X3 Holdings Co., Ltd. (XTKG) Financials
Newest figures come from the 20-F for FY2025, filed Apr 27, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the XTKG SEC filings page.
X3 Holdings Co., Ltd. (XTKG) reported $6.3M in revenue for fiscal year 2025, down 45.8% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 10 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 (20-F and 6-K reports).
Revenue has contracted sharply, yet gross margins widened; fixed operating costs still overwhelm a smaller business and cash remains negative.
The net loss narrowed sharply, but operating cash flow deteriorated between FY2024 and FY2025; accounting improvement did not translate into cash improvement. Capex fell68.5% while free cash flow worsened, so cash deterioration was operational rather than reinvestment-driven.
Gross-margin expansion lifted the FY2025 margin to
Total assets fell
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed: here 5 of 6, with the others left out rather than counted as zero. 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 X3 Holdings Co., 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.
X3 Holdings Co., Ltd. held $2.3M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $3.2M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and X3 Holdings Co., Ltd. scores 29/100 among other emerging companies.
Not available for X3 Holdings Co., Ltd., so it is left out of the overall score, which averages the 5 of 6 dimensions that can be computed.
X3 Holdings Co., Ltd. spent $2.6M on research and development in fiscal year 2025, which was 6.6% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and X3 Holdings Co., Ltd. scores 30/100 among other emerging companies.
X3 Holdings Co., Ltd. reported revenue of $6.3M in fiscal year 2025, against $11.6M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and X3 Holdings Co., Ltd. scores 9/100 among other emerging companies.
X3 Holdings Co., Ltd.'s operations used $3.2M of cash in fiscal year 2025, against $992K used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and X3 Holdings Co., Ltd. scores 83/100 among other emerging companies.
X3 Holdings Co., Ltd.'s cash, cash equivalents and investments came to $2.3M at the end of fiscal year 2025, against $21.6M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and X3 Holdings Co., Ltd. scores 18/100 among other emerging companies.
X3 Holdings Co., Ltd. passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, 1 of 2 operating efficiency signals passes.
X3 Holdings Co., Ltd. reported a net loss of $26.2M while operations used $3.2M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
X3 Holdings Co., Ltd. generated $6.3M in revenue in fiscal year 2025. This represents a decrease of 45.8% from the prior year.
X3 Holdings Co., Ltd.'s EBITDA was -$29.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. The change from the prior year is not meaningful, because that figure was zero or negative.
X3 Holdings Co., Ltd. reported a net loss of $26.2M in fiscal year 2025. The change from the prior year is not meaningful, because that figure was zero or negative.
X3 Holdings Co., Ltd. earned -$202.46 per diluted share (EPS) in fiscal year 2025.
Cash & Balance Sheet
X3 Holdings Co., Ltd. recorded an outflow of $3.5M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. The change from the prior year is not meaningful, because that figure was zero or negative.
X3 Holdings Co., Ltd. held $2.2M in cash against $3.1M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
X3 Holdings Co., Ltd.'s gross margin was 64.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 24.5 percentage points from the prior year.
X3 Holdings Co., Ltd.'s ROE was -73.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 92.1 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
X3 Holdings Co., Ltd. invested $2.6M in research and development in fiscal year 2025. This represents a decrease of 37.1% from the prior year.
X3 Holdings Co., Ltd. invested $228K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 68.5% from the prior year.
Not reported for fiscal year 2025.
XTKG Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.3M-45.8% | $11.6M-31.0% | $16.8M+60.5% | $10.5M-67.3% | $32.1M+20.4% | $26.7M+32.7% | $20.1M-13.2% | $23.2M+7.0% | $21.6M+2.1% | $21.2M |
| Cost of Revenue | $2.2M-67.9% | $7.0M-47.9% | $13.4M+99.6% | $6.7M-68.6% | $21.4M+23.8% | $17.3M+23.1% | $14.0M-8.4% | $15.3M+13.1% | $13.5M-0.8% | $13.6M |
| Gross Profit | $4.0M-12.5% | $4.6M+35.1% | $3.4M-9.2% | $3.8M-64.8% | $10.7M+14.1% | $9.4M+54.9% | $6.1M-22.6% | $7.8M-3.2% | $8.1M+7.4% | $7.5M |
| R&D Expenses | $2.6M-37.1% | $4.1M-15.6% | $4.8M+39.1% | $3.5M+32.5% | $2.6M-6.1% | $2.8M+28.5% | $2.2M+8.6% | $2.0M+72.9% | $1.2M+21.6% | $948K |
| SG&A Expenses | $6.5M-10.0% | $7.2M-40.8% | $12.1M+56.9% | $7.7M+28.8% | $6.0M+8.0% | $5.6M-6.5% | $5.9M+156.7% | $2.3M+61.3% | $1.4M+8.4% | $1.3M |
| Operating Income | -$32.1Mn/m | -$83.4Mn/m | -$53.6Mn/m | -$20.1Mn/m | -$8.1Mn/m | -$3.3Mn/m | -$11.3M-1211.2% | $1.0M-73.8% | $3.9M+3.2% | $3.7M |
| EBITDA | -$29.4Mn/m | -$77.3Mn/m | -$48.1Mn/m | -$17.9Mn/m | -$6.1Mn/m | -$1.8Mn/m | -$10.3M-722.0% | $1.7M-60.3% | $4.2M+7.7% | $3.9M |
| Interest Expense | N/A | N/A | $144K-29.2% | $203K-3.7% | $211K+3.9% | $203K+64.9% | $123K+840.3% | $13K-32.4% | $19K+428.9% | $4K |
| Income Tax | -$1.7Mn/m | -$123Kn/m | -$57Kn/m | -$999Kn/m | -$174Kn/m | -$81Kn/m | -$213K-594.0% | $43K-90.1% | $435K-18.9% | $536K |
| Net Income | -$26.2Mn/m | -$76.2Mn/m | -$109.6Mn/m | -$21.5Mn/m | -$9.3Mn/m | -$18.4Mn/m | -$10.8M-797.6% | $1.5M-61.2% | $4.0M+15.4% | $3.5M |
| EPS (Basic) | -$202.46 | -$993.64 | -$10434.89 | -$5678.80 | -$45.51 | -$1.13 | -$1.29 | N/A | N/A | N/A |
| EPS (Diluted) | -$202.46 | -$993.64 | -$10434.89 | -$5678.80 | -$45.51 | -$1.13 | N/A | N/A | N/A | N/A |
| Diluted Shares (Avg) | 307,365 | 76,725 | 10,503 | 3,787 | 205,268 | 16M | N/A | N/A | N/A | N/A |
XTKG Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $61.6M-28.7% | $86.4M-50.9% | $176.0M+34.7% | $130.6M+13.7% | $114.8M+8.1% | $106.2M+248.1% | $30.5M+9.8% | $27.8M+27.5% | $21.8M | N/A |
| Current Assets | $18.5M-27.3% | $25.5M-17.9% | $31.1M-64.5% | $87.4M+126.3% | $38.6M+11.1% | $34.8M+52.0% | $22.9M+3.4% | $22.1M+25.5% | $17.6M | N/A |
| Cash & Equivalents | $2.2M-47.2% | $4.2M+40.2% | $3.0M-68.1% | $9.4M+34.0% | $7.0M-16.7% | $8.4M+47.4% | $5.7M+31.1% | $4.3M+47.0% | $3.0M-31.2% | $4.3M |
| Short-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0 |
| Accounts Receivable | $14.1M-18.2% | $17.3M-19.6% | $21.5M+45.0% | $14.8M-38.8% | $24.2M+69.2% | $14.3M+27.3% | $11.2M-27.4% | $15.5M+18.4% | $13.1M | N/A |
| Long-Term Investments | $123Kn/m | $0-100.0% | $11.3M-63.4% | $30.8Mn/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0 |
| Goodwill | $2.8M-42.0% | $4.8M-67.8% | $15.0M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $21.6M-40.7% | $36.5M+14.2% | $31.9M+13.9% | $28.0M-12.2% | $31.9M-4.7% | $33.5M+36.2% | $24.6M+15.2% | $21.3M+28.8% | $16.6M | N/A |
| Current Liabilities | $20.0M-41.8% | $34.5M+8.3% | $31.8M+13.9% | $27.9M-12.5% | $31.9M-4.7% | $33.5M+36.2% | $24.6M+15.2% | $21.3M+28.8% | $16.6M | N/A |
| Non-Current Liabilities | $1.6M-21.4% | $2.0M+1746.0% | $110K+7.8% | $102Kn/m | $0n/m | $0n/m | -$15n/m | $0n/m | $0 | N/A |
| Long-Term Debt | $3.1M | N/A | N/A | $9.1M+303.2% | $2.3M | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $35.5M-22.8% | $45.9M-65.4% | $132.8M+29.2% | $102.8M+23.6% | $83.2M+14.2% | $72.8M+1131.7% | $5.9M-8.0% | $6.4M+23.3% | $5.2M+414.9% | $1.0M |
| Retained Earnings | -$282.0Mn/m | -$255.8Mn/m | -$168.7Mn/m | -$59.1Mn/m | -$37.6Mn/m | -$28.2Mn/m | -$10.0M-1338.3% | $806Kn/m | -$740K | N/A |
Not reported in any period shown, so not listed: Inventory.
XTKG Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.2Mn/m | -$992Kn/m | -$11.2Mn/m | -$9.7Mn/m | -$9.8M-1028.1% | $1.1Mn/m | -$3.3M-211.3% | $2.9M+127.5% | $1.3M-74.9% | $5.1M |
| Depreciation & Amortization | $2.8M-54.6% | $6.1M+12.0% | $5.5M+152.3% | $2.2M+7.3% | $2.0M+38.9% | $1.5M+52.4% | $952K+48.0% | $643K+105.2% | $314K+133.4% | $134K |
| Stock-Based Compensation | $6.0M+3.3% | $5.8M-3.7% | $6.1M+1.2% | $6.0M-5.5% | $6.3M+329.8% | $1.5M-37.3% | $2.4M | N/A | N/A | N/A |
| Capital Expenditures | $228K-68.5% | $724K+6.6% | $679K-74.1% | $2.6M+25.2% | $2.1M+29.2% | $1.6M-44.1% | $2.9M+34.2% | $2.2M+17.8% | $1.8M+47.7% | $1.2M |
| Free Cash Flow | -$3.5Mn/m | -$1.7Mn/m | -$11.8Mn/m | -$12.3Mn/m | -$11.9Mn/m | -$572Kn/m | -$6.2M-902.5% | $768Kn/m | -$548K-114.1% | $3.9M |
| Investing Cash Flow | -$873Kn/m | -$1.5Mn/m | -$2.4Mn/m | -$815Kn/m | -$4.1Mn/m | -$65.9Mn/m | -$3.6Mn/m | -$1.3Mn/m | -$2.2Mn/m | -$1.4M |
| Financing Cash Flow | $1.9M-10.7% | $2.2M-76.6% | $9.3M-28.5% | $13.0M+5.7% | $12.3M-82.5% | $70.0M+788.4% | $7.9M+1217.4% | $598Kn/m | -$486Kn/m | -$735K |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
XTKG Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 64.3%+24.5pp | 39.8%+19.5pp | 20.3%-15.6pp | 35.9%+2.6pp | 33.4%-1.8pp | 35.2%+5.0pp | 30.2%-3.7pp | 33.8%-3.6pp | 37.4%+1.9pp | 35.5% |
| Operating Margin | -510.9% | -718.3% | -318.4% | -191.7% | -25.3%-13.0pp | -12.3%+43.7pp | -56.0%-60.4pp | 4.4%-13.5pp | 17.8%+0.2pp | 17.7% |
| Net Margin | -416.4% | -656.6% | -651.4% | -205.1% | -29.1%+39.8pp | -68.9%-15.2pp | -53.7%-60.4pp | 6.7%-11.7pp | 18.4%+2.1pp | 16.3% |
| Return on Equity | -73.8%+92.1pp | -165.9%-83.4pp | -82.5%-61.6pp | -20.9%-9.7pp | -11.2%+14.0pp | -25.2%+157.3pp | -182.5%-206.6pp | 24.1%-52.4pp | 76.5%-264.8pp | 341.3% |
| Return on Assets | -42.5%+45.7pp | -88.2%-25.9pp | -62.3%-45.8pp | -16.5%-8.3pp | -8.1%+9.2pp | -17.3%+18.1pp | -35.4%-40.9pp | 5.6%-12.7pp | 18.3% | N/A |
| Current Ratio | 0.93+0.2x | 0.74-0.2x | 0.98-2.2x | 3.13+1.9x | 1.21+0.2x | 1.04+0.1x | 0.93-0.1x | 1.040.0x | 1.06 | N/A |
| Debt-to-Equity | 0.09 | N/A | N/A | 0.09+0.1x | 0.03 | N/A | N/A | N/A | N/A | N/A |
| Liabilities-to-Equity | 0.61-0.2x | 0.79+0.6x | 0.240.0x | 0.27-0.1x | 0.38-0.1x | 0.46-3.7x | 4.16+0.8x | 3.32+0.1x | 3.18 | N/A |
| Asset Turnover | 0.100.0x | 0.130.0x | 0.100.0x | 0.08-0.2x | 0.280.0x | 0.25-0.4x | 0.66-0.2x | 0.83-0.2x | 0.99 | N/A |
| FCF Margin | -55.1%-40.4pp | -14.8%+55.5pp | -70.3% | -117.2% | -37.0%-34.8pp | -2.1%+28.5pp | -30.7%-34.0pp | 3.3%+5.8pp | -2.5%-20.9pp | 18.4% |
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, FCF Margin.
Note: The current ratio is below 1.0 (0.93), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| X3 Holdings Co., Ltd. XTKG | FY2025 | $6.3M | -$26.2M | N/A | N/A | 34/100 |
| mF International Limited MFI | FY2025 | $4.3M | $10.1M | N/A | $266.4M | 36/100 |
| Baiya International Group Inc BIYA | FY2025 | $16.5M | -$9.5M | -57.9% | $7.5M | 21/100 |
| Orangekloud Technology Inc. ORKT | FY2025 | $4.4M | -$3.5M | -78.7% | $5.9M | 40/100 |
| Lucas GC Limited LGCL | FY2025 | $149.0M | $1.4M | 0.9% | $1.6M | 42/100 |
| NetClass Technology Inc NTCL | FY2025 | $9.8M | -$10.8M | N/A | $601K | 19/100 |
Where X3 Holdings Co., Ltd. Ranks
Frequently Asked Questions
X3 Holdings Co., Ltd. (XTKG) reported $6.3M in total revenue for fiscal year 2025. This represents a -45.8% 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.
X3 Holdings Co., Ltd. (XTKG) revenue declined by 45.8% year-over-year, from $11.6M to $6.3M in fiscal year 2025.
No, X3 Holdings Co., Ltd. (XTKG) reported a net loss of $26.2M in fiscal year 2025.
X3 Holdings Co., Ltd. (XTKG) had EBITDA of -$29.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2025, X3 Holdings Co., Ltd. (XTKG) had $2.2M in cash and equivalents against $3.1M in long-term debt.
X3 Holdings Co., Ltd. (XTKG) had a gross margin of 64.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
X3 Holdings Co., Ltd. (XTKG) has a return on equity of -73.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
X3 Holdings Co., Ltd. (XTKG) recorded an outflow of $3.5M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. 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.
X3 Holdings Co., Ltd. (XTKG) recorded an outflow of $3.2M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
X3 Holdings Co., Ltd. (XTKG) had $61.6M in total assets as of fiscal year 2025, including both current and long-term assets.
X3 Holdings Co., Ltd. (XTKG) invested $228K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
X3 Holdings Co., Ltd. (XTKG) invested $2.6M in research and development during fiscal year 2025.
X3 Holdings Co., Ltd. (XTKG) had a current ratio of 0.93 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
X3 Holdings Co., Ltd. (XTKG) had a debt-to-equity ratio of 0.09 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
X3 Holdings Co., Ltd. (XTKG) had a liabilities-to-equity ratio of 0.61 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
X3 Holdings Co., Ltd. (XTKG) had a return on assets of -42.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
At the end of fiscal year 2025, X3 Holdings Co., Ltd. (XTKG) held $2.3M in cash, cash equivalents and investments, and reported an operating cash outflow of $3.2M over that year. Dividing the one by the other, the reported balance equals about 9 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.
X3 Holdings Co., Ltd. (XTKG) has a Piotroski F-Score of 4 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.
X3 Holdings Co., Ltd. (XTKG) reported a net loss of $26.2M while operations used $3.2M 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.
X3 Holdings Co., Ltd. (XTKG) scores 34 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is the average 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. For X3 Holdings Co., Ltd. it averages the 5 of 6 dimensions that can be computed; the others are left out rather than counted as zero. 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.