The company's financial stability is severely compromised by a $363.6 million debt load and a critically low current ratio of 0.11 as of 2024Q4.
| Total Current Assets | 62.42M | 90.83M | 160.63M | 180.06M | 295.02M |
| Cash & Short-Term Investments | 3.71M | 10.73M | 37.92M | 23.19M | 41.2M |
| Cash Only | 3.71M | 10.73M | 37.92M | 23.19M | 41.2M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 40.96M | 48.98M | 60.91M | 76.79M | 144.64M |
| Days Sales Outstanding | 2.16K | 1.89K | 1.49K | 1.26K | 1.99K |
| Inventory | 11.14M | 14.79M | 23.92M | 31.19M | 25.65M |
| Days Inventory Outstanding | 128.16 | 127.74 | 163.83 | 143.12 | 101.83 |
| Other Current Assets | 530K | 7.8M | 19.97M | 27.35M | 76.96M |
| Total Non-Current Assets | 408.37M | 445.62M | 492.98M | 629.09M | 658.28M |
| Property, Plant & Equipment | 158.96M | 181.38M | 217.9M | 270.65M | 313.21M |
| Fixed Asset Turnover | 0.04x | 0.05x | 0.07x | 0.08x | 0.08x |
| Goodwill | 2.62M | 2.69M | 2.77M | 3.01M | 2.93M |
| Intangible Assets | 243.54M | 253.56M | 265.55M | 291.75M | 287.22M |
| Long-Term Investments | 3.25M | 3.7M | 4.37M | 4.86M | 4.6M |
| Other Non-Current Assets | 0 | 4.29M | 2.39M | 1.74M | 240K |
| Total Assets | 470.79M | 536.45M | 653.61M | 809.15M | 953.3M |
| Asset Turnover | 0.01x | 0.02x | 0.02x | 0.03x | 0.03x |
| Asset Growth % | -12.24% | -17.93% | -19.22% | -15.12% | - |
| Total Current Liabilities | 573.31M | 525.05M | 493.14M | 367.4M | 246.97M |
| Accounts Payable | 59.79M | 62.02M | 71.11M | 90.81M | 118.11M |
| Days Payables Outstanding | 687.57 | 535.81 | 487.07 | 416.65 | 468.83 |
| Short-Term Debt | 363.58M | 332.11M | 307.28M | 118.92M | 57.48M |
| Deferred Revenue (Current) | 3.77M | 5.01M | 3.65M | 6.25M | 5.59M |
| Other Current Liabilities | 8.39M | 110.24M | 13.52M | 120.57M | 31.72M |
| Current Ratio | 0.11x | 0.17x | 0.33x | 0.49x | 1.19x |
| Quick Ratio | 0.09x | 0.14x | 0.28x | 0.41x | 1.09x |
| Cash Conversion Cycle | 1.6K | 1.48K | 1.16K | 983.13 | 1.62K |
| Total Non-Current Liabilities | 42.96M | 90.27M | 144.34M | 329.72M | 534.67M |
| Long-Term Debt | 0 | 40.55M | 85.91M | 0 | 456.08M |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 42.96M | 49.73M | 58.43M | 329.72M | 78.58M |
| Total Liabilities | 616.27M | 615.33M | 637.48M | 697.12M | 781.64M |
| Total Debt | 363.58M | 372.65M | 112.64M | 118.92M | 118.94M |
| Net Debt | 359.88M | 361.92M | 74.72M | 95.73M | 77.75M |
| Debt / Equity | - | - | 6.98x | 1.06x | 0.69x |
| Debt / EBITDA | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - |
| Interest Coverage | -3.46x | -6.28x | -8.52x | -9.09x | -7.34x |
| Total Equity | -145.49M | -78.87M | 16.13M | 112.03M | 171.66M |
| Equity Growth % | -84.45% | -589.05% | -85.6% | -34.74% | - |
| Book Value per Share | -2687.86 | -1493.49 | 318.04 | 2209.33 | 1935.31 |
| Total Shareholders' Equity | -179.27M | -132.83M | -68.58M | -8.27M | 19.34M |
| Common Stock | 16K | 16K | 27K | 27K | 27K |
| Retained Earnings | -361.13M | -314.24M | -246.05M | -162.14M | -132.23M |
| Treasury Stock | -500K | -500K | 0 | 0 | 0 |
| Accumulated OCI | 13.22M | 12.76M | 13.72M | 13.01M | 10.71M |
| Minority Interest | 33.78M | 53.96M | 84.71M | 120.31M | 152.32M |
Imminent insolvency and liquidity
As reported in recent financial filings, Chijet's total assets have declined from $809.2 million in 2021Q4 to $470.8 million by 2024Q4, while the company's equity position has deteriorated into a deep deficit of $179.3 million, signaling a persistent and accelerating destruction of shareholder value over time.
The consistent decline in asset value coupled with a widening equity deficit suggests that the company is failing to generate sufficient returns to cover its capital base. Investors should monitor whether this trajectory indicates a structural inability to maintain the asset intensity required for automotive manufacturing.
Based on the company's latest balance sheet, total debt has surged to $363.6 million as of 2024Q4, creating a precarious leverage profile that appears to be driven by survival-based financing rather than strategic growth initiatives, as evidenced by the company's inability to service these obligations through operations.
The significant increase in debt relative to the company's minimal revenue suggests that refinancing risk is extreme. This debt load likely restricts management's flexibility and may necessitate further dilutive equity raises to prevent a default on existing credit facilities.
According to the 2024Q4 balance sheet, Chijet's cash reserves have dwindled to a mere $3.7 million, resulting in a current ratio of 0.11, which indicates that the company lacks the necessary liquid assets to meet its short-term obligations and faces an immediate risk of operational shutdown.
A current ratio of 0.11 is exceptionally low and suggests that current liabilities vastly exceed the company's ability to pay them. This liquidity profile implies that the company is likely reliant on external capital injections to fund even basic day-to-day operations.
As indicated by the company's financial statements, the equity position has plummeted to a negative $179.3 million as of 2024Q4, driven by the accumulation of $361.1 million in retained earnings losses, which underscores the severe and ongoing erosion of the company's net worth.
The persistent negative equity suggests that the company has effectively exhausted its original capital and is now operating on borrowed funds. This state of insolvency warrants extreme caution, as it implies that shareholders have no residual claim on assets in a liquidation scenario.
Based on the reported figures, the $159.0 million in net PPE and $2.6 million in goodwill may be significantly overstated, as the company's inability to generate revenue suggests these assets are not currently contributing to productive output and may be subject to future impairment charges.
The discrepancy between the book value of manufacturing assets and the company's actual production output suggests that the balance sheet may be masking the true extent of the company's distress. Investors should consider that these assets might hold little value outside of a forced sale or liquidation.
Quick answers to the most common questions about buying CJET stock.
As of 2024, Chijet Motor Company, Inc. (CJET) had total assets of $470.8M including $62.4M in current assets.
Chijet Motor Company, Inc. (CJET) carries total debt of $363.6M, offset by $3.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Chijet Motor Company, Inc. (CJET) has total shareholders' equity (book value) of $-179.3M ($-2687.86 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Chijet Motor Company, Inc. (CJET) reported a current ratio of 0.11x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.