LICN

MKT CAP:$4M

Lichen International Limited

Market Cap

$4M

Industrials·Specialty Business Services·🇨🇳 China·NASDAQ

Industrials·Specialty·🇨🇳·NASDAQ

Stock Price

$6.50+$3.59 (+123.37%)

Apr 21, 2026

Company Details

Lichen International Ltd. engages in providing financial and taxation solutions. It also offers educational support, and software and maintenance services. The company was founded by Li Ya on April 13, 2016 and is headquartered in Jinjiang,...

CEO

Ya Li

IPO Date

Feb 6, 2023

Website

www.lichenzx.com

Key Metrics TTM

Revenue

$80M

+18.7% YoY

Net Income

-$9M

EPS (Diluted)

-$33.23

Free Cash Flow

-$9M

Revenue / Share

$281.32

Gross Margin

58.8%

Operating Margin

-0.5%

Net Margin

-10.7%

FCF Margin

-11.4%

P/S

0.1x

P/E

—

Earnings Reports

Q2 2025

Sep 19, 2025

$14M-21.2%EPS -$33.08

FY 2024

Apr 28, 2025

$41M+4.3%EPS -$0.41

Q4 2024

Apr 28, 2025

$23M-1.9%EPS -$0.46

Q2 2024

Sep 24, 2024

$18M+13.6%EPS $0.05

FY 2023

Apr 4, 2024

$40M+17.6%EPS $63.96

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 16	$10M	$8M	$4M
Q2 17	$13M	$9M	$5M
Q4 17	$13M	$9M	$5M
Q2 19	$16M	$10M	$5M
Q4 19	$16M	$10M	$5M
Q2 20	$13M	$8M	$3M
Q4 20	$18M	$11M	$5M
Q2 21	$17M	$11M	$7M
Q4 21	$17M	$9M	$5M
Q2 22	$16M	$10M	$6M
Q4 22	$18M	$10M	$5M
Q2 23	$16M	$10M	$3M
Q4 23	$24M	$14M	$9M
Q2 24	$18M	$11M	$2M
Q4 24	$23M	$15M	-$6M
Q2 25	$14M	$7M	-$5M

Valuation

Quarter	P/S	P/E
Q4 16	504.9x	1834.6x
Q2 17	438.2x	1623.7x
Q4 17	387.1x	1456.2x
Q2 19	346.6x	1385.9x
Q4 19	313.8x	1322.0x
Q2 20	314.5x	1416.9x
Q4 20	288.2x	1331.7x
Q2 21	282.8x	1211.3x
Q4 21	276.3x	1207.0x
Q2 22	262.2x	1064.7x
Q4 22	263.5x	1102.4x
Q2 23	107.5x	564.9x
Q4 23	74.8x	340.5x
Q2 24	58.7x	351.9x
Q4 24	6.9x	254.5x
Q2 25	0.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 16	$4M	$4M
Q2 17	$3M	$954.2K
Q4 17	$3M	$954.2K
Q2 19	$7M	$1M
Q4 19	$7M	$1M
Q2 20	$3M	$3M
Q4 20	$5M	$5M
Q2 21	$4M	$4M
Q4 21	$4M	$4M
Q2 22	$5M	$5M
Q4 22	$6M	$4M
Q2 23	-$124.0K	-$6M
Q4 23	$681.0K	-$2M
Q2 24	$4M	$4M
Q4 24	-$9M	-$9M
Q2 25	-$2M	-$2M

Capital Expenditures

Quarter	CapEx
Q4 16	$878.2K
Q2 17	$2M
Q4 17	$2M
Q2 19	$5M
Q4 19	$5M
Q2 20	$0
Q4 20	$0
Q2 21	$0
Q4 21	$28.0K
Q2 22	$31.0K
Q4 22	$2M
Q2 23	$6M
Q4 23	$2M
Q2 24	$0
Q4 24	$36.0K
Q2 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 16	+124.3%	+78.5%
Q2 17	+73.3%	+73.7%
Q4 17	+73.3%	+73.7%
Q2 19	+52.1%	+80.0%
Q4 19	+52.1%	+80.0%
Q2 20	-1.0%	+15.0%
Q4 20	+40.7%	+53.9%
Q2 21	+7.5%	-5.7%
Q4 21	+9.5%	+15.9%
Q2 22	+27.5%	+10.9%
Q4 22	-1.9%	+2.0%
Q2 23	-6.2%	+26.7%
Q4 23	+37.7%	+13.8%
Q2 24	+12.0%	+57.9%
Q4 24	+32.4%	+132.0%
Q2 25	-10.5%	+49.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 16	$0	0.0%
Q2 17	$0	0.0%
Q4 17	$0	0.0%
Q2 19	$0	0.0%
Q4 19	$0	0.0%
Q2 20	$0	0.0%
Q4 20	$0	0.0%
Q2 21	$0	0.0%
Q4 21	$0	0.0%
Q2 22	$0	0.0%
Q4 22	$0	0.0%
Q2 23	$0	0.0%
Q4 23	$0	0.0%
Q2 24	$1M	5.6%
Q4 24	$0	0.0%
Q2 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q4 16	$198.7K	—	—	$3M
Q2 17	$310.1K	—	—	$4M
Q4 17	$310.1K	—	—	$4M
Q2 19	—	$4M	$874.0K	—
Q4 19	—	$4M	$874.0K	—
Q2 20	$500.0K	$4M	$522.0K	—
Q4 20	$430.0K	$5M	$1M	—
Q2 21	$500.0K	$4M	$956.0K	—
Q4 21	$580.0K	$3M	$1M	—
Q2 22	—	$4M	$910.0K	—
Q4 22	$1M	$4M	$1M	—
Q2 23	—	$5M	$2M	—
Q4 23	$1M	$4M	$731.0K	—
Q2 24	—	$5M	$4M	—
Q4 24	$1M	$12M	$9M	—
Q2 25	—	$6M	$6M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 16	$5M	$0	$5M
Q2 17	$5M	$0	$5M
Q4 17	$5M	$0	$5M
Q4 19	$5M	$0	$5M
Q1 20	$0	$11M	$11M
Q3 20	$9M	$0	$9M
Q4 20	$9M	$0	$9M
Q2 21	$12M	$0	$12M
Q4 21	$17M	$0	$17M
Q2 22	$20M	$0	$20M
Q4 22	$23M	$0	$23M
Q2 23	$19M	$0	$19M
Q4 23	$26M	$0	$26M
Q2 24	$34M	$0	$34M
Q4 24	$27M	$0	$27M
Q2 25	$23M	$0	$23M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 16	29M	0.0%	0.0%
Q2 17	29M	0.0%	0.0%
Q4 17	29M	0.0%	0.0%
Q2 19	29M	0.0%	0.0%
Q4 19	29M	0.0%	0.0%
Q2 20	23M	-21.7%	-21.7%
Q4 20	23M	0.0%	-21.7%
Q2 21	23M	0.0%	-21.7%
Q4 21	23M	0.0%	-21.7%
Q2 22	23M	0.0%	0.0%
Q4 22	23M	0.0%	0.0%
Q2 23	26M	+13.9%	+13.9%
Q4 23	27M	+3.4%	+17.8%
Q2 24	15M	-43.9%	-33.9%
Q4 24	15M	+0.0%	-33.9%
Q2 25	283K	-98.1%	-98.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 16	—	—
Q2 17	—	—
Q4 17	—	—
Q2 19	—	—
Q4 19	—	—
Q2 20	—	—
Q4 20	—	—
Q2 21	—	—
Q4 21	—	—
Q2 22	—	—
Q4 22	$44.2K	399
Q2 23	$39.9K	399
Q4 23	$58.7K	406
Q2 24	$44.6K	406
Q4 24	$51.7K	452
Q2 25	$31.5K	452

Revenue / Employee