BingEx Ltd
FLX Nasdaq Trucking & Courier Services (No Air) Financials FY2022–FY2025
What BingEx Ltd does
No business description yet.
- Legal name
- BingEx Ltd
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F · Apr 24, 2026
- Accession · CIK
- 0001493152-26-018831
0001858724
Revenue and margins
BingEx Ltd had $555M of revenue in fiscal 2025, down 10.5% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $13.8M in fiscal 2025, 2.5% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
BingEx Ltd returned $7.6M to shareholders in fiscal 2025, 55% of free cash flow. The diluted share count rose 101.1%.
Balance sheet
Cash, debt and the ratios that show how comfortably BingEx Ltd can carry it.
| Fiscal year end | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash and short-term investments | $90.2M | $120M | $102M | $136M |
| Current ratio | — | 1.4x | 1.9x | 2.3x |
| Quick ratio | — | 1.4x | 1.9x | 2.3x |
| Total assets | — | $141M | $169M | $184M |
| Total liabilities | — | $98.4M | $66.9M | $64.7M |
| Shareholders' equity | −$341M | −$342M | $102M | $119M |
| Net debt (− = net cash) | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Net income is positive | ✕ | ✓ | ✕ | ✓ |
| Cash from operations is positive | ✕ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✕ | ✓ | ✕ |
| Debt fell relative to assets | — | — | — | — |
| Current ratio rose | — | — | ✓ | ✓ |
| Share count didn't rise | — | ✓ | ✕ | ✕ |
| Gross margin rose | — | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | — | — | ✕ | ✕ |
| F-score | — / 3 | — / 5 | 4 / 8 | 5 / 8 |
| Accruals ratio | — | 6.5% | −13.3% | 0.8% |
| Altman Z'' | — | −9.34 | −3.19 | −1.02 |
4 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | $595M | $639M | $621M | $555M |
| Net interest income | $1.4M | $2.9M | $2.9M | $2.0M |
| Gross profit | $38.5M | $55.7M | $68.2M | $65.3M |
| Research and development | $17.6M | $12.8M | $20.0M | $11.8M |
| Operating income | −$30.1M | $1.5M | −$3.6M | $6.4M |
| Pretax income | −$26.8M | $15.6M | −$20.3M | $15.3M |
| Income tax | — | — | $0.0M | $0.0M |
| Net income | −$26.8M | $15.6M | −$20.4M | $15.2M |
| Net income to common | −$47.5M | −$5.1M | −$36.1M | $15.2M |
| Diluted EPS | — | −$0.21 | −$1.05 | $0.22 |
| Diluted shares | 0.02B | 0.02B | 0.03B | 0.07B |
| Cash flow | ||||
| Cash from operations | −$12.9M | $6.5M | $0.3M | $13.8M |
| Capital expenditure | $0.5M | $0.4M | $0.2M | $0.0M |
| Free cash flow | −$13.4M | $6.0M | $0.1M | $13.8M |
| Depreciation and amortization | $0.8M | $0.7M | $0.4M | $0.2M |
| Stock-based compensation | — | — | $22.2M | $6.5M |
| Share buybacks | — | — | — | $7.6M |
| Dividends and buybacks | — | — | — | $7.6M |
| Balance sheet | ||||
| Cash and short-term investments | $90.2M | $120M | $102M | $136M |
| Current assets | — | $130M | $118M | $148M |
| Current liabilities | — | $92.0M | $62.9M | $62.9M |
| Property and equipment, net | — | $0.8M | $0.5M | $0.3M |
| Total assets | — | $141M | $169M | $184M |
| Total liabilities | — | $98.4M | $66.9M | $64.7M |
| Shareholders' equity | −$341M | −$342M | $102M | $119M |
| Margins | ||||
| Gross margin | 6.5% | 8.7% | 11.0% | 11.8% |
| Operating margin | −5.1% | 0.2% | −0.6% | 1.2% |
| EBITDA margin | −4.9% | 0.3% | −0.5% | 1.2% |
| Net margin | −4.5% | 2.4% | −3.3% | 2.7% |
| FCF margin | −2.3% | 0.9% | 0.0% | 2.5% |
| Net interest share of revenue | 0.2% | 0.5% | 0.5% | 0.4% |
| Returns | ||||
| Return on capital employed | — | 3.1% | −3.4% | 5.3% |
| Return on equity | — | — | — | 13.7% |
| Return on assets | — | 11.1% | −13.1% | 8.6% |
| Return on tangible equity | — | — | −35.3% | 12.8% |
| Growth | ||||
| Revenue growth | — | 7.6% | −2.9% | −10.5% |
| Net income growth | — | — | −230.5% | — |
| FCF growth | — | — | −97.6% | 9,343.4% |
| Share count change | — | 0.0% | 44.0% | 101.1% |
| Financial health | ||||
| Current ratio | — | 1.4x | 1.9x | 2.3x |
| Quick ratio | — | 1.4x | 1.9x | 2.3x |
| Capital allocation | ||||
| Capex / revenue | 0.1% | 0.1% | 0.0% | 0.0% |
| Stock comp / revenue | — | — | 3.6% | 1.2% |
| Payouts / FCF | — | — | — | 55.4% |
| Quality scores | ||||
| Piotroski F-score | — | — | 4.0 | 5.0 |
| Altman Z'' | — | −9.3 | −3.2 | −1.0 |
| Accruals ratio | — | 6.5% | −13.3% | 0.8% |
Source: SEC EDGAR XBRL filings (CIK 0001858724). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Filed in CNY under US GAAP and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. Per-share figures are per US-listed share (1 ADS = 3 ordinary shares). For information only — not investment advice. Check the original filings before relying on any figure.