KRKR

MKT CAP:$6M

36Kr Holdings Inc.

Market Cap

$6M

Communication Services·Internet Content & Information·🇨🇳 China·NASDAQ

Communication·Internet·🇨🇳·NASDAQ

Stock Price

$3.62-$1.06 (-22.65%)

Apr 21, 2026

Company Details

36Kr Holdings Inc. provides content and business services in the People's Republic of China. It creates and distributes various content, including insightful reports on companies and timely market updates, as well as editorials and commenta...

CEO

Dagang Feng

IPO Date

Nov 8, 2019

Website

www.36Kr.com

Key Metrics TTM

Revenue

$54M

+13.5% YoY

Net Income

-$6M

EPS (Diluted)

-$3.80

Free Cash Flow

$37.0K

Revenue / Share

$31.97

Gross Margin

57.3%

Operating Margin

-17.9%

Net Margin

-11.9%

FCF Margin

0.1%

P/S

0.1x

P/E

—

Earnings Reports

FY 2025

Dec 30, 2025

$32MEPS $0.73

FY 2023

Apr 25, 2024

$50M+5.5%EPS -$7.89

Q4 2023

Apr 25, 2024

$15MEPS -$1.64

Q3 2023

Sep 29, 2023

$14MEPS -$1.64

Q2 2023

Jun 30, 2023

$12M+3.2%EPS -$1.24

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 18	$4M	$989.3K	-$2M
Q2 18	$7M	$3M	-$481.6K
Q1 20	$10M	$796.2K	-$14M
Q2 20	$11M	$3M	-$11M
Q3 20	$18M	$7M	-$2M
Q4 20	$18M	$7M	-$11M
Q1 21	$6M	$3M	-$6M
Q2 21	$11M	$6M	-$5M
Q3 21	$12M	$7M	-$5M
Q4 21	$17M	$11M	$2M
Q1 22	$7M	$4M	-$1M
Q2 22	$12M	$7M	-$2M
Q2 23	$12M	$7M	-$3M
Q3 23	$14M	$8M	-$3M
Q4 23	$15M	$8M	-$2M

Valuation

Quarter	P/S	P/E
Q1 18	—	—
Q2 18	—	—
Q1 20	—	—
Q2 20	3.7x	—
Q3 20	1.7x	—
Q4 20	1.5x	—
Q1 21	1.9x	—
Q2 21	1.6x	—
Q3 21	1.1x	—
Q4 21	0.8x	—
Q1 22	0.8x	—
Q2 22	0.7x	9.2x
Q2 23	0.6x	4.7x
Q3 23	0.6x	24.1x
Q4 23	0.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 18	-$3M	-$3M
Q2 18	-$547.9K	-$910.6K
Q1 20	$0	$0
Q2 20	$0	$0
Q3 20	$0	$0
Q4 20	$7M	$7M
Q1 21	$0	$0
Q2 21	$0	$0
Q3 21	$0	$0
Q4 21	$38M	$38M
Q1 22	$0	$0
Q2 22	$0	$0
Q2 23	$14.3K	$14.3K
Q3 23	$22.7K	$22.7K
Q4 23	$0	$0

Capital Expenditures

Quarter	CapEx
Q1 18	$192.7K
Q2 18	$362.7K
Q1 20	$0
Q2 20	$0
Q3 20	$0
Q4 20	$9.4K
Q1 21	$0
Q2 21	$0
Q3 21	$0
Q4 21	$73.5K
Q1 22	$0
Q2 22	$0
Q2 23	$0
Q3 23	$0
Q4 23	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 20	+376.1%	+278.1%
Q4 20	+161.2%	+297.2%
Q1 21	-33.2%	-47.7%
Q2 21	-6.0%	-31.1%
Q3 21	-31.2%	-15.9%
Q4 21	-4.2%	-48.3%
Q1 22	+13.9%	-33.5%
Q2 22	+13.4%	-11.6%
Q2 23	-0.6%	-12.6%
Q3 23	-16.6%	+17.2%
Q4 23	+108.3%	+104.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 18	$199.7K	5.3%
Q2 18	$199.7K	2.9%
Q1 20	$2M	20.0%
Q2 20	$2M	16.4%
Q3 20	$674.8K	3.7%
Q4 20	$1M	7.5%
Q1 21	$389.7K	6.1%
Q2 21	$486.9K	4.6%
Q3 21	$713.2K	5.8%
Q4 21	$604.6K	3.6%
Q1 22	$600.8K	8.3%
Q2 22	$377.1K	3.2%
Q2 23	$258.0K	2.1%
Q3 23	$206.0K	1.5%
Q4 23	-$65.0K	-0.4%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 18	$400.4K	$550.7K	$2M
Q2 18	$525.3K	$610.8K	$2M
Q1 20	$1M	$9M	$5M
Q2 20	$1M	$7M	$6M
Q3 20	$2M	$3M	$5M
Q4 20	$1M	$12M	$5M
Q1 21	$1M	$3M	$5M
Q2 21	$2M	$4M	$5M
Q3 21	$2M	$5M	$5M
Q4 21	$2M	$1M	$6M
Q1 22	$2M	—	$4M
Q2 22	$2M	$3M	$4M
Q2 23	$2M	$3M	$5M
Q3 23	$1M	$5M	$5M
Q4 23	$636.3K	$5M	$4M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 20	$9M	$22M	$31M
Q1 21	$9M	$17M	$25M
Q2 21	$13M	$9M	$22M
Q3 21	$12M	$14M	$26M
Q4 21	$14M	$17M	$32M
Q1 22	$19M	$6M	$25M
Q2 22	$20M	$9M	$28M
Q3 22	$15M	$9M	$24M
Q4 22	$21M	$6M	$27M
Q1 23	$16M	$9M	$25M
Q2 23	$14M	$6M	$20M
Q3 23	$10M	$7M	$17M
Q4 23	$6M	$11M	$17M
Q2 24	$7M	$7M	$14M
Q4 24	$5M	$8M	$13M
Q2 25	$6M	$5M	$11M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 18	465K	—	—
Q2 18	466K	+0.3%	—
Q1 20	2M	+250.5%	—
Q2 20	2M	-0.1%	—
Q3 20	2M	-0.1%	+251.0%
Q4 20	2M	-0.5%	+248.2%
Q1 21	2M	+1.4%	+0.8%
Q2 21	2M	-0.5%	+0.3%
Q3 21	2M	-0.1%	+0.3%
Q4 21	2M	+0.0%	+0.8%
Q1 22	2M	+0.5%	-0.1%
Q2 22	2M	+0.1%	+0.5%
Q2 23	2M	+1.0%	+1.6%
Q3 23	2M	+0.6%	+2.3%
Q4 23	2M	-0.0%	+1.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 18	—	—
Q2 18	—	—
Q1 20	$198.5K	48
Q2 20	$233.4K	48
Q3 20	$375.8K	48
Q4 20	$264.9K	67
Q1 21	$95.0K	67
Q2 21	$157.2K	67
Q3 21	$185.1K	67
Q4 21	$182.7K	93
Q1 22	$77.9K	93
Q2 22	$128.4K	93
Q2 23	$120.9K	102
Q3 23	$138.9K	102
Q4 23	$487.0K	31

Revenue / Employee