Kaixin Holdings Financials
Kaixin Holdings (KXIN) reported $129K in revenue for fiscal year 2025. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
The dominant mechanic is a tiny revenue base carrying an operating cost structure built for much greater activity.
Revenue fell from$31.5M in FY2023 to$129K in FY2025, while SG&A rose from$18.0M to$31.6M . That combination indicates the latest operating loss is being driven primarily by costs that have not contracted with the business’s reported activity.
Net loss was
The working-capital position tightened sharply: the current ratio moved from 2.1x in FY2022 to 0.1x in FY2025, so current obligations greatly exceed immediately available current assets. At FY2025, current liabilities were
Financial Health Signals
Kaixin Holdings does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Kaixin Holdings scores -21.27, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($8.6M) relative to total liabilities ($11.1M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Kaixin Holdings passes 2 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
Kaixin Holdings reported a net loss of $53.9M while operations used $2.6M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Kaixin Holdings reported an operating loss of $31.6M against $7K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Kaixin Holdings generated $129K in revenue in fiscal year 2025.
Kaixin Holdings's EBITDA was -$27.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 82.3% from the prior year.
Kaixin Holdings reported -$53.9M in net income in fiscal year 2025. This represents a decrease of 31.6% from the prior year.
Cash & Balance Sheet
Kaixin Holdings held $859K in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Kaixin Holdings's gross margin was 100.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs.
Kaixin Holdings's ROE was -245.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 65.2 percentage points from the prior year.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
None of these metrics is reported for fiscal year 2025.
KXIN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $129K | N/A | $31.5M-61.9% | $82.8M-67.4% | $253.8M+20930.7% | $1.2M-97.4% | $45.8M-89.4% | $431.4M+270.0% | $116.6M |
| Cost of Revenue | N/A | N/A | $31.2M-62.0% | $82.2M-66.9% | $248.6M+20495.1% | $1.2M-97.4% | $45.7M+3129.8% | $1.4M+1547.6% | $86K |
| Gross Profit | $129K | N/A | $342K-47.1% | $646K-87.7% | $5.3M+425.7% | $1.0M+437.6% | $186K-98.9% | $17.4M+394.1% | $3.5M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | $757K-77.5% | $3.4M-24.0% | $4.4M+11.0% | $4.0M |
| SG&A Expenses | $31.6M+74.0% | $18.2M+0.9% | $18.0M-61.3% | $46.5M+6.3% | $43.7M+16403.4% | $265K+108.7% | $127K-99.4% | $23.0M+53.7% | $15.0M |
| Operating Income | -$31.6M-65.0% | -$19.1M+8.8% | -$21.0M+56.2% | -$47.9M+73.7% | -$182.6M-66064.1% | -$276K-102.9% | -$136K+99.6% | -$34.1M-30.4% | -$26.1M |
| Interest Expense | $7K-98.0% | $342K-34.9% | $525K-49.2% | $1.0M+322.0% | $245K+24400.0% | $1K-66.7% | $3K-99.9% | $4.3M+38.9% | $3.1M |
| Income Tax | -$2.7M-193.6% | -$931K-308.3% | -$228K-408.1% | $74K+110.2% | -$729K | $0 | $0-100.0% | $862K-25.6% | $1.2M |
| Net Income | -$53.9M-31.6% | -$41.0M+23.5% | -$53.6M+36.8% | -$84.7M+56.9% | -$196.6M-118321.1% | -$166K-50.9% | -$110K+99.9% | -$89.2M-211.7% | -$28.6M |
| EPS (Diluted) | -$24.20 | -$781.64 | -$4213.21 | -$380.86 | -$25.77 | $0.00-46.7% | $0.00 | N/A | N/A |
KXIN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 |
|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $33.0M+34.0% | $24.6M-63.6% | $67.6M+21.5% | $55.7M-24.9% | $74.2M+1024.8% | $6.6M-87.9% | $54.4M-71.6% | $191.2M-7.6% | $207.0M |
| Current Assets | $1.0M-65.6% | $3.0M-29.2% | $4.2M-90.1% | $42.3M-28.2% | $58.9M+3262.1% | $1.8M-96.6% | $52.0M-55.0% | $115.4M+51302.0% | $225K |
| Cash & Equivalents | $859K-64.0% | $2.4M+14.5% | $2.1M-70.6% | $7.1M+34.9% | $5.3M+767.1% | $607K-81.0% | $3.2M-59.9% | $8.0M-53.8% | $17.2M |
| Inventory | $66K+127.6% | $29K-55.4% | $65K+109.7% | $31K-92.3% | $404K | N/A | $21.0M-63.8% | $58.0M | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | $219K-85.2% | $1.5M | N/A |
| Goodwill | $21.2M | N/A | $38.2M | $0 | N/A | $0 | N/A | $75.0M+16.8% | $64.2M |
| Total Liabilities | $11.1M-3.3% | $11.5M-38.4% | $18.6M-7.7% | $20.2M-44.1% | $36.1M+8290.9% | $430K-99.2% | $51.9M-80.1% | $261.0M+29.2% | $202.0M |
| Current Liabilities | $9.0M-0.9% | $9.0M-40.1% | $15.1M-23.9% | $19.9M-32.4% | $29.4M+6733.3% | $430K-99.2% | $51.0M-69.5% | $167.2M+841891.0% | $20K |
| Total Equity | $21.9M+66.5% | $13.2M-71.1% | $45.6M+45.6% | $31.3M+5.6% | $29.7M+381.3% | $6.2M+234.9% | -$4.6M+95.5% | -$102.1M-2142.5% | $5.0M |
| Retained Earnings | -$431.4M-14.3% | -$377.5M-12.2% | -$336.6M-18.9% | -$283.0M-42.7% | -$198.3M-11409.1% | -$1.7M+99.1% | -$192.2M-31.6% | -$146.1M-44668.7% | $328K |
Not reported in any period shown, so not listed: Long-Term Debt.
KXIN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.6M+14.5% | -$3.0M-43.3% | -$2.1M+11.9% | -$2.4M-13.8% | -$2.1M-85.3% | -$1.1M-809.4% | $160K+101.6% | -$9.7M+86.8% | -$73.7M |
| Capital Expenditures | N/A | $18K-95.5% | $396K+571.2% | $59K | N/A | N/A | $68K-91.1% | $764K+3538.1% | $21K |
| Free Cash Flow | N/A | -$3.0M-21.3% | -$2.5M-2.1% | -$2.5M | N/A | N/A | $92K+100.9% | -$10.5M+85.7% | -$73.7M |
| Investing Cash Flow | N/A | -$26K+99.2% | -$3.1M-1909.0% | -$156K-103.7% | $4.3M+1571.4% | -$290K-123.7% | $1.2M-98.8% | $99.0M-39.1% | $162.4M |
| Financing Cash Flow | $1.0M-76.9% | $4.5M+344.3% | $1.0M-81.2% | $5.4M+170.3% | $2.0M-6.2% | $2.1M+770.4% | -$318K+99.8% | -$138.6M-132.1% | -$59.7M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
KXIN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 100.0% | N/A | 1.1%+0.3pp | 0.8%-1.3pp | 2.1%-80.8pp | 82.8%+82.4pp | 0.4%-3.6pp | 4.0%+1.0pp | 3.0% |
| Operating Margin | -24489.9% | N/A | -66.5%-8.7pp | -57.9%+14.1pp | -71.9%-49.1pp | -22.9%-22.6pp | -0.3%+7.6pp | -7.9%+14.5pp | -22.4% |
| Net Margin | -41788.4% | N/A | -169.8% | -102.3% | -77.4%-63.7pp | -13.8%-13.5pp | -0.2%+20.4pp | -20.7%+3.9pp | -24.6% |
| Return on Equity | -245.8%+65.2pp | -311.0%-193.5pp | -117.5%+153.0pp | -270.5%+392.2pp | -662.7%-660.0pp | -2.7% | N/A | N/A | -572.4% |
| Return on Assets | -163.3%+3.0pp | -166.3%-87.1pp | -79.2%+72.9pp | -152.1%+112.9pp | -265.1%-262.6pp | -2.5%-2.3pp | -0.2%+46.5pp | -46.7%-32.8pp | -13.8% |
| Current Ratio | 0.11-0.2x | 0.33+0.1x | 0.28-1.9x | 2.13+0.1x | 2.01-2.1x | 4.08+3.1x | 1.02+0.3x | 0.69-10.6x | 11.30 |
| Debt-to-Equity | 0.51-0.4x | 0.87+0.5x | 0.41-0.2x | 0.64-0.6x | 1.22+1.1x | 0.07 | N/A | N/A | 40.40 |
| FCF Margin | N/A | N/A | -7.9%-5.0pp | -3.0% | N/A | N/A | 0.2%+2.6pp | -2.4%+60.8pp | -63.2% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
Note: The current ratio is below 1.0 (0.11), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Where Kaixin Holdings Ranks
Frequently Asked Questions
What is Kaixin Holdings's annual revenue?
Kaixin Holdings (KXIN) reported $129K in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Is Kaixin Holdings profitable?
No, Kaixin Holdings (KXIN) reported a net income of -$53.9M in fiscal year 2025.
What is Kaixin Holdings's EBITDA?
Kaixin Holdings (KXIN) had EBITDA of -$27.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Kaixin Holdings's gross margin?
Kaixin Holdings (KXIN) had a gross margin of 100.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Kaixin Holdings's return on equity (ROE)?
Kaixin Holdings (KXIN) has a return on equity of -245.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Kaixin Holdings's operating cash flow?
Kaixin Holdings (KXIN) recorded an outflow of $2.6M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Kaixin Holdings's total assets?
Kaixin Holdings (KXIN) had $33.0M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Kaixin Holdings's current ratio?
Kaixin Holdings (KXIN) had a current ratio of 0.11 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Kaixin Holdings's debt-to-equity ratio?
Kaixin Holdings (KXIN) had a debt-to-equity ratio of 0.51 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Kaixin Holdings's return on assets (ROA)?
Kaixin Holdings (KXIN) had a return on assets of -163.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Kaixin Holdings's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Kaixin Holdings (KXIN) held $1.2M in cash, cash equivalents and investments, and reported an operating cash outflow of $2.6M over that year. Dividing the one by the other, the reported balance equals about 6 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Kaixin Holdings's Altman Z-Score?
Kaixin Holdings (KXIN) has an Altman Z-Score of -21.27, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Kaixin Holdings's Piotroski F-Score?
Kaixin Holdings (KXIN) has a Piotroski F-Score of 2 out of 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Kaixin Holdings's earnings high quality?
Kaixin Holdings (KXIN) reported a net loss of $53.9M while operations used $2.6M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Kaixin Holdings cover its interest payments?
Kaixin Holdings (KXIN) reported an operating loss of $31.6M against $7K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.