Detailed financial statements for NFT Limited (MI): 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.
NFT Limited, operating through its various affiliated entities, manages a digital marketplace designed for artists, art dealers, and investors to transact and showcase artwork in the form of Non-Fungible Tokens (NFTs). This primary focus is within the People's Republic of China.
Analysis Summary
Trailing-twelve-month margins: gross margin 73.5%, operating margin -132.8%, net margin -187.7%.
At the current price of $2.22, MI has negative trailing earnings (P/E not meaningful) and an ROE of -1.52%. Market capitalisation stands at $0M.
Balance sheet quality for MI: current ratio of 17.1. 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 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $19.1M | $12.9M | $8.5M | $3.2M | 0 | $120000 | $3.4M | $2.2M | $740701 | $725781 |
| Cost of Revenue | $1.1M | $1.2M | $2.8M | $2.0M | $5229 | $117 | $782790 | $556590 | $192048 | $192048 |
| Gross Profit | $18.0M | $11.7M | $5.7M | $1.2M | -$5229 | $119883 | $2.6M | $1.6M | $548653 | $533733 |
| Research & Development | 0 | 0 | $383802 | $28111 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $9.6M | $13.5M | $11.6M | $301460 | $782509 | $13.3M | $2.7M | $2.5M | $1.5M | $1.6M |
| Operating Expenses | $9.6M | $13.5M | $12.0M | $266350 | $787738 | $13.3M | $2.7M | $2.5M | $1.5M | $1.6M |
| Operating Income | $8.4M | -$1.8M | -$6.3M | -$266350 | -$787738 | -$13.5M | -$9.4M | -$876675 | -$906266 | -$1.1M |
| EBITDA | $9.0M | $624370 | -$6.6M | -$3.4M | -$782509 | -$13.4M | -$9.4M | -$875280 | $6.0M | -$1.1M |
| Interest Expense | $202376 | $600819 | $573765 | $57474 | $163401 | 0 | $786 | 0 | 0 | $271876 |
| Pre-tax Income | $8.1M | -$718719 | -$8.1M | -$4.0M | -$770073 | -$13.5M | -$9.4M | -$1.6M | $6.0M | -$1.3M |
| Income Tax | $1.8M | $342856 | -$479901 | $73269 | 0 | $16.8M | $255805 | $94947 | -$335748 | $15598 |
| Net Income | $6.4M | -$1.1M | -$7.6M | -$4.1M | -$612638 | -$30.1M | -$10.4M | $5.2M | $6.3M | -$1.4M |
| EPS | $28.00 | $-4.79 | $-34.01 | $-18.20 | $-3.42 | $-121.42 | $-20.88 | $-0.85 | $1.53 | $-0.16 |
| EPS (Diluted) | $28.00 | $-5.00 | $-34.01 | $-18.20 | $-2.72 | $-121.42 | $-20.88 | $-0.85 | $1.53 | $-0.16 |
| Shares Outstanding (Diluted) | $226184 | $221557 | $224371 | $224922 | $227268 | $247675 | $495877 | $2.0M | $4.1M | $8.7M |
Income Statement (Quarterly)
| Year | 2024-Q2 | 2024-Q4 | 2025-Q2 | 2025-Q4 |
|---|
| Revenue | $394950 | $345752 | $316966 | $408815 |
| Gross Profit | $298926 | $249728 | $220942 | $312791 |
| Operating Income | -$500758 | -$405508 | -$572156 | -$391422 |
| EBITDA | $4250 | -$310378 | -$683374 | -$391422 |
| Net Income | $6.3M | $10514 | -$810938 | -$551332 |
| EPS | $2.82 | $0.00 | $-0.16 | $-0.04 |
| EPS (Diluted) | $2.82 | $0.00 | $-0.16 | $-0.04 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $35.1M | $37.1M | $12.5M | -$5.6M | $31188 | $1.5M | $63.7M | $61.8M | $82.3M | $7.2M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $5557 | 0 | 0 |
| Receivables | $9.4M | $2.2M | $515131 | $7.8M | 0 | $120000 | 0 | $800000 | 0 | 0 |
| Inventory | 0 | 0 | 0 | -$7.8M | 0 | $540596 | 0 | 0 | 0 | 0 |
| Total Current Assets | $45.5M | $49.6M | $22.3M | -$5.6M | $23.1M | $2.2M | $67.7M | $73.7M | $86.6M | $105.9M |
| Property, Plant & Equipment | $2.1M | $2.2M | $1.4M | $1.6M | 0 | $6883 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | $22401 | $140 | $140 | $22226 | 0 | 0 | 0 |
| Total Assets | $48.2M | $52.8M | $24.6M | $32.4M | $24.4M | $11.7M | $67.8M | $73.7M | $86.6M | $105.9M |
| Accounts Payable | $61735 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | $7.3M | $7.7M | $8.9M | $8.3M | $72367 | $62397 | $1.6M | 0 | 0 | 0 |
| Total Current Liabilities | $30.6M | $34.9M | $14.1M | $8.5M | $18.5M | $8.9M | $15.3M | $12.9M | $5.7M | $6.2M |
| Long-term Debt | 0 | 0 | 0 | 0 | $103379 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $30.6M | $34.9M | $14.1M | $8.5M | $18.6M | $8.9M | $15.3M | $12.9M | $5.7M | $6.2M |
| Retained Earnings | $13.2M | $12.1M | $4.5M | $386327 | -$226311 | -$29.4M | -$39.8M | -$35.0M | -$28.7M | -$30.0M |
| Total Equity | $17.6M | $17.9M | $10.5M | $6.4M | $5.8M | $2.8M | $52.4M | $60.8M | $80.9M | $99.7M |
| Total Debt | $7.3M | $7.7M | $8.9M | $8.5M | $72367 | $62397 | $1.6M | 0 | 0 | 0 |
| Net Debt | -$27.8M | -$29.4M | -$3.6M | $14.1M | $41179 | -$1.4M | -$62.1M | -$61.8M | -$82.3M | -$7.2M |
| Working Capital | $14.9M | $14.7M | $8.2M | -$14.1M | $4.6M | -$6.7M | $52.3M | $60.8M | $80.9M | $99.7M |
Balance Sheet (Quarterly)
| Year | 2024-Q2 | 2024-Q4 | 2025-Q2 | 2025-Q4 |
|---|
| Cash & Equivalents | $81.6M | $82.3M | $62.5M | $7.2M |
| Total Assets | $86.8M | $86.6M | $105.9M | $105.9M |
| Total Liabilities | $12.0M | $5.7M | $25.9M | $6.2M |
| Total Equity | $74.8M | $80.9M | $80.1M | $99.7M |
| Total Debt | 0 | 0 | $20.0M | 0 |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | $6.4M | -$1.1M | -$7.6M | -$4.1M | -$770073 | -$30.1M | -$10.4M | $5.2M | $6.3M | -$1.4M |
| Depreciation & Amortization | $523698 | $742272 | $895267 | $597654 | $5229 | $117 | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 | $37527 | $10.9M | 0 | 0 | 0 | 0 |
| Change in Working Capital | $2.2M | -$360655 | -$18.6M | $12.8M | -$146728 | -$199425 | $4.8M | $1.5M | -$1.0M | -$98.2M |
| Operating Cash Flow | $10.2M | $1.2M | -$23.0M | $9.8M | -$7.8M | -$16.1M | $4.1M | -$316951 | -$1.3M | -$99.3M |
| Capital Expenditure | -$1.4M | -$814455 | -$579948 | -$75246 | -$20218 | -$7024 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | $1401 | $265668 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $8.8M | $400805 | -$23.6M | $9.8M | -$7.9M | -$16.1M | $4.1M | -$316950 | -$1.3M | -$99.3M |
Cash Flow (Quarterly)
| Year | 2024-Q2 | 2024-Q4 | 2025-Q2 | 2025-Q4 |
|---|
| Operating Cash Flow | -$2.0M | $621606 | -$39.9M | -$59.4M |
| Capital Expenditure | 0 | 0 | $2 | 0 |
| Free Cash Flow | -$2.0M | $621606 | -$39.9M | -$59.4M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | -32.5% | -34.3% | -62.7% | -100.0% | | +2736.3% | -36.7% | -65.6% | -2.0% |
| Net Income Growth (YoY) | | -116.7% | -618.9% | +46.4% | +85.0% | -4808.9% | +65.6% | +150.3% | +21.0% | -121.6% |
| EPS Growth (YoY) | | -117.1% | -610.0% | +46.5% | +81.2% | -3450.3% | +82.8% | +95.9% | +280.0% | -110.5% |
| Shares Change (YoY) | | -2.0% | +1.3% | +0.2% | +1.0% | +9.0% | +100.2% | +302.8% | +105.5% | +111.1% |
| FCF Growth (YoY) | | -95.4% | -5992.1% | +141.4% | -180.5% | -105.0% | +125.3% | -107.8% | -322.2% | -7321.3% |
| Gross Margin | 94.1% | 90.3% | 66.6% | 37.0% | | 99.9% | 77.0% | 74.2% | 74.1% | 73.5% |
| Operating Margin | 44.1% | -14.2% | -74.2% | -8.4% | | -11232.3% | -275.7% | -40.7% | -122.4% | -148.1% |
| EBITDA Margin | 46.8% | 4.8% | -78.2% | -106.0% | | -11206.5% | -275.7% | -40.6% | 804.7% | -148.1% |
| Net Margin | 33.3% | -8.2% | -89.8% | -129.0% | | -25061.3% | -304.2% | 241.6% | 850.1% | -187.7% |
| FCF Margin | 45.8% | 3.1% | -278.0% | 307.8% | | -13432.6% | 119.9% | -14.7% | -180.6% | -13682.1% |
| Effective Tax Rate | 21.7% | -47.7% | 5.9% | -1.8% | -0.0% | -124.5% | -2.7% | -5.9% | -5.6% | -1.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $38.73 | $1.81 | $-105.25 | $43.42 | $-34.60 | $-65.08 | $8.23 | $-0.16 | $-0.33 | $-11.46 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $226184 | $212315 | $224371 | $224922 | $175039 | $247675 | $495877 | $2.0M | $4.1M | $8.7M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | -1.52% |
| Return on Invested Capital | -0.97% |
| Return on Assets | -1.29% |
| Gross Margin | 73.54% |
| Operating Margin | -132.76% |
| Net Margin | -187.70% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 17.13 |
| Piotroski F-Score | 1 |
| Altman Z-Score | 270.59 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 1085.71 | -2096.03 | -80.09 | -109.67 | -1730.99 | -133.42 | -105.36 | -912.94 | 185.10 | -2005.00 |
| P/B | 389.96 | 118.97 | 58.38 | 69.66 | 178.20 | 1445.01 | 20.82 | 25.49 | 14.37 | 27.89 |
| P/S | 359.18 | 164.96 | 71.94 | 141.49 | 0.00 | 33436.12 | 320.53 | 719.69 | 1569.23 | 3830.01 |
| Gross Margin | 94.1% | 90.3% | 66.6% | 37.0% | 0.0% | 99.9% | 77.0% | 74.2% | 74.1% | 73.5% |
| Operating Margin | 44.1% | -14.2% | -74.2% | -8.4% | 0.0% | -11232.3% | -275.7% | -40.7% | -122.4% | -148.1% |
| Net Margin | 33.3% | -8.2% | -89.8% | -129.0% | 0.0% | -25061.3% | -304.2% | 241.6% | 850.1% | -187.7% |