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The9 Limited (NCTY) investor relations material
The9 Limited Q4 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2024 earnings summary28 Apr, 2025
Executive summary
Revenue for 2024 was RMB111.7 million (US$15.3 million), down 35.8% from 2023, mainly due to suspension of cryptocurrency mining in the US and Kazakhstan.
Net loss attributable to shareholders was RMB73.4 million (US$10.1 million) in 2024, compared to net income of RMB20.0 million in 2023, reflecting lower revenue and continued operating expenses.
The company pivoted back to online gaming in 2024, establishing joint ventures for the MIR M game in China, while maintaining cryptocurrency mining as a core business.
Cash and cash equivalents at year-end 2024 were RMB10.9 million (US$1.5 million), with positive working capital of RMB38.1 million (US$5.2 million).
The company completed several equity and debt financings in 2024 and early 2025, including private placements and convertible notes.
Financial highlights
Cryptocurrency mining revenue was RMB110.7 million (US$15.2 million) in 2024, down from RMB168.3 million in 2023.
Gross loss for 2024 was RMB1.6 million (US$0.2 million), compared to RMB39.1 million in 2023.
Operating expenses decreased to RMB57.2 million (US$7.8 million) in 2024, from RMB278.6 million in 2023, mainly due to lower impairment charges and administrative costs.
Realized gain on exchange cryptocurrencies was RMB60.8 million (US$8.3 million) in 2024, up from RMB42.8 million in 2023.
No impairment of cryptocurrencies was recognized in 2024 or 2023, following adoption of fair value accounting.
Outlook and guidance
The company expects to expand online gaming operations in China through joint ventures, with MIR M game revenue and profit targets set for 2025 and beyond.
Plans to continue cryptocurrency mining, with future performance dependent on Bitcoin prices, mining difficulty, and regulatory environment.
Management believes current cash and working capital, plus access to additional financing, are sufficient for obligations over the next 12 months.
What % of net revenues came from Shanghai IT?
What are the risks of HFCAA?
What are the joint ventures' operational targets?
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Frequently asked questions
The9 Limited, originally known as GameNow.net Limited, is an Internet company based in Shanghai, China. It operates both domestically and internationally, primarily focusing on the development and operation of online games and cryptocurrency mining. Additionally, The9 Limited manages NFTSTAR, a Non-Fungible Token (NFT) trading and community platform that facilitates the purchase, trade, and interactive activities related to NFTs. Founded in 1999 and rebranded in 2004, the company has diversified its interests while maintaining a focus on electronic gaming and multimedia within the communication services sector. The company is headquartered in Shanghai, and its shares are listed on the Nasdaq.
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