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OCFT

OneConnect Financial Technology Co., Ltd.

OCFT

OneConnect Financial Technology Co., Ltd. • NYSE
$7.89 ▲ 0.00% (+0.00)
Market Cap $286.79 M
52w High $7.92
52w Low $2.08
Dividend Yield 0%
P/E -3.01
Volume 122.44K
Outstanding Shares 36.35M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $433.379M ▲ $153.675M ▼ $-40.133M ▼ -9.26% ▲ $-1.1 ▼ $-39.557M ▼
Q1-2025 $367.778M ▼ $161.177M ▼ $-38.362M ▲ -10.431% ▲ $-1.06 ▲ $-29.87M ▲
Q4-2024 $415.227M ▼ $289.894M ▲ $-569.181M ▼ -137.077% ▼ $-15.6 ▼ $-137.96M ▼
Q3-2024 $417.107M ▼ $186.852M ▼ $-29.51M ▼ -7.075% ▼ $-0.81 ▼ $-38.315M ▼
Q2-2024 $692.499M $292.533M $243.348M 35.141% $-0.46 $-25.671M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $1.468B ▼ $3.727B ▲ $1.32B ▲ $2.47B ▼
Q1-2025 $1.802B ▼ $3.708B ▼ $1.254B ▼ $2.513B ▼
Q4-2024 $2.403B ▲ $3.967B ▼ $1.463B ▼ $2.558B ▼
Q3-2024 $1.934B ▼ $4.744B ▼ $1.701B ▼ $3.08B ▼
Q2-2024 $2.079B $5.695B $2.581B $3.144B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-40.133M ▼ $-20.004M ▲ $-508.447M ▲ $-9.912M ▼ $-539.924M ▲ $-23.541M ▲
Q1-2025 $-38.362M ▲ $-189.795M ▼ $-824.942M ▼ $-5.646M ▲ $-1.023B ▼ $-189.795M ▼
Q4-2024 $-569.181M ▼ $55.225M ▲ $260.463M ▼ $-46.404M ▲ $304.268M ▲ $55.225M ▲
Q3-2024 $0 ▼ $-34.081M ▲ $365.495M ▲ $-106.056M ▼ $204.768M ▲ $-34.081M ▲
Q2-2024 $243.348M $-182.757M $224.45M $-28.821M $17.995M $-186.531M

Five-Year Company Overview

Income Statement

Income Statement Revenue grew in the early part of the period but has been sliding for the last two years, suggesting a move away from lower‑value business and/or some loss of momentum. The good news is that losses have narrowed steadily: operating and EBITDA losses are much smaller than they were a few years ago, showing that costs are more under control and the business model is more disciplined. The bad news is that the company is still clearly loss‑making, and net results remain visibly in the red. In short, OCFT looks like a business in the middle of a restructuring: smaller than before, somewhat leaner, but not yet profitable and still searching for a stable growth path.

Balance Sheet

Balance Sheet The balance sheet has shrunk meaningfully over time, with total assets and shareholders’ equity both trending down. This reflects accumulated losses and a more asset‑light profile. On the positive side, debt has been cut down dramatically and is now very modest, which reduces financial risk. Cash balances have moved up and down but are currently reasonable relative to the low debt level, suggesting no immediate balance‑sheet stress. However, the thinning equity base and shrinking scale leave less room for prolonged losses, so financial flexibility is better than before on leverage, but weaker in terms of overall cushion.

Cash Flow

Cash Flow The business has not yet generated positive cash flow from its operations in any of the past five years. Cash burn has improved over time and is now noticeably smaller, but it is still negative. Free cash flow follows the same pattern: consistently negative, but less so than in the past. Capital spending is relatively light and has been reduced further, which helps limit cash outflows but may also signal a more cautious approach to expansion. Overall, OCFT is still reliant on its existing cash and past funding to support operations, and a clear path to self‑funding has not yet been demonstrated.

Competitive Edge

Competitive Edge OCFT’s main edge comes from its deep integration with Ping An and its focus on end‑to‑end technology solutions for financial institutions. This gives it strong domain expertise, a credible reference client, and a broad, integrated product suite that can be hard for customers to replace once embedded. The modular, one‑stop platform design creates switching costs and positions OCFT as more of a long‑term partner than a point‑solution vendor. That said, it operates in an intensely competitive arena, facing both local fintech champions and global software players, as well as fast‑moving cloud providers. Dependence on Ping An for brand strength and use‑cases is a strategic asset but also a concentration risk. Execution in overseas markets and differentiation against well‑funded rivals remain key uncertainties.

Innovation and R&D

Innovation and R&D Innovation is clearly a core pillar for OCFT. The company leans heavily on AI, big data, blockchain, and cloud‑native architectures to power its Gamma platform, digital banking suites like OneCosmo, and its digital insurance solutions. These offerings are designed to modernize the full stack of financial institutions, from core systems to customer engagement and risk control. OCFT continues to invest substantially in R&D and is pushing deeper AI integration and international partnerships. This innovation focus underpins its moat but is also a major cost driver behind ongoing losses. The central question is whether these technology investments and new platforms can scale to a level where they deliver durable, profitable revenue, especially as the company pivots toward higher‑value solutions and expands in regions like Southeast Asia.

Summary

OCFT is a fintech platform provider in the midst of a strategic transition. The company has moved from a larger, faster‑growing but heavily loss‑making profile toward a smaller, more focused, and somewhat leaner business. Revenue has declined from prior peaks, but margins and cost discipline have improved, and leverage has been largely taken off the balance sheet. Despite this progress, OCFT remains unprofitable and cash‑flow negative, relying on its existing financial resources. Its strongest structural advantages lie in its relationship with Ping An, its integrated technology stack, and its ongoing investment in advanced digital solutions for banks and insurers. Offsetting this are a crowded competitive landscape, a shrinking asset and equity base, and the execution risk of its strategic pivot and international expansion. According to the provided research, the move to privatization and delisting adds another layer: potentially more strategic freedom, but less transparency for outside observers. Overall, OCFT looks like a high‑innovation, high‑execution‑risk story still working to prove a sustainable, profitable business model.

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