Shareholders' equity has experienced significant erosion, falling from $132.8M in 2023Q4 to $42.6M in 2025Q2, while the current ratio has compressed to a vulnerable 0.95.
| Total Current Assets | 23.64M | 25.5M | 31.07M | 87.41M | 38.62M | 30.72M | 20.05M | 22.11M | 17.61M | 10.25M |
| Cash & Short-Term Investments | 2.65M | 4.19M | 2.99M | 9.38M | 6.96M | 8.39M | 5.87M | 5.02M | 2.96M | 4.3M |
| Cash Only | 2.65M | 4.19M | 2.99M | 9.38M | 6.96M | 8.39M | 5.87M | 5.02M | 2.96M | 4.3M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 16.71M | 19.53M | 23.92M | 76.58M | 29.53M | 20.33M | 12.75M | 15.79M | 13.07M | 5.14M |
| Days Sales Outstanding | 300.2 | 613.93 | 518.87 | 2.67K | 335.86 | 278.34 | 231.53 | 248.92 | 220.59 | 88.52 |
| Inventory | 0 | 0 | 0 | 0 | 95.25K | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | 1.63 | - | - | - | - | - |
| Other Current Assets | 1.93M | 1.77M | 4.16M | 0 | 0 | 0 | 623.96K | 1.3M | 1.57M | 818.53K |
| Total Non-Current Assets | 48.1M | 60.9M | 144.89M | 42.84M | 76.2M | 75.46M | 10.63M | 5.67M | 4.19M | 2.82M |
| Property, Plant & Equipment | 6.53M | 6.32M | 6.26M | 10.87M | 10.26M | 7.18M | 6.56M | 4.71M | 3.43M | 1.66M |
| Fixed Asset Turnover | 3.86x | 1.84x | 2.69x | 0.96x | 3.13x | 3.71x | 3.06x | 4.92x | 6.30x | 12.74x |
| Goodwill | 0 | 4.84M | 15.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 3.17M | 11.07M | 35.03M | 5.16M | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 78.45M | 55.91M | 11.27M | 30.76M | 64.95M | 63.43M | 0 | 11.51K | 109.39K | 11.51K |
| Other Non-Current Assets | 38.35M | -18.22M | 76.27M | -4.94M | 65.33M | 4.43M | 3.76M | 865.5K | 624.09K | 1.1M |
| Total Assets | 71.73M | 86.4M | 175.96M | 130.59M | 114.82M | 106.18M | 30.68M | 27.78M | 21.8M | 13.08M |
| Asset Turnover | 0.20x | 0.13x | 0.10x | 0.08x | 0.28x | 0.25x | 0.65x | 0.83x | 0.99x | 1.62x |
| Asset Growth % | -89.5% | -50.9% | 34.74% | 13.73% | 8.13% | 246.09% | 10.45% | 27.45% | 66.66% | - |
| Total Current Liabilities | 24.89M | 34.46M | 31.83M | 27.94M | 31.92M | 33.49M | 24.77M | 21.34M | 16.57M | 12.05M |
| Accounts Payable | 16.38M | 18.07M | 18.57M | 12.82M | 21.1M | 24.28M | 19.77M | 16.23M | 12.12M | 7.45M |
| Days Payables Outstanding | 384.32 | 943.75 | 505.6 | 696.56 | 360.25 | 513.18 | 514.41 | 386.75 | 326.82 | 199.26 |
| Short-Term Debt | 3.41M | 11.03M | 9.52M | 11.69M | 7.12M | 4.6M | 1.58M | 1.99M | 230.51K | 0 |
| Deferred Revenue (Current) | 6.02M | 1.86M | 2.18M | 1.38M | 1.92M | 1.1M | 1.18M | 1.27M | 803.27K | 441.68K |
| Other Current Liabilities | 1.88M | 444.13K | 0 | 228.96K | 949.79K | 1.34M | 473.78K | 142.36K | 669.47K | 2.26M |
| Current Ratio | 0.95x | 0.74x | 0.98x | 3.13x | 1.21x | 0.92x | 0.81x | 1.04x | 1.06x | 0.85x |
| Quick Ratio | 0.95x | 0.74x | 0.98x | 3.13x | 1.21x | 0.92x | 0.81x | 1.04x | 1.06x | 0.85x |
| Cash Conversion Cycle | -84.12 | - | - | - | -22.76 | - | - | - | - | - |
| Total Non-Current Liabilities | 366.06K | 2.03M | 109.96K | 101.99K | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 762.77K | 146.93K | 109.96K | 101.99K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 3.88M | 1.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 25.26M | 36.49M | 31.94M | 28.04M | 31.92M | 33.49M | 24.77M | 21.34M | 16.57M | 12.05M |
| Total Debt | 4.07M | 11.39M | 9.89M | 11.88M | 7.12M | 4.6M | 1.58M | 1.99M | 230.51K | 0 |
| Net Debt | 1.42M | 7.2M | 6.9M | 2.5M | 155.41K | -3.79M | -4.29M | -3.02M | -2.73M | -4.3M |
| Debt / Equity | 0.09x | 0.23x | 0.07x | 0.12x | 0.09x | 0.06x | 0.27x | 0.31x | 0.04x | - |
| Debt / EBITDA | -0.03x | - | - | - | - | - | - | 1.20x | 0.06x | - |
| Net Debt / EBITDA | -0.01x | - | - | - | - | - | - | -1.83x | -0.65x | -1.11x |
| Interest Coverage | -109.13x | -126.91x | -149.94x | -98.82x | - | - | - | 47.22x | - | 205.49x |
| Total Equity | 46.47M | 49.91M | 144.02M | 102.55M | 82.9M | 72.69M | 5.91M | 6.44M | 5.22M | 1.02M |
| Equity Growth % | -87.06% | -65.35% | 40.44% | 23.71% | 14.04% | 1129.79% | -8.18% | 23.25% | 410.22% | - |
| Book Value per Share | 54.57 | 74.17 | 1873.86 | - | 26924.66 | - | 0.66 | 0.93 | - | - |
| Total Shareholders' Equity | 42.62M | 45.94M | 132.84M | 102.81M | 83.16M | 72.81M | 5.91M | 6.44M | 5.23M | 1.02M |
| Common Stock | 186 | 68 | 103.88M | 475.02K | 94.66K | 76.3K | 14.95K | 11.51K | 11.51K | 11.51K |
| Retained Earnings | -272.17M | -255.79M | -168.68M | -59.08M | -37.58M | -28.23M | -9.98M | 806K | -740.29K | -4.73M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -10.36M | -6.07M | -5.06M | -3.33M | 2.7M | 814.34K | -1.49K | 100.37K | 439.2K | 217.81K |
| Minority Interest | 3.86M | 3.96M | 11.18M | -263.51K | -257.3K | -112.03K | -15 | 0 | -6.93K | 0 |
Liquidity and capital exhaustion
As reported in recent financial filings, XTKG's total assets have declined from $202.0M in 2023Q2 to $71.7M by 2025Q2, reflecting a persistent erosion of the company's resource base as it struggles to pivot away from its legacy software operations toward more volatile, capital-intensive business lines.
The consistent reduction in total assets suggests that the company is liquidating or failing to replace its core operational footprint. This downward trajectory in asset value, coupled with the accumulation of a $272.2M deficit in retained earnings, indicates that the business model is currently failing to generate sufficient value to maintain its historical scale.
Based on the latest quarterly data, XTKG's current ratio has compressed to 0.95, while cash reserves have dwindled to $2.6M, leaving the firm with a precarious liquidity buffer that appears insufficient to support its ongoing operating losses and capital-intensive diversification efforts in the current environment.
A current ratio below 1.0 suggests that the company may face immediate challenges in meeting its short-term obligations without external financing. Investors should monitor this trend closely, as the rapid depletion of cash reserves relative to historical burn rates may necessitate dilutive capital raises in the near term.
According to the company's balance sheet, shareholders' equity has plummeted from $132.8M in 2023Q4 to $42.6M in 2025Q2, a trend primarily driven by the compounding impact of massive, recurring losses that have severely impaired the company's long-term capital base and overall financial stability.
The rapid deterioration of equity highlights the lack of profitability in the company's new strategic initiatives. This erosion suggests that the firm is effectively consuming its own capital to fund operations, which raises significant questions regarding the long-term viability of the current corporate strategy.
As indicated by the provided financial statements, the company's asset mix remains heavily distorted, with $3.2M in goodwill and $6.5M in net PPE, which may overstate the tangible value of the firm given the ongoing failure to generate positive cash flow from these specific assets.
The presence of goodwill on the balance sheet warrants further investigation, as it may be subject to future impairment charges if the underlying business units fail to meet performance expectations. The reliance on PPE for crypto mining operations introduces additional risk, as these assets are highly sensitive to energy costs and market volatility.
Quick answers to the most common questions about buying XTKG stock.
As of 2024, X3 Holdings Co., Ltd. (XTKG) had total assets of $86.4M including $25.5M in current assets.
X3 Holdings Co., Ltd. (XTKG) carries total debt of $11.4M, offset by $4.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
X3 Holdings Co., Ltd. (XTKG) has total shareholders' equity (book value) of $45.9M ($74.17 book value per share). Book value represents the net worth of the company belonging to common stock holders.
X3 Holdings Co., Ltd. (XTKG) reported a current ratio of 0.74x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.