The company's business model has effectively failed, with quarterly revenue falling to $34,000 and gross margins deteriorating to -63.0% in 2025Q4.
| Sales/Revenue | 129K | 0 | 31.54M | 82.84M | 253.84M | 1.21M | 334.7M | 431.4M | 0 |
| Revenue Growth % | - | -100% | -61.93% | -67.37% | 20930.65% | -99.64% | -22.42% | - | - |
| Cost of Goods Sold | 4.04M | 3.94M | 31.19M | 82.19M | 248.58M | 1.21M | 340.17M | 413.97M | 85.81K |
| COGS % of Revenue | 3130.23% | - | 98.92% | 99.22% | 97.93% | 100% | 101.64% | 95.96% | - |
| Gross Profit | -3.91M | -3.94M | 342K | 646K | 5.26M | 1M | -5.48M | 17.43M | -85.81K |
| Gross Margin % | -3030.23% | - | 1.08% | 0.78% | 2.07% | 82.85% | -1.64% | 4.04% | - |
| Gross Profit Growth % | 0.84% | -1252.63% | -47.06% | -87.71% | 425.7% | 118.26% | -131.42% | 20416.76% | - |
| Operating Expenses | 27.68M | 15.2M | 21.33M | 48.59M | 187.87M | 276K | 53.87M | 51.51M | 85.81K |
| OpEx % of Revenue | 21459.69% | - | 67.63% | 58.65% | 74.01% | 22.87% | 16.09% | 11.94% | - |
| Selling, General & Admin | 31.72M | 19.14M | 21.33M | 48.59M | 44.22M | 276K | 322K | 47.09M | 85.81K |
| SG&A % of Revenue | 24589.92% | - | 67.63% | 58.65% | 17.42% | 22.87% | 0.1% | 10.92% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 757K | 3.36M | 4.42M | 0 |
| R&D % of Revenue | - | - | - | - | - | 62.72% | 1% | 1.02% | - |
| Other Operating Expenses | -4.04M | -3.94M | 0 | 0 | 143.66M | -757K | 50.19M | 0 | 0 |
| Operating Income | -31.59M | -19.14M | -20.98M | -70.86M | -182.61M | -276K | -136K | -34.08M | -85.81K |
| Operating Margin % | -24489.92% | - | -66.54% | -85.54% | -71.94% | -22.87% | -0.04% | -7.9% | - |
| Operating Income Growth % | -65.05% | 8.78% | 70.39% | 61.2% | -66064.13% | -102.94% | 99.6% | -39611.68% | - |
| EBITDA | -27.55M | -15.2M | -18.5M | -69.18M | -181.83M | -271K | 32K | -33.91M | 337.25K |
| EBITDA Margin % | -21359.69% | - | -58.67% | -83.51% | -71.63% | -22.45% | 0.01% | -7.86% | - |
| EBITDA Growth % | -81.29% | 17.85% | 73.25% | 61.95% | -66994.46% | -946.88% | 100.09% | -10156.04% | - |
| D&A (Non-Cash Add-back) | 4.04M | 3.94M | 2.48M | 1.68M | 787K | 5K | 168K | 161K | 0 |
| EBIT | -56.63M | -41.57M | -53.26M | -83.51M | -196.41M | -165K | -136K | -83.81M | 337.25K |
| Net Interest Income | -7K | -342K | -525K | -1.03M | -245K | -1K | -3.99M | -3.69M | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 69K | 575K | 423.06K |
| Interest Expense | 7K | 342K | 525K | 1.03M | 245K | 1K | 4.06M | 4.26M | 423.06K |
| Other Income/Expense | -25.05M | -22.77M | -32.8M | -36.61M | -14.04M | 110K | 0 | -54M | 423.06K |
| Pretax Income | -56.64M | -41.91M | -53.78M | -84.55M | -196.66M | -166K | -70.99M | -88.08M | 337.25K |
| Pretax Margin % | -43907.75% | - | -170.55% | -102.06% | -77.47% | -13.75% | -21.21% | -20.42% | - |
| Income Tax | -2.73M | -931K | -228K | 74K | -729K | 0 | -1.92M | 862K | 0 |
| Effective Tax Rate % | 4.83% | 2.22% | 0.42% | -0.09% | 0.37% | 0% | 2.7% | -0.98% | 0% |
| Net Income | -53.91M | -40.97M | -53.56M | -84.71M | -196.58M | -166K | -110K | -88.62M | 337.25K |
| Net Margin % | -41788.37% | - | -169.85% | -102.25% | -77.44% | -13.75% | -0.03% | -20.54% | - |
| Net Income Growth % | -31.57% | 23.51% | 36.77% | 56.91% | -118321.08% | -50.91% | 99.88% | -26377.54% | - |
| Net Income (Continuing) | -53.91M | -40.98M | -53.55M | -84.62M | -195.93M | -166K | -69.07M | -88.94M | 337.25K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -594K | 0 |
| Minority Interest | 0 | 1K | 3.43M | 4.19M | 8.42M | 0 | 7.1M | 32.41M | 0 |
| EPS (Diluted) | -362.97 | -11722.50 | -63198.00 | -171387.00 | -695826.00 | -909.00 | -603.00 | 1215.00 | 1755.00 |
| EPS Growth % | 96.9% | 81.45% | 63.13% | 75.37% | -76448.51% | -50.75% | -149.63% | -30.77% | - |
| EPS (Basic) | -362.97 | -11722.50 | -63198.00 | -171387.00 | -695826.00 | -909.00 | -603.00 | -545400.00 | 1755.00 |
| Diluted Shares Outstanding | 148.52K | 3.5K | 848 | 494 | 283 | 183 | 183 | 1.95K | 195 |
| Basic Shares Outstanding | 148.52K | 3.5K | 848 | 494 | 283 | 183 | 183 | 162 | 195 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Existential liquidity and delisting
As reported in recent financial filings, Kaixin Auto's quarterly revenue has plummeted to a negligible $34,000, effectively signaling the total cessation of its historical used-car dealership operations and leaving the company without a viable, recurring top-line revenue stream to support its ongoing corporate existence.
The transition from double-digit millions in quarterly revenue to near-zero levels suggests that the company's core business model has completely disintegrated. This trajectory implies that the firm is no longer functioning as an automotive retailer, rendering historical growth comparisons largely irrelevant for future performance projections.
Based on the company's latest income statement data, the gross margin has deteriorated to -63.0%, reflecting a fundamental inability to cover the costs of inventory or operations, which suggests that the current business model is structurally incapable of generating positive unit economics in its present form.
The extreme volatility in gross margins, swinging from 100% to deep negative territory, indicates that the company is likely liquidating remaining assets or incurring significant write-downs. Investors should monitor whether these margins represent a permanent impairment of the asset base rather than temporary cyclical pressure.
According to the provided income statement, Kaixin's operating expenses of $22.9 million in 2025Q4 against minimal revenue highlight a complete lack of operating leverage, as the company continues to burn capital on overhead despite the near-total absence of meaningful commercial activity or sales volume.
The persistent gap between SG&A spending and revenue generation suggests that the company is maintaining a fixed-cost structure that is entirely disconnected from its current operational reality. This misalignment appears to be a primary driver of the rapid depletion of shareholder equity and cash reserves.
Analysis of the income statement reveals that stock-based compensation remains a significant component of the cost structure, with $2.9 million recorded in 2025Q1 alone, further diluting shareholders while the company fails to produce any semblance of operational profitability or positive net income from its core activities.
The reliance on equity-based incentives during a period of operational collapse raises concerns regarding the alignment of management interests with those of public shareholders. This practice appears to exacerbate the downward pressure on EPS, which remains deeply negative and disconnected from any fundamental value creation.
While management frames the acquisition of Morning Star as a strategic pivot into the EV sector, the financial data suggests this transition is severely undercapitalized, as the company lacks the necessary cash reserves to fund the manufacturing infrastructure required to compete in the Chinese NEV market.
The market's potential valuation of KXIN as an EV play appears to ignore the reality that the company's income statement shows no R&D investment or manufacturing scale. This suggests that the pivot may be a defensive maneuver to maintain listing status rather than a viable path to operational recovery.
Quick answers to the most common questions about buying KXIN stock.
For fiscal year 2025, Kaixin Auto Holdings (KXIN) reported total revenue of $0.1M.
Kaixin Auto Holdings (KXIN) reported a net loss of $53.9M for the fiscal year ending 2025.
Kaixin Auto Holdings (KXIN) reported an operating income of $-31.6M, resulting in an operating profit margin of -24489.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Kaixin Auto Holdings (KXIN) generated $-3.9M in gross profit for the year, representing a gross profit margin of -3030.2%. This demonstrates the company's core pricing power and production efficiency.