The9 Limited (NCTY)

NASDAQ: NCTY · Real-Time Price · USD

4.690

-0.110 (-2.29%)

At close: Sep 4, 2026, 4:00 PM EDT

4.600

-0.090 (-1.92%)

After-hours: Sep 4, 2026, 7:30 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	Jun '26 Jun 30, 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	63.51	107.9	111.71	174.05	104.93	135.58
Revenue Growth	-22.26%	-3.42%	-35.81%	65.87%	-22.61%	21575.29%
Gross Profit	7.79	1.81	-1.6	-39.13	-47.38	47.78
Operating Income	-397.11	-273.31	-51.47	-156.75	-461	-296.02
Net Income	44.13	-402.45	-73.42	20	-974.86	-411.23
Earnings Per Share	4.42	-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	Jun '26 Jun 30, 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	20.65	56.35	110.74	168.32	97.86	134.12
Corporate and Others	-	51.55	0.98	5.72	7.07	1.45
Total	63.51	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	Jun '26 Jun 30, 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	12.73	58.49	10.91	45.22	58.06	429.22
Total Debt	212.06	234.63	136.61	77.1	87.64	113.82
Net Cash (Debt)	-199.33	-176.14	-125.7	-31.88	-29.57	315.4
Net Cash Growth	-	-	-	-	-	6410.40%
Net Cash Per Share	-19.95	-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	Jun '26 Jun 30, 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	-61.33	-31.76	-44.2	-46.32	-154.04	-704.29
Capital Expenditures	-1.46	-1.45	-	-2.11	-248.82	-75.62
Free Cash Flow	-62.78	-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	Jun '26 Jun 30, 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	12.27%	1.68%	-1.44%	-22.48%	-45.15%	35.24%
Operating Margin	-625.30%	-253.30%	-46.07%	-90.06%	-439.35%	-218.34%
Pretax Margin	54.73%	-378.88%	-65.92%	-82.90%	-660.83%	-289.65%
Profit Margin	69.50%	-372.99%	-65.72%	11.49%	-929.06%	-303.32%
FCF Margin	-98.86%	-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	Sep '26 Sep 7, 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	7.21	-	-	12.04	-	-
PS Ratio	7.64	6.25	8.87	1.38	0.88	6.53