Shareholder equity has been severely eroded to $4.3 million as of 2026Q1, largely due to the accumulation of $65.1 million in retained earnings losses.
ZW Data Action Technologies Inc. (CNET) balance sheet — 20-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Total Current Assets | 7.78M | 7.56M | 9.17M | 8.96M | 12.31M | 19.92M | 12.88M | 11.94M | 12.5M | 16.9M | 14.47M | 21.04M | 27.68M | 34.26M | 35.42M | 34.74M | 32.77M | 24.36M | 8.23M | 17.51K | 71 |
| Cash & Short-Term Investments | 611K | 970K | 812K | 817K | 4.39M | 7.17M | 4.3M | 1.6M | 3.74M | 2.95M | 3.04M | 5.5M | 5.04M | 16.31M | 9M | 10.7M | 15.59M | 13.92M | 8.23M | 17.51K | 71 |
| Cash Only | 611K | 970K | 812K | 817K | 4.39M | 7.17M | 4.3M | 1.6M | 3.74M | 2.95M | 3.04M | 5.5M | 5.04M | 16.31M | 9M | 10.7M | 15.59M | 13.92M | 8.23M | 17.51K | 71 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 569K | 1.37M | 3.85M | 3.64M | 1.75M | 3.53M | 2.47M | 3.35M | 4.99M | 7.21M | 3.62M | 4.5M | 10.85M | 12.47M | 8.7M | 3.71M | 13.83M | 5.81M | 1.33M | 0 | 0 |
| Days Sales Outstanding | 130.38 | 108.3 | 90.9 | 43.42 | 24.28 | 27.22 | 23.45 | 21.07 | 31.84 | 56.47 | 38.06 | 50.91 | 101.81 | 150.3 | 68.11 | 47.07 | 121.36 | 56.21 | 22.57 | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.01M | 0 | 4.75M | 7.72M | 8.27M | 5.45M | 14.65M | 15.36M | 2K | 2K | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | 13.42 | - | 64.27 | 114.36 | 93.5 | 119.99 | 169.4 | 466.15 | 0.04 | 0.03 | - | - | - |
| Other Current Assets | 847K | 0 | 0 | 0 | 3.14M | 1.66M | 1.46M | 0 | 1.67M | 5.4M | 0 | 1.93M | 3.7M | 9.58M | 9.65M | 129K | 29K | 30K | 46K | 0 | 0 |
| Total Non-Current Assets | 1.94M | 2.12M | 513K | 2.27M | 7.34M | 12.71M | 7.78M | 6.62M | 4.47M | 11.66M | 15.57M | 14.42M | 19.75M | 22.58M | 21.5M | 22.54M | 9.22M | 1.4M | 16.46M | 41.94K | 44.56K |
| Property, Plant & Equipment | 128K | 190K | 116K | 237K | 2.01M | 2.39M | 108K | 90K | 142K | 299K | 471K | 681K | 943K | 1.06M | 1.64M | 1.9M | 2.01M | 1.35M | 7.42M | 16.73K | 44.56K |
| Fixed Asset Turnover | 19.77x | 24.28x | 133.09x | 129.05x | 13.05x | 19.77x | 355.63x | 645.33x | 402.44x | 155.96x | 73.78x | 47.38x | 41.25x | 28.66x | 28.48x | 15.11x | 20.69x | 27.84x | 2.90x | 2.10x | 0.27x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.28M | 4.97M | 4.4M | 6.77M | 11.45M | 11.08M | 11M | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 399K | 515K | 0 | 841K | 3.26M | 7.52M | 2.56M | 5.78M | 45K | 3.81M | 7.26M | 5.64M | 9.24M | 6.01M | 7.17M | 8.15M | 51K | 0 | 9.04M | 25.2K | 0 |
| Long-Term Investments | 3.75M | 1.12M | 397K | 794K | 1.6M | 2.28M | 67K | 35K | 0 | 918K | 1.34M | 1.13M | 909K | 845K | 959K | 1.4M | 7.16M | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 300K | 300K | 0 | 0 | 69K | 75K | 4.45M | 0 | 3.73M | 0 | 0 | 1.02M | 850K | 2.45M | 0 | 0 | 7.16M | 48K | 0 | 0 | 0 |
| Total Assets | 9.75M | 9.68M | 9.69M | 11.23M | 19.66M | 32.63M | 20.67M | 18.55M | 16.97M | 28.56M | 30.04M | 35.46M | 47.43M | 56.83M | 56.92M | 57.28M | 42M | 25.76M | 24.69M | 59.45K | 44.63K |
| Asset Turnover | 0.36x | 0.48x | 1.59x | 2.72x | 1.33x | 1.45x | 1.86x | 3.13x | 3.37x | 1.63x | 1.16x | 0.91x | 0.82x | 0.53x | 0.82x | 0.50x | 0.99x | 1.46x | 0.87x | 0.59x | 0.27x |
| Asset Growth % | -7.78% | -0.08% | -13.77% | -42.86% | -39.76% | 57.89% | 11.41% | 9.33% | -40.59% | -4.93% | -15.28% | -25.24% | -16.55% | -0.15% | -0.64% | 36.4% | 63% | 4.34% | 41434.06% | 33.22% | - |
| Total Current Liabilities | 5.38M | 5.07M | 5.85M | 4.86M | 5.7M | 8.82M | 8.02M | 7.01M | 8.44M | 12.96M | 7.62M | 7.37M | 10.41M | 10.23M | 10.24M | 7.7M | 6.15M | 4.94M | 89.57M | 69.39K | 84.17K |
| Accounts Payable | 683K | 169K | 93K | 201K | 205K | 1.12M | 608K | 408K | 2.87M | 2.85M | 102K | 95K | 782K | 421K | 110K | 268K | 174K | 290K | 37K | 63.72M | 60.22K |
| Days Payables Outstanding | 38.26 | 14.48 | 2.26 | 2.37 | 2.83 | 8.65 | 5.87 | 2.83 | 19.13 | 24.76 | 1.38 | 1.41 | 8.84 | 9.28 | 1.27 | 8.13 | 3.35 | 4.99 | 0.98 | - | - |
| Short-Term Debt | 0 | 0 | 0 | 99K | 0 | 0 | 0 | 576K | 874K | 765K | 721K | 0 | 817K | 818K | 0 | 0 | 0 | 0 | 35M | 0 | 0 |
| Deferred Revenue (Current) | 2.07M | 522K | 489K | 843K | 739K | 1.25M | 1.44M | 2.01M | 1.06M | 3.56M | 1.42M | 1.31M | 832K | 995K | 0 | 724K | 2.12M | 914K | 0 | 0 | 0 |
| Other Current Liabilities | 662K | 566K | 1.55M | 2.36M | 2.92M | 4.55M | 1.84M | 636K | 431K | 5.23M | 5.06M | 5.32M | 7.4M | 7.32M | 5.52M | 344K | 258K | 2.6M | -35M | 69.35M | 23.95K |
| Current Ratio | 1.45x | 1.49x | 1.57x | 1.85x | 2.16x | 2.26x | 1.61x | 1.70x | 1.48x | 1.30x | 1.90x | 2.85x | 2.66x | 3.35x | 3.46x | 4.51x | 5.33x | 4.93x | 0.09x | 0.25x | 0.00x |
| Quick Ratio | 1.45x | 1.49x | 1.57x | 1.85x | 2.16x | 2.26x | 1.61x | 1.70x | 1.24x | 1.30x | 1.28x | 1.81x | 1.86x | 2.82x | 2.03x | 2.52x | 5.33x | 4.93x | 0.09x | 0.25x | 0.00x |
| Cash Conversion Cycle | 92.12 | - | - | - | - | - | - | - | 26.12 | - | 100.96 | 163.86 | 186.47 | 261.01 | 236.24 | 505.09 | 118.05 | 51.25 | - | - | - |
| Total Non-Current Liabilities | 188K | 203K | 122K | 124K | 1.66M | 2.04M | 166K | 125K | 734K | 134K | 126K | 382K | 1.11M | 1.58M | 1.83M | 2.03M | 132K | 9.69M | 86.94M | 63.72K | 60.22K |
| Long-Term Debt | 128K | 125K | 122K | 124K | 126K | 137K | 134K | 125K | 128K | 134K | 126K | 0 | 0 | 143K | 139K | 0 | 0 | 128K | 0 | 0 | 0 |
| Capital Lease Obligations | 13K | 0 | 0 | 0 | 1.53M | 1.91M | 32K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 294K | 78K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 118K | 964K | 1.44M | 1.69M | 1.89M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 264K | 143K | 0 | 0 | 137K | 132K | 9.56M | 0 | 0 | 0 |
| Total Liabilities | 5.57M | 5.28M | 5.97M | 4.98M | 7.36M | 10.87M | 8.19M | 7.14M | 9.17M | 13.1M | 7.75M | 7.75M | 11.52M | 11.81M | 12.07M | 9.73M | 6.29M | 14.63M | 89.57M | 69.39K | 84.17K |
| Total Debt | 153K | 174K | 122K | 247K | 2.11M | 2.4M | 387K | 701K | 1M | 899K | 721K | 135K | 817K | 818K | 139K | 0 | 0 | 128K | 35M | 0 | 0 |
| Net Debt | -458K | -796K | -690K | -570K | -2.28M | -4.78M | -3.91M | -902K | -2.74M | -2.05M | -2.31M | -5.37M | -4.22M | -15.49M | -5.34M | -10.7M | -15.59M | -13.79M | 26.77M | -17.51K | -71 |
| Debt / Equity | 0.04x | 0.04x | 0.03x | 0.04x | 0.17x | 0.11x | 0.03x | 0.06x | 0.13x | 0.06x | 0.03x | 0.00x | 0.02x | 0.02x | 0.00x | - | - | 0.01x | - | - | - |
| Debt / EBITDA | -0.20x | - | - | - | - | - | - | - | - | - | - | - | - | 0.26x | 0.02x | - | - | 0.01x | 9.09x | - | - |
| Net Debt / EBITDA | 0.61x | - | - | - | - | - | - | - | - | - | - | - | - | -5.02x | -0.87x | -2.56x | -1.02x | -1.43x | 6.95x | - | - |
| Interest Coverage | - | - | - | - | - | - | - | -33.89x | -360.16x | -65.67x | -474.62x | -195.00x | -279.62x | 56.54x | - | - | - | - | - | - | - |
| Total Equity | 4.18M | 4.4M | 3.72M | 6.25M | 12.3M | 21.77M | 12.48M | 11.41M | 7.79M | 15.46M | 22.3M | 27.71M | 35.91M | 45.02M | 44.84M | 47.55M | 35.71M | 11.13M | -64.88M | -9.95K | -39.54K |
| Equity Growth % | 42.8% | 18.42% | -40.55% | -49.14% | -43.5% | 74.42% | 9.34% | 46.43% | -49.6% | -30.65% | -19.53% | -22.84% | -20.25% | 0.4% | -5.7% | 33.16% | 220.77% | 117.16% | -652247.91% | 74.85% | - |
| Book Value per Share | 1.28 | 1.66 | 1.84 | 0.87 | 1.72 | 3.29 | 2.89 | 3.33 | 2.46 | 6.38 | 9.82 | 12.94 | 20.03 | 25.26 | 25.27 | 31.69 | 21.36 | 9.39 | -58.80 | -0.01 | -0.09 |
| Total Shareholders' Equity | 4.12M | 4.34M | 3.66M | 6.25M | 12.3M | 21.77M | 12.54M | 11.47M | 7.84M | 15.29M | 22.24M | 27.33M | 36.19M | 45.15M | 44.22M | 41.71M | 35.78M | 11.13M | -64.88M | -9.95K | -39.54K |
| Common Stock | 4K | 423K | 2K | 7K | 7K | 35K | 26K | 20K | 16K | 14K | 12K | 30K | 29K | 22K | 22K | 22K | 17K | 16K | 5.78M | 5.66K | 5.35K |
| Retained Earnings | -65.44M | -65.22M | -63.45M | -59.69M | -53.52M | -43.73M | -40.98M | -35.77M | -34.51M | -20.49M | -10.36M | -3.87M | 5.22M | 18.96M | 19.5M | 16.69M | 14.63M | 50K | -333.48M | -206.54K | -81.39K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 889K | 3.79M | 4M | 3.87M | 3.8M | 3.68M | 3.73M | 4.11M | 4.06M | 4.21M | 3.31M | 4.66M | 6.23M | 6.29M | 4.69M | 2.13M | 930K | 117K | 0 | 0 | 0 |
| Minority Interest | 62K | 60K | 60K | 0 | 0 | 0 | -66K | -57K | -49K | 177K | 54K | 375K | -277K | -123K | 621K | 5.85M | -70K | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying CNET stock.
As of 2025, ZW Data Action Technologies Inc. (CNET) had total assets of $9.7M including $7.6M in current assets.
ZW Data Action Technologies Inc. (CNET) carries total debt of $0.2M, offset by $1.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
ZW Data Action Technologies Inc. (CNET) has total shareholders' equity (book value) of $4.3M ($1.66 book value per share). Book value represents the net worth of the company belonging to common stock holders.
ZW Data Action Technologies Inc. (CNET) reported a current ratio of 1.49x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Liquidity and solvency risk
Metrics are mathematically derived from official filings.
Balance Sheet Erosion Amid Contraction
As reported in recent financial filings, CNET's total assets have declined from $11.2 million in 2023Q4 to $9.5 million in 2026Q1, reflecting a persistent contraction in the company's resource base as it struggles to maintain its operational footprint amidst a challenging SME advertising environment.
The consistent decline in total assets suggests that the company is failing to replace its depreciating asset base with new, productive capital. This trajectory indicates that the business model is currently unable to generate the internal growth required to sustain its historical scale, warranting caution regarding long-term viability.
Diminishing Cash Runway and Liquidity
Based on the latest quarterly data, CNET's cash and equivalents have plummeted to $720,000 as of 2026Q1, representing a significant reduction from the $1.8 million reported in 2025Q3, which highlights the company's rapidly narrowing buffer against ongoing operating losses and potential liquidity shocks.
The current cash position appears insufficient to support the company's high fixed-cost structure for an extended period without external intervention. Investors should monitor the current ratio, which, while appearing stable at 1.52, may mask underlying difficulties in converting receivables into actual cash given the company's negative operating margins.
Equity Quality Impaired by Losses
According to financial statements, CNET's equity base has eroded to $4.3 million in 2026Q1, driven primarily by the accumulation of retained earnings losses which reached -$65.1 million, signaling that shareholder value has been consistently depleted by the company's inability to achieve a profitable operating model.
The persistent negative retained earnings suggest that the company has been unable to create value for shareholders over the long term. This erosion of equity quality implies that the company may eventually need to rely on dilutive financing to recapitalize, which would further pressure existing shareholder interests.
Hidden Risks in Asset Composition
Financial data indicates that CNET's asset base is heavily reliant on intangible assets and goodwill, with $458,000 in goodwill reported as of 2026Q1, which may be subject to impairment if the company's pivot to blockchain fails to generate the anticipated economic benefits for the firm.
The presence of goodwill on the balance sheet during a period of severe revenue contraction warrants close scrutiny, as it may represent overvalued acquisitions from previous strategic shifts. If the company's core advertising portals continue to lose relevance, these intangible assets could face significant write-downs, further weakening the balance sheet.