XHG XChange TEC.INC

Overview and Growth

In fiscal 2025, XChange TEC.INC recorded $51.31M of revenue, net loss of $105.13M, and an operating cash outflow of $1.64M. The $51.31M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. The top line expanded 24.9% from $41.09M in fiscal 2024, increasing the company’s operating scale. Diluted earnings per share were $0.00, translating the period’s attributable earnings into the amount reported for each diluted share. A diluted share base of 50.25B links the aggregate earnings figure to diluted EPS and helps frame the per-share comparison. At period end, total assets were $9.74M, framing the scale of the company’s operating and financing commitments. The revenue-to-assets relationship was 5.27x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Gross profit was $1.12M, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross profit represented 2.2% of revenue, showing how much of the top line remained after direct costs. The reported operating result was an operating loss of $101.19M, reflecting costs that exceeded gross profit. The operating loss equaled 197.2% of revenue, showing the scale of the operating deficit relative to sales. The company ended the period with a net loss of $105.13M, extending the operating result through all remaining items. Net margin was -204.9%, reflecting a loss equal to 204.9% of reported revenue. The company reported a pretax loss of $105.12M, before the effect of income taxes. The pretax loss equaled 204.9% of revenue, measuring the pre-tax deficit against sales. Income tax expense totaled $6.00K, providing the reported tax component that separates pretax and after-tax earnings. Compared with a $32.32M net loss in fiscal 2024, the current loss increased to $105.13M.

Liquidity and Capital Structure

Total assets were $9.74M, supported by $133.38M of liabilities and -$123.63M of shareholder equity. The company reported negative equity of -$123.63M, a capital deficit that reduces its ability to absorb losses through book equity. The near-term balance sheet paired $5.60M of current assets with $133.33M of current liabilities at the reporting date. Current assets covered only 0.04x of current liabilities, so current liabilities exceeded current assets at period end. The company held $1.53M in cash and equivalents, a narrower liquidity measure than total current assets. Measured only with cash and equivalents, coverage of current liabilities was 1.1%, excluding receivables and other current assets. Measured against total assets, cash and equivalents represented 15.7%, a balance-sheet composition measure rather than a liquidity forecast. Compared with $111.55M in fiscal 2024, the current asset base moved 91.3% and finished lower. Cash and equivalents were 32.6% higher than fiscal 2024 cash of $1.15M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Cash flow from operations was an outflow of $1.64M, showing that operations absorbed cash during the period. The operating cash outflow widened to $1.64M from $1.39M in fiscal 2024.

Based on the annual report for the fiscal year ending Sep 30, 2025. Analysis generated Sep 24, 2026.