Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data The9 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
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
8.11
11.3
2.54
0.05
0.1
21.3
17.2
174
15.3
15.4
Cost of revenue
6.99
3.66
2.39
0.19
0.12
13.8
26.8
29.8
15.5
15.2
Gross profit
1.11
7.59
0.14
-0.14
-0.03
7.51
-9.53
-4.63
-0.22
0.26
Research and development
11.2
6.93
3.57
1.88
0.37
0.3
0.35
0.28
0.12
1.4
Selling and marketing
3.07
1.4
0.34
0.3
0.1
3.46
17.2
0.24
0.03
4.86
General and administrative
18.6
16.7
13
16.4
16.7
46
54.6
28.6
21.6
29.4
Operating expenses
44.2
25.1
15.4
23.4
-51.6
57.2
130
40.1
7.83
40.5
Operating income
-42.6
-17.4
-15.2
-23.5
51.6
-48.3
-95.9
-44.8
-8.05
-40.2
Interest expense
8.13
12.9
15.2
4.96
0.62
18.7
3.37
4.42
4.69
3.33
Interest income
0.02
0
0.03
0
0.07
0.06
Other non-operating income
-1.43
0.72
0.23
1.35
0.31
-7
1.45
1.17
-0.7
0.32
Pre-tax income
-81
-26.1
-34.2
-27.8
61.7
-65.1
-142
-20.3
-9.94
-58.5
Income tax
-0.88
0
0
1.1
0
0
0
0.02
Net income to minority interests
-8.44
0.61
-2.38
-1.05
-0.03
-0.93
Net income
-97.5
-26.9
-31.6
-25.5
61
-64.5
-141
2.82
-10.1
-57.5
EBITDA
-41.5
-16.6
-14.7
-40.8
-82.7
-32.5
EPS, basic
-4.08
-0.81
-0.60
-0.26
0.37
-0.13
-0.20
-0.01
-0.03
EPS, diluted
-4.08
-0.81
-0.60
-0.26
0.37
-0.13
-0.20
-0.01
-0.03
Shares, basic (weighted)
23.9
33.4
62.1
106
164
495
0.72
1,011
1,403
2,274
Shares, diluted (weighted)
23.9
33.4
62.1
106
164
495
0.72
1,011
1,403
2,274
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
5.98
20.7
0.61
1.55
4.97
67.2
8.42
6.37
1.5
8.36
Short-term investments
0.13
Receivables
1.24
0.4
0.09
0.02
0
0.58
0.02
0.01
Other current assets
0.48
0.3
0.27
1.27
1.51
82.9
39.5
10.1
3.57
Total current assets
12.7
28.1
4.8
22.2
6.49
165
57.7
31.4
33.4
49
Property, plant and equipment
3.86
3.18
2.52
0.18
0.15
27.1
20.7
13.3
2.27
6.23
Lease right-of-use assets
1.33
0.79
1
1.75
0.97
0.59
1.69
Goodwill
0
0
Intangible assets
0
1.23
2.26
Long-term investments
24.5
Other non-current assets
0.95
1
0.95
0.94
0
1.03
1.63
0.29
5.63
0.18
Total assets
50.5
49.7
24
26.1
7.42
206
86.9
51.2
87.2
84.9
Accounts payable
5.33
5.71
5.53
5.49
5.46
6.26
24.1
1.35
0.76
Accrued liabilities
1.85
1.15
0.62
1.42
0.59
1.02
1.01
0.82
0.69
0.83
Deferred revenue
2.29
0.86
0.02
0
0.08
0.23
Short-term debt
15.5
4.86
4.6
4.54
12.2
25
Total current liabilities
82.6
126
132
152
55.8
85.4
81.8
22.9
28.2
49.1
Lease liabilities
0.9
0.38
0.4
1.07
0.39
0.22
1.12
Total liabilities
116
126
132
153
56.2
85.8
82.9
25.7
28.7
50.2
Total debt
4.86
4.6
4.54
Paid-in capital
364
388
363
365
413
650
634
630
618
673
Retained earnings
-417
-464
-470
-490
-459
-534
-635
-614
-607
-691
Other comprehensive income
0.37
-2.53
-1.34
-0.54
-2.56
-1.99
-1.82
-1.65
-1.63
-1.71
Shareholders' equity
-48.9
-72.8
-104
-121
-44.1
122
6.57
29.1
46.4
27.3
Minority interests
-52.2
-50.5
-54.3
-57
-53.5
-1.78
-2.54
-3.57
-1.97
-3.01
Total equity
-101
-123
-158
-177
-102
120
3.99
25.5
44.5
24.3
Total liabilities and equity
50.5
49.7
24
26.1
7.42
206
86.9
51.2
87.2
84.9
Shares outstanding
23.9
44.5
91.3
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-96.1
-17.2
-34.8
-28.2
60.3
-65.4
-142
1.77
-10.1
-58.5
Depreciation and amortization
1.05
0.81
0.53
7.44
13.2
12.2
Stock-based compensation
4.04
5.85
0.57
3.12
8.44
23.6
29.3
9.97
6.12
16.6
Change in receivables
-0.21
0.88
0.28
0.04
0
-2.14
0.51
0.01
-0.01
-1.57
Change in payables
-0.6
0.32
0.13
Cash from operations
-26.1
-13.3
-14.7
-7.78
-16.3
-108
-22.4
-6.52
-6.06
-4.54
Purchases of investments
-0.48
Cash from investing
-1.5
24.9
-2.52
8.74
67.2
-22.1
-36.1
0.67
-7.81
0.16
Stock issued
0.31
0
4.51
Cash from financing
27.4
6.77
-2.67
5.88
-47.6
192
4.79
4.54
9.56
11.2
Exchange rate effect
-1.27
0.7
-0.22
0.18
0.04
-0.18
Net change in cash
-1.46
15.9
-20.1
0.84
3.31
62.3
-53.7
-1.81
-4.7
6.8
Interest paid
0.14
0.04
7.31
0.78
0.21
0.21
Income taxes paid
0
0
1.1
0.02
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $3.65 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
1.7%
Gross profit / revenue.
Operating margin
-260.5%
Operating income / revenue.
Pre-tax margin
-378.9%
Pre-tax income / revenue.
Net margin
-373.0%
Net income / revenue.
Operating cash flow margin
-29.4%
Cash from operations / revenue.
Return on equity (ROE)
-156.2%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-66.9%
Net income / average total assets.
Return on invested capital (ROIC)
-99.5%
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
9.1%
Research and development expense / revenue.
Stock-based pay / revenue
107.6%
Stock-based compensation (from the cash flow statement) / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
0.8%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-3.6%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
176.3%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-41.2%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
60.8%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
-2.7%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-0.8%
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
62.8%
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
62.0%
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
1,367.0%
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
69.3%
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
1.00x
Current assets / current liabilities.
Quick ratio
0.17x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.17x
(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
-$0.03
Net income per basic share, as reported (split-adjusted).
Revenue per share
$0.01
Revenue / diluted weighted shares.
Operating cash flow per share
-$0.00
Cash from operations / diluted weighted shares.
Book value per share
$0.01
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
3.61x
Market cap / revenue.
P/B
2.04x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
2.23x
Market cap / tangible book value, when positive.
EV/Sales
3.07x
Enterprise value / revenue.
Earnings yield
-103.2%
Net income / market cap (the inverse of P/E).
What was The9 LTD's revenue in fiscal 2025?
The9 LTD reported revenue of $15.4M for fiscal 2025, 0.8% higher than the year before.
Was The9 LTD profitable in fiscal 2025?
No. It reported a net loss of $57.5M.
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.