The9 Ltd Financials
The9 Ltd (NCTY) reported $15.4M in revenue for fiscal year 2025, up 0.8% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
External funding is still carrying the business because overhead remains far larger than its gross profit base.
In FY2023, profit and cash diverged: net income was$2.8M while operating cash flow was-$6.5M . In FY2025, net loss widened to-$58.5M even as operating cash outflow narrowed to-$4.5M , pointing to non-cash charges dominating the income statement rather than a matching surge in cash burn.
Scale is not yet covering overhead. In FY2025, gross profit was only
Liquidity was supported by financing, not operations. Cash rose to
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of The9 Ltd's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for The9 Ltd, and counted as zero in the overall score.
The9 Ltd scores -11.98, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($66.6M) relative to total liabilities ($50.2M). 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.
The9 Ltd passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
The9 Ltd reported a net loss of $58.5M while operations used $4.5M of cash. With neither figure positive, the ratio between the two carries no quality signal.
The9 Ltd reported an operating loss of $40.2M against $3.3M 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
The9 Ltd generated $15.4M in revenue in fiscal year 2025. This represents an increase of 0.8% from the prior year.
The9 Ltd reported -$58.5M in net income in fiscal year 2025. This represents a decrease of 481.3% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
The9 Ltd held $8.4M 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
The9 Ltd's gross margin was 1.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 3.1 percentage points from the prior year.
The9 Ltd's ROE was -214.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 192.5 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
The9 Ltd invested $1.4M in research and development in fiscal year 2025. This represents an increase of 1097.4% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
NCTY 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 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.4M+0.8% | $15.3M-39.3% | $25.2M+61.0% | $15.7M-26.4% | $21.3M+22093.7% | $96K+95.4% | $49K-98.1% | $2.5M-77.4% | $11.3M+38.8% | $8.1M+12.7% | $7.2M-31.1% | $10.5M-40.7% | $17.6M-32.9% | $26.3M+46.9% | $17.9M |
| Cost of Revenue | $15.2M-2.3% | $15.5M-48.0% | $29.8M+11.5% | $26.8M+93.8% | $13.8M+10971.8% | $125K-35.3% | $193K-91.9% | $2.4M-34.6% | $3.7M-47.7% | $7.0M-33.2% | $10.5M-24.4% | $13.8M-22.4% | $17.8M+59.8% | $11.1M+79.3% | $6.2M |
| Gross Profit | $259K+218.3% | -$219K+95.3% | -$4.6M+51.5% | -$9.5M-227.0% | $7.5M+26065.8% | -$29K+79.9% | -$144K-199.2% | $145K-98.1% | $7.6M+585.9% | $1.1M+133.6% | -$3.3M+5.0% | -$3.5M-593.1% | -$500K-103.7% | $13.6M+27.7% | $10.7M |
| R&D Expenses | $1.4M+1097.4% | $117K-57.8% | $278K-21.3% | $353K+17.2% | $301K-19.5% | $374K-80.1% | $1.9M-47.4% | $3.6M-48.5% | $6.9M-38.3% | $11.2M-46.1% | $20.8M-17.2% | $25.2M-28.5% | $35.2M-27.2% | $48.4M+43.6% | $33.7M |
| SG&A Expenses | $29.4M+36.1% | $21.6M-24.4% | $28.6M-47.6% | $54.6M+18.6% | $46.0M+176.0% | $16.7M+1.9% | $16.4M+25.5% | $13.0M-22.1% | $16.7M-10.0% | $18.6M-8.6% | $20.3M+13.5% | $17.9M-33.0% | $26.8M-2.2% | $27.3M-1.5% | $27.8M |
| Operating Income | -$40.2M-399.3% | -$8.1M+82.0% | -$44.8M+53.3% | -$95.9M-98.7% | -$48.3M | N/A | -$23.5M-54.3% | -$15.2M+12.5% | -$17.4M+59.1% | -$42.6M+15.5% | -$50.4M-94.4% | -$25.9M+70.4% | -$87.6M+7.9% | -$95.1M-55.8% | -$61.0M |
| Interest Expense | $3.3M-29.0% | $4.7M+6.1% | $4.4M+31.3% | $3.4M-82.0% | $18.7M+2898.0% | $624K-87.4% | $5.0M-67.5% | $15.2M+18.1% | $12.9M+58.6% | $8.1M+723.6% | $988K+79.4% | $550K-60.2% | $1.4M-60.4% | $3.5M-27.6% | $4.8M |
| Income Tax | $16K | $0 | $0 | N/A | $0-100.0% | $1.1M | $0 | $0 | N/A | -$876K | $0 | $0 | $0 | $0-100.0% | $26 |
| Net Income | -$58.5M-481.3% | -$10.1M-457.0% | $2.8M+102.0% | -$141.3M-119.0% | -$64.5M | N/A | -$25.5M+19.1% | -$31.6M-17.2% | -$26.9M+72.4% | -$97.5M-64.1% | -$59.4M-242.1% | -$17.4M+80.0% | -$86.9M-5.4% | -$82.5M-82.6% | -$45.2M |
| EPS (Diluted) | -$0.03 | -$0.01+50.0% | -$0.02+90.0% | -$0.20-53.8% | -$0.13 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
NCTY 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 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $84.9M-2.7% | $87.2M+70.3% | $51.2M-41.0% | $86.9M-57.8% | $205.6M+2669.6% | $7.4M-71.5% | $26.1M+8.8% | $24.0M-51.8% | $49.7M-1.7% | $50.5M-39.2% | $83.1M-0.4% | $83.4M-7.7% | $90.3M-49.4% | $178.5M-31.0% | $258.8M |
| Current Assets | $49.0M+46.7% | $33.4M+6.4% | $31.4M-45.6% | $57.7M-65.0% | $164.8M+2442.0% | $6.5M-70.8% | $22.2M+362.1% | $4.8M-82.9% | $28.1M+122.0% | $12.7M+6.3% | $11.9M-71.1% | $41.2M+14.5% | $36.0M-66.2% | $106.7M-42.5% | $185.7M |
| Cash & Equivalents | $8.4M+459.5% | $1.5M-76.5% | $6.4M-24.3% | $8.4M-87.5% | $67.2M+1251.6% | $5.0M+220.9% | $1.5M+153.5% | $611K-97.1% | $20.7M+247.2% | $6.0M-15.3% | $7.1M-74.8% | $28.0M+10.7% | $25.3M-72.4% | $91.6M-46.8% | $172.0M |
| Accounts Receivable | N/A | N/A | $8K-64.0% | $22K-96.2% | $578K+126339.8% | $457-97.1% | $16K-81.6% | $86K-78.5% | $401K-67.7% | $1.2M+12.3% | $1.1M-42.0% | $1.9M-39.8% | $3.2M+26.1% | $2.5M+57.0% | $1.6M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $0 | $0 | N/A | $1.6M+1.6% | $1.6M-2.1% | $1.6M-0.2% | $1.6M+0.8% | $1.6M |
| Total Liabilities | $50.2M+75.3% | $28.7M+11.5% | $25.7M-69.0% | $82.9M-3.4% | $85.8M+66.6% | $51.5M-66.3% | $152.9M+15.7% | $132.1M+4.9% | $125.9M+26.6% | $99.5M-12.4% | $113.5M+119.5% | $51.7M-12.2% | $58.9M+1.0% | $58.3M-2.7% | $59.9M |
| Current Liabilities | $49.1M+74.3% | $28.2M+22.8% | $22.9M-72.0% | $81.8M-4.2% | $85.4M | N/A | $152.0M+15.0% | $132.1M+4.9% | $125.9M+52.4% | $82.6M+25.1% | $66.1M+38.2% | $47.8M-12.3% | $54.5M+6.9% | $51.0M+3.0% | $49.5M |
| Total Equity | $27.3M-41.2% | $46.4M+59.7% | $29.1M+342.3% | $6.6M-94.6% | $121.8M+376.3% | -$44.1M+63.4% | -$120.5M-16.4% | -$103.5M-42.1% | -$72.8M-48.9% | -$48.9M-60.5% | -$30.5M-292.8% | $15.8M-63.3% | $43.1M-65.8% | $126.1M-37.2% | $200.6M |
| Retained Earnings | -$691.1M-13.9% | -$606.9M+1.1% | -$613.6M+3.3% | -$634.8M-18.9% | -$534.1M-16.5% | -$458.6M+6.4% | -$489.9M-4.2% | -$470.2M-1.4% | -$463.5M-11.1% | -$417.4M-17.3% | -$355.7M-10.4% | -$322.2M-2.0% | -$315.9M-42.0% | -$222.5M-60.6% | -$138.6M |
Not reported in any period shown, so not listed: Inventory, Long-Term Debt.
NCTY 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 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.5M+25.0% | -$6.1M+7.2% | -$6.5M+70.9% | -$22.4M+79.2% | -$107.9M-562.7% | -$16.3M-109.3% | -$7.8M+47.1% | -$14.7M-10.5% | -$13.3M+48.9% | -$26.1M+3.8% | -$27.1M-162.5% | $43.4M+173.5% | -$59.1M+24.8% | -$78.5M-82.4% | -$43.0M |
| Investing Cash Flow | $159K+102.0% | -$7.8M-1272.0% | $666K+101.8% | -$36.1M-62.9% | -$22.1M | N/A | $8.7M+447.2% | -$2.5M | N/A | N/A | N/A | N/A | -$484K+86.4% | -$3.6M+45.8% | -$6.6M |
| Financing Cash Flow | $11.2M+17.4% | $9.6M+110.8% | $4.5M-5.3% | $4.8M-97.5% | $192.5M | N/A | $5.9M+320.2% | -$2.7M | N/A | N/A | N/A | N/A | -$6.4M-462.0% | -$1.1M+66.8% | -$3.4M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $0 |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $0-100.0% | $4.8M+3458.7% | $135K-96.0% | $3.4M |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow.
NCTY Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 1.7%+3.1pp | -1.4%+16.9pp | -18.4%+42.5pp | -60.8%-96.1pp | 35.3%+65.5pp | -30.2% | -293.1% | 5.7%-61.7pp | 67.4%+53.8pp | 13.7%+59.4pp | -45.8%-12.6pp | -33.2%-30.3pp | -2.8%-54.8pp | 52.0%-7.8pp | 59.8% |
| Operating Margin | -260.5% | -52.6% | -177.5% | -612.2% | -226.9% | N/A | -47940.8% | -598.9% | -154.8% | -525.2% | -700.5% | -248.1% | -497.3% | -362.1% | -341.5% |
| Net Margin | -379.0% | -65.7%-76.9pp | 11.2% | -902.2% | -303.3% | N/A | -52063.4% | -1241.1% | -239.4% | -1202.2% | -825.2% | -166.1% | -493.6% | -314.2% | -252.8% |
| Return on Equity | -214.2%-192.5pp | -21.7%-31.4pp | 9.7%+2161.3pp | -2151.6%-2098.6pp | -53.0% | N/A | N/A | N/A | N/A | N/A | N/A | -109.9%+92.0pp | -201.8%-136.4pp | -65.4%-42.9pp | -22.5% |
| Return on Assets | -68.9%-57.3pp | -11.5%-17.0pp | 5.5%+168.2pp | -162.7%-131.3pp | -31.4% | N/A | -98.0%+33.8pp | -131.8%-77.6pp | -54.3%+138.6pp | -192.8%-121.4pp | -71.5%-50.7pp | -20.8%+75.4pp | -96.3%-50.1pp | -46.2%-28.7pp | -17.5% |
| Current Ratio | 1.00-0.2x | 1.19-0.2x | 1.37+0.7x | 0.70-1.2x | 1.93 | N/A | 0.15+0.1x | 0.04-0.2x | 0.22+0.1x | 0.150.0x | 0.18-0.7x | 0.86+0.2x | 0.66-1.4x | 2.09-1.7x | 3.75 |
| Debt-to-Equity | 1.84+1.2x | 0.62-0.3x | 0.88-11.7x | 12.61+11.9x | 0.70 | N/A | N/A | N/A | N/A | N/A | N/A | 3.27+1.9x | 1.37+0.9x | 0.46+0.2x | 0.30 |
Not reported in any period shown, so not listed: FCF Margin.
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: Gross Margin, Operating Margin, Net Margin.
Note: The current ratio is below 1.0 (1.00), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Where The9 Ltd Ranks
Frequently Asked Questions
What is The9 Ltd's annual revenue?
The9 Ltd (NCTY) reported $15.4M in total revenue for fiscal year 2025. This represents a 0.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is The9 Ltd's revenue growing?
The9 Ltd (NCTY) revenue grew by 0.8% year-over-year, from $15.3M to $15.4M in fiscal year 2025.
Is The9 Ltd profitable?
No, The9 Ltd (NCTY) reported a net income of -$58.5M in fiscal year 2025.
What is The9 Ltd's gross margin?
The9 Ltd (NCTY) had a gross margin of 1.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is The9 Ltd's return on equity (ROE)?
The9 Ltd (NCTY) has a return on equity of -214.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is The9 Ltd's operating cash flow?
The9 Ltd (NCTY) recorded an outflow of $4.5M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are The9 Ltd's total assets?
The9 Ltd (NCTY) had $84.9M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does The9 Ltd spend on research and development?
The9 Ltd (NCTY) invested $1.4M in research and development during fiscal year 2025.
What is The9 Ltd's current ratio?
The9 Ltd (NCTY) had a current ratio of 1.00 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is The9 Ltd's debt-to-equity ratio?
The9 Ltd (NCTY) had a debt-to-equity ratio of 1.84 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is The9 Ltd's return on assets (ROA)?
The9 Ltd (NCTY) had a return on assets of -68.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is The9 Ltd's cash runway?
Based on fiscal year 2025 data, The9 Ltd (NCTY) had $8.4M in cash against an annual operating cash burn of $4.5M. This gives an estimated cash runway of approximately 22 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is The9 Ltd's Altman Z-Score?
The9 Ltd (NCTY) has an Altman Z-Score of -11.98, 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 The9 Ltd's Piotroski F-Score?
The9 Ltd (NCTY) has a Piotroski F-Score of 3 out of 7 computable signals; 2 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 The9 Ltd's earnings high quality?
The9 Ltd (NCTY) reported a net loss of $58.5M while operations used $4.5M 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 The9 Ltd cover its interest payments?
The9 Ltd (NCTY) reported an operating loss of $40.2M against $3.3M 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.
How financially healthy is The9 Ltd?
The9 Ltd (NCTY) scores 30 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.