The firm faces an acute solvency crisis with a current ratio of 0.02 and a negative equity position of $10.9 million as of 2025Q4.
| Total Current Assets | 191.82K | 577.77K | 26.56K | 361.44K | 272 |
| Cash & Short-Term Investments | 7.35K | 348.65K | 5.5K | 47.79K | 248 |
| Cash Only | 7.35K | 348.65K | 5.5K | 47.79K | 248 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 109.19K | 113.11K | 3K | 170.59K | 0 |
| Days Sales Outstanding | 429.57 | - | - | - | - |
| Inventory | 38.88K | 73.92K | 0 | 0 | 0 |
| Days Inventory Outstanding | 73.55 | 4.61K | - | - | - |
| Other Current Assets | 0 | 0 | 18.06K | 143.06K | 24 |
| Total Non-Current Assets | 4.19M | 1.59M | 13.96M | 19.54M | 0 |
| Property, Plant & Equipment | 1.84M | 1.59M | 1.6K | 0 | 0 |
| Fixed Asset Turnover | 0.05x | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 2.61K | 262 | 5.83M | 6.26M | 0 |
| Long-Term Investments | 0 | 0 | 13.96M | 19.54M | 0 |
| Other Non-Current Assets | 2.34M | 0 | -5.83M | -6.26M | 0 |
| Total Assets | 4.38M | 2.17M | 13.99M | 19.9M | 272 |
| Asset Turnover | 0.02x | - | - | - | - |
| Asset Growth % | 101.57% | -84.47% | -29.71% | 7315114.71% | - |
| Total Current Liabilities | 10.25M | 20.43M | 2.7M | 1.09M | 1.81K |
| Accounts Payable | 17.06K | 0 | 0 | 0 | 0 |
| Days Payables Outstanding | 32.28 | - | - | - | - |
| Short-Term Debt | 16.98K | 958.95K | 1.48M | 259.13K | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 6.73M | 13.8M | 1.21M | 826.2K | 1.81K |
| Current Ratio | 0.02x | 0.03x | 0.01x | 0.33x | 0.15x |
| Quick Ratio | 0.01x | 0.02x | 0.01x | 0.33x | 0.15x |
| Cash Conversion Cycle | 470.84 | - | - | - | - |
| Total Non-Current Liabilities | 5M | 0 | 4.03M | 4.03M | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 5M | 0 | 4.03M | 4.03M | 0 |
| Total Liabilities | 15.25M | 20.43M | 6.72M | 5.11M | 1.81K |
| Total Debt | 16.98K | 958.95K | 1.48M | 259.13K | 0 |
| Net Debt | 9.62K | 610.3K | 1.48M | 211.35K | -248 |
| Debt / Equity | - | - | 0.20x | 0.02x | - |
| Debt / EBITDA | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - |
| Interest Coverage | -149.73x | -46.40x | - | -69.12x | - |
| Total Equity | -10.87M | -18.26M | 7.26M | 14.79M | -1.54K |
| Equity Growth % | 40.44% | -351.36% | -50.88% | 962798.76% | - |
| Book Value per Share | -4.30 | -7.68 | 3.16 | 354.88 | - |
| Total Shareholders' Equity | -10.87M | -18.26M | 7.26M | 14.79M | -1.54K |
| Common Stock | 19.26K | 14.67K | 13.96M | 19.71M | 24 |
| Retained Earnings | -42.21M | -25.8M | -6.7M | -4.92M | -1.56K |
| Treasury Stock | 0 | 0 | - | - | - |
| Accumulated OCI | -1.34M | -287.34K | 71.82K | 3.43K | 4 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and solvency
As reported in recent financial filings, GTI's equity position has deteriorated to a negative $10.9 million by 2025Q4, reflecting a persistent trend of capital depletion that signals a fundamental inability to sustain operations without immediate and significant external financing to address the ongoing structural deficit.
The consistent decline in equity, moving from positive territory in early 2023 to deep negative values, suggests that the company is effectively consuming its entire capital base to fund R&D and pilot-scale operations. This trajectory indicates that the business model has yet to achieve the necessary scale to stabilize its financial position, leaving the balance sheet in a state of chronic weakness.
Based on the 2025Q4 balance sheet, the company holds a mere $7,354 in cash and equivalents, a figure that, when viewed alongside a current ratio of 0.02, highlights an extreme liquidity crisis that leaves virtually no buffer against operational shocks or ongoing cash burn requirements.
A current ratio of 0.02 is indicative of a severe mismatch between current assets and immediate liabilities, suggesting that the company may struggle to meet even the most basic short-term obligations. Investors should monitor this closely, as the lack of liquid reserves implies that the firm is likely operating on a day-to-day basis, necessitating urgent capital intervention.
According to the latest quarterly data, GTI's total assets have contracted to $4.4 million, with PPE representing the bulk of the value, which suggests that the company's asset mix is heavily skewed toward unproven production infrastructure rather than liquid or revenue-generating resources.
The concentration of assets in PPE, while consistent with an industrial startup, poses a significant risk if the proprietary thermochemical process fails to reach commercial viability. The limited asset base provides little collateral value, further complicating the company's ability to secure traditional debt financing to bridge its current funding gap.
As indicated by the 2025Q4 financial statements, the company's negative equity and negligible cash reserves create a high probability of insolvency, which may render the theoretical value of its proprietary PKS-conversion technology irrelevant if the firm cannot survive the current pre-commercial phase.
The headline asset values may be misleading, as they do not account for the potential impairment of specialized equipment should the company be forced to liquidate. The reliance on non-cash adjustments to manage the appearance of the balance sheet warrants further investigation, as these items do not mitigate the underlying reality of a company that is effectively insolvent.
Quick answers to the most common questions about buying GTI stock.
As of 2025, Graphjet Technology (GTI) had total assets of $4.4M including $0.2M in current assets.
Graphjet Technology (GTI) carries total debt of $0.0M, offset by $0.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Graphjet Technology (GTI) has total shareholders' equity (book value) of $-10.9M ($-4.30 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Graphjet Technology (GTI) reported a current ratio of 0.02x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.