The company's financial position is increasingly strained, with total liabilities of $75.9 million significantly outweighing total assets of $28.1 million as of 2026Q3.
| Total Current Assets | 15.03M | 23.65M | 4.33M | 1.84M | 605.64K |
| Cash & Short-Term Investments | 3.19M | 1.88M | 587.45K | 1.82M | 21.74K |
| Cash Only | 3.19M | 1.88M | 587.45K | 1.82M | 21.74K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 4.4M | 6.79M | 1.93M | 0 | 583.89K |
| Days Sales Outstanding | 48.49 | 37.58 | 218.67 | - | 16.53 |
| Inventory | 6.97M | 12.69M | 1.77M | 0 | 0 |
| Days Inventory Outstanding | 69.12 | 75.73 | 207.33 | - | - |
| Other Current Assets | 0 | 632.66K | 11.02K | 0 | 0 |
| Total Non-Current Assets | 13.01M | 2.22M | 1.04M | 173.66K | 279 |
| Property, Plant & Equipment | 11.94M | 1.2M | 548.38K | 173.66K | 279 |
| Fixed Asset Turnover | 4.28x | 55.16x | 5.89x | 124.51x | 46215.70x |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 36.67M | 89.14M | 0 |
| Other Non-Current Assets | 1.06M | 1.02M | -36.18M | -89.14M | 0 |
| Total Assets | 28.13M | 26M | 5.37M | 2.01M | 605.92K |
| Asset Turnover | 1.63x | 2.54x | 0.60x | 10.76x | 21.28x |
| Asset Growth % | 401.56% | 383.77% | 167.4% | 231.72% | - |
| Total Current Liabilities | 39.88M | 30.4M | 8.95M | 2.47M | 1.24M |
| Accounts Payable | 32.33M | 26.24M | 1.4M | 0 | 84.92K |
| Days Payables Outstanding | 200.76 | 156.67 | 163.8 | - | 2.49 |
| Short-Term Debt | 1.86M | 235.27K | 6.31M | 2.4M | 536.76K |
| Deferred Revenue (Current) | 534.46K | 0 | 649.45K | 27 | 609.23K |
| Other Current Liabilities | 0 | 3.92M | 0 | 0 | 0 |
| Current Ratio | 0.38x | 0.78x | 0.48x | 0.74x | 0.49x |
| Quick Ratio | 0.20x | 0.36x | 0.29x | 0.74x | 0.49x |
| Cash Conversion Cycle | -83.15 | -43.36 | 262.2 | - | - |
| Total Non-Current Liabilities | 36.06M | 963.25K | 427.88K | 114.98K | 0 |
| Long-Term Debt | 55.08K | 963.25K | 95.44K | 114.98K | 0 |
| Capital Lease Obligations | 76.96M | 0 | 332.44K | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 75.94M | 31.36M | 9.38M | 2.58M | 1.24M |
| Total Debt | 37.92M | 1.2M | 6.81M | 2.51M | 536.76K |
| Net Debt | 34.73M | -676.94K | 6.22M | 688.54K | 515.02K |
| Debt / Equity | -0.79x | - | - | - | - |
| Debt / EBITDA | -3.27x | - | - | 23.48x | 16.81x |
| Net Debt / EBITDA | -2.99x | - | - | 6.43x | 16.13x |
| Interest Coverage | -4.73x | -0.80x | -11.25x | 8.81x | - |
| Total Equity | -47.82M | -5.36M | -4M | -571.79K | -629.99K |
| Equity Growth % | -5481.6% | -34.04% | -599.98% | 9.24% | - |
| Book Value per Share | -6.84 | -0.87 | -0.55 | -0.08 | -0.06 |
| Total Shareholders' Equity | -47.82M | -5.36M | -4M | -571.79K | -629.99K |
| Common Stock | 700 | 678 | 1K | 1K | 1K |
| Retained Earnings | -63.47M | -20.05M | -11.03M | -7.6M | -7.65M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -17.11K | -5K | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
Liquidity and solvency constraints
As reported in recent financial filings, FOXX's equity position has deteriorated into a deep deficit of $47.8 million by 2026Q3, reflecting a consistent pattern of capital erosion that suggests the company's current business model is failing to generate the internal resources necessary to sustain its operational scale.
The rapid shift from a positive equity position in early 2025 to a significant deficit indicates that the company is consistently consuming its net worth to fund operations. This trajectory warrants extreme caution, as it implies that the business is becoming increasingly reliant on external financing to remain a going concern.
According to the latest balance sheet data, FOXX has accumulated $37.9 million in total debt as of 2026Q3, a substantial increase from the $1.2 million reported in 2025Q4, which highlights a growing reliance on leverage to bridge the gap between operating cash outflows and capital requirements.
The sharp rise in debt levels, coupled with a negative equity base, suggests that the company's capital structure is becoming increasingly precarious. Investors should monitor whether this debt is being used to fund sustainable growth or merely to cover recurring operating losses, as the latter would indicate a high risk of future dilution or default.
Based on the 2026Q3 financial statements, FOXX maintains a current ratio of only 0.38, which, when compared to the $3.2 million cash balance, suggests that the company lacks the necessary liquidity to comfortably meet its short-term obligations without continuous access to external capital markets.
A current ratio well below 1.0 is a significant red flag, indicating that current liabilities far exceed the company's ability to pay them with existing liquid assets. This structural liquidity constraint leaves the firm highly vulnerable to any disruption in its carrier payment cycles or unexpected increases in working capital requirements.
As evidenced by the 2026Q3 balance sheet, FOXX's asset base is heavily weighted toward $11.9 million in net PPE, which represents a significant shift from the minimal asset levels seen in 2025, suggesting a recent, capital-intensive expansion that has yet to yield a corresponding improvement in profitability.
The sudden increase in PPE suggests that the company is investing in infrastructure to support its distribution model, yet the lack of positive returns on these assets is concerning. This asset-heavy shift in a low-margin industry may lead to further impairment risks if the anticipated revenue growth fails to materialize or sustain.
Based on the reported figures, the total liability load of $75.9 million significantly outweighs the $28.1 million in total assets, creating a structural imbalance that suggests the company's headline numbers may be masking a deeper, more persistent solvency risk that is not immediately apparent to casual observers.
The massive discrepancy between assets and liabilities indicates that the company is effectively operating on borrowed time and capital. This imbalance suggests that the firm's long-term viability is entirely dependent on its ability to secure ongoing financing, which may become increasingly difficult given the current negative equity and operating losses.
Quick answers to the most common questions about buying FOXX stock.
As of 2025, Foxx Development Holdings Inc. (FOXX) had total assets of $26.0M including $23.6M in current assets.
Foxx Development Holdings Inc. (FOXX) carries total debt of $1.2M, offset by $1.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Foxx Development Holdings Inc. (FOXX) has total shareholders' equity (book value) of $-5.4M ($-0.87 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Foxx Development Holdings Inc. (FOXX) reported a current ratio of 0.78x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.