Revenue remains inconsistent with quarterly fluctuations between $8.4 million and $12.2 million, though the company achieved a 50.8% gross margin in 2024Q1.
| Sales/Revenue | 42.28M | 25.1M | 42.2M | 38.51M | 29.42M | 13.16M |
| Revenue Growth % | - | -40.53% | 9.59% | 30.89% | 123.65% | - |
| Cost of Goods Sold | 22.14M | 13.5M | 20.98M | 20.94M | 18.72M | 8.53M |
| COGS % of Revenue | - | 53.8% | 49.71% | 54.37% | 63.62% | 64.83% |
| Gross Profit | 20.14M | 11.6M | 21.22M | 17.57M | 10.7M | 4.63M |
| Gross Margin % | 47.64% | 46.2% | 50.29% | 45.63% | 36.38% | 35.17% |
| Gross Profit Growth % | - | -45.35% | 20.76% | 64.17% | 131.34% | - |
| Operating Expenses | 25.96M | 44.21M | 33.25M | 24.09M | 9.05M | 6.55M |
| OpEx % of Revenue | - | 176.15% | 78.79% | 62.56% | 30.76% | 49.82% |
| Selling, General & Admin | 21.94M | 37.62M | 20.47M | 20.32M | 6.26M | 4.44M |
| SG&A % of Revenue | - | 149.86% | 48.5% | 52.76% | 21.29% | 33.76% |
| Research & Development | 4.31M | 7.07M | 12.16M | 4.06M | 2.82M | 1.71M |
| R&D % of Revenue | - | 28.17% | 28.81% | 10.54% | 9.57% | 13% |
| Other Operating Expenses | -288.96K | -472.59K | 625.5K | -287.36K | -31.51K | 403.26K |
| Operating Income | -5.81M | -32.62M | -12.03M | -6.52M | 1.65M | -1.93M |
| Operating Margin % | -13.75% | -129.94% | -28.51% | -16.92% | 5.62% | -14.65% |
| Operating Income Growth % | - | -171.1% | -84.58% | -493.83% | 185.86% | - |
| EBITDA | -7.34M | -32.34M | -11.8M | -6.31M | 1.79M | -1.71M |
| EBITDA Margin % | -17.35% | -128.84% | -27.95% | -16.4% | 6.09% | -13% |
| EBITDA Growth % | - | -174.12% | -86.83% | -452.2% | 204.84% | - |
| D&A (Non-Cash Add-back) | 0 | 275.25K | 232.92K | 202.88K | 138.05K | 217.29K |
| EBIT | -7.34M | -32.29M | -11.73M | -7.89M | 1.67M | -1.73M |
| Net Interest Income | -522.42K | -14.7K | -54.99K | -522.67K | 133.92K | -125.63K |
| Interest Income | 108.38K | 200.19K | 157.74K | 100.83K | 200.88K | 213.43K |
| Interest Expense | 201.8K | 214.89K | 212.73K | 194.5K | 66.96K | 339.06K |
| Other Income/Expense | -1.72M | 113.21K | 90.39K | -1.57M | -56.63K | -138.05K |
| Pretax Income | -7.54M | -32.5M | -11.94M | -8.08M | 1.6M | -2.07M |
| Pretax Margin % | -17.83% | -129.49% | -28.29% | -20.99% | 5.43% | -15.7% |
| Income Tax | 11.3K | 0 | 0 | 0 | -11.61K | 1.3K |
| Effective Tax Rate % | -0.15% | 0% | 0% | 0% | -0.73% | -0.06% |
| Net Income | -7.55M | -32.5M | -11.94M | -8.08M | 1.61M | -2.07M |
| Net Margin % | -17.86% | -129.49% | -28.29% | -20.99% | 5.47% | -15.71% |
| Net Income Growth % | - | -172.2% | -47.71% | -602.1% | 177.89% | - |
| Net Income (Continuing) | -7.55M | -32.5M | -11.94M | -8.08M | 1.61M | -2.07M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.13 | -0.55 | -0.20 | -0.18 | 0.02 | -0.10 |
| EPS Growth % | - | -175% | -11.11% | -1000% | 120.83% | - |
| EPS (Basic) | - | -0.55 | -0.20 | -0.18 | 0.02 | -0.10 |
| Diluted Shares Outstanding | 59.32M | 59.32M | 59.32M | 59.32M | 59.32M | 59.32M |
| Basic Shares Outstanding | 59.32M | 59.32M | 59.32M | 59.32M | 59.32M | 59.32M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Liquidity and Geopolitical Exposure
As reported in recent financial filings, XCHG's revenue trajectory remains highly inconsistent, with quarterly figures fluctuating between $8.4 million and $12.2 million, suggesting that the company's project-based business model lacks the recurring revenue stability required to sustain consistent growth in the competitive EV infrastructure market.
The lack of a clear upward trend in quarterly revenue indicates that XCHG is heavily reliant on lumpy, transactional deployments rather than a predictable pipeline. Investors should monitor whether the company can transition toward a more recurring service-based model, as current revenue volatility suggests high sensitivity to external project financing cycles.
Based on the provided income statement data, XCHG has maintained a relatively robust gross margin profile, peaking at 50.8% in 2024Q1, which suggests that the company's integrated battery-charging technology may command a premium price point despite broader operational inefficiencies and significant revenue fluctuations.
This gross margin performance is notably higher than many industrial peers, implying that the 'Net Zero' series provides genuine value in grid-constrained environments. However, it remains to be seen if these margins are sustainable or if they are merely a byproduct of high-priced pilot projects that may face compression as the company attempts to scale.
According to the company's historical income statements, XCHG struggles with extreme operating leverage volatility, evidenced by an operating margin that swung from a positive 16.8% in 2023Q2 to a staggering -94.4% in 2023Q3, highlighting a fundamental inability to scale fixed costs against revenue.
The massive swings in operating income suggest that SG&A and R&D expenses are not being managed in alignment with revenue generation. This lack of operating discipline warrants further investigation, as the current cost structure appears to be disconnected from the company's actual commercial output.
As indicated by the financial data, XCHG's cost structure is characterized by significant R&D and SG&A expenditures that frequently overwhelm gross profits, leading to periods of deep operating losses that threaten the company's long-term viability without a substantial increase in hardware volume.
The company's expense discipline appears weak, as evidenced by the 2023Q3 period where SG&A alone reached $10.6 million against only $8.4 million in revenue. This suggests that the current overhead is far too heavy for the company's current scale, necessitating a potential restructuring of its administrative and innovation spending.
Based on reported figures, XCHG's precarious cash position of approximately $11.4 million, coupled with its history of erratic operating losses, suggests that the company may face an imminent liquidity shortfall that could force dilutive financing or a drastic reduction in its research and development activities.
Short-sellers would likely focus on the disconnect between the company's technological narrative and its inability to generate consistent cash flow. The combination of high cash burn and limited liquidity creates a binary risk profile that investors should monitor closely as the company attempts to navigate its current growth phase.
Quick answers to the most common questions about buying XCH stock.
For fiscal year 2025, XCHG Limited American Depositary Share (XCH) reported total revenue of $25.1M. This represents a 90.8% increase compared to $13.2M in 2021.
XCHG Limited American Depositary Share (XCH) reported a net loss of $32.5M for the fiscal year ending 2025.
XCHG Limited American Depositary Share (XCH) reported an operating income of $-32.6M, resulting in an operating profit margin of -129.9%. This margin reflects the operational efficiency of the business before interest and taxes.
XCHG Limited American Depositary Share (XCH) generated $11.6M in gross profit for the year, representing a gross profit margin of 46.2%. This demonstrates the company's core pricing power and production efficiency.