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X3 Holdings Co., Ltd.

X3 Holdings Co., Ltd.

NASDAQ•XTKG
CEO: Mr. Shiang Lor
Sector: Technology
Industry: Software - Application
Listing Date: 2019-04-02
X3 Holdings Co., Ltd., through its subsidiaries, provides software application and technology services to corporate and government customers engaged in global trade. The company offers digital transformation solutions that include developing a suite of cross-border digital trade platforms and services. It provides global digital trade platforms and services comprising cross-border trades, logistics and shipping, customs clearance, and transactions and settlements to international trading partners, logistics service providers, customs authorities, and other government agencies; and fintech services for financial institutions for enhancing risk control and ensuring efficient supply chain financing. In addition, the company offers digital solutions and services for developing and operating free trade zones, bonded goods facilities, cross border trade zones, and other regulated trade zones and facilities; blockchain applications enable supply chain transparency, streamlined customs clearance, expedited import and export process, and increased international trade volume for the regulated trade zones; and global trade supply chain and compliance platforms and solutions that facilitates streamlined documentation process and integrated data sharing relating to customs, tax, logistics and shipping, and strengthen collaboration for multinational manufacturing and international trade enterprises. It also engages in bitcoin cryptomining operations, renewable energy projects, and agriculture technologies and trading. The company was formerly known as Powerbridge Technologies Co., Ltd. and changed its name to X3 Holdings Co., Ltd. in January 2024. X3 Holdings Co Ltd. was founded in 1997 and is headquartered in Singapore.
Contact Information
Tower A, Tai Seng Exchange Suite 412 One Tai Seng Avenue, Singapore, 536464, Singapore
65-6200-0793
www.x3holdings.com
Market Cap
$2.20M
P/E (TTM)
-0.0
65.9
Dividend Yield
--
52W High
$16.32
52W Low
$0.11
52W Range
0%
Rank54Top 78.1%
2.7
F-Score
Modified Piotroski Analysis
Based on 9-year fundamentals
Weak • 2.7 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2017-2025

Financial Dashboard

Q2 2025 Data

Revenue

$2.98M-40.24%
4-Quarter Trend

EPS

-$5.78+622.50%
4-Quarter Trend

FCF

-$1.90M+11.48%
4-Quarter Trend

2024 Annual Earnings Highlights

Key Highlights

Gross Profit Margin Expansion Gross profit $4.62M, margin 39.8%, up significantly from 20.3% in 2023 despite 31.0% total revenue decline.
Application Development Revenue Drop Application development revenue fell 45.3% to $5.35M in 2024, driving overall revenue down $5.21M total.
Significant Impairment Charges Recorded Impairment charges totaled $64.5M in 2024, increasing 101.8% over 2023, severely impacting operating results.
Net Loss Reduced Substantially Net loss decreased 31.4% to $83.83M in 2024 compared to $122.23M loss reported in the prior year.

Risk Factors

High Operating Expenses Increase Total operating expenses rose 54.5% to $88.02M, driven by massive impairment charges and credit loss provisions.
Customer Revenue Concentration Risk One customer generated 36.8% of 2024 total revenues, posing high risk if that major business relationship terminates.
Going Concern Uncertainty Noted Auditor noted material uncertainty regarding ability to continue as going concern due to recurring operating losses.
PRC Regulatory Environment Risks Exposure to complex and evolving PRC laws regarding cybersecurity, data security, and overseas listings remains a major threat.

Outlook

Strategic Transformation Global Focus Shifting full operation headquarters to Singapore, rebranding to X3 Holdings, focusing on global expansion horizons.
Continued R&D Investment Planned Plan to invest substantial resources in R&D to drive core technology innovation and bring new solutions to market.
Cryptomining Capacity Expansion Engage in developing globally diversified bitcoin cryptomining operations supported by sustainable energy sources near term.
Pursue Strategic Acquisitions Intend to pursue strategic acquisitions and investments in selective technologies to enhance capabilities and competitive position.

Peer Comparison

Revenue (TTM)

Viant Technology Inc.DSP
$324.13M
+23.0%
WM Technology, Inc.MAPS
$179.31M
+0.6%
Nerdy, Inc.NRDY
$177.87M
-9.9%

Gross Margin (Latest Quarter)

WM Technology, Inc.MAPS
95.0%
-0.3pp
Nerdy, Inc.NRDY
62.9%
-7.6pp
SoundThinking, Inc.SSTI
54.3%
-3.7pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
DSP$810.57M113.35.2%5.7%
TROO$400.01M-32.7-17.6%0.0%
NRDY$137.69M-3.3-125.7%0.0%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-33.7%
Growth Under Pressure
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
25%
Cash Flow Needs Attention

Research & Insights

Reports
All Years

  • Form 20-F - FY 2024

    Period End: Dec 31, 2024|Filed: Apr 25, 2025|
    Revenue: $11.61M-31.0%
    |
    EPS: $-5.67-59.3%
    N/A

  • Form 20-F - FY 2023

    Period End: Dec 31, 2023|Filed: Apr 30, 2024|
    Revenue: $16.82M+60.5%
    |
    EPS: $-3.56+92.5%
    N/A

  • Form 20-F/A - FY 2022

    Period End: Dec 31, 2022|Filed: Sep 12, 2023|
    Revenue: $10.48M-67.3%
    |
    EPS: $-47.32-4.0%
    Miss

  • Form 20-F/A - FY 2022

    Period End: Dec 31, 2022|Filed: Jul 7, 2023|Refer to amended data

  • Form 20-F - FY 2022

    Period End: Dec 31, 2022|Filed: Apr 28, 2023|Refer to amended data

  • Form 20-F/A - FY 2021

    Period End: Dec 31, 2021|Filed: Nov 30, 2022|
    Revenue: $32.09M+20.4%
    |
    EPS: $-45.51+82.2%
    Miss

  • Form 20-F - FY 2021

    Period End: Dec 31, 2021|Filed: May 12, 2022|Refer to amended data

  • Form 20-F - FY 2020

    Period End: Dec 31, 2020|Filed: Jul 13, 2021|
    Revenue: $26.66M+32.7%
    |
    EPS: $-255.91+12.1%
    Miss