The company's financial foundation appears unstable, with retained earnings shifting from a $701.8K surplus in 2021 to a $522.9K deficit by 2024Q4.
| Total Current Assets | 6.68M | 532.47K | 718.8K | 1.02M |
| Cash & Short-Term Investments | 6.16M | 217.88K | 72.29K | 136.75K |
| Cash Only | 6.16M | 217.88K | 72.29K | 136.75K |
| Short-Term Investments | 0 | 0 | 0 | 0 |
| Accounts Receivable | 308.06K | 234.46K | 475.09K | 766.83K |
| Days Sales Outstanding | 250.88 | 136.14 | 255.09 | 398.27 |
| Inventory | 117.42K | 52.26K | 152.79K | 99.43K |
| Days Inventory Outstanding | 639.3 | 120.92 | 458.51 | 323.95 |
| Other Current Assets | 92.35K | 16.14K | 3.6K | 5.34K |
| Total Non-Current Assets | 45.59K | 1.08M | 682.93K | 314.96K |
| Property, Plant & Equipment | 45.59K | 215.01K | 217.93K | 295.72K |
| Fixed Asset Turnover | 9.83x | 2.92x | 3.12x | 2.38x |
| Goodwill | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 847.03K | 462.06K | 18.24K |
| Total Assets | 6.72M | 1.62M | 1.4M | 1.33M |
| Asset Turnover | 0.07x | 0.39x | 0.48x | 0.53x |
| Asset Growth % | 315.88% | 15.33% | 5.32% | - |
| Total Current Liabilities | 538.55K | 1.21M | 680.4K | 135.77K |
| Accounts Payable | 10.41K | 18K | 11.17K | 24.43K |
| Days Payables Outstanding | 56.69 | 41.64 | 33.52 | 79.59 |
| Short-Term Debt | 247.97K | 50.83K | 0 | 0 |
| Deferred Revenue (Current) | 145.9K | 58.25K | 151.32K | 12.55K |
| Other Current Liabilities | 0 | -88.64K | 0 | 838 |
| Current Ratio | 12.40x | 0.44x | 1.06x | 7.48x |
| Quick Ratio | 12.18x | 0.40x | 0.83x | 6.75x |
| Cash Conversion Cycle | 833.49 | 215.41 | 680.08 | 642.64 |
| Total Non-Current Liabilities | 0 | 104.99K | 165.01K | 240.88K |
| Long-Term Debt | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 104.99K | 165.01K | 240.88K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 |
| Total Liabilities | 538.55K | 1.31M | 845.41K | 376.65K |
| Total Debt | 247.97K | 155.82K | 218.33K | 297.4K |
| Net Debt | -5.91M | -62.07K | 146.04K | 160.65K |
| Debt / Equity | 0.04x | 0.51x | 0.39x | 0.31x |
| Debt / EBITDA | - | - | 2.68x | 1.46x |
| Net Debt / EBITDA | - | - | 1.79x | 0.79x |
| Interest Coverage | - | - | - | - |
| Total Equity | 6.18M | 306.27K | 556.32K | 954.34K |
| Equity Growth % | 1919.35% | -44.95% | -41.71% | - |
| Book Value per Share | 0.49 | 0.02 | 0.04 | 0.07 |
| Total Shareholders' Equity | 6.18M | 306.27K | 556.32K | 954.34K |
| Common Stock | 1.43K | 1.2K | 1.2K | 1.2K |
| Retained Earnings | -522.85K | 137.74K | 378.95K | 701.82K |
| Treasury Stock | 0 | 0 | 0 | 0 |
| Accumulated OCI | 41.51K | 46.62K | 56.58K | 131.74K |
| Minority Interest | 0 | 0 | 0 | 0 |
Liquidity and operational scale
According to recent financial filings, PTHL's total assets fluctuated from $1.3 million in 2021 to a peak of $6.7 million in 2024Q4, a trend that appears driven by erratic capital injections rather than organic growth, signaling a highly unstable trajectory for the company's underlying financial foundation.
The dramatic expansion in total assets during the most recent quarter, despite persistent revenue declines, suggests the company may be relying on external financing to maintain operations. This disconnect between asset growth and operational performance warrants caution, as it implies the business is not generating the internal capital necessary to sustain its own scale.
Based on reported figures, PTHL's current ratio improved to 12.40 in 2024Q4, yet this metric is misleading as it follows a period of extreme liquidity stress where the ratio dipped as low as 0.23, indicating that the company's cash position remains highly susceptible to rapid depletion.
While the current cash balance of $6.2 million provides a temporary cushion, the company's history of negative operating margins suggests this liquidity is likely to be consumed quickly. Investors should monitor whether this cash is being used to fund necessary R&D or simply to cover the mounting losses from an inefficient sales model.
As reported in financial statements, PTHL's retained earnings have shifted from a positive $701.8K in 2021 to a deficit of $522.9K by 2024Q4, illustrating a consistent trend of value destruction that has significantly weakened the company's equity base over the past three years.
The transition into negative retained earnings confirms that the company is failing to generate profitable returns on its invested capital. This erosion of equity suggests that shareholders are effectively subsidizing the company's ongoing operational losses, which may necessitate future dilutive equity raises if the current burn rate persists.
Based on the provided balance sheet data, the absence of goodwill and minimal net PPE of $45.6K suggests that PTHL's asset base is almost entirely liquid, which, while reducing impairment risk, leaves the company with virtually no tangible collateral to support its long-term operational viability.
The lack of significant physical assets implies that the company's value is tied entirely to its intangible software intellectual property, which is difficult to monetize in the current procurement environment. This asset-light structure, while theoretically efficient, leaves the firm with little recourse should its proprietary software fail to gain traction in the competitive Chinese medical device market.
Quick answers to the most common questions about buying PTHL stock.
As of 2024, Pheton Holdings Ltd Class A Ordinary Shares (PTHL) had total assets of $6.7M including $6.7M in current assets.
Pheton Holdings Ltd Class A Ordinary Shares (PTHL) carries total debt of $0.2M, offset by $6.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Pheton Holdings Ltd Class A Ordinary Shares (PTHL) has total shareholders' equity (book value) of $6.2M ($0.49 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Pheton Holdings Ltd Class A Ordinary Shares (PTHL) reported a current ratio of 12.40x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.