Liquidity is critically constrained, as evidenced by a current ratio of 0.11 and cash reserves of only $859,000 against $11.1 million in total liabilities.
| Total Current Assets | 1.02M | 2.97M | 4.2M | 42.3M | 58.94M | 1.75M | 51.98M | 115.4M | 224.5K |
| Cash & Short-Term Investments | 859K | 2.39M | 2.08M | 7.1M | 5.26M | 607K | 3.19M | 7.95M | 165.41K |
| Cash Only | 859K | 2.39M | 2.08M | 7.1M | 5.26M | 607K | 3.19M | 7.95M | 165.41K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 1.46M | 8.85M | 19.79M | 734K | 219K | 0 | 0 |
| Days Sales Outstanding | - | - | 16.84 | 38.98 | 28.46 | 221.96 | 0.24 | - | - |
| Inventory | 66K | 29K | 65K | 31K | 404K | 0 | 20.99M | 57.95M | 0 |
| Days Inventory Outstanding | 5.97 | 2.69 | 0.76 | 0.14 | 0.59 | - | 22.52 | 51.09 | - |
| Other Current Assets | 97K | 557K | 597K | 28.14M | 1.36M | 0 | 1.08M | 0 | 0 |
| Total Non-Current Assets | 49.89M | 21.67M | 81.33M | 13.38M | 15.22M | 4.84M | 2.4M | 75.83M | 206.79M |
| Property, Plant & Equipment | 344K | 565K | 792K | 477K | 583K | 119K | 2.4M | 813K | 0 |
| Fixed Asset Turnover | 0.38x | - | 39.82x | 173.67x | 435.40x | 10.14x | 139.17x | 530.63x | - |
| Goodwill | 21.24M | 0 | 38.2M | 0 | 0 | 0 | 0 | 75.02M | 0 |
| Intangible Assets | 10.06M | 20.71M | 24.44M | 12.9M | 14.64M | 293K | 0 | 0 | 0 |
| Long-Term Investments | 18.25M | 393K | 17.9M | 0 | 0 | 4.44M | 899K | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 4.43M | -899K | 0 | 206.79M |
| Total Assets | 50.92M | 24.64M | 85.53M | 55.68M | 74.16M | 6.59M | 54.39M | 191.23M | 207.01M |
| Asset Turnover | 0.00x | - | 0.37x | 1.49x | 3.42x | 0.18x | 6.15x | 2.26x | - |
| Asset Growth % | 106.6% | -71.19% | 53.61% | -24.92% | 1024.83% | -87.88% | -71.56% | -7.62% | - |
| Total Current Liabilities | 8.96M | 9.05M | 15.12M | 19.87M | 29.38M | 430K | 51.05M | 167.21M | 19.86K |
| Accounts Payable | 0 | 0 | 94K | 1.64M | 295K | 0 | 4.12M | 4.97M | 15.57K |
| Days Payables Outstanding | - | - | 1.1 | 7.27 | 0.43 | - | 4.42 | 4.39 | 66.23 |
| Short-Term Debt | 1.37M | 840K | 2.6M | 9.3M | 6.28M | 15.26M | 16.63M | 0 | 0 |
| Deferred Revenue (Current) | 6K | 77K | 0 | -1.64M | 553K | 410K | 1.68M | 4.08M | 0 |
| Other Current Liabilities | 4.9M | 2.7M | 10.87M | 7.63M | 19.48M | -15.25M | 21.04M | 149.95M | 4.29K |
| Current Ratio | 0.11x | 0.33x | 0.28x | 2.13x | 2.01x | 4.08x | 1.02x | 0.69x | 11.30x |
| Quick Ratio | 0.11x | 0.33x | 0.27x | 2.13x | 1.99x | 4.08x | 0.61x | 0.34x | 11.30x |
| Cash Conversion Cycle | - | - | 16.5 | 31.85 | 28.62 | - | 18.34 | - | - |
| Total Non-Current Liabilities | 2.13M | 2.42M | 3.5M | 311K | 6.7M | 26K | 810K | 93.74M | 201.99M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 4.02M | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 90K | 238K | 311K | 431K | 0 | 810K | 0 | 0 |
| Deferred Tax Liabilities | 2.13M | 2.33M | 3.26M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 2.25M | 0 | 0 | 0 | 0 |
| Total Liabilities | 11.09M | 11.47M | 18.62M | 20.18M | 36.08M | 430K | 51.86M | 260.95M | 19.86K |
| Total Debt | 1.46M | 1.07M | 2.97M | 9.73M | 10.81M | 15.32M | 19.23M | 500K | 0 |
| Net Debt | 603K | -1.32M | 882K | 2.63M | 5.55M | 12.16M | 16.04M | -7.45M | -165.41K |
| Debt / Equity | 0.04x | 0.08x | 0.04x | 0.27x | 0.28x | 2.49x | 7.60x | - | - |
| Debt / EBITDA | - | - | - | - | - | - | 600.78x | - | - |
| Net Debt / EBITDA | - | - | - | - | - | - | 501.09x | - | -0.49x |
| Interest Coverage | -8090.57x | -121.55x | -101.44x | -80.76x | -801.68x | -165.00x | -0.03x | -19.67x | 0.80x |
| Total Equity | 39.83M | 13.17M | 66.92M | 35.5M | 38.08M | 6.16M | 2.53M | -37.31M | 206.99M |
| Equity Growth % | 202.32% | -80.31% | 88.48% | -6.76% | 517.86% | 143.5% | 106.78% | -118.03% | - |
| Book Value per Share | 268.17 | 3769.38 | 78911.56 | 71868.42 | 134554.77 | 33677.60 | 13830.60 | -19135.38 | 999999.00 |
| Total Shareholders' Equity | 39.83M | 13.17M | 63.48M | 31.32M | 29.66M | 6.16M | -4.57M | -69.72M | 206.99M |
| Common Stock | 31.66M | 297K | 37K | 11K | 8K | 4K | 5K | 204.25M | 201.99M |
| Retained Earnings | -431.45M | -377.54M | -336.57M | -283.01M | -198.3M | -1.72M | -192.19M | 2.59M | 327.75K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 1.98M | 1.97M | 898K | 1.48M | 645K | 250K | 1.16M | 1M | -201.99M |
| Minority Interest | 0 | 1K | 3.43M | 4.19M | 8.42M | 0 | 7.1M | 32.41M | 0 |
Existential liquidity and delisting
As reported in recent financial filings, Kaixin Auto's total assets have fluctuated significantly, dropping from $67.6 million in 2023Q4 to $50.9 million by 2025Q4, which underscores a deteriorating financial foundation as the company struggles to maintain its operational scale amidst a pivot to electric vehicle manufacturing.
The contraction in total assets suggests that the company is struggling to retain value within its core business segments. Investors should monitor whether this downward trajectory in asset base reflects a strategic divestment or an involuntary liquidation of resources required for survival.
Based on the latest quarterly data, Kaixin's current ratio has plummeted to a precarious 0.11, indicating that the company's cash reserves of $859,000 are insufficient to cover its short-term obligations, leaving the firm with virtually no margin of safety against unexpected operational shocks or further cash burn.
A current ratio of 0.11 is highly indicative of severe liquidity stress, suggesting that the company may be unable to meet its immediate liabilities without external capital injections. This lack of a liquidity buffer warrants extreme caution, as it limits management's ability to fund the transition to EV production.
According to the balance sheet, goodwill accounts for $21.2 million of the $50.9 million in total assets as of 2025Q4, which implies that a significant portion of the company's reported value is tied to intangible assets rather than tangible infrastructure or productive capital.
The high concentration of goodwill relative to total assets suggests that the company's book value may be overstated if the underlying acquisitions fail to generate future economic benefits. This reliance on intangibles, coupled with minimal net PPE of $344,000, highlights the absence of a tangible manufacturing base.
As indicated by the company's financial statements, retained earnings have reached a staggering deficit of $431.4 million, reflecting years of persistent value destruction that has severely eroded the quality of shareholder equity and left the balance sheet highly sensitive to further impairment charges.
The massive accumulated deficit suggests that historical capital allocation has failed to generate sustainable returns, forcing the company to rely on equity-based financing to remain operational. This pattern of dilution and loss accumulation appears to be the primary driver of the company's current distressed valuation.
Based on the provided figures, the company's reliance on goodwill and the minimal investment in tangible PPE suggest that the balance sheet may not accurately reflect the firm's true operational capacity, potentially masking the lack of infrastructure required for its stated pivot into the EV sector.
The discrepancy between the reported asset value and the negligible revenue suggests that the balance sheet may be disconnected from the company's actual commercial reality. Investors should be wary that the carrying value of these assets may be subject to future write-downs if the EV pivot fails to materialize.
Quick answers to the most common questions about buying KXIN stock.
As of 2025, Kaixin Auto Holdings (KXIN) had total assets of $50.9M including $1.0M in current assets.
Kaixin Auto Holdings (KXIN) carries total debt of $1.5M, offset by $0.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Kaixin Auto Holdings (KXIN) has total shareholders' equity (book value) of $39.8M ($268.17 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Kaixin Auto Holdings (KXIN) reported a current ratio of 0.11x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.