Revenue growth has collapsed, with a 75.7% year-over-year decline in 2024Q4 alongside a deteriorating gross margin of -43.7%.
The9 Limited (NCTY) annual income statement — 25-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 |
|---|
| Sales/Revenue | 212.37M | 107.9M | 113.3M | 174.02M | 104.93M | 134.12M | 625.49K | 340.57K | 18.11M | 71.31M | 58.79M | 47.91M | 63.78M | 105.34M | 152.87M | 104.65M | 100.44M | 760.17M | 1.75B | 1.23B | 970.39M | 458.06M | 34.71M | 17.27M | 3.28M | 5.53M |
| Revenue Growth % | -1.41% | -4.77% | -34.89% | 65.85% | -21.76% | 21341.82% | 83.66% | -98.12% | -74.6% | 21.3% | 22.7% | -24.88% | -39.45% | -31.09% | 46.08% | 4.19% | -86.79% | -56.57% | 42.21% | 26.84% | 111.85% | 1219.54% | 101.03% | 426.41% | -40.65% | - |
| Cost of Goods Sold | 233.56M | 106.09M | 114.92M | 213.15M | 152.31M | 86.89M | 769.69K | 3.19M | 17.08M | 23.18M | 50.75M | 69.93M | 85.12M | 108.38M | 68.71M | 38.48M | 100.85M | 712.15M | 1.02B | 673.38M | 515.83M | 213.01M | 9.14M | 6.49M | 3.73M | 3.41M |
| COGS % of Revenue | - | 98.32% | 101.44% | 122.48% | 145.15% | 64.79% | 123.05% | 935.54% | 94.28% | 32.51% | 86.33% | 145.96% | 133.46% | 102.89% | 44.95% | 36.77% | 100.41% | 93.68% | 58.31% | 54.71% | 53.16% | 46.5% | 26.32% | 37.59% | 113.7% | 61.76% |
| Gross Profit | -21.19M | 1.81M | -1.63M | -39.13M | -47.38M | 47.22M | -188.65K | -2.85M | 1.04M | 48.12M | 8.03M | -22.02M | -21.34M | -3.04M | 84.16M | 66.17M | -408.97K | 48.02M | 729.75M | 557.49M | 454.56M | 245.05M | 25.58M | 10.78M | -449.49K | 2.11M |
| Gross Margin % | -9.98% | 1.68% | -1.44% | -22.48% | -45.15% | 35.21% | -30.16% | -835.54% | 5.72% | 67.49% | 13.67% | -45.96% | -33.46% | -2.89% | 55.05% | 63.23% | -0.41% | 6.32% | 41.69% | 45.29% | 46.84% | 53.5% | 73.68% | 62.41% | -13.7% | 38.24% |
| Gross Profit Growth % | - | 211.2% | 95.84% | 17.41% | -200.33% | 25131.41% | 93.37% | -374.9% | -97.85% | 499.02% | 136.48% | -3.19% | -601.15% | -103.62% | 27.19% | 16278.38% | -100.85% | -93.42% | 30.9% | 22.64% | 85.5% | 858.06% | 137.35% | 2497.49% | -121.27% | - |
| Operating Expenses | 369.2M | 249.56M | 161.19M | 200.46M | 614.15M | 313M | -336.9M | 126.88M | 121.01M | 158.93M | 238.83M | 308.14M | 316.7M | 494.51M | 652.18M | 469.52M | 308.05M | 451.81M | 508.13M | 312.61M | 188.64M | 186.23M | 35.34M | 16.81M | 19.26M | 17.55M |
| OpEx % of Revenue | - | 231.3% | 142.27% | 115.19% | 585.3% | 233.38% | -53861.46% | 37254.03% | 668.11% | 222.87% | 406.28% | 643.17% | 496.55% | 469.45% | 426.63% | 448.67% | 306.71% | 59.44% | 29.03% | 25.4% | 19.44% | 40.66% | 101.8% | 97.37% | 587.21% | 317.49% |
| Selling, General & Admin | 306.51M | 239.77M | 160.32M | 198.49M | 363.43M | 311.11M | 109.39M | 114.74M | 95.49M | 114.95M | 157.25M | 168.74M | 161.65M | 280.12M | 353.77M | 260.85M | 171.88M | 337.42M | 432.63M | 272.76M | 158.34M | 122.39M | 26.31M | 13.12M | 9.34M | 10.59M |
| SG&A % of Revenue | - | 222.22% | 141.5% | 114.06% | 346.36% | 231.97% | 17489.45% | 33691.94% | 527.25% | 161.2% | 267.5% | 352.2% | 253.46% | 265.93% | 231.42% | 249.27% | 171.13% | 44.39% | 24.72% | 22.16% | 16.32% | 26.72% | 75.8% | 75.98% | 284.83% | 191.65% |
| Research & Development | 8.56M | 9.8M | 868.13K | 1.97M | 2.43M | 1.89M | 2.3M | 12.13M | 25.51M | 43.98M | 81.58M | 139.4M | 155.04M | 214.38M | 298.41M | 208.67M | 136.18M | 114.39M | 75.5M | 39.85M | 30.3M | 40.03M | 9.03M | 2.81M | 9.73M | 6.67M |
| R&D % of Revenue | - | 9.08% | 0.77% | 1.13% | 2.32% | 1.41% | 368.51% | 3562.09% | 140.86% | 61.67% | 138.78% | 290.97% | 243.09% | 203.52% | 195.21% | 199.41% | 135.58% | 15.05% | 4.31% | 3.24% | 3.12% | 8.74% | 26% | 16.27% | 296.52% | 120.72% |
| Other Operating Expenses | -825 | 0 | 0 | 0 | 248.29M | 0 | -448.73M | 0 | 0 | 7 | 7 | 0 | 7 | 0 | 6 | 7 | 0 | 0 | 0 | 7 | 0 | 23.8M | 0 | 882.94K | 192.27K | 283.05K |
| Operating Income | -390.39M | -247.76M | -162.81M | -239.59M | -661.53M | -265.78M | 336.71M | -129.72M | -119.97M | -110.8M | -230.8M | -330.16M | -338.04M | -497.55M | -568.03M | -403.36M | -308.46M | -403.79M | 221.62M | 244.87M | 265.93M | 58.82M | -9.76M | -6.04M | -19.71M | -15.43M |
| Operating Margin % | -183.82% | -229.62% | -143.7% | -137.68% | -630.46% | -198.17% | 53831.3% | -38089.57% | -662.4% | -155.38% | -392.61% | -689.13% | -530.01% | -472.34% | -371.58% | -385.45% | -307.12% | -53.12% | 12.66% | 19.89% | 27.4% | 12.84% | -28.12% | -34.96% | -600.91% | -279.25% |
| Operating Income Growth % | - | -52.17% | 32.05% | 63.78% | -148.9% | -178.94% | 359.56% | -8.13% | -8.28% | 51.99% | 30.09% | 2.33% | 32.06% | 12.41% | -40.82% | -30.76% | 23.61% | -282.2% | -9.5% | -7.92% | 352.11% | 702.64% | -61.67% | 69.37% | -27.72% | - |
| EBITDA | -277.28M | -232.63M | -100.44M | -152.74M | -568.55M | -219M | 337.16M | -126.95M | -116.18M | -105.64M | -212.53M | -298.47M | -291.96M | -453.34M | -535.51M | -384.87M | -273.51M | -229.43M | 527M | 448.76M | 429.76M | 130.98M | -6.23M | -2.59M | -15.85M | -11.99M |
| EBITDA Margin % | -130.56% | -215.6% | -88.65% | -87.77% | -541.84% | -163.29% | 53902.89% | -37275.86% | -641.46% | -148.14% | -361.53% | -622.99% | -457.76% | -430.37% | -350.31% | -367.78% | -272.32% | -30.18% | 30.11% | 36.46% | 44.29% | 28.59% | -17.96% | -15.01% | -483.1% | -216.94% |
| EBITDA Growth % | 64.58% | -131.61% | 34.24% | 73.14% | -159.61% | -164.95% | 365.58% | -9.27% | -9.98% | 50.3% | 28.79% | -2.23% | 35.6% | 15.34% | -39.14% | -40.72% | -19.21% | -143.54% | 17.43% | 4.42% | 228.12% | 2201.06% | -140.43% | 83.64% | -32.16% | - |
| D&A (Non-Cash Add-back) | 113.11M | 15.12M | 62.37M | 86.85M | 92.99M | 46.79M | 447.78K | 2.77M | 3.79M | 5.17M | 18.27M | 31.69M | 46.08M | 44.21M | 32.52M | 18.49M | 34.95M | 174.35M | 305.38M | 203.89M | 163.84M | 72.16M | 3.53M | 3.44M | 3.86M | 3.44M |
| EBIT | -348.16M | -384.97M | -162.81M | -239.59M | -461M | -265.78M | -111.99M | -129.72M | -119.97M | -110.8M | -230.8M | -330.16M | -338.04M | -497.55M | -568.03M | -403.36M | -308.46M | -403.79M | 221.62M | 244.87M | 265.93M | 58.82M | 6.11M | -5.15M | -19.52M | -15.15M |
| Net Interest Income | -65.17M | -22.82M | -34.22M | -31.38M | -23.34M | -119.17M | -3.64M | -34.48M | -104.58M | -83.89M | -56.31M | -5.62M | 3.41M | 8.38M | 21.56M | 29.92M | 23.18M | 30.5M | 56.69M | 50.66M | 9.13M | 10.03M | 81.26K | -1.38M | -906.78K | -483.56K |
| Interest Income | 0 | 449K | 0 | 0 | 0 | 0 | 429.73K | 18.58K | 193.93K | 30.52K | 161.14K | 775.15K | 3.41M | 8.38M | 21.56M | 29.92M | 23.18M | 30.5M | 56.69M | 50.73M | 9.13M | 10.03M | 81.26K | 0 | 0 | 0 |
| Interest Expense | 42.15M | 23.26M | 34.22M | 31.38M | 23.34M | 119.17M | 4.07M | 34.5M | 104.78M | 83.92M | 56.47M | 6.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 72.78K | 0 | 0 | 0 | 1.38M | 906.78K | 483.56K |
| Other Income/Expense | 818.99M | -161.05M | 88.13M | 95.33M | -31.87M | -145.65M | 63.89M | -65.92M | -128.65M | 1.53M | -473.35M | -35.45M | 177.2M | -26.45M | 1.52M | 51.56M | -6.08M | 10.91M | -47.73M | -3.64M | 39.03M | 10.59M | 15.87M | -1.22M | -1.08M | -409.68K |
| Pretax Income | 428.6M | -408.81M | -74.69M | -144.26M | -693.41M | -411.43M | 400.6M | -195.64M | -248.62M | -109.27M | -704.15M | -365.61M | -160.84M | -524M | -566.5M | -351.8M | -314.54M | -392.88M | 173.89M | 241.24M | 304.96M | 69.41M | 6.11M | -7.25M | -20.79M | -15.84M |
| Pretax Margin % | 201.82% | -378.88% | -65.92% | -82.9% | -660.83% | -306.77% | 64045.81% | -57444.62% | -1372.69% | -153.24% | -1197.83% | -763.14% | -252.18% | -497.46% | -370.58% | -336.17% | -313.17% | -51.68% | 9.93% | 19.6% | 31.43% | 15.15% | 17.6% | -42% | -633.82% | -286.66% |
| Income Tax | 0 | 110K | 0 | 0 | 0 | 0 | 7.17M | 0 | 0 | 0 | -6.36M | 0 | 0 | 0 | 0 | 162 | 7.2M | -5.53M | 49.02M | 8.92M | -2.63M | 165.73K | 5.07M | -5.85M | 338.72K | 155.74K |
| Effective Tax Rate % | 0% | -0.03% | 0% | 0% | 0% | 0% | 1.79% | 0% | 0% | 0% | 0.9% | 0% | 0% | 0% | 0% | -0% | -2.29% | 1.41% | 28.19% | 3.7% | -0.86% | 0.24% | 83.03% | 80.66% | -1.63% | -0.98% |
| Net Income | 592.84M | -402.45M | -74.46M | -138.79M | -974.86M | -405.91M | 397.88M | -190.11M | -268.08M | -170.88M | -707.81M | -397.05M | -139.76M | -487.15M | -521.14M | -323.42M | -303.08M | -382.57M | 125.55M | 232.32M | 307.58M | 64.77M | 12.04M | 48.47M | -26.34M | -16M |
| Net Margin % | 279.15% | -372.99% | -65.72% | -79.75% | -929.07% | -302.66% | 63611.67% | -55820.58% | -1480.12% | -239.64% | -1204.06% | -828.75% | -219.13% | -462.47% | -340.91% | -309.06% | -301.76% | -50.33% | 7.17% | 18.87% | 31.7% | 14.14% | 34.69% | 280.72% | -802.98% | -289.48% |
| Net Income Growth % | 138.51% | -440.45% | 46.35% | 85.76% | -140.17% | -202.02% | 309.29% | 29.08% | -56.88% | 75.86% | -78.27% | -184.08% | 71.31% | 6.52% | -61.14% | -6.71% | 20.78% | -404.72% | -45.96% | -24.47% | 374.88% | 437.8% | -75.15% | 284.03% | -64.63% | - |
| Net Income (Continuing) | 428.6M | -408.92M | -74.69M | -144.26M | -693.41M | -411.43M | 393.43M | -195.64M | -248.62M | -109.27M | -697.79M | -365.61M | -160.84M | -524M | -566.5M | -351.8M | -321.73M | -387.34M | 124.88M | 232.32M | 307.58M | 69.24M | 1.04M | 48.47M | -26.34M | -16M |
| Discontinued Operations | 1000K | 0 | 0 | -1.96M | -286.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -23M | -21.06M | -13.78M | -24.94M | -17.77M | -13.02M | -379.72M | -392.88M | -373.19M | -328.55M | -115.67M | 134.89M | 98.36M | -70.58M | -36.25M | -10.95M | 4.05M | 2.07M | 0 | 0 | 0 | 0 | 12.17M | 0 | 0 | 0 |
| EPS (Diluted) | 56.19 | -51.00 | -15.69 | 6.00 | -288.00 | -234.00 | 726.00 | -537.00 | -1245.00 | -1572.00 | -8502.00 | -4965.00 | -1395.00 | -6813.00 | -12591.00 | -138.00 | -11934.00 | -9564.00 | 2097.00 | 5229.00 | 7626.00 | 1755.00 | 252.00 | 1194.00 | -1746.00 | -1104.00 |
| EPS Growth % | 106.1% | -225.05% | -361.5% | 102.08% | -23.08% | -132.23% | 235.2% | 56.87% | 20.8% | 81.51% | -71.24% | -255.91% | 79.52% | 45.89% | -9023.91% | 98.84% | -24.78% | -556.08% | -59.9% | -31.43% | 334.53% | 596.43% | -78.89% | 168.38% | -58.15% | - |
| EPS (Basic) | - | -51.00 | -15.69 | 6.00 | -288.00 | -234.00 | 726.00 | -576.00 | -1245.00 | -1572.00 | -8502.00 | -4965.00 | -1395.00 | -6813.00 | -12591.00 | -6834.00 | -11934.00 | -9564.00 | 2100.00 | 105.00 | 7659.00 | 885.00 | 252.00 | 1194.00 | -1746.00 | -1104.00 |
| Diluted Shares Outstanding | 10.55M | 7.58M | 4.68M | 4.93M | 2.4M | 1.65M | 545.33K | 354.69K | 207.05K | 111.42K | 79.58K | 77.45K | 77.22K | 77.25K | 40.82K | 2.08M | 41.86K | 42.36K | 46.18K | 46.06K | 40.94K | 41.34K | 47.68K | 28.66K | 16.45K | 16.45K |
| Basic Shares Outstanding | 10.55M | 7.58M | 4.68M | 4.93M | 3.4M | 1.75M | 546.97K | 330.82K | 207.05K | 111.42K | 79.58K | 77.45K | 77.2K | 77.24K | 40.82K | 41.6K | 41.86K | 42.36K | 46.1K | 2.28M | 40.76K | 41.34K | 47.68K | 28.66K | 16.45K | 16.45K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying NCTY stock.
For fiscal year 2025, The9 Limited (NCTY) reported total revenue of $107.9M. This represents a 1852.2% increase compared to $5.5M in 2001.
The9 Limited (NCTY) reported a net loss of $402.4M for the fiscal year ending 2025.
The9 Limited (NCTY) reported an operating income of $-247.8M, resulting in an operating profit margin of -229.6%. This margin reflects the operational efficiency of the business before interest and taxes.
The9 Limited (NCTY) generated $1.8M in gross profit for the year, representing a gross profit margin of 1.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Operational viability and liquidity
Revenue Contraction Amid Strategic Pivot
As reported in recent financial filings, The9 Limited experienced a sharp 75.7% year-over-year revenue decline in 2024Q4, signaling that the company's transition into digital asset mining and NFT platforms has failed to generate the consistent top-line growth required to offset its legacy business decay.
The volatility in revenue suggests a heavy reliance on commodity-linked digital asset prices rather than a stable, recurring service model. Investors should monitor whether the current downward trajectory reflects a permanent loss of market relevance or merely the cyclical nature of the crypto-mining sector.
Structural Margin Erosion and Instability
Based on the company's reported figures, gross margins have deteriorated to a negative 43.7% in 2024Q4, highlighting an inability to maintain cost-efficient operations in an increasingly competitive and energy-intensive digital asset mining environment compared to more specialized industry peers.
The persistent inability to maintain positive gross margins suggests that the cost of revenue, primarily electricity and hardware depreciation, consistently exceeds the value of mined assets. This structural weakness implies that the company lacks the operational scale or technological efficiency necessary to achieve profitability in its current business model.
Operating Leverage Remains Severely Impaired
According to historical income statements, The9 Limited continues to struggle with extreme operating inefficiency, as evidenced by an operating loss of $109.5 million in 2024Q4, which significantly outpaces the company's ability to generate meaningful gross profit from its core mining and NFT activities.
The disproportionate scale of SG&A expenses relative to revenue indicates a bloated cost structure that fails to scale with operational output. This suggests that the company's administrative and overhead burdens are unsustainable, potentially necessitating further capital raises to fund ongoing operations.
Earnings Quality Obscured by Volatility
Analysis of recent financial statements reveals that net income is frequently distorted by non-operating items and significant stock-based compensation, such as the $44.7 million recorded in 2024Q4, which complicates the assessment of the company's true underlying operational performance and shareholder value creation.
The frequent divergence between operating losses and net income suggests that reported earnings are highly sensitive to non-recurring events and accounting adjustments. Investors should be cautious, as these figures may mask the underlying cash burn and the lack of a sustainable path toward positive net income.
Sustainability of Current Business Model
As indicated by the company's financial data, the persistent negative operating margins and reliance on external capital suggest that the current business model may be fundamentally unsustainable, raising significant concerns regarding the company's long-term viability without a radical shift in operational strategy.
Short-term observers might point to the company's ability to pivot as a sign of resilience, but the financial evidence suggests a pattern of value destruction rather than strategic evolution. The lack of a clear competitive moat in the NFT and mining space warrants further investigation into the company's ability to survive a prolonged downturn in digital asset markets.