X3 Holdings Financials

XTKG

Source SEC Filings (10-K/10-Q) Updated Jun 30, 2025 Currency USD FYE December

This page shows X3 Holdings (XTKG) financial statements, including the 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).

Financial Health Signals

Financial Profile 18/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

X3 Holdings has an operating margin of -718.3%, meaning the company retains $-718 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -318.4% the prior year.

Growth

X3 Holdings's revenue declined 31% year-over-year, from $16.8M to $11.6M. This contraction results in a growth score of 0/100.

Leverage

X3 Holdings carries a low D/E ratio of 0.79, meaning only $0.79 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 82/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

X3 Holdings's current ratio of 0.74 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 10/100, which could limit financial flexibility.

Cash Flow

While X3 Holdings generated -$992K in operating cash flow, capex of $724K consumed most of it, leaving -$1.7M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Weak

3/9

X3 Holdings passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Low Quality

0.01x

For every $1 of reported earnings, X3 Holdings generates $0.01 in operating cash flow (-$992K OCF vs -$76.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Revenue

$11.6M

YoY-31.0%

5Y CAGR-10.4%

X3 Holdings generated $11.6M in revenue in fiscal year 2024. This represents a decrease of 31.0% from the prior year.

EBITDA

-$77.3M

YoY-60.7%

X3 Holdings's EBITDA was -$77.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 60.7% from the prior year.

Free Cash Flow

-$1.7M

YoY+85.5%

X3 Holdings generated -$1.7M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 85.5% from the prior year.

Net Income

-$76.2M

YoY+30.4%

X3 Holdings reported -$76.2M in net income in fiscal year 2024. This represents an increase of 30.4% from the prior year.

EPS (Diluted)

$-33.99

YoY+92.1%

X3 Holdings earned $-33.99 per diluted share (EPS) in fiscal year 2024. This represents an increase of 92.1% from the prior year.

Cash & Debt

$4.2M

YoY+40.2%

5Y CAGR-5.9%

X3 Holdings held $4.2M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

N/A

Gross Margin

39.8%

YoY+19.5pp

5Y CAGR+9.6pp

X3 Holdings's gross margin was 39.8% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 19.5 percentage points from the prior year.

Operating Margin

-718.3%

YoY-399.9pp

5Y CAGR-662.3pp

X3 Holdings's operating margin was -718.3% in fiscal year 2024, reflecting core business profitability. This is down 399.9 percentage points from the prior year.

Net Margin

-656.6%

YoY-5.2pp

5Y CAGR-602.9pp

X3 Holdings's net profit margin was -656.6% in fiscal year 2024, showing the share of revenue converted to profit. This is down 5.2 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$4.1M

YoY-15.6%

5Y CAGR+13.4%

X3 Holdings invested $4.1M in research and development in fiscal year 2024. This represents a decrease of 15.6% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$724K

YoY+6.6%

5Y CAGR-24.2%

X3 Holdings invested $724K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 6.6% from the prior year.

XTKG Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$11.6M-31.0%	$16.8M+60.5%	$10.5M-67.3%	$32.1M+20.4%	$26.7M+32.7%	$20.1M
Cost of Revenue	$7.0M-47.9%	$13.4M+99.6%	$6.7M-68.6%	$21.4M+23.8%	$17.3M+23.1%	$14.0M
Gross Profit	$4.6M+35.1%	$3.4M-9.2%	$3.8M-64.8%	$10.7M+14.1%	$9.4M+54.9%	$6.1M
R&D Expenses	$4.1M-15.6%	$4.8M+39.1%	$3.5M+32.5%	$2.6M-6.1%	$2.8M+28.5%	$2.2M
SG&A Expenses	$7.2M-40.8%	$12.1M+56.9%	$7.7M+28.8%	$6.0M+8.0%	$5.6M-6.5%	$5.9M
Operating Income	-$83.4M-55.7%	-$53.6M-166.5%	-$20.1M-147.8%	-$8.1M-146.7%	-$3.3M+70.8%	-$11.3M
Interest Expense	N/A	$144K-29.2%	$203K-3.7%	$211K+3.9%	$203K+64.9%	$123K
Income Tax	-$123K-114.1%	-$57K+94.3%	-$999K-474.6%	-$174K-116.0%	-$81K+62.3%	-$213K
Net Income	-$76.2M+30.4%	-$109.6M-409.6%	-$21.5M-130.2%	-$9.3M+49.1%	-$18.4M-70.2%	-$10.8M
EPS (Diluted)	$-33.99+92.1%	$-427.80+92.5%	$-5678.80-12378.1%	$-45.51-3927.4%	$-1.13	N/A

Metric	Q2'25	Q2'24	Q2'24	Q4'23	Q2'23	Q4'22	Q4'21	Q4'20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

XTKG Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$86.4M-50.9%	$176.0M+34.7%	$130.6M+13.7%	$114.8M+8.1%	$106.2M+248.1%	$30.5M
Current Assets	$25.5M-17.9%	$31.1M-64.5%	$87.4M+126.3%	$38.6M+11.1%	$34.8M+52.0%	$22.9M
Cash & Equivalents	$4.2M+40.2%	$3.0M-68.1%	$9.4M+34.0%	$7.0M-16.7%	$8.4M+47.4%	$5.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$17.3M-19.6%	$21.5M+45.0%	$14.8M-38.8%	$24.2M+69.2%	$14.3M+27.3%	$11.2M
Goodwill	$4.8M-67.8%	$15.0M	N/A	N/A	N/A	N/A
Total Liabilities	$36.5M+14.2%	$31.9M+13.9%	$28.0M-12.2%	$31.9M-4.7%	$33.5M+36.2%	$24.6M
Current Liabilities	$34.5M+8.3%	$31.8M+13.9%	$27.9M-12.5%	$31.9M-4.7%	$33.5M+36.2%	$24.6M
Long-Term Debt	N/A	N/A	$9.1M+303.2%	$2.3M-97.0%	$74.9M	N/A
Total Equity	$45.9M-65.4%	$132.8M+29.2%	$102.8M+23.6%	$83.2M+14.2%	$72.8M+1131.7%	$5.9M
Retained Earnings	-$255.8M-51.6%	-$168.7M-185.5%	-$59.1M-57.2%	-$37.6M-33.1%	-$28.2M-182.9%	-$10.0M

Metric	Q2'25	Q2'24	Q2'24	Q4'23	Q2'23	Q4'22	Q4'21	Q4'20
Total Assets	$71.7M-17.0%	$86.4M-49.6%	$171.3M-2.7%	$176.0M-12.9%	$202.0M+54.7%	$130.6M+13.7%	$114.8M+8.1%	$106.2M
Current Assets	$23.6M-7.3%	$25.5M-41.0%	$43.2M+39.2%	$31.1M+13.6%	$27.3M-68.7%	$87.4M+126.3%	$38.6M+11.1%	$34.8M
Cash & Equivalents	$2.6M-36.8%	$4.2M+185.6%	$1.5M-50.9%	$3.0M-51.0%	$6.1M-35.0%	$9.4M+34.0%	$7.0M-16.7%	$8.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$16.7M-3.3%	$17.3M-8.0%	$18.8M-12.6%	$21.5M+42.6%	$15.1M+1.7%	$14.8M-38.8%	$24.2M+69.2%	$14.3M
Goodwill	N/A	$4.8M-78.8%	$22.8M+51.6%	$15.0M-66.4%	$44.7M	N/A	N/A	N/A
Total Liabilities	$25.3M-30.8%	$36.5M+3.8%	$35.2M+10.1%	$31.9M-54.9%	$70.8M+152.4%	$28.0M-12.2%	$31.9M-4.7%	$33.5M
Current Liabilities	$24.9M-27.8%	$34.5M+4.3%	$33.0M+3.8%	$31.8M+24.6%	$25.5M-8.6%	$27.9M-12.5%	$31.9M-4.7%	$33.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	$9.1M+303.2%	$2.3M-97.0%	$74.9M
Total Equity	$42.6M-7.2%	$45.9M-63.4%	$125.5M-5.6%	$132.8M+23.5%	$107.5M+4.6%	$102.8M+23.6%	$83.2M+14.2%	$72.8M
Retained Earnings	-$272.2M-6.4%	-$255.8M-34.6%	-$190.0M-12.7%	-$168.7M-44.7%	-$116.5M-97.3%	-$59.1M-57.2%	-$37.6M-33.1%	-$28.2M

XTKG Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$992K+91.1%	-$11.2M-15.5%	-$9.7M+1.1%	-$9.8M-1028.1%	$1.1M+132.3%	-$3.3M
Capital Expenditures	$724K+6.6%	$679K-74.1%	$2.6M+25.2%	$2.1M+29.2%	$1.6M-44.1%	$2.9M
Free Cash Flow	-$1.7M+85.5%	-$11.8M+3.7%	-$12.3M-3.6%	-$11.9M-1974.7%	-$572K+90.7%	-$6.2M
Investing Cash Flow	-$1.5M+37.8%	-$2.4M-198.2%	-$815K+80.0%	-$4.1M+93.8%	-$65.9M-1733.7%	-$3.6M
Financing Cash Flow	$2.2M-76.6%	$9.3M-28.5%	$13.0M+5.7%	$12.3M-82.5%	$70.0M+788.4%	$7.9M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'25	Q2'24	Q2'24	Q4'23	Q2'23	Q4'22	Q4'21	Q4'20
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

XTKG Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	39.8%+19.5pp	20.3%-15.6pp	35.9%+2.6pp	33.4%-1.8pp	35.2%+5.0pp	30.2%
Operating Margin	-718.3%-399.9pp	-318.4%-126.6pp	-191.7%-166.4pp	-25.3%-13.0pp	-12.3%+43.7pp	-56.0%
Net Margin	-656.6%-5.2pp	-651.4%-446.3pp	-205.1%-176.0pp	-29.1%+39.8pp	-68.9%-15.2pp	-53.7%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-88.2%-25.9pp	-62.3%-45.8pp	-16.5%-8.3pp	-8.1%+9.2pp	-17.3%+18.1pp	-35.4%
Current Ratio	0.74-0.2	0.98-2.2	3.13+1.9	1.21+0.2	1.04+0.1	0.93
Debt-to-Equity	0.79+0.6	0.24+0.2	0.09+0.1	0.03-1.0	1.03-3.1	4.16
FCF Margin	-14.8%+55.5pp	-70.3%+46.8pp	-117.2%-80.2pp	-37.0%-34.8pp	-2.1%+28.5pp	-30.7%

Metric	Q2'25	Q2'24	Q2'24	Q4'23	Q2'23	Q4'22	Q4'21	Q4'20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	0.95+0.2	0.74-0.6	1.31+0.3	0.98-0.1	1.07-2.1	3.13+1.9	1.21+0.2	1.04
Debt-to-Equity	0.59-0.2	0.79+0.5	0.28+0.0	0.24-0.4	0.66+0.6	0.09+0.1	0.03-1.0	1.03
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: The current ratio is below 1.0 (0.74), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is X3 Holdings's annual revenue?

X3 Holdings (XTKG) reported $11.6M in total revenue for fiscal year 2024. This represents a -31.0% 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 X3 Holdings's revenue growing?

X3 Holdings (XTKG) revenue declined by 31% year-over-year, from $16.8M to $11.6M in fiscal year 2024.

Is X3 Holdings profitable?

No, X3 Holdings (XTKG) reported a net income of -$76.2M in fiscal year 2024, with a net profit margin of -656.6%.

What is X3 Holdings's earnings per share (EPS)?

X3 Holdings (XTKG) reported diluted earnings per share of $-33.99 for fiscal year 2024. This represents a 92.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is X3 Holdings's EBITDA?

X3 Holdings (XTKG) had EBITDA of -$77.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is X3 Holdings's gross margin?

X3 Holdings (XTKG) had a gross margin of 39.8% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is X3 Holdings's operating margin?

X3 Holdings (XTKG) had an operating margin of -718.3% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is X3 Holdings's net profit margin?

X3 Holdings (XTKG) had a net profit margin of -656.6% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is X3 Holdings's free cash flow?

X3 Holdings (XTKG) generated -$1.7M in free cash flow during fiscal year 2024. This represents a 85.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is X3 Holdings's operating cash flow?

X3 Holdings (XTKG) generated -$992K in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are X3 Holdings's total assets?

X3 Holdings (XTKG) had $86.4M in total assets as of fiscal year 2024, including both current and long-term assets.

What are X3 Holdings's capital expenditures?

X3 Holdings (XTKG) invested $724K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does X3 Holdings spend on research and development?

X3 Holdings (XTKG) invested $4.1M in research and development during fiscal year 2024.

What is X3 Holdings's current ratio?

X3 Holdings (XTKG) had a current ratio of 0.74 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

What is X3 Holdings's debt-to-equity ratio?

X3 Holdings (XTKG) had a debt-to-equity ratio of 0.79 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is X3 Holdings's return on assets (ROA)?

X3 Holdings (XTKG) had a return on assets of -88.2% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is X3 Holdings's cash runway?

Based on fiscal year 2024 data, X3 Holdings (XTKG) had $4.2M in cash against an annual operating cash burn of $992K. This gives an estimated cash runway of approximately 51 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 X3 Holdings's Piotroski F-Score?

X3 Holdings (XTKG) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are X3 Holdings's earnings high quality?

X3 Holdings (XTKG) has an earnings quality ratio of 0.01x, considered low quality (accrual-driven). 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.

How financially healthy is X3 Holdings?

X3 Holdings (XTKG) scores 18 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.