The company's financial foundation is severely impaired, evidenced by a negative equity position of $29.7 million as of 2024Q1.
| Total Current Assets | 40.43M | 37.11M | 54.41M | 39.75M | 28.18M | 13.96M |
| Cash & Short-Term Investments | 12.78M | 11.39M | 26.77M | 15.66M | 8.34M | 4.8M |
| Cash Only | 12.78M | 11.39M | 26.77M | 15.66M | 8.34M | 4.8M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 17.75M | 9.52M | 14.33M | 15.2M | 12.19M | 4.96M |
| Days Sales Outstanding | 121.88 | 138.48 | 123.96 | 144.03 | 151.19 | 137.68 |
| Inventory | 6.55M | 9.43M | 7.68M | 6.66M | 6.23M | 3.23M |
| Days Inventory Outstanding | 91.39 | 254.98 | 133.64 | 116.04 | 121.49 | 138.35 |
| Other Current Assets | 2.4M | 6.77M | 409.2K | 1.87M | 845.13K | 122.65K |
| Total Non-Current Assets | 1.35M | 5.56M | 2.73M | 1.21M | 955.89K | 5.28M |
| Property, Plant & Equipment | 1.22M | 3.74M | 2.62M | 1.08M | 790.51K | 369.52K |
| Fixed Asset Turnover | 37.85x | 6.71x | 16.09x | 35.60x | 37.22x | 35.60x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 19.7K | 0 | 0 | 27.13K | 57.69K | 0 |
| Long-Term Investments | 418.59K | 106.7K | 104.33K | 105.89K | 107.69K | 0 |
| Other Non-Current Assets | 0 | 1.71M | 0 | 0 | 0 | 4.91M |
| Total Assets | 41.77M | 42.67M | 57.14M | 40.96M | 29.14M | 19.24M |
| Asset Turnover | 1.16x | 0.59x | 0.74x | 0.94x | 1.01x | 0.68x |
| Asset Growth % | 40.57% | -25.32% | 39.5% | 40.57% | 51.47% | - |
| Total Current Liabilities | 21.05M | 23.54M | 26.19M | 30.73M | 17.99M | 9.05M |
| Accounts Payable | 4.64M | 6.73M | 7.67M | 5.75M | 6.63M | 2.94M |
| Days Payables Outstanding | 81.68 | 181.84 | 133.38 | 100.24 | 129.27 | 125.74 |
| Short-Term Debt | 9.2M | 6.4M | 8.81M | 18.08M | 4.12M | 1.79M |
| Deferred Revenue (Current) | 5.68M | 4.07M | 3.23M | 1.33M | 2.81M | 1.73M |
| Other Current Liabilities | 476.41K | 293.12K | 430.24K | 513.94K | 782.7K | 560.43K |
| Current Ratio | 1.92x | 1.58x | 2.08x | 1.29x | 1.57x | 1.54x |
| Quick Ratio | 1.61x | 1.18x | 1.78x | 1.08x | 1.22x | 1.19x |
| Cash Conversion Cycle | 131.58 | 211.62 | 124.22 | 159.83 | 143.4 | 150.29 |
| Total Non-Current Liabilities | 50.42M | 1.26M | 1.44M | 40.27M | 39.19M | 40.9M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 933.04K | 1.18M | 1.27M | 172.07K | 289.53K | 4.89K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 50.16M | 88.9K | 166.83K | 40.1M | 38.9M | 40.89M |
| Total Liabilities | 71.47M | 24.8M | 27.63M | 71M | 57.19M | 49.95M |
| Total Debt | 9.85M | 8.17M | 10.39M | 18.54M | 4.65M | 1.89M |
| Net Debt | -2.93M | -3.21M | -16.38M | 2.88M | -3.69M | -2.91M |
| Debt / Equity | -0.33x | 0.46x | 0.35x | - | - | - |
| Debt / EBITDA | -1.34x | - | - | - | 2.59x | - |
| Net Debt / EBITDA | 0.40x | - | - | - | -2.06x | - |
| Interest Coverage | -36.35x | -150.25x | -55.13x | -40.56x | 24.87x | -5.09x |
| Total Equity | -29.7M | 17.87M | 29.51M | -30.04M | -28.05M | -30.71M |
| Equity Growth % | -7.1% | -39.45% | 198.24% | -7.1% | 8.68% | - |
| Book Value per Share | -0.50 | 0.30 | 0.50 | -0.51 | -0.47 | -0.52 |
| Total Shareholders' Equity | -29.7M | 17.87M | 29.51M | -30.04M | -28.05M | -30.71M |
| Common Stock | 8.06K | 29.02K | 23.78K | 8.06K | 6.56K | 6.56K |
| Retained Earnings | -39.7M | -84.88M | -52.37M | -40.43M | -30.83M | -30.91M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 1.8M | 1.89M | 1.98M | 1.82M | 780.85K | -1.8M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity shortfall risk
As reported in recent financial filings, XCHG's balance sheet has deteriorated into a negative equity position of $29.7 million as of 2024Q1, signaling that persistent operating losses have effectively consumed the company's net asset base and created a precarious trajectory for long-term solvency.
The consistent accumulation of negative retained earnings, which reached $39.7 million in the most recent quarter, indicates that the business model has failed to generate sufficient returns to offset its capital consumption. This trend suggests that the company is currently operating in a state of structural insolvency that warrants extreme caution from investors.
Based on the company's latest quarterly data, XCHG holds only $12.8 million in cash, a figure that appears insufficient given the scale of recent operating losses and the company's inability to maintain a consistent positive cash flow trajectory in the competitive EV infrastructure market.
While the current ratio of 1.92 might suggest adequate short-term liquidity, the underlying cash position is rapidly depleting as the company funds its ongoing operational deficits. This limited runway implies that management may be forced to pursue dilutive equity financing or debt restructuring in the near term to maintain operations.
According to the provided balance sheet data, XCHG's equity has remained in negative territory for several quarters, with the deficit widening to $29.7 million, which reflects a fundamental erosion of shareholder value driven by sustained operational inefficiencies and a lack of profitable growth.
The absence of positive retained earnings highlights that the company has not yet achieved a self-sustaining business model. Investors should monitor whether future capital injections are used to fund growth or merely to cover the ongoing operational burn that continues to suppress the equity base.
As indicated by the financial statements, XCHG's asset base is heavily reliant on current assets rather than productive long-term infrastructure, with net PPE of only $1.2 million, suggesting that the company's ability to generate future revenue may be constrained by its limited physical manufacturing footprint.
The reliance on current assets, which may include inventory subject to obsolescence, poses a risk if the company cannot convert these holdings into cash at book value. This asset mix suggests that the company's valuation is not supported by significant tangible assets, increasing the risk of impairment if market demand for its charging hardware continues to decline.
Quick answers to the most common questions about buying XCH stock.
As of 2025, XCHG Limited American Depositary Share (XCH) had total assets of $42.7M including $37.1M in current assets.
XCHG Limited American Depositary Share (XCH) carries total debt of $8.2M, offset by $11.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
XCHG Limited American Depositary Share (XCH) has total shareholders' equity (book value) of $17.9M ($0.30 book value per share). Book value represents the net worth of the company belonging to common stock holders.
XCHG Limited American Depositary Share (XCH) reported a current ratio of 1.58x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.