HTT

MKT CAP:$393M

High Templar Tech Limited

Market Cap

$393M

Financial Services·Financial - Credit Services·🇨🇳 China·NYSE

Financials·Financial·🇨🇳·NYSE

Stock Price

$2.42-$1.09 (-31.05%)

Apr 21, 2026

Company Details

Qudian Inc. operates as a consumer-oriented technology company in the People's Republic of China. The company provides small cash credit products to consumers; and financial leasing and financing guarantee services, as well as technology de...

CEO

Min Luo

IPO Date

Jul 5, 2017

Website

www.qudian.com

Key Metrics TTM

Revenue

$6M

-81.1% YoY

Net Income

$104M

EPS (Diluted)

$0.59

Free Cash Flow

$0

Revenue / Share

$0.04

Gross Margin

7.1%

Operating Margin

-877.7%

Net Margin

1737.2%

FCF Margin

0.0%

P/S

65.8x

P/E

3.8x

Earnings Reports

FY 2025

Mar 11, 2026

$6M-81.1%EPS $0.60

Q4 2025

Mar 11, 2026

$455.6K-94.0%EPS -$0.15

Q3 2025

Nov 24, 2025

$1M-84.5%EPS $0.36

Q2 2025

Aug 13, 2025

$509.9K-93.5%EPS $0.27

Q1 2025

May 30, 2025

$4M-53.8%EPS $0.12

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$29M	$25M	-$10M
Q2 22	$15M	$9M	-$4M
Q3 22	$16M	-$18M	-$44M
Q4 22	$23M	$13M	$10M
Q1 23	$3M	-$138.4K	-$4M
Q2 23	$2M	-$230.7K	-$14M
Q3 23	$4M	-$2M	-$15M
Q4 23	$9M	-$2M	-$16M
Q1 24	$8M	-$319.6K	-$11M
Q2 24	$8M	$924.8K	-$8M
Q3 24	$8M	$891.6K	-$10M
Q4 24	$8M	$644.4K	-$16M
Q1 25	$4M	-$65.8K	-$10M
Q2 25	$509.9K	$78.0K	-$17M
Q3 25	$1M	$288.4K	-$16M
Q4 25	$455.6K	$124.2K	-$10M

Valuation

Quarter	P/S	P/E
Q1 22	1.3x	3.8x
Q2 22	1.8x	—
Q3 22	2.0x	—
Q4 22	3.0x	—
Q1 23	4.6x	9.3x
Q2 23	9.8x	16.6x
Q3 23	13.6x	4.7x
Q4 23	22.2x	71.8x
Q1 24	20.1x	—
Q2 24	11.6x	—
Q3 24	11.5x	64.0x
Q4 24	16.6x	39.2x
Q1 25	18.1x	10.7x
Q2 25	25.6x	6.6x
Q3 25	59.6x	6.7x
Q4 25	104.5x	6.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	$0	$0
Q3 21	$0	$0
Q1 22	$0	$0
Q2 22	$0	$0
Q3 22	$0	$0
Q4 22	$6.0B	$6.0B
Q1 23	$7M	$7M
Q2 23	-$6M	-$6M
Q3 23	$10M	$10M
Q4 23	$0	$0
Q1 24	$0	$0
Q2 24	$0	$0
Q3 24	$0	$0
Q4 24	-$117M	$0
Q1 25	$0	$0
Q2 25	$0	$0

Capital Expenditures

Quarter	CapEx
Q2 21	$0
Q3 21	$0
Q1 22	$0
Q2 22	$0
Q3 22	$0
Q4 22	$23M
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-76.2%	+228.5%
Q2 22	-79.6%	+164.9%
Q3 22	-73.3%	+383.1%
Q4 22	-53.9%	-64.5%
Q1 23	-89.2%	-81.1%
Q2 23	-89.5%	-22.0%
Q3 23	-73.1%	-68.2%
Q4 23	-60.1%	+82.0%
Q1 24	+155.5%	+153.1%
Q2 24	+381.0%	+5.2%
Q3 24	+85.9%	-6.4%
Q4 24	-18.1%	-4.4%
Q1 25	-53.8%	-28.9%
Q2 25	-93.5%	+6.0%
Q3 25	-84.5%	-2.3%
Q4 25	-94.0%	-55.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$2M	3.0%
Q3 21	$1M	2.1%
Q1 22	$1M	3.8%
Q2 22	$1M	8.2%
Q3 22	$626.0K	3.9%
Q4 22	$3.5B	15011.6%
Q1 23	$243.7K	7.6%
Q2 23	$195.1K	12.0%
Q3 23	$209.2K	4.8%
Q4 23	$73.2K	0.8%
Q1 24	$15.6K	0.2%
Q2 24	$146	0.0%
Q3 24	$0	0.0%
Q4 24	$314.1K	4.1%
Q1 25	$0	0.0%
Q2 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$3M	$17M	$3M
Q2 22	$3M	$5M	$8M
Q3 22	$3M	$9M	$26M
Q4 22	$370.9K	$10M	$3M
Q1 23	$2M	$7M	$384.1K
Q2 23	$1M	$10M	—
Q3 23	$2M	$12M	—
Q4 23	$2M	$11M	$170.6K
Q1 24	$2M	$8M	$15.3K
Q2 24	$2M	$7M	$154.0K
Q3 24	$2M	$9M	$310.2K
Q4 24	$2M	$17M	$377.9K
Q1 25	$2M	$7M	$211.6K
Q2 25	$2M	$10M	$98.0K
Q3 25	$2M	$12M	$831.3K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$328M	$882M	$1.2B
Q2 22	$453M	$741M	$1.2B
Q3 22	$439M	$722M	$1.2B
Q4 22	$509M	$786M	$1.3B
Q1 23	$731M	$703M	$1.4B
Q2 23	$732M	$552M	$1.3B
Q3 23	$1.1B	$361M	$1.4B
Q4 23	$1.1B	$321M	$1.4B
Q1 24	$1.0B	$284M	$1.3B
Q2 24	$709M	$590M	$1.3B
Q3 24	$708M	$362M	$1.1B
Q4 24	$623M	$457M	$1.1B
Q1 25	$705M	$531M	$1.2B
Q2 25	$589M	$674M	$1.3B
Q3 25	$1.0B	$410M	$1.4B
Q4 25	$1.0B	$404M	$1.4B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	259M	-2.7%	-3.6%
Q2 22	254M	-2.2%	-4.9%
Q3 22	245M	-3.3%	-8.1%
Q4 22	265M	+8.1%	-0.5%
Q1 23	229M	-13.5%	-11.5%
Q2 23	226M	-1.3%	-10.7%
Q3 23	215M	-5.2%	-12.5%
Q4 23	208M	-3.3%	-21.7%
Q1 24	200M	-3.9%	-13.0%
Q2 24	190M	-5.0%	-16.2%
Q3 24	185M	-2.4%	-13.8%
Q4 24	188M	+1.5%	-9.6%
Q1 25	188M	0.0%	-5.9%
Q2 25	167M	-10.8%	-11.7%
Q3 25	167M	0.0%	-9.5%
Q4 25	158M	-5.7%	-15.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$31.4K	940
Q2 22	$16.4K	940
Q3 22	$17.1K	940
Q4 22	$108.8K	215
Q1 23	$14.9K	215
Q2 23	$7.5K	215
Q3 23	$20.1K	215
Q4 23	$30.6K	305
Q1 24	$26.8K	305
Q2 24	$25.5K	305
Q3 24	$26.4K	305
Q4 24	$29.1K	262
Q1 25	$14.4K	262
Q2 25	$1.9K	262
Q3 25	$4.8K	262
Q4 25	$1.7K	262

Revenue / Employee