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NCTY

The9 Limited

NCTY

The9 Limited • NASDAQ
$7.17 ▲ 0.28% (+0.02)
Market Cap $33.54 M
52w High $20.59
52w Low $5.95
Dividend Yield 0%
P/E -3.38
Volume 10.94K
Outstanding Shares 4.68M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2024 $19.63M ▼ $34.418M ▲ $-73.65M ▼ -375.191% ▼ $-14.4 ▼ $32.582M ▲
Q2-2024 $92.084M ▲ $22.742M ▲ $226K ▼ 0.245% ▼ $0.06 ▼ $-9.414M ▼
Q4-2023 $82.004M ▼ $13.156M ▼ $289.813M ▲ 353.412% ▲ $17.31 ▲ $14.64M ▲
Q2-2023 $97.045M ▲ $239.575M ▼ $-268.397M ▲ -276.57% ▲ $-90.9 ▲ $-84.526M ▲
Q4-2022 $68.135M $324.207M $-395.191M -580.008% $-150 $-172.338M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2024 $10.911M ▼ $636.644M ▼ $209.134M ▼ $441.287M ▲
Q2-2024 $14.248M ▼ $667.752M ▲ $334.005M ▲ $361.301M ▲
Q4-2023 $45.222M ▲ $363.725M ▲ $182.388M ▼ $206.273M ▲
Q2-2023 $20.914M ▼ $352.745M ▼ $537.769M ▼ $-163.652M ▼
Q4-2022 $58.064M $599.107M $571.568M $45.309M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2024 $-73.868M ▼ $0 $-57.018M ▼ $0 $10.911M ▲ $-62.197M ▼
Q2-2024 $226K ▼ $0 $0 $0 $0 $0
Q4-2023 $289.813M ▲ $0 $0 $0 $0 $0
Q2-2023 $-269.809M ▲ $0 ▼ $0 $0 $0 ▼ $0 ▼
Q4-2022 $-395.191M $202.346M $0 $0 $202.346M $202.346M

Revenue by Products

Product Q2-2021
Cryptocurrency Mining Revenue
Cryptocurrency Mining Revenue
 $130.00M ▲
Other Revenues
Other Revenues
 $0 ▲

Five-Year Company Overview

Income Statement

Income Statement The9’s income statement shows a very small revenue base and a business that has not yet found stable profitability. Sales have stayed low and somewhat uneven, and margins swing between slightly positive and noticeably negative. Operating results have mostly been in the red, with only brief periods of profit, and net income has been highly volatile, reflecting write-downs, strategic pivots, and one-off items as much as underlying operations. Overall, the company looks more like an early‑stage, experimental platform than a mature, steady earner, with high dependence on successfully ramping its new business lines.

Balance Sheet

Balance Sheet The balance sheet is modest and has shrunk from earlier levels, with total assets and the cash cushion both down from their peak a few years ago. Debt exists but is not extreme relative to assets; the larger concern is that the asset base and equity are not very large, leaving less room for error. The company did move from negative to positive equity over time, which is a structural improvement, but the current capital structure still appears fragile and sensitive to further losses or investment missteps.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative, which means the business is still consuming cash rather than generating it. Free cash flow has also been negative, especially in years when investment spending stepped up, suggesting that growth and pivot efforts are being funded by external capital, asset sales, or balance-sheet drawdown rather than by internally generated cash. Recent years show lower investment outlays, which eases the cash drain somewhat, but the underlying pattern is still one of cash burn rather than self-funding operations.

Competitive Edge

Competitive Edge Competitively, The9 sits in several very crowded, fast-moving arenas at once: cryptocurrency mining, Web3 gaming, and AI‑enabled drug discovery. Its main advantages come from partnerships, early positioning in niche areas like a Web3‑friendly game platform for traditional players, and exposure to an AI drug discovery platform through Nanyang Biologics. However, the company is small relative to global gaming firms, large crypto miners, and big pharmaceutical or AI players. Its diversification across three risky verticals spreads opportunity but also dilutes focus, and execution against better-funded competitors is a key uncertainty.

Innovation and R&D

Innovation and R&D Innovation is where The9 is most ambitious. It is pushing a three‑pronged model: scaling crypto mining via modern hardware and low‑cost hosting partners, building a Web3 gaming hub designed to hide blockchain complexity from mainstream gamers, and backing an AI‑driven biotech platform that uses advanced neural networks to speed up drug discovery from natural compounds. Partnerships with recognized tech and gaming communities, and work on a massive natural compound library, support this innovative posture. At the same time, each of these areas is capital‑intensive, technically demanding, and highly uncertain, so the payoff from these R&D‑heavy bets is far from guaranteed.

Summary

The9 today is a small, financially fragile company in the middle of a bold strategic reinvention. The financial statements show thin revenue, ongoing losses, and persistent negative cash flow, with a limited balance‑sheet cushion. Against this, the company offers leveraged exposure to several high‑growth, high‑risk themes: crypto infrastructure, Web3 gaming, and AI‑enabled biotech. Its story is less about current financial strength and more about whether its partnerships and innovation bets can eventually scale into sustainable, cash‑generating businesses. The overall profile is one of high uncertainty, heavy execution risk, and potentially large swings in future outcomes, both positive and negative.

NEWS

November 12, 2025 · 5:00 AM UTC

The9 Limited to Hold Annual General Meeting on December 22, 2025

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October 2, 2025 · 7:50 AM UTC

AI Drug Discovery Pioneer, Nanyang Biologics Pte. Ltd., Enters into Business Combination Agreement with RF Acquisition Corp II in US$1.5B Transaction to Pursue Public Listing

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October 2, 2025 · 7:00 AM UTC

The9's Singapore Investee NYB Announce Plan to Go Nasdaq via US$1.5 Billion Business Combination with SPAC RF Acquisition Corp II

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September 23, 2025 · 5:40 AM UTC

Impersonation of the9bit on a Crypto Platform

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September 19, 2025 · 2:00 AM UTC

The9 Announces JV Acquisition to Operate Proprietary Mobile Games Ultraman: Hero Beyond Time and Glory All Stars

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