The9 Limited (NCTY)

NASDAQ: NCTY · Real-Time Price · USD

4.630

+0.050 (1.09%)

At close: Aug 17, 2026, 4:00 PM EDT

4.630

0.00 (0.00%)

After-hours: Aug 17, 2026, 4:04 PM EDT

The9 Limited Financials Overview

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Revenue & Profits

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	83.78	107.9	111.71	174.05	104.93	135.58
Revenue Growth	-11.62%	-3.42%	-35.81%	65.87%	-22.61%	21575.29%
Gross Profit	2.42	1.81	-1.6	-39.13	-47.38	47.78
Operating Income	-313.49	-273.31	-51.47	-156.75	-461	-296.02
Net Income	-179.44	-402.45	-73.42	20	-974.86	-411.23
Earnings Per Share	-20.40	-53.10	-15.70	5.94	-406.06	-249.08
EPS Growth	-	-	-	-	-	-

Revenue by Segment

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cryptocurrency Mining	39.53	56.35	110.74	168.32	97.86	134.12
Corporate and Others	44.26	51.55	0.98	5.72	7.07	1.45
Total	83.78	107.9	111.71	174.05	104.93	135.58

Cash & Debt

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Investments	16.25	58.49	10.91	45.22	58.06	429.22
Total Debt	203.93	234.63	136.61	77.1	87.64	113.82
Net Cash (Debt)	-187.67	-176.14	-125.7	-31.88	-29.57	315.4
Net Cash Growth	-	-	-	-	-	6410.40%
Net Cash Per Share	-21.33	-23.24	-26.87	-9.46	-12.32	191.03

Cash Flow & CapEx

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Operating Cash Flow	-58.68	-31.76	-44.2	-46.32	-154.04	-704.29
Capital Expenditures	-1.45	-1.45	-	-2.11	-248.82	-75.62
Free Cash Flow	-60.13	-33.2	-44.2	-48.43	-402.86	-779.91
Free Cash Flow Growth	-	-	-	-	-	-

Margins

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Gross Margin	2.89%	1.68%	-1.44%	-22.48%	-45.15%	35.24%
Operating Margin	-374.16%	-253.30%	-46.07%	-90.06%	-439.35%	-218.34%
Pretax Margin	-225.28%	-378.88%	-65.92%	-82.90%	-660.83%	-289.65%
Profit Margin	-214.17%	-372.99%	-65.72%	11.49%	-929.06%	-303.32%
FCF Margin	-71.77%	-30.77%	-39.56%	-27.83%	-383.93%	-575.25%

Valuation

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Aug '26 Aug 17, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
PE Ratio	-	-	-	12.04	-	-
PS Ratio	5.71	6.25	8.87	1.38	0.88	6.53