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
-33.6%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
66.5%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-11.2%
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
28.9%
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
34.0%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-16.0%
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
38.0%
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
4,150.0%
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
569.8%
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
281.9%
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
0.11x
Current assets / current liabilities.
Quick ratio
0.10x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.10x
(Cash + short-term investments) / current liabilities.
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
-$24.20
Net income per basic share, as reported (split-adjusted).
Revenue per share
$0.06
Revenue / diluted weighted shares.
Operating cash flow per share
-$1.16
Cash from operations / diluted weighted shares.
Book value per share
$9.84
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
221x
Market cap / revenue.
P/B
1.30x
Market cap / shareholders' equity. Only when equity is positive.
EV/Sales
214x
Enterprise value / revenue.
Earnings yield
-189.5%
Net income / market cap (the inverse of P/E).
What was Kaixin Holdings's revenue in fiscal 2025?
Kaixin Holdings reported revenue of $129.0K for fiscal 2025.
Was Kaixin Holdings profitable in fiscal 2025?
No. It reported a net loss of $53.9M.
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.