Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data XCHG 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
FY2022
FY2024
FY2024
FY2025
Revenue
29.4
38.5
42.2
25.1
Cost of revenue
18.7
20.9
21
13.5
Gross profit
10.7
17.6
21.2
11.6
Research and development
2.82
4.06
12.2
7.07
Selling and marketing
3.52
6.43
10.3
10.7
General and administrative
2.75
14
10.8
26.6
Operating expenses
9.08
24.5
33.3
44.3
Operating income
1.65
-6.52
-12
-32.6
Interest expense
0.07
0.19
0.21
0.21
Pre-tax income
1.6
-8.08
-11.9
-32.5
Income tax
-0.01
Net income
1.61
-8.08
-11.9
-32.5
EBITDA
1.79
-6.31
-11.8
-32.3
EPS, basic
-0.01
EPS, diluted
-0.01
Shares, basic (weighted)
656
713
1,287
2,797
Shares, diluted (weighted)
656
713
1,287
2,797
Balance sheet
FY2022
FY2024
FY2024
FY2025
Cash and equivalents
15.7
26.8
11.4
Receivables
12.5
11.2
7.01
Inventory
6.66
7.68
9.43
Other current assets
3.23
6.5
4.25
Total current assets
39.7
54.4
37.1
Property, plant and equipment
0.58
0.97
1.97
Lease right-of-use assets
0.51
1.65
1.77
Intangible assets
0.03
Long-term investments
0.11
0.1
0.11
Other non-current assets
1.71
Total assets
41
57.1
42.7
Accounts payable
5.75
7.67
6.73
Deferred revenue
1.33
3.23
4.07
Short-term debt
5.56
8.81
6.4
Total current liabilities
30.7
26.2
23.5
Lease liabilities
0.17
1.27
1.18
Other non-current liabilities
0.08
0.17
0.09
Total liabilities
31
27.6
24.8
Paid-in capital
6.56
79.9
101
Retained earnings
-40.4
-52.4
-84.9
Other comprehensive income
1.82
1.98
1.89
Shareholders' equity
-28
-30
29.5
17.9
Total equity
-28
-30
29.5
17.9
Total liabilities and equity
41
57.1
42.7
Shares outstanding
806
0
Cash flow statement
FY2022
FY2024
FY2024
FY2025
Net income
1.61
-8.08
-11.9
-32.5
Depreciation and amortization
0.14
0.2
0.23
0.28
Stock-based compensation
7.46
7.03
20.9
Deferred income tax
-0.01
0
0
0
Change in receivables
-3.6
-5.06
0.67
4.72
Change in inventory
-3.38
-0.66
-1.26
-1.84
Change in payables
4.09
-0.86
2.42
-2.12
Cash from operations
0.85
-5.58
-7.2
-7.53
Cash from investing
1.22
2.27
-0.53
-1.5
Stock issued
19.1
Cash from financing
2.28
10.7
19.1
-4.33
Net change in cash
3.84
7.02
11.1
-12.9
Interest paid
0.12
0.08
0.21
0.13
Income taxes paid
0.08
0.05
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $3.23 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
46.2%
Gross profit / revenue.
Operating margin
-129.9%
Operating income / revenue.
EBITDA margin
-128.8%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-129.5%
Pre-tax income / revenue.
Net margin
-129.5%
Net income / revenue.
Operating cash flow margin
-30.0%
Cash from operations / revenue.
Return on equity (ROE)
-137.2%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-65.1%
Net income / average total assets.
Return on invested capital (ROIC)
-559.2%
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
28.2%
Research and development expense / revenue.
Stock-based pay / revenue
83.4%
Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue
1.1%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-40.5%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-5.2%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y
-45.4%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
2.7%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y
-39.5%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
-25.3%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
117.3%
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
62.1%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.58x
Current assets / current liabilities.
Quick ratio
0.78x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.48x
(Cash + short-term investments) / current liabilities.
Market cap + total debt - cash - short-term investments.
P/S
11.4x
Market cap / revenue.
P/B
16.0x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
16.0x
Market cap / tangible book value, when positive.
EV/Sales
10.9x
Enterprise value / revenue.
Earnings yield
-11.4%
Net income / market cap (the inverse of P/E).
What was XCHG Ltd's revenue in fiscal 2025?
XCHG Ltd reported revenue of $25.1M for fiscal 2025, 40.5% lower than the year before.
Was XCHG Ltd profitable in fiscal 2025?
No. It reported a net loss of $32.5M.
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.