XChange TEC Financials
XChange TEC (XHG) reported $51.3M in revenue for fiscal year 2025, up 24.9% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 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).
XChange TEC’s visible mechanic is external funding dependence, with cash preservation coming from financing support rather than from the business itself.
Across FY2023-FY2025, operating cash outflow totaled about-$8.5M while financing inflows added about$9.1M . That is why cash could rise from$49K to$1.5M even though the business did not fund itself; the apparent liquidity improvement came from capital support, not from turning sales into cash.
In FY2025, current assets of
Between FY2024 and FY2025, revenue rose from
Financial Health Signals
XChange TEC 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.
XChange TEC passes 2 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), 1 of 2 efficiency signals pass.
XChange TEC reported a net loss of $105.1M while operations used $1.6M of cash. With neither figure positive, the ratio between the two carries no quality signal.
XChange TEC reported an operating loss of $101.2M against $3.9M 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
XChange TEC generated $51.3M in revenue in fiscal year 2025. This represents an increase of 24.9% from the prior year.
XChange TEC reported -$105.1M in net income in fiscal year 2025. This represents a decrease of 225.3% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
XChange TEC held $1.5M 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
XChange TEC's gross margin was 2.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 2.5 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.
Not reported for fiscal year 2025.
Capital Allocation
None of these metrics is reported for fiscal year 2025.
XHG Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q4'25 | Q2'25 | Q4'24 | Q2'24 | Q4'23 | Q2'23 | Q4'22 |
|---|
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, Interest Expense, Income Tax, Net Income, EPS (Diluted).
XHG Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q4'25 | Q2'25 | Q4'24 | Q2'24 | Q4'23 | Q2'23 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $9.4M-3.1% | $9.7M-38.8% | $15.9M-85.7% | $111.6M-40.0% | $185.9M+1483.4% | $11.7M-84.4% | $75.0M+458.7% | $13.4M |
| Current Assets | $5.2M-7.6% | $5.6M-9.3% | $6.2M-36.0% | $9.6M+34.3% | $7.2M-38.9% | $11.7M-7.5% | $12.7M+26.9% | $10.0M |
| Cash & Equivalents | $644K-57.9% | $1.5M+126.7% | $674K-41.5% | $1.2M+18.4% | $973K+1885.7% | $49K-85.2% | $331K-15.1% | $390K |
| Accounts Receivable | $3.3M+0.1% | $3.3M+10.2% | $3.0M-42.2% | $5.2M+52.7% | $3.4M | N/A | $335K+216.0% | $106K |
| Goodwill | $3.4M+3.2% | $3.3M-63.1% | $8.9M-91.2% | $101.1M-43.2% | $177.9M | N/A | N/A | N/A |
| Total Liabilities | $135.8M+1.8% | $133.4M-27.2% | $183.3M-4.0% | $190.9M-12.0% | $217.0M+117.2% | $99.9M-38.9% | $163.7M+74.2% | $94.0M |
| Current Liabilities | $135.7M+1.8% | $133.3M-27.2% | $183.3M-3.9% | $190.8M-12.1% | $217.0M | N/A | $136.2M+44.9% | $94.0M |
| Total Equity | -$126.3M-2.2% | -$123.6M+26.1% | -$167.4M-111.0% | -$79.3M-155.0% | -$31.1M+64.7% | -$88.2M+0.5% | -$88.6M-10.1% | -$80.5M |
| Retained Earnings | -$670.2M-3.6% | -$646.9M-3.5% | -$624.9M-13.7% | -$549.6M-22.4% | -$449.1M+9.7% | -$497.5M+5.1% | -$524.5M-4.8% | -$500.3M |
Not reported in any period shown, so not listed: Inventory, Long-Term Debt.
XHG 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 | Q2'26 | Q4'25 | Q2'25 | Q4'24 | Q2'24 | Q4'23 | Q2'23 | Q4'22 |
|---|
Not reported in any period shown, so not listed: Operating Cash Flow, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
XHG Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q4'25 | Q2'25 | Q4'24 | Q2'24 | Q4'23 | Q2'23 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.040.0x | 0.040.0x | 0.030.0x | 0.050.0x | 0.03 | N/A | 0.090.0x | 0.11 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Debt-to-Equity, FCF Margin.
Note: Shareholder equity is negative (-$123.6M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.04), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Where XChange TEC Ranks
Frequently Asked Questions
What is XChange TEC's annual revenue?
XChange TEC (XHG) reported $51.3M in total revenue for fiscal year 2025. This represents a 24.9% 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 XChange TEC's revenue growing?
XChange TEC (XHG) revenue grew by 24.9% year-over-year, from $41.1M to $51.3M in fiscal year 2025.
Is XChange TEC profitable?
No, XChange TEC (XHG) reported a net income of -$105.1M in fiscal year 2025.
What is XChange TEC's gross margin?
XChange TEC (XHG) had a gross margin of 2.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is XChange TEC's operating cash flow?
XChange TEC (XHG) recorded an outflow of $1.6M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are XChange TEC's total assets?
XChange TEC (XHG) had $9.7M in total assets as of fiscal year 2025, including both current and long-term assets.
What is XChange TEC's current ratio?
XChange TEC (XHG) had a current ratio of 0.04 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is XChange TEC's return on assets (ROA)?
XChange TEC (XHG) had a return on assets of -1078.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Why is XChange TEC's debt-to-equity ratio negative or not reported?
XChange TEC (XHG) has negative shareholder equity of -$123.6M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is XChange TEC's Piotroski F-Score?
XChange TEC (XHG) has a Piotroski F-Score of 2 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 XChange TEC's earnings high quality?
XChange TEC (XHG) reported a net loss of $105.1M while operations used $1.6M 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 XChange TEC cover its interest payments?
XChange TEC (XHG) reported an operating loss of $101.2M against $3.9M 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.