The company's financial position appears increasingly vulnerable, with retained earnings plummeting to a $238.1 million deficit and total assets contracting to $192.3 million as of 2025Q4.
| Total Current Assets | 120.6M | 162.59M | 147.84M | 92.35M | 74.37M |
| Cash & Short-Term Investments | 79.27M | 101.67M | 118.29M | 79.95M | 61.98M |
| Cash Only | 64.27M | 92.59M | 75.13M | 54.95M | 51.53M |
| Short-Term Investments | 15M | 9.09M | 43.16M | 25M | 10.45M |
| Accounts Receivable | 27.52M | 54.65M | 14.43M | 7.26M | 6.06M |
| Days Sales Outstanding | 24.32 | 49.08 | 13.87 | 11.2 | 8.92 |
| Inventory | 2.29M | 107K | 844K | 190K | 769K |
| Days Inventory Outstanding | 2.28 | 0.13 | 1.4 | 0.5 | 1.65 |
| Other Current Assets | 9.02M | 2.54M | 10.59M | 2.84M | 3.34M |
| Total Non-Current Assets | 71.67M | 80.7M | 28.08M | 29.04M | 23.61M |
| Property, Plant & Equipment | 6.69M | 7.06M | 8.89M | 11.62M | 4.66M |
| Fixed Asset Turnover | 61.77x | 57.55x | 42.72x | 20.34x | 53.24x |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 45.12M | 61.73M | 10.86M | 8.7M | 10.27M |
| Long-Term Investments | 19.86M | 11.9M | 8.33M | 8.71M | 8.69M |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 192.26M | 243.28M | 175.91M | 121.39M | 97.99M |
| Asset Turnover | 2.15x | 1.67x | 2.16x | 1.95x | 2.53x |
| Asset Growth % | -20.97% | 38.3% | 44.92% | 23.88% | - |
| Total Current Liabilities | 78.85M | 74.79M | 50.18M | 77.04M | 110.34M |
| Accounts Payable | 30.59M | 38.02M | 10.22M | 3.53M | 4.54M |
| Days Payables Outstanding | 30.38 | 47.94 | 16.95 | 9.26 | 9.78 |
| Short-Term Debt | 15M | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 21.82M | 25.04M | 25.81M | 58.75M | 92.87M |
| Other Current Liabilities | 1.78M | 1.73M | 0 | 0 | 0 |
| Current Ratio | 1.53x | 2.17x | 2.95x | 1.20x | 0.67x |
| Quick Ratio | 1.50x | 2.17x | 2.93x | 1.20x | 0.67x |
| Cash Conversion Cycle | -3.78 | 1.27 | -1.68 | 2.44 | 0.79 |
| Total Non-Current Liabilities | 3.63M | 4.66M | 246.81M | 249.29M | 241.41M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 1.84M | 2.87M | 5.4M | 7.88M | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1.79M | 1.79M | 241.41M | 241.41M | 241.41M |
| Total Liabilities | 82.48M | 79.45M | 296.99M | 326.33M | 351.75M |
| Total Debt | 20.12M | 5.51M | 7.88M | 10.34M | 3.37M |
| Net Debt | -44.15M | -87.07M | -67.26M | -44.6M | -48.16M |
| Debt / Equity | 0.18x | 0.03x | - | - | - |
| Debt / EBITDA | - | 0.10x | 0.08x | 0.19x | - |
| Net Debt / EBITDA | - | -1.54x | -0.72x | -0.81x | - |
| Interest Coverage | -3145.34x | - | - | 273.67x | -345.84x |
| Total Equity | 109.78M | 163.83M | -121.08M | -204.94M | -253.76M |
| Equity Growth % | -32.99% | 235.31% | 40.92% | 19.24% | - |
| Book Value per Share | 28.42 | 5.72 | -4.67 | -7.91 | -9.80 |
| Total Shareholders' Equity | 83.86M | 131.97M | -142.65M | -213.31M | -259.82M |
| Common Stock | 126K | 119K | 41K | 41K | 41K |
| Retained Earnings | -238.12M | -143.59M | -161.71M | -229.5M | -280.04M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 9.52M | 7.81M | 5.67M | 2.96M | 7M |
| Minority Interest | 25.92M | 31.86M | 21.57M | 8.38M | 6.06M |
Liquidity and solvency pressure
According to recent financial filings, NAMI's total assets have contracted from $244.1 million in 2025Q2 to $192.3 million by 2025Q4, reflecting a deteriorating balance sheet trajectory that appears increasingly disconnected from the company's historical scale and operational requirements.
The rapid decline in asset value suggests that the company is struggling to maintain its resource base amidst persistent operating losses. Investors should monitor whether this contraction is a result of asset impairment or a forced liquidation of resources to fund ongoing cash burn.
Based on reported figures, goodwill accounts for $45.1 million of NAMI's $192.3 million in total assets as of 2025Q4, indicating that a significant portion of the balance sheet is tied to intangible valuations that may be subject to future impairment risks.
The reliance on goodwill as a major asset component suggests that the company's book value may be overstated if the underlying business units fail to generate expected returns. This concentration warrants further investigation into the recoverability of these intangible assets given the company's negative profitability trend.
As reported in quarterly statements, NAMI's cash position has declined to $64.3 million in 2025Q4 from $92.6 million in 2024Q4, signaling a tightening liquidity buffer that may limit the company's ability to navigate further operational volatility.
While the current ratio of 1.53 suggests a superficial level of short-term coverage, the consistent cash burn indicates that this liquidity is rapidly depleting. The company appears to be approaching a point where external financing may become necessary to sustain operations.
Based on the latest balance sheet data, NAMI's retained earnings have plummeted to a deficit of $238.1 million as of 2025Q4, highlighting a long-term trend of value destruction that has severely impacted the company's total equity position.
The persistent accumulation of losses suggests that the business model has failed to achieve the necessary scale to reach profitability. This erosion of equity may limit the company's future financial flexibility and raises concerns regarding the long-term sustainability of the current capital structure.
As indicated by financial disclosures, deferred revenue of $21.8 million represents a significant liability that may imply future service obligations without corresponding cash inflows, potentially masking the true extent of the company's operational challenges.
This liability suggests that a portion of past revenue has already been collected and spent, leaving the company with the burden of delivering services without additional compensation. Investors should consider this as a potential drag on future cash flow and a risk to the company's ability to meet its commitments.
Quick answers to the most common questions about buying NAMI stock.
As of 2025, Jinxin Technology Holding Company American Depositary Shares (NAMI) had total assets of $192.3M including $120.6M in current assets.
Jinxin Technology Holding Company American Depositary Shares (NAMI) carries total debt of $20.1M, offset by $79.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Jinxin Technology Holding Company American Depositary Shares (NAMI) has total shareholders' equity (book value) of $83.9M ($28.42 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Jinxin Technology Holding Company American Depositary Shares (NAMI) reported a current ratio of 1.53x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.