Summary by Moomoo AI
Kaixin Holdings reported a net loss of $41.0 million for fiscal year 2024, showing improvement from $53.6 million loss in 2023 and $84.7 million in 2022. The company's loss per share decreased significantly to $26.05 from $140.44 in the previous year. As of December 31, 2024, the company maintained $2.0 million in cash and equivalents, with total assets of $59.6 million against total liabilities of $46.4 million.The premium auto dealership group, operating three dealerships across three Chinese cities, recorded zero revenue from operations in 2024. Share-based compensation expense decreased to $10.9 million from $12.0 million in 2023. The company completed a share consolidation in October 2024 and implemented multiple share-based compensation plans, including the Kaixin 2024 Plan granting over 3.4 million shares.Management faces significant challenges including continued operating losses, negative cash flows, and material weaknesses in internal controls. The company's ability to transfer assets from PRC subsidiaries remains restricted, with restricted net assets of $107.2 million in 2024. Kaixin continues to rely heavily on equity financing to maintain operations, highlighting ongoing working capital challenges.
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