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QD

Qudian Inc.

QD

Qudian Inc. • NYSE
$4.83 ▼ -1.02% (-0.05)
Market Cap $797.56 M
52w High $5.08
52w Low $2.04
Dividend Yield 0%
P/E 19.32
Volume 176.54K
Outstanding Shares 165.13M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $8.523M ▲ $-82.672M ▼ $409.903M ▲ 4.809K% ▼ $0 ▼ $0 ▲
Q2-2025 $3.49M ▼ $114.403M ▲ $311.762M ▲ 8.933K% ▲ $1.92 ▲ $-76.721M ▼
Q1-2025 $25.789M ▼ $65.024M ▼ $150.105M ▲ 582.05% ▲ $0.82 ▲ $-62.314M ▼
Q4-2024 $52.236M ▼ $115.687M ▲ $-66.36M ▼ -127.039% ▼ $-0.36 ▼ $358.694M ▲
Q3-2024 $55.015M $73.085M $131.914M 239.778% $0.73 $-62.9M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $8.638B ▲ $12.749B ▲ $1.171B ▼ $11.579B ▲
Q1-2025 $8.457B ▲ $12.653B ▲ $1.294B ▲ $11.359B ▲
Q4-2024 $7.391B ▲ $12.464B ▼ $1.173B ▲ $11.291B ▼
Q3-2024 $7.321B ▼ $12.553B ▲ $1.099B ▲ $11.453B ▼
Q2-2024 $8.889B $12.002B $548.252M $11.454B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $311.762M ▲ $0 $0 $0 $0 $0
Q1-2025 $150.105M ▲ $0 $0 $0 $0 $0
Q4-2024 $-66.36M ▼ $0 $0 $0 $0 $0
Q3-2024 $131.914M ▲ $0 $0 $0 $0 $0
Q2-2024 $99.787M $0 $0 $0 $0 $0

Revenue by Products

Product Q1-2019Q4-2019Q1-2020Q4-2020
Sales Commission Fee
Sales Commission Fee
 $310.00M ▲$50.00M ▼$360.00M ▲$0 ▼
Sales Income
Sales Income
 $2.17Bn ▲$0 ▼$430.00M ▲$230.00M ▼
Service Other
Service Other
 $0 ▲$0 ▲$40.00M ▲$30.00M ▼
Deposit Account
Deposit Account
 $30.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has shrunk dramatically compared with a few years ago, reflecting the shutdown of the old lending and delivery businesses. The company now runs on a very small top line, with only a thin layer of gross profit. Operating results have been in the red for several years, which signals that the remaining operations are not yet self-sustaining. Despite that, net profit recently turned modestly positive, likely helped by cost cuts and non‑operating items rather than strong underlying business momentum. Overall, the income statement tells a story of a company that has shrunk sharply and is still searching for a new, scalable source of earnings.

Balance Sheet

Balance Sheet The balance sheet is the clear strong point. Total assets have stayed fairly steady, and cash is high relative to the size of the business, while debt is low and has been reduced over time. Shareholders’ equity makes up most of the capital base, giving the company a solid cushion to absorb setbacks and fund experiments. The main question is not financial strength but capital deployment: a strong balance sheet can be an asset or a drag, depending on how effectively that cash is invested in future opportunities.

Cash Flow

Cash Flow Cash generation was strong during the lending-focused years but has weakened as those activities were wound down. More recently, operating cash flow has turned slightly negative, and free cash flow has been negative for several years, meaning the business is using cash rather than adding to it. Capital spending is modest, so the outflows are more about the lack of profitable operations than heavy investment in physical assets. With a sizable cash buffer, the company has time, but the trend points to a need for new cash‑generating activities to avoid gradually eroding that cushion.

Competitive Edge

Competitive Edge Right now, competitive strength does not come from products or market share, but from balance sheet flexibility. By exiting core lending and other ventures, Qudian has largely stepped out of its previous competitive arena. The company operates in or around China’s crowded fintech and consumer‑tech space, where many players have strong brands, established user bases, and clearer product lines. Qudian’s edge is its capital and prior experience in digital credit, but it lacks a distinctive current offering. Until a new business model is firmly in place, its competitive position is best described as “on the sidelines with cash,” rather than as an active market leader.

Innovation and R&D

Innovation and R&D Historically, Qudian’s innovation centered on using data and artificial intelligence to underwrite small consumer loans. That expertise is now being repurposed as the company rebrands to High Templar Tech and talks about becoming a broader technology‑driven player in consumer finance and related areas. However, the new strategy is still mostly a vision rather than a concrete product lineup. There are no clearly defined flagship offerings yet, and earlier experiments outside core lending, such as food-related services, have not become meaningful pillars of the business. The key innovation questions are what specific products will be launched, how quickly they can scale, and how much of the legacy risk‑analytics know‑how can be turned into new, distinctive services.

Summary

QD’s numbers reflect a company in deep transition. The old lending engine has largely been switched off, pulling revenue and operating profits down to a fraction of prior levels. Against that, the balance sheet is strong, with plenty of cash and very little debt, giving management room to search for a new path. Cash flows show that this transition period is currently a net use of funds, not a source of them. Competitively, QD is no longer a clear leader in any niche and is effectively a well‑funded platform waiting for a new business model. Its future hinges on whether it can convert its financial resources and data/AI background into concrete, competitive products under the High Templar Tech banner and restore a sustainable source of cash and earnings.

NEWS

November 24, 2025 · 5:00 AM UTC

Qudian Inc. Reports Third Quarter 2025 Unaudited Financial Results

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November 12, 2025 · 5:00 AM UTC

Qudian Inc. Announces Board Approval of Changes to Company Name and Ticker Symbol, as well as Calling of Extraordinary General Meeting

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September 24, 2025 · 5:00 AM UTC

Qudian Inc. Announces Changes to Board of Directors

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