Despite achieving a 79.1% gross margin, the company reported a net loss of $2.6M as SG&A expenses of $24.4M continue to outpace revenue generation.
| Sales/Revenue | 34.28M | 161.32M | 187.52M | 155.79M | 130.65M |
| Revenue Growth % | - | -13.97% | 20.37% | 19.25% | - |
| Cost of Goods Sold | 7.16M | 30.57M | 49.25M | 48.08M | 60.87M |
| COGS % of Revenue | - | 18.95% | 26.26% | 30.86% | 46.59% |
| Gross Profit | 27.13M | 130.75M | 138.28M | 107.72M | 69.78M |
| Gross Margin % | 79.13% | 81.05% | 73.74% | 69.14% | 53.41% |
| Gross Profit Growth % | - | -5.44% | 28.37% | 54.36% | - |
| Operating Expenses | 29.89M | 164.78M | 240.16M | 190.5M | 191.08M |
| OpEx % of Revenue | - | 102.14% | 128.07% | 122.27% | 146.25% |
| Selling, General & Admin | 24.37M | 127.18M | 191.36M | 139.23M | 129.71M |
| SG&A % of Revenue | - | 78.84% | 102.05% | 89.37% | 99.28% |
| Research & Development | 6.21M | 37.81M | 47.45M | 52.8M | 62.2M |
| R&D % of Revenue | - | 23.44% | 25.31% | 33.89% | 47.61% |
| Other Operating Expenses | -683K | -218K | 1.35M | -1.54M | -824K |
| Operating Income | -2.77M | -34.03M | -101.88M | -82.78M | -121.3M |
| Operating Margin % | -8.07% | -21.09% | -54.33% | -53.13% | -92.84% |
| Operating Income Growth % | - | 66.6% | -23.08% | 31.76% | - |
| EBITDA | -2.41M | -32.57M | -99.86M | -81.13M | -119.89M |
| EBITDA Margin % | -7.03% | -20.19% | -53.25% | -52.08% | -91.77% |
| EBITDA Growth % | - | 67.38% | -23.09% | 32.33% | - |
| D&A (Non-Cash Add-back) | 355K | 1.45M | 2.02M | 1.65M | 1.41M |
| EBIT | -2.76M | -34.02M | -105.37M | -114.02M | -179.75M |
| Net Interest Income | -139K | -952K | -188K | -612K | 27K |
| Interest Income | 1K | 12K | 23K | 45K | 146K |
| Interest Expense | 140K | 964K | 211K | 657K | 119K |
| Other Income/Expense | -139K | -952K | -3.7M | -31.9M | -58.58M |
| Pretax Income | -2.9M | -34.98M | -105.58M | -114.68M | -179.87M |
| Pretax Margin % | -8.47% | -21.68% | -56.3% | -73.61% | -137.68% |
| Income Tax | 0 | -38K | 38K | 1.08M | 918K |
| Effective Tax Rate % | 0% | 0.11% | -0.04% | -0.94% | -0.51% |
| Net Income | -2.63M | -34.9M | -105.61M | -115.72M | -180.79M |
| Net Margin % | -7.69% | -21.63% | -56.32% | -74.28% | -138.38% |
| Net Income Growth % | - | 66.95% | 8.74% | 35.99% | - |
| Net Income (Continuing) | -2.9M | -34.94M | -105.62M | -115.76M | -180.79M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 29.94M | 30.21M | 254K | 265K | 0 |
| EPS (Diluted) | - | -16.20 | -23.70 | -23.55 | -34.65 |
| EPS Growth % | - | 31.65% | -0.64% | 32.03% | - |
| EPS (Basic) | - | -16.20 | -23.70 | -23.55 | -34.65 |
| Diluted Shares Outstanding | 7.63M | 7.63M | 7.63M | 7.63M | 7.63M |
| Basic Shares Outstanding | 7.63M | 7.63M | 7.63M | 7.63M | 7.63M |
| Dividend Payout Ratio | - | - | - | - | - |
Liquidity and funding shortfall
As reported in the most recent quarterly financial statements, YMT maintains a robust 79.1% gross margin, yet this figure fails to translate into operational profitability due to the heavy burden of customer acquisition and platform maintenance costs that currently exceed the company's total generated gross profit.
The high gross margin suggests that the core digital platform services are inherently scalable and efficient. However, the inability to convert this into positive operating income indicates that the company's current business model relies on excessive SG&A spending to maintain its user base. Investors should monitor whether this margin profile is sustainable or if it reflects a temporary reliance on high-margin, non-recurring service contracts.
Based on the latest income statement data, YMT's operating margin of -8.1% highlights a structural inability to achieve economies of scale, as the company's fixed operating expenses continue to outpace the gross profit generated from its agricultural marketplace activities during the current reporting period.
The negative operating margin suggests that the company has not yet reached the critical mass required to cover its fixed overhead. Without a significant increase in transaction density, the current cost structure appears to be a persistent drag on the bottom line. This indicates that the company may be over-investing in market share at the expense of immediate financial viability.
According to the 2025Q1 financial disclosures, YMT's SG&A expenses of $24.4M represent a significant portion of the revenue base, effectively neutralizing the $27.1M in gross profit and leaving the company with a net loss of $2.6M for the quarter.
The high concentration of SG&A relative to gross profit suggests that the company is prioritizing aggressive growth or user retention over expense discipline. This cost structure warrants further investigation into whether these expenditures are driving long-term value or if they represent a necessary, yet unsustainable, cost of doing business in a fragmented agricultural market.
With cash and equivalents reported at only $2.77M, the company's financial position appears highly precarious, as the current burn rate suggests that YMT may face a liquidity shortfall in the near term without immediate access to additional capital or a drastic reduction in operating expenses.
The combination of negative net income and a minimal cash reserve creates a significant risk for shareholders. If the company cannot secure external financing or achieve a rapid pivot to profitability, its ability to maintain its digital infrastructure and service levels may be severely compromised. This situation suggests that the company's current trajectory is not viable under existing capital constraints.
Quick answers to the most common questions about buying YMT stock.
For fiscal year 2024, Yimutian Inc. American Depositary Shares (YMT) reported total revenue of $161.3M. This represents a 23.5% increase compared to $130.6M in 2021.
Yimutian Inc. American Depositary Shares (YMT) reported a net loss of $34.9M for the fiscal year ending 2024.
Yimutian Inc. American Depositary Shares (YMT) reported an operating income of $-34.0M, resulting in an operating profit margin of -21.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Yimutian Inc. American Depositary Shares (YMT) generated $130.7M in gross profit for the year, representing a gross profit margin of 81.0%. This demonstrates the company's core pricing power and production efficiency.