The9 LTD (NCTY)
The9 Limited, an internet enterprise established in 1999 and based in Shanghai, People's Republic of China, conducts its operations through its various subsidiaries. The company's core activities encompass digital currency mining and the oversight of NFTSTAR, its dedicated non-fungible token (NFT) trading and community platform. NFTSTAR facilitates user engagement by enabling the purchase, exchange, and interaction with various digital assets. Initially founded as GameNow.net Limited, the firm officially rebranded as The9 Limited in February 2004.
Sector: Finance Services
Industry: Financial - Capital Markets
The9 Limited
NASDAQ:NCTYFinancial Services · Financial - Capital Markets
+2.92%$2.64
CLOSED · Nov 6Prev close$2.56+2.92%Close$2.64-0.57%AH close$2.63
AH$2.63-0.57%vs close
Mkt Cap-
Float7.19M
O/S-
VOL20K sh
$ Vol$52K
RVOL0.37×
Inst Own0.4%
Dilution
Financials Summary
Revenue$16.17M
Net Income-$60.33M
Total Assets$89.06M
Free Cash Flow-$4.84M
Debt & Equity
Debt 41%
Equity 46%
Preferred 13%
Total Debt$35.19M
Total Equity$39.53M
Preferred Stock$10.9M
Shares Outstanding
Short Interest
Split History3 splits · 3 reverse
- 1:10Reverse splitOct 2, 202310 shares → 1
- 1:10Reverse splitOct 19, 202010 shares → 1
- 1:3Reverse splitMay 9, 20183 shares → 1
Balance Sheet Details
Assets$89.06M
Liabilities$52.68M
Accounts Receivable$3.16M
Accounts Payable$2.38M
Inventory$0
PP&E (Net)$8.31M
Goodwill$0
Intangible Assets$2.37M
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 | FY 2002 | FY 2001 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 | 2003-12-31 | 2002-12-31 | 2001-12-31 |
| Revenue | $16.17M | $16.98M | $26.09M | $15.73M | $20.1M | $94K | $51K | $2.71M | $10.69M | $8.81M | $7.18M | $9.56M | $15.79M | $22.91M | $15.69M | $15.06M | $113.95M | $262.37M | $184.5M | $145.46M | $68.66M | $5.2M | $2.59M | $492K | $828K |
| YoY Growth | -4.8% | -34.9% | 65.8% | -21.8% | 21341.8% | 83.7% | -98.1% | -74.6% | 21.3% | 22.7% | -24.9% | -39.5% | -31.1% | 46.1% | 4.2% | -86.8% | -56.6% | 42.2% | 26.8% | 111.8% | 1219.5% | 101.0% | 426.4% | -40.6% | - |
| Cost of Revenue | $15.9M | $17.23M | $31.95M | $22.83M | $13.03M | $115K | $478K | $2.56M | $3.48M | $7.61M | $10.48M | $12.76M | $16.25M | $10.3M | $5.77M | $15.12M | $106.75M | $152.99M | $100.94M | $77.32M | $31.93M | $1.37M | $973K | $559K | $512K |
| Gross Profit | $271K | -$244K | -$5.87M | -$7.1M | $7.08M | -$28K | -$427K | $155K | $7.21M | $1.2M | -$3.3M | -$3.2M | -$456K | $12.61M | $9.92M | -$61K | $7.2M | $109.39M | $83.56M | $68.14M | $36.73M | $3.83M | $1.62M | -$67K | $317K |
| Gross Margin | 1.7% | -1.4% | -22.5% | -45.2% | 35.2% | -30.2% | -835.5% | 5.7% | 67.5% | 13.7% | -46.0% | -33.5% | -2.9% | 55.1% | 63.2% | -0.4% | 6.3% | 41.7% | 45.3% | 46.8% | 53.5% | 73.7% | 62.4% | -13.7% | 38.2% |
| Research and Development | $1.47M | $130K | $295K | $365K | $284K | $346K | $1.82M | $3.82M | $6.59M | $12.23M | $20.9M | $23.24M | $32.14M | $44.73M | $31.28M | $20.41M | $17.15M | $11.32M | $5.97M | $4.54M | $6M | $1.35M | $421K | $1.46M | $1M |
| Selling, General, and Administrative | $35.94M | $24.03M | $29.75M | $54.48M | $46.63M | $16.4M | $17.2M | $14.31M | $17.23M | $23.57M | $25.29M | $24.23M | $41.99M | $53.03M | $39.1M | $25.76M | $50.58M | $64.85M | $40.89M | $23.73M | $18.35M | $3.94M | $1.97M | $1.4M | $1.59M |
| Other | $0 | $0 | $0 | $37.22M | $0 | -$67.26M | $0 | $0 | $1 | $1 | $0 | $1 | $0 | $1 | $1 | $0 | $0 | $0 | $1 | $0 | $3.57M | $0 | $132K | $29K | $42K |
| Total Operating Expenses | $37.41M | $24.16M | $30.05M | $92.06M | $46.92M | -$50.5M | $19.02M | $18.14M | $23.82M | $35.8M | $46.19M | $47.47M | $74.12M | $97.76M | $70.38M | $46.18M | $67.72M | $76.17M | $46.86M | $28.28M | $27.92M | $5.3M | $2.52M | $2.89M | $2.63M |
| Operating Income (EBIT) | -$37.14M | -$24.4M | -$35.91M | -$99.16M | -$39.84M | $50.47M | -$19.44M | -$17.98M | -$16.61M | -$34.6M | -$49.49M | -$50.67M | -$74.58M | -$85.14M | -$60.46M | -$46.24M | -$60.53M | $33.22M | $36.71M | $39.86M | $8.82M | -$1.46M | -$905K | -$2.95M | -$2.31M |
| Operating Margin | -229.6% | -143.7% | -137.7% | -630.5% | -198.2% | 53831.3% | -38089.6% | -662.4% | -155.4% | -392.6% | -689.1% | -530.0% | -472.3% | -371.6% | -385.4% | -307.1% | -53.1% | 12.7% | 19.9% | 27.4% | 12.8% | -28.1% | -35.0% | -600.9% | -279.2% |
| Interest Expense | $3.49M | $5.13M | $4.7M | $3.5M | $17.86M | $610K | $5.17M | $15.71M | $12.58M | $8.46M | $959K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $11K | $0 | $0 | $0 | $207K | $136K | $72K |
| Interest Income | $67K | $0 | $0 | $0 | $0 | $64K | $3K | $29K | $5K | $24K | $116K | $512K | $1.26M | $3.23M | $4.49M | $3.48M | $4.57M | $8.5M | $7.6M | $1.37M | $1.5M | $12K | $0 | $0 | $0 |
| Other Income (Expense) | -$24.14M | $13.21M | $14.29M | -$4.78M | -$21.83M | $9.58M | -$9.88M | -$19.28M | $229K | -$70.95M | -$5.31M | $26.56M | -$3.97M | $228K | $7.73M | -$911K | $1.64M | -$7.15M | -$545K | $5.85M | $1.59M | $2.38M | -$182K | -$162K | -$61K |
| Income Before Tax (EBT) | -$61.28M | -$11.2M | -$21.62M | -$103.94M | -$61.67M | $60.05M | -$29.33M | -$37.27M | -$16.38M | -$105.55M | -$54.8M | -$24.11M | -$78.55M | -$84.92M | -$52.73M | -$47.15M | -$58.89M | $26.07M | $36.16M | $45.71M | $10.4M | $916K | -$1.09M | -$3.12M | -$2.37M |
| Income Tax Expense | $16K | $0 | $0 | $0 | $0 | $1.07M | $0 | $0 | $0 | -$953K | $0 | $0 | $0 | $0 | $24 | $1.08M | -$829K | $7.35M | $1.34M | -$394K | $25K | $760K | -$877K | $51K | $23K |
| Net Income | -$60.33M | -$11.16M | -$20.8M | -$146.13M | -$60.84M | $59.64M | -$28.5M | -$40.18M | -$25.61M | -$106.1M | -$59.52M | -$20.95M | -$73.02M | -$78.12M | -$48.48M | -$45.43M | -$57.35M | $18.82M | $34.82M | $46.11M | $9.71M | $1.81M | $7.27M | -$3.95M | -$2.4M |
| Net Income Margin | -373.0% | -65.7% | -79.8% | -929.1% | -302.7% | 63611.7% | -55820.6% | -1480.1% | -239.6% | -1204.1% | -828.8% | -219.1% | -462.5% | -340.9% | -309.1% | -301.8% | -50.3% | 7.2% | 18.9% | 31.7% | 14.1% | 34.7% | 280.7% | -803.0% | -289.5% |
| Supplementary Data | |||||||||||||||||||||||||
| EPS | -51.00 | -15.69 | -27.00 | -288.00 | -234.00 | 726.00 | -576.00 | -1245.00 | -1572.00 | -8502.00 | -4965.00 | -1395.00 | -6813.00 | -12591.00 | -6834.00 | -11934.00 | -9564.00 | 2100.00 | 5229.00 | 7659.00 | 885.00 | 252.00 | 1194.00 | -1746.00 | -1104.00 |
| Diluted EPS | -51.00 | -15.69 | -27.00 | -288.00 | -234.00 | 726.00 | -537.00 | -1245.00 | -1572.00 | -8502.00 | -4965.00 | -1395.00 | -6813.00 | -12591.00 | -138.00 | -11934.00 | -9564.00 | 2097.00 | 5229.00 | 7626.00 | 1755.00 | 252.00 | 1194.00 | -1746.00 | -1104.00 |
| Weighted Average OS | 7.58M | 4.68M | 4.93M | 2.40M | 1.65M | 545,333 | 330,821 | 207,049 | 111,421 | 79,580 | 77,453 | 77,203 | 77,243 | 40,820 | 41,600 | 41,860 | 42,360 | 46,100 | 46,060 | 40,760 | 41,340 | 47,680 | 28,660 | 16,445 | 16,445 |
| EBITDA | -$55.44M | -$15.19M | -$22.89M | -$55.4M | -$32.73M | -$16.72M | -$19.03M | -$17.15M | -$15.53M | -$31.69M | -$44.6M | -$43.71M | -$67.99M | -$80.22M | -$57.64M | -$40.87M | -$34.38M | $77.98M | $68.48M | $64.79M | $19.8M | $1.44M | -$256K | -$2.35M | -$1.75M |
| EBITDA Margin | -342.8% | -89.5% | -87.8% | -352.3% | -162.8% | -17833.4% | -37277.4% | -631.6% | -145.3% | -359.6% | -621.0% | -457.2% | -430.6% | -350.1% | -367.5% | -271.5% | -30.2% | 29.7% | 37.1% | 44.5% | 28.8% | 27.8% | -9.9% | -477.2% | -211.8% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 | FY 2002 | FY 2001 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 | 2003-12-31 | 2002-12-31 | 2001-12-31 |
| Assets | |||||||||||||||||||||||||
| Current Assets | |||||||||||||||||||||||||
| Cash and Cash Equivalents | $8.77M | $1.64M | $6.78M | $8.7M | $64.22M | $4.75M | $1.52M | $638K | $21.38M | $5.83M | $7.35M | $27.2M | $23.53M | $83.08M | $160.65M | $212.28M | $251.09M | $322.66M | $332.54M | $140.46M | $73.22M | $118.95M | $9.41M | $844K | $259K |
| Short-Term Investments | $37.83M | $0 | $0 | $0 | $120K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $132K | $0 | $0 | $0 | $10.2M | $0 | $0 | $0 | $0 | $0 | $0 | $1.24M |
| Cash and Short-Term Investments | $46.6M | $1.64M | $6.78M | $8.7M | $64.34M | $4.75M | $1.52M | $638K | $21.38M | $5.83M | $7.35M | $27.2M | $23.53M | $83.22M | $160.65M | $212.28M | $251.09M | $332.86M | $332.54M | $141.35M | $73.22M | $118.95M | $9.41M | $844K | $1.5M |
| Accounts Receivable | $3.16M | $1.15M | $8K | $813K | $9.9M | $447 | $462K | $366K | $391K | $1.29M | $1.07M | $7.83M | $2.87M | $4.9M | $5.93M | $1.61M | $304K | $1.34M | $4M | $1.52M | $1.59M | $2.5M | $3.74M | $337K | $3K |
| Inventory | $0 | $0 | $0 | $0 | $70.32M | $580K | $20.18M | $0 | $4.31M | $1.36M | $0 | $0 | $0 | $315K | $0 | $0 | $0 | $0 | $17.43M | $1.36M | $10.71M | $2.4M | $871K | $300K | $0 |
| Other Current Assets | $797K | $30.9M | $26.61M | $9.94M | $12.91M | $1.01M | $994K | $1.57M | $6.05M | $6.08M | $3.16M | $1K | $5.55M | $1.41M | $3.14M | $436K | $548K | $8.36M | -$2.28M | $4.1M | -$332K | $2.34M | -$420K | -$27K | $45K |
| Total Current Assets | $51.36M | $36.53M | $33.4M | $59.61M | $157.47M | $6.34M | $23.15M | $4.95M | $27.45M | $13.2M | $11.58M | $38.35M | $32.69M | $99.62M | $175.18M | $234.06M | $270.23M | $373.84M | $362.48M | $162.81M | $91.62M | $128.19M | $14.24M | $1.75M | $1.75M |
| Long-Term Assets | |||||||||||||||||||||||||
| Property, Plant & Equipment Net | $8.31M | $3.12M | $15.17M | $23.22M | $26.88M | $918K | $1.57M | $2.6M | $3.11M | $4.01M | $5.07M | $5.45M | $7.56M | $9.68M | $9.07M | $8.7M | $11.39M | $29.98M | $51.7M | $34.07M | $34.71M | $1.21M | $842K | $1.19M | $1.69M |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.55M | $1.46M | $1.46M | $1.5M | $1.5M | $1.58M | $0 | $4.53M | $4.53M | $4.52M | $4.53M | $0 | $0 | $0 | $0 |
| Intangible Assets | $2.37M | $1.35M | $0 | $0 | $0 | $0 | $0 | $9.38M | $9.67M | $9.96M | $22.07M | $25.15M | $30.1M | $34.35M | $35.3M | $14.33M | $19.71M | $32.67M | $54.19M | $36.58M | $43.34M | $4.99M | $0 | $0 | $0 |
| Long-Term Investments | $27.01M | $44.55M | $5.29M | $5.29M | $11.08M | $0 | $1.5M | $6.78M | $7.23M | $24.44M | $40.1M | $5.88M | $7.62M | $12.34M | $11.75M | $11.22M | $46.38M | $48.1M | $7.11M | $4.54M | $7.02M | $0 | $0 | $0 | $0 |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $9.06M | $0 | $0 | $790K | -$60.36B | $4.41M | $807K | $316K | $472K | $687K | $0 | $4K |
| Other Long-Term Assets | $1 | $9.88M | $665K | $1.68M | $981K | $0 | $977K | $977K | $978K | $992K | $282K | $1.25M | $2.52M | $181K | $11.36M | $8.52M | $0 | $60.36M | $2.86M | -$28K | $473K | $19.05M | $7.59M | $131K | $127K |
| Total Long-Term Assets | $37.69M | $58.9M | $21.12M | $30.19M | $38.94M | $918K | $4.05M | $19.74M | $20.98M | $39.4M | $69.08M | $39.19M | $49.26M | $67.11M | $68.99M | $44.35M | $78.27M | $115.27M | $124.79M | $80.5M | $90.39M | $25.72M | $9.11M | $1.32M | $1.82M |
| Other Assets | $1 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $89.06M | $95.43M | $54.52M | $89.8M | $196.41M | $7.26M | $27.2M | $24.69M | $48.43M | $52.6M | $80.66M | $77.55M | $81.94M | $166.74M | $244.16M | $278.41M | $348.5M | $489.11M | $487.28M | $243.31M | $182.01M | $153.91M | $23.35M | $3.07M | $3.57M |
| Liabilities | |||||||||||||||||||||||||
| Current Liabilities | |||||||||||||||||||||||||
| Accounts Payable | $2.38M | $829K | $1.44M | $24.87M | $5.98M | $5.34M | $5.73M | $5.7M | $5.57M | $5.55M | $6.18M | $6.03M | $10.4M | $8.24M | $6.62M | $7.04M | $5.25M | $4.46M | $7.34M | $1.9M | $2.39M | $341K | $7K | $128K | $277K |
| Short-Term Debt | $33.37M | $19.81M | $7.67M | $9.14M | $13.92M | $3.09M | $89.17M | $73.11M | $55.36M | $16.12M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2.96M | $2.43M | $2.4M |
| Current Income Tax Payable | $0 | $220K | $225K | $247K | $226K | $194K | $180K | $442K | $257K | $43K | $83K | $140K | $186K | $622K | $869K | $815K | $944K | $14.91M | $349.18M | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $1.13M | $1.62M | $1.91M | $2.66M | $2.85M | $5.7M | $14.36M | $5.96M | $7.96M | $6.39M | $5.72M | $5.59M | $5.85M | $5.72M | $6.55M | $2.77M | $1.64M | $30.23M | $25.06M | $16.67M | $11.47M | $333K | $0 | $14K | $71K |
| Other Current Liabilities | $7.2M | $1.01M | $12.93M | $33.24M | $44.27M | $29.59M | $43.83M | $38.58M | $42.38M | $51.74M | $46.32M | $25.22M | $26.38M | $29.4M | $29.59M | $30.44M | $31.11M | $21.5M | $17.77M | $24.63M | $26.89M | $21.7M | $17.15M | $4.47M | $727K |
| Total Current Liabilities | $51.51M | $30.82M | $24.41M | $84.57M | $81.59M | $54.62M | $158.6M | $136.17M | $122.83M | $86M | $64.15M | $44.46M | $49.48M | $47.62M | $46.7M | $47.41M | $46.69M | $81.51M | $66.05M | $43.2M | $40.75M | $22.38M | $20.12M | $7.04M | $3.48M |
| Long-Term Liabilities | |||||||||||||||||||||||||
| Long-Term Debt | $0 | $0 | $2.51M | $0 | $0 | $0 | $0 | $0 | $0 | $34.84M | $25.02M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $853K | $804K | $801K | $826K | $828K | $870K | $789.53M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $0 | $288K | $0 | $0 | $0 | $52.32M | $52.32M | $51.13M | $45.87M | $0 | $0 | $2.85M | $3.16M | $5.98M | $9M | $0 | $0 | $0 | -$4.41M | -$813K | -$315K | $0 | $5.13M | $4.75M | $4.4M |
| Total Long-Term Liabilities | $1.17M | $529K | $2.93M | $1.11M | $385K | $52.69M | $53.26M | $51.13M | $45.87M | $34.84M | $25.87M | $3.65M | $3.97M | $6.81M | $9.82M | $870K | $789.53M | $0 | -$4.41M | -$813K | -$315K | $0 | $5.13M | $4.79M | $4.61M |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$789.53M | $0 | -$4.4B | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $52.68M | $31.35M | $27.34M | $85.68M | $81.97M | $107.31M | $211.86M | $187.29M | $168.7M | $120.84M | $90.02M | $48.11M | $53.44M | $54.43M | $56.52M | $48.28M | $46.69M | $81.51M | $66.05M | $43.2M | $40.75M | $22.38M | $25.25M | $11.83M | $8.09M |
| Stockholders' Equity | |||||||||||||||||||||||||
| Preferred Stock | $10.9M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $48.28M | $54.8M | $14.44M | $8.63M | $6.92M | $2.71M | $1.19M | $975K | $499K | $290K | $287K | $283K | $282K | $299K | $299K | $308K | $308K | $328K | $353K | $306K | $301K | $300K | $122K | $122K | $122K |
| Retained Earnings | -$724.86M | -$664.07M | -$653.06M | -$656.29M | -$510.17M | -$448.52M | -$511.27M | -$484.62M | -$452.08M | -$434.37M | -$345.36M | -$299.67M | -$286.69M | -$207.8M | -$130.76M | -$88.14M | -$13.25M | $82.44M | $82.69M | $55.65M | $11.97M | $1.1M | -$2.06M | -$8.95M | -$4.65M |
| Comprehensive Income & Other | -$690K | -$684K | -$662K | -$780K | -$805K | -$1.4M | $3.64M | $2.83M | $1.74M | $4.59M | $3.7M | $2.91M | $2.86M | $3.2M | $3.31M | -$314K | $4.21M | $2.05M | $2.05M | $3.11M | -$5K | $6K | -$21K | -$833 | -$174 |
| Other Stockholders' Equity | $716.11M | $675.41M | $669.55M | $654.45M | $619.63M | $402.68M | $384.31M | $376.98M | $380.56M | $383.17M | $315.49M | $314.08M | $325.48M | $325.24M | $319.74M | $317.34M | $314.44M | $324.84M | $338.19M | $144.16M | $128.99M | $128.31M | $45K | $65K | $9K |
| Total Equity | $39.53M | $66.15M | $30.92M | $6.79M | $116.39M | -$43.13M | -$125.77M | -$106.67M | -$71.02M | -$50.91M | -$29.58M | $14.69M | $39.08M | $117.74M | $189.29M | $229.52M | $301.5M | $407.6M | $421.23M | $200.12M | $141.26M | $129.71M | -$1.9M | -$8.76M | -$4.52M |
| Minority Interest | -$3.16M | -$2.07M | -$3.74M | -$2.66M | -$1.95M | -$56.92M | -$58.89M | -$55.94M | -$49.25M | -$17.34M | $20.22M | $14.74M | -$10.58M | -$5.43M | -$1.64M | $607K | $311K | $0 | $0 | $0 | $0 | $1.82M | $0 | $0 | $0 |
| Total Liabilities and Equity | $92.21M | $97.5M | $58.26M | $92.47M | $198.36M | $64.18M | $86.09M | $80.63M | $97.68M | $69.94M | $60.44M | $62.8M | $92.53M | $172.17M | $245.81M | $277.8M | $348.19M | $489.11M | $487.28M | $243.31M | $182.01M | $152.09M | $23.35M | $3.07M | $3.57M |
| Supplementary Data | |||||||||||||||||||||||||
| Total Debt | $35.19M | $20.48M | $11.26M | $11.12M | $14.95M | $4.02M | $90.61M | $73.11M | $55.36M | $50.96M | $25.02M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2.96M | $2.47M | $2.62M |
| Net Debt | $26.42M | $18.84M | $4.48M | $2.42M | -$49.27M | -$726K | $89.1M | $72.47M | $33.98M | $45.13M | $17.67M | -$27.2M | -$23.53M | -$83.08M | -$160.65M | -$212.28M | -$251.09M | -$322.66M | -$332.54M | -$140.46M | -$73.22M | -$118.95M | -$6.45M | $1.63M | $2.36M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 | FY 2002 | FY 2001 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 | 2003-12-31 | 2002-12-31 | 2001-12-31 |
| Operating Activities | |||||||||||||||||||||||||
| Net Income | -$58.68M | -$11.04M | $1.89M | -$146.82M | -$62.48M | $58.97M | -$29.4M | -$35.87M | -$16.8M | -$99.99M | -$53.09M | -$19.33M | -$84.38M | -$83.92M | -$46.94M | -$77.75M | -$61.45M | $14.52M | $36.16M | $46.8M | $10.87M | $3.67M | $7.27M | -$3.95M | -$2.4M |
| Depreciation & Amortization | $2.27M | $9.21M | $13.02M | $13.7M | $7.11M | $67K | $415K | $835K | $1.08M | $2.91M | $4.89M | $6.96M | $6.59M | $4.92M | $2.82M | $5.36M | $26.15M | $44.76M | $31.77M | $24.93M | $10.99M | $529K | $516K | $579K | $516K |
| Deferred Income Tax | $0 | $0 | $0 | $0 | -$3.27M | -$71.38M | $5.85M | $7.46M | -$12.05M | $75.25M | $4.54M | -$30.85M | -$4.19M | -$4.16M | -$4.22M | $1.11M | -$1.11M | $5.17M | -$4.19M | -$485K | -$65K | $672K | -$917K | $18K | -$22K |
| Stock-Based Compensation | $17.4M | $6.7M | $10.61M | $30.33M | $22.51M | $8.25M | $3.26M | $584K | $5.7M | $4.2M | $5.1M | $550K | $4.38M | $5.6M | $7.99M | $4.52M | $10.68M | $7.8M | $7M | $0 | $0 | $0 | $0 | $0 | $0 |
| Changes in Working Capital: | |||||||||||||||||||||||||
| Accounts Receivable | -$1.6M | -$8K | $14K | $529K | -$2.04M | $593 | $47K | $286K | $861K | -$218K | $544K | $1.09M | -$584K | -$1.03M | $99K | -$1.47M | $981K | -$1.05M | -$1.8M | $0 | $0 | -$2.5M | $11K | -$8K | -$3K |
| Inventory | $0 | $0 | $5K | $412K | -$90.05M | -$7.54M | $1.19M | -$2.81M | -$7.27M | -$1.49M | $10.7M | -$241K | $2.36M | -$1.96M | $1.15M | -$4.22M | -$31.76M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | $1.01M | -$188K | $355K | $18.25M | $5.82M | -$395K | $37K | $136K | $311K | -$630K | $85K | -$1.36M | $1.3M | -$36K | -$2.7M | $624K | $829K | -$2.15M | $5.84M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Working Capital | $86K | -$662K | -$4.3M | -$6.97M | $476K | -$227K | -$26K | -$1.16M | $1.62M | $41K | -$154K | $898K | $1.94M | $1.08M | $773K | -$2.7M | -$91K | $334K | $6.46M | $15.48M | -$3.82M | $5.04M | $9M | $2.88M | -$108K |
| Total Working Capital Change | -$501K | -$858K | -$3.92M | $12.23M | -$85.8M | -$8.16M | $1.25M | -$3.55M | -$4.48M | -$2.29M | $11.17M | $380K | $5.02M | -$1.95M | -$678K | -$7.76M | -$30.04M | -$2.87M | $10.51M | $15.48M | -$3.82M | $2.54M | $9.01M | $2.87M | -$111K |
| Other Non-Cash Items | $34.89M | -$10.64M | -$28.53M | $67.37M | $18.84M | -$3.68M | $10.51M | $15.36M | $13.56M | -$7.2M | $1.07M | $1.95M | $18.98M | $6.17M | $438K | $37.41M | $39.87M | $34.45M | $11.3M | $2.97M | $4.36M | -$2.15M | -$7.22M | $986K | $11K |
| Net Cash from Operating | -$4.63M | -$6.62M | -$6.94M | -$23.2M | -$103.08M | -$15.93M | -$8.12M | -$15.17M | -$12.99M | -$27.13M | -$26.32M | -$40.34M | -$53.6M | -$73.33M | -$40.61M | -$37.11M | -$15.9M | $103.82M | $92.56M | $89.7M | $22.33M | $5.26M | $8.65M | $508K | -$2M |
| Investing Activities | |||||||||||||||||||||||||
| Capital Expenditures | -$1.74M | -$2.7M | -$317K | -$38.02M | -$13.79M | -$54K | -$119K | -$34K | -$68K | -$1.25M | -$1.6M | -$640K | -$1.13M | -$5.25M | -$13.59M | -$3.02M | -$6.65M | -$18.16M | -$73.6M | -$18.69M | -$38.13M | -$3.05M | -$295K | -$228K | -$229K |
| Acquisitions | $46K | -$1.61M | $0 | $0 | -$2.12M | $66.04M | -$5.12M | $0 | $44K | $0 | $1.83M | $24.54M | $820K | $576K | -$10.94M | -$1.13M | -$3.5M | $3.7M | $0 | -$11.99M | -$31.47M | $0 | $0 | $0 | $0 |
| Purchases of Investments | -$490K | -$4.26M | $607 | -$3.47M | -$6.99M | -$1.2M | $397K | -$794K | -$600K | $0 | -$33.49M | $172K | -$1.37M | -$2.16M | -$5.09M | -$5.86M | -$4.02M | -$164.07M | -$1.5M | -$1.19M | $14K | $0 | $0 | $0 | $0 |
| Sales of Investments | $860K | $749 | $774K | $2.61M | $2.46M | $27K | $5.55M | $0 | $25.05M | $0 | $51K | $4.69M | $1.22M | $4.36M | $4.2M | $1.02M | $10.2M | $109.12M | $5.81M | $1.18M | $3.33M | $0 | $0 | $0 | $0 |
| Other Investing Activities | $1.58M | $22K | $251K | $1.59M | -$701K | $875K | $8.42M | -$1.77M | -$150K | -$309K | $1.88M | $876K | $28K | -$849K | $19.23M | $7.92M | $1.53M | -$3.67M | $1K | $7K | -$6.27M | -$15.88M | $0 | -$646K | $0 |
| Net Cash from Investing | $258K | -$8.55M | $709K | -$37.29M | -$21.15M | $65.69M | $9.13M | -$2.6M | $24.27M | -$1.56M | -$31.33M | $29.64M | -$439K | -$3.32M | -$6.19M | -$1.07M | -$2.44M | -$73.08M | -$69.29M | -$30.68M | -$72.53M | -$18.93M | -$295K | -$874K | -$229K |
| Financing Activities | |||||||||||||||||||||||||
| Debt Repaid | $4.67M | $5.46M | -$6.36M | $102K | -$24.22M | $6.38M | -$6.13M | $2.75M | -$3.61M | -$19.4M | -$40.8M | $2.92M | $2.1M | - | - | - | - | - | - | - | - | $1.56M | -$229K | $290K | -$2.03M |
| Common Stock Issuance | $16.02M | $2.83M | $39K | $6K | $151.62M | $7.11M | $0 | $0 | $0 | $0 | $0 | $17.8M | $0 | $0 | $0 | $13K | $0 | $0 | $187.65M | $8.69M | $575K | $121.9M | $0 | $0 | $617K |
| Common Stock Repurchases | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$4.35M | -$126K | -$3.16M | -$88K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$30.13M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | $0 | $0 | -$1.57M | -$6K | $8.99M | $0 | $0 | $0 | $3M | $9.1M | -$2.14M | $139K | $650K | -$936K | -$73K | -$2K | -$23.31M | -$35.34M | -$11.32M | $0 | $5.34M | $2.85M | -$1 | $1.24M | -$868K |
| Net Cash from Financing | $11.35M | $10.46M | $4.83M | $4.95M | $183.87M | -$46.57M | $6.13M | -$2.75M | $6.61M | $28.49M | $38.66M | $15.02M | -$5.8M | -$1.06M | -$3.23M | -$76K | -$53.45M | -$35.34M | $176.33M | $8.69M | $5.92M | $123.19M | $229K | $950K | $1.78M |
| Forex Effect | $232K | -$429K | -$518K | $22K | -$171K | $39K | $188K | -$224K | $679K | -$1.33M | -$873K | -$657K | $285K | $150K | -$1.6M | -$557K | $211K | -$4.81M | -$7.84M | -$378K | -$1.48M | $19K | -$20K | -$659 | -$892 |
| Net Change in Cash | $7.21M | -$5.14M | -$1.92M | -$55.52M | $59.47M | $3.24M | $878K | -$20.74M | $15.55M | -$1.52M | -$19.86M | $3.67M | -$59.55M | -$77.56M | -$51.63M | -$38.81M | -$71.58M | -$9.4M | $191.76M | $67.34M | -$45.76M | $109.54M | $8.56M | $584K | -$455K |
| Supplementary Data | |||||||||||||||||||||||||
| Operating Cash Flow | -$4.63M | -$6.62M | -$6.94M | -$23.2M | -$103.08M | -$15.93M | -$8.12M | -$15.17M | -$12.99M | -$27.13M | -$26.32M | -$40.34M | -$53.6M | -$73.33M | -$40.61M | -$37.11M | -$15.9M | $103.82M | $92.56M | $89.7M | $22.33M | $5.26M | $8.65M | $508K | -$2M |
| Capital Expenditure | -$211K | -$2.7M | -$317K | -$38.02M | -$13.79M | -$54K | -$119K | -$34K | -$68K | -$1.25M | -$1.6M | -$640K | -$1.13M | -$5.25M | -$13.59M | -$3.02M | -$6.65M | -$18.16M | -$73.6M | -$18.69M | -$38.13M | -$3.05M | -$295K | -$228K | -$229K |
| Free Cash Flow | -$4.84M | -$9.32M | -$7.26M | -$61.22M | -$116.88M | -$15.98M | -$8.24M | -$15.2M | -$13.06M | -$28.38M | -$27.92M | -$40.98M | -$54.73M | -$78.58M | -$54.19M | -$40.13M | -$22.55M | $85.66M | $18.96M | $71.01M | -$15.8M | $2.21M | $8.36M | $280K | -$2.23M |
| Cash at Beginning | $1.57M | $6.78M | $8.7M | $64.22M | $4.75M | $1.52M | $638K | $21.38M | $5.83M | $7.35M | $27.2M | $23.53M | $83.08M | $160.65M | $212.28M | $251.09M | $322.66M | $332.06M | $140.78M | $73.12M | $118.98M | $9.41M | $844K | $259K | $714K |
| Cash at End | $8.77M | $1.64M | $6.78M | $8.7M | $64.22M | $4.75M | $1.52M | $638K | $21.38M | $5.83M | $7.35M | $27.2M | $23.53M | $83.08M | $160.65M | $212.28M | $251.09M | $322.66M | $332.54M | $140.46M | $73.22M | $118.95M | $9.41M | $844K | $259K |