JF

MKT CAP:$431824

J and Friends Holdings Limited Sponsored ADR Class A

Market Cap

$431824

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

Financials·Financial·🇨🇳·NASDAQ

Stock Price

$1.03+$0.09 (+9.57%)

Apr 22, 2026

Company Details

J and Friends Holdings Limited, together with its subsidiaries, engages in the provision of technology-enabled financial and digital services to the ecosystem of MSMEs and SMEs in the People's Republic of China and internationally. The comp...

CEO

Zexiong Huang

IPO Date

Oct 25, 2018

Website

ir.j-friends.com

Key Metrics TTM

Revenue

$5M

-13.3% YoY

Net Income

-$2M

EPS (Diluted)

-$3.99

Free Cash Flow

$0

Revenue / Share

$11.47

Gross Margin

64.0%

Operating Margin

-38.6%

Net Margin

-33.5%

FCF Margin

0.0%

P/S

0.1x

P/E

—

Earnings Reports

Q2 2025

Sep 19, 2025

$1M+2.7%EPS -$0.87

Q1 2025

Mar 31, 2025

$1M+2.7%EPS -$0.87

Q4 2024

Apr 17, 2025

$1M-41.4%EPS -$1.13

Q3 2024

Sep 30, 2024

$1M+14.7%EPS -$1.13

Q2 2024

Jun 30, 2024

$1MEPS -$1.38

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 20	$18M	$3M	-$7M
Q3 20	$9M	$4M	-$3M
Q1 21	$7M	$3M	-$2M
Q2 21	$7M	$3M	-$2M
Q3 21	$6M	$3M	-$3M
Q1 22	$3M	$1M	-$2M
Q3 22	$3M	-$630.4K	-$4M
Q1 23	$3M	$307.4K	-$883.1K
Q3 23	$1M	$753.8K	-$1M
Q4 23	$3M	$753.8K	-$2M
Q1 24	$1M	$650.4K	-$555.8K
Q2 24	$1M	$650.4K	-$555.8K
Q3 24	$1M	$979.0K	-$474.5K
Q4 24	$1M	$979.0K	-$474.5K
Q1 25	$1M	$682.1K	-$527.0K
Q2 25	$1M	$682.1K	-$527.0K

Valuation

Quarter	P/S	P/E
Q2 20	0.0x	—
Q3 20	0.0x	—
Q1 21	0.0x	—
Q2 21	0.0x	—
Q3 21	0.0x	—
Q1 22	0.0x	—
Q3 22	0.0x	—
Q1 23	0.0x	—
Q3 23	0.1x	—
Q4 23	0.0x	—
Q1 24	0.1x	—
Q2 24	0.1x	—
Q3 24	0.1x	—
Q4 24	0.1x	—
Q1 25	0.1x	—
Q2 25	0.1x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 20	$0	$0
Q3 20	$0	$0
Q1 21	$0	$0
Q2 21	$0	$0
Q3 21	$0	$0
Q1 22	$0	$0
Q3 22	$0	$0
Q1 23	$0	$0
Q3 23	$0	$0
Q4 23	$0	$0
Q1 24	$0	$0
Q2 24	$0	$0
Q3 24	$0	$0
Q4 24	$0	$0
Q1 25	$0	$0
Q2 25	$0	$0

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 20	-73.6%	-61.2%
Q1 21	-84.6%	-72.1%
Q2 21	-63.6%	-64.8%
Q3 21	-67.6%	-66.5%
Q1 22	-68.6%	-61.4%
Q3 22	-62.1%	-24.9%
Q1 23	-61.7%	-61.8%
Q3 23	-78.4%	-71.6%
Q4 23	-13.3%	+1.3%
Q1 24	-57.1%	-75.7%
Q2 24	-57.5%	-52.2%
Q3 24	+14.7%	-20.1%
Q4 24	-41.4%	-58.3%
Q1 25	+2.7%	+0.0%
Q2 25	+2.7%	+0.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 20	$535.9K	2.9%
Q3 20	$333.4K	3.6%
Q1 21	$160.9K	2.4%
Q2 21	$160.9K	2.4%
Q3 21	$116.2K	1.9%
Q1 22	$320.2K	11.0%
Q3 22	$11.0K	0.4%
Q1 23	-$502.9K	-19.6%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q2 20	$2M	$9M	$5M
Q3 20	$927.6K	$4M	$1M
Q1 21	$1M	$3M	$1M
Q2 21	$1M	$3M	$1M
Q3 21	$476.4K	$4M	$2M
Q1 22	$770.2K	$1M	$1M
Q3 22	$395.8K	$2M	$969.3K
Q1 23	$199.3K	$369.6K	$621.6K
Q3 23	$190.3K	$1M	$812.8K
Q4 23	$190.3K	$1M	$812.8K
Q1 24	$165.4K	$417.0K	$623.7K
Q2 24	$165.4K	$417.0K	$623.7K
Q3 24	$365	$590.9K	$757.6K
Q4 24	$365	$590.9K	$757.6K
Q1 25	$173.1K	$440.7K	$595.3K
Q2 25	$173.1K	$440.7K	$595.3K

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 21	$32M	$0	$32M
Q4 21	$32M	$2M	$34M
Q1 22	$42M	$0	$42M
Q2 22	$42M	$1M	$43M
Q3 22	$36M	$146.3K	$37M
Q4 22	$36M	$1M	$38M
Q1 23	$2M	$0	$2M
Q2 23	$2M	$14.2K	$2M
Q3 23	$6M	$0	$6M
Q4 23	$6M	$6.3K	$6M
Q1 24	$7M	$0	$7M
Q2 24	$7M	$0	$7M
Q3 24	$4M	$0	$4M
Q4 24	$4M	$0	$4M
Q1 25	$5M	$0	$5M
Q2 25	$5M	$0	$5M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 20	242K	0.0%	—
Q3 20	243K	+0.6%	+4.3%
Q1 21	244K	+0.4%	-13.5%
Q2 21	244K	0.0%	+1.0%
Q3 21	245K	+0.2%	+1.2%
Q1 22	245K	+0.0%	+0.6%
Q3 22	245K	+0.0%	+0.2%
Q1 23	355K	+44.7%	+45.0%
Q3 23	454K	+28.0%	+85.2%
Q4 23	454K	0.0%	+85.2%
Q1 24	453K	-0.2%	+84.8%
Q2 24	453K	0.0%	+27.7%
Q3 24	453K	0.0%	-0.2%
Q4 24	453K	0.0%	-0.2%
Q1 25	453K	0.0%	0.0%
Q2 25	453K	0.0%	0.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 20	$71.8K	256
Q3 20	$36.2K	256
Q1 21	$42.6K	157
Q2 21	$42.6K	157
Q3 21	$38.0K	157
Q1 22	$23.5K	124
Q3 22	$20.5K	124
Q1 23	$30.9K	83
Q3 23	$15.5K	83
Q4 23	$36.0K	70
Q1 24	$15.6K	70
Q2 24	$15.6K	70
Q3 24	$21.1K	70
Q4 24	$18.9K	78
Q1 25	$14.4K	78
Q2 25	$14.4K	78

Revenue / Employee