The9 Limited ADR Dossier
Financial Snapshot
Revenue, profitability, returns, debt, and capital allocation
Revenue $15.4M+0.8% YoYTTM through 31 Dec 2025
Net Income -$10.1MTTM through 31 Dec 2025
Free Cash Flow -$6.5MTTM through 31 Dec 2025
Margins
| Current | |
|---|---|
| Gross Margin | 1.7% |
| Operating Margin | -260.5% |
| Net Margin | -65.2% |
Returns
-106.0%ROE
-58.7%ROA
Balance Sheet Health
Debt / Equity1.38x
Current Ratio1.00x
Net Debt$25.2M
Cash & Equivalents$8.4M
Quality Metrics
FCF Margin-41.9%
Dividend
No dividend
Segment Performance
| Segment | Revenue | YoY | Outlook |
|---|---|---|---|
| Cryptocurrency Mining | $8M | View detailsDownsized operations due to regulatory shifts and liquidity constraints, including defaults on Bitcoin-backed loans. | |
| Online Game Services and Others | $7.4M | View detailsStrategic pivot back to online gaming and AI-powered content, including the launch of the9bit platform. |
Financials converted at 6.9961.
Filing Detail Members
This section is available to registered members. Create a free account or sign in to unlock the full breakdown.