Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data XChange TEC.INC 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
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
173
178
161
91.7
41.1
51.3
Cost of revenue
183
177
147
100
39.2
50.2
Gross profit
-9.96
0.67
13.4
-8.25
1.92
1.12
Research and development
6.58
3.67
1.21
0.39
0
Selling and marketing
18.9
9.35
2.04
0
0
1.6
1.39
General and administrative
15.1
15.1
33.7
8.74
3.52
2.29
4.56
Operating expenses
85.8
102
Operating income
-62.7
-221
-62
-34.3
-3.53
-83.9
-101
Interest expense
0.22
3.72
3.87
Other non-operating income
0
-3.39
-3.94
Pre-tax income
-69.7
-226
-88.3
115
-3.74
-87.3
-105
Income tax
0.01
0
0.01
0
0.08
0.01
Income from continuing operations
-3.74
Net income to minority interests
-0.01
-0.01
-0
-0.01
Net income
-69.7
-226
-88.3
115
-9.77
-32.3
-105
EBITDA
-32.6
-182
-49.7
-30.4
-83.9
EPS, basic
-0.26
-0.17
-0.06
0.01
0.00
0.00
0.00
EPS, diluted
-0.26
-0.17
-0.06
0.01
0.00
0.00
0.00
Shares, basic (weighted)
430
1,351
146,069
1,025,842
28.1
238
50,254
Shares, diluted (weighted)
430
1,351
146,069
1,025,842
28.1
238
50,254
Balance sheet
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
22.4
3.37
2.53
0.39
0.05
1.15
1.53
Short-term investments
0.29
0.27
Receivables
0.18
0.29
0.06
0.11
5.17
3.3
Other current assets
20.5
15
22.2
8.3
0.18
1.07
0.15
Total current assets
83.5
29.9
27.4
10
11.7
9.64
5.6
Property, plant and equipment
166
52.7
6.04
0.07
0
0
Lease right-of-use assets
0.14
0.08
Goodwill
101
3.27
Intangible assets
0.18
32.7
23.7
1.89
0.1
Other non-current assets
0.83
8.42
1.48
1.46
Total assets
252
125
58.6
13.4
11.7
112
9.75
Accounts payable
38.8
43.4
49.7
17.2
0.03
5.27
4.14
Deferred revenue
11
22.5
30.4
18.3
Short-term debt
44.6
112
86.7
15.5
6.09
4.57
4.57
Total current liabilities
237
289
364
94
191
133
Long-term debt
59.9
68.5
31.2
Lease liabilities
0.08
0.05
Total liabilities
365
419
444
94
99.9
191
133
Total debt
59.9
68.5
31.2
Paid-in capital
307
286
415
406
447
487
Retained earnings
-318
-561
-680
-500
-498
-550
-647
Treasury stock
-43.9
-0
Other comprehensive income
-0.83
2.7
6.02
4.14
3.47
15.1
11.2
Shareholders' equity
-314
-295
-387
-80.5
-88.2
-79.3
-124
Minority interests
1.35
1.42
1.49
Total equity
-313
-294
-386
-80.5
-88.2
-79.3
-124
Total liabilities and equity
252
125
58.6
13.4
11.7
112
9.75
Shares outstanding
430
1,359
1,647
Cash flow statement
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-69.7
-226
-88.3
115
-9.77
-32.3
-105
Depreciation and amortization
30.1
38.7
12.3
3.85
0.01
Stock-based compensation
1.14
2.36
2.45
1.37
0.66
0.36
Deferred income tax
0.07
Change in receivables
-0.12
-0.1
0.24
-0.06
-2.41
1.82
Change in payables
0.03
3.45
-1.05
Cash from operations
-12.3
8.08
-17
-5.57
-5.46
-1.39
-1.64
Capital expenditures
-47.8
-14.6
Acquisitions
-5.8
-1
Purchases of investments
-0.11
-1.24
Cash from investing
-49.2
-20.4
-1
-1.61
1.45
-0.07
Stock issued
-27.3
Cash from financing
79.7
-18
15.8
4.12
5.19
1.24
2.64
Exchange rate effect
0.3
-0.1
0.56
0.42
-0.54
Net change in cash
18.5
-30.4
-1.69
-2.3
-0.24
1.71
0.39
Free cash flow
-60.1
-6.53
Interest paid
11.1
2.45
0.16
Income taxes paid
0.01
0.01
0
-0.01
0.03
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $2.35 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
2.2%
Gross profit / revenue.
Operating margin
-197.2%
Operating income / revenue.
Pre-tax margin
-204.9%
Pre-tax income / revenue.
Net margin
-204.9%
Net income / revenue.
Operating cash flow margin
-3.2%
Cash from operations / revenue.
Return on assets (ROA)
-173.3%
Net income / average total assets.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
24.9%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-17.6%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
-22.0%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
-41.4%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 5y
11.0%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-91.3%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-10.1%
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
-40.0%
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
20,993.0%
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
-63.4%
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
106.1%
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
0.04x
Current assets / current liabilities.
Quick ratio
0.04x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.01x
(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
$0.00
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
2.36x
Market cap / revenue.
EV/Sales
2.33x
Enterprise value / revenue.
Earnings yield
-86.8%
Net income / market cap (the inverse of P/E).
What was XChange TEC.INC's revenue in fiscal 2025?
XChange TEC.INC reported revenue of $51.3M for fiscal 2025, 24.9% higher than the year before.
Was XChange TEC.INC profitable in fiscal 2025?
No. It reported a net loss of $105.1M.
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.