Detailed financial statements for Linkage Global Inc (LGCB): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Linkage Global, Inc. is a holding company, which engages in providing cross-border e-commerce integrated services. Through its operating entities, it developed a comprehensive service system comprised of two lines of business complementary to each other, including cross-border sales and integrated e-commerce services. It operates through the Extend and Other Subsidiaries segments. The company was founded on March 24, 2022 and is headquartered in Tokyo, Japan.
Analysis Summary
Trailing-twelve-month margins: gross margin 71.7%, operating margin -90.4%, net margin -144.5%.
At the current price of $0.27, LGCB has negative trailing earnings (P/E not meaningful) and an ROE of -44.66%. Market capitalisation stands at $3M.
Balance sheet quality for LGCB: current ratio of 5.1, net debt of $21638. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $15.5M | $22.0M | $12.7M | $10.3M | $34181 |
| Cost of Revenue | $12.9M | $18.3M | $10.9M | $6.1M | $9690 |
| Gross Profit | $2.5M | $3.7M | $1.9M | $4.2M | $24491 |
| Research & Development | $102880 | $628350 | $588108 | $302280 | $3924 |
| Selling, General & Admin | $1.6M | $1.9M | $2.0M | $3.9M | $7.7M |
| Operating Expenses | $1.7M | $2.5M | $2.6M | $4.2M | $55401 |
| Operating Income | $881000 | $1.4M | -$696750 | -$76555 | -$30910 |
| EBITDA | $914371 | $1.3M | -$431748 | $235508 | -$28536 |
| Interest Expense | $81877 | $79455 | $102360 | 0 | $16355 |
| Pre-tax Income | $853206 | $1.5M | -$716678 | $150344 | -$46700 |
| Income Tax | $101540 | $385958 | -$63950 | $589680 | $2700 |
| Net Income | $751666 | $1.1M | -$652728 | -$439336 | -$49400 |
| EPS | $0.00 | $0.00 | $-0.00 | $-0.00 | $-0.01 |
| EPS (Diluted) | $0.00 | $0.00 | $-0.00 | $-0.00 | $-0.01 |
| Shares Outstanding (Diluted) | $2.1M | $2.1M | $2.1M | $2.1M | $5.8M |
Income Statement (Quarterly)
| Year | 2024-Q1 | 2024-Q3 | 2025-Q1 | 2025-Q3 |
|---|
| Revenue | $32380 | $10.3M | $3.5M | $10930 |
| Gross Profit | $4783 | $4.2M | $2.7M | $6692 |
| Operating Income | -$6174 | -$70380 | -$1.6M | -$20352 |
| EBITDA | -$6154 | $241672 | -$1.1M | -$19439 |
| Net Income | -$6060 | -$433275 | -$3.1M | -$29313 |
| EPS | $-0.00 | $-0.20 | $-0.01 | $-0.00 |
| EPS (Diluted) | $-0.00 | $-0.20 | $-0.01 | $-0.00 |
Balance Sheet (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $1.8M | $3.7M | $1.1M | $2.0M | $4974 |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 |
| Receivables | $1.4M | $2.7M | $2.5M | $7.1M | $45211 |
| Inventory | $440803 | $3072 | $679732 | $66331 | $7535 |
| Total Current Assets | $4.2M | $7.1M | $8.6M | $12.0M | $140321 |
| Property, Plant & Equipment | $3.1M | $685675 | $783587 | $739537 | $4253 |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $2.2M | $1.1M | 0 | 0 | 0 |
| Total Assets | $7.6M | $9.1M | $10.6M | $12.7M | $144575 |
| Accounts Payable | $539260 | $518320 | $1.1M | $624723 | $355 |
| Short-term Debt | $847205 | $4762 | $535226 | $1.4M | $18501 |
| Total Current Liabilities | $2.4M | $3.7M | $4.7M | $4.4M | $27638 |
| Long-term Debt | $3.4M | $2.7M | $2.0M | $839560 | $6322 |
| Total Liabilities | $5.9M | $6.3M | $7.1M | $5.7M | $33960 |
| Retained Earnings | $1.7M | $2.7M | $2.1M | $1.6M | -$38967 |
| Total Equity | $1.7M | $2.7M | $3.5M | $7.0M | $110614 |
| Total Debt | $4.2M | $3.3M | $3.2M | $2.9M | $26612 |
| Net Debt | $2.5M | -$343348 | $2.1M | $938687 | $21638 |
| Working Capital | $1.8M | $3.4M | $3.9M | $7.6M | $112683 |
Balance Sheet (Quarterly)
| Year | 2024-Q3 | 2025-Q1 | 2025-Q3 | 2026-Q1 |
|---|
| Cash & Equivalents | $2.0M | $328081 | $4974 | $533405 |
| Total Assets | $12.7M | $19.6M | $144575 | $21.8M |
| Total Liabilities | $5.7M | $12.6M | $33960 | $5.5M |
| Total Equity | $7.0M | $6.9M | $110614 | $16.2M |
| Total Debt | $2.9M | $9.4M | $26612 | $3.0M |
Cash Flow (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | $6990 | $8560 | -$652728 | -$439336 | -$49400 |
| Depreciation & Amortization | $310 | $655 | $263690 | $311362 | $1812 |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | $454011 | $120721 | -$3.4M | -$2.4M | -$20565 |
| Operating Cash Flow | $1.2M | $1.2M | -$3.9M | -$1.6M | -$31408 |
| Capital Expenditure | -$3.1M | -$481391 | -$12137 | -$5 | -$1151 |
| Acquisitions | -$139393 | -$40098 | $1.7M | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$1.8M | $687537 | -$3.9M | -$1.6M | -$32560 |
Cash Flow (Quarterly)
| Year | 2023-Q1 | 2023-Q3 | 2025-Q1 | 2025-Q3 |
|---|
| Operating Cash Flow | -$1.8M | -$2.1M | -$1.7M | -$20667 |
| Capital Expenditure | -$12227 | $90 | $1.7M | -$1172 |
| Free Cash Flow | -$1.8M | -$2.1M | 0 | -$21840 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +42.4% | -42.2% | -19.2% | -99.7% |
| Net Income Growth (YoY) | | +41.9% | -161.2% | +32.7% | +88.8% |
| EPS Growth (YoY) | | +21.2% | -155.0% | +36.4% | -507.1% |
| Shares Change (YoY) | | +0.0% | +0.0% | +0.0% | +169.5% |
| FCF Growth (YoY) | | +137.2% | -666.6% | +58.0% | +98.0% |
| Gross Margin | 16.4% | 16.8% | 14.6% | 40.5% | 71.7% |
| Operating Margin | 5.7% | 6.4% | -5.5% | -0.7% | -90.4% |
| EBITDA Margin | 5.9% | 5.9% | -3.4% | 2.3% | -83.5% |
| Net Margin | 4.9% | 4.8% | -5.1% | -4.3% | -144.5% |
| FCF Margin | -12.0% | 3.1% | -30.6% | -15.9% | -95.3% |
| Effective Tax Rate | 11.9% | 26.6% | 8.9% | 392.2% | -5.8% |
Per-Share Data (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.86 | $0.32 | $-1.81 | $-0.76 | $-0.01 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $2.1M | $2.1M | $2.1M | $2.1M | $5.8M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -44.66% |
| Return on Invested Capital | -22.82% |
| Return on Assets | -34.17% |
| Gross Margin | 71.65% |
| Operating Margin | -90.43% |
| Net Margin | -144.52% |
Financial Health
| Debt / Equity | 0.24 |
| Current Ratio | 5.08 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 202.76 |
Key Ratios (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 9454.55 | 7800.00 | -14181.82 | -2757.14 | -232.94 |
| P/B | 38.87 | 24.53 | 19.18 | 1.18 | 103.71 |
| P/S | 4.34 | 3.05 | 5.27 | 0.81 | 335.60 |
| Gross Margin | 16.4% | 16.8% | 14.6% | 40.5% | 71.7% |
| Operating Margin | 5.7% | 6.4% | -5.5% | -0.7% | -90.4% |
| Net Margin | 4.9% | 4.8% | -5.1% | -4.3% | -144.5% |