Kaixin Holdings (KXIN)

Nasdaq: KXIN · Retail-Auto Dealers & Gasoline Stations · Chaoyang District, Beijing, CN · filing with the SEC since 2017

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Grade2.3

◀ Past 1.4● Present 2.3▶ Future 3.2

2 est.

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The grade of Kaixin Holdings

Nine metrics read from its own filings, by tense

Headline grade

2.3/10

◀ Past1.425% of the headline

● Present2.345% of the headline

▶ Future3.230% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 7 read as filed from the record and 2 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

1.4/1025% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed

2.6/10

Has it survived what it has been through?

10 warning events since 2017; the latest 2023-04-28.

weight 45% of this tense · 26th percentile among 21 sector filers · read for itself

From the record

Kaixin Holdings' filings since 2017 show 10 warning events of 2 kinds: a notice about its exchange listing (8-K item 3.01, 3 times, the latest 2019-06-25); a late-report notice (Form NT 10-K or NT 10-Q, 7 times, the latest 2023-04-28) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

0.4/10

What has it actually done, year after year?

-57.3% a year over 8 filed years; profitable in 0 of 9.

weight 33% of this tense · 4th percentile among 21 sector filers · read for its customers

From the record

Kaixin Holdings' 8 filed years say what it did: revenue went from $117 million in fiscal 2017 to $129 thousand in fiscal 2025, down 57.3% a year; it rose in 2 of 7 years; the deepest fall was 100% from fiscal 2018 to fiscal 2025; net income was positive in 0 of 9 of those years (its annual reports).

What it rests on

revenue growth over the filed span-57.3%bottom 2% of its family
the share of years revenue rosebottom 2% of its family
the share of filed years with a profitbottom 7% of its family
the deepest fall from a revenue peak100.0%bottom 2% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate

0.3/10

How has it treated the people who own it?

SI estimate 0.3/10, confidence 35 of 100 (one part).

weight 22% of this tense · 3rd percentile among 20 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, the share count over the years, which ranks in the bottom 3% of 20 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned: one part: the share count over the years, the one part on file, ranked among 20 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Kaixin Holdings's shareholder treatment is put at 0.3 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 3% of 20 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

2.3/1045% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed

2.6/10

Is it financially healthy right now?

ROE -246%: lost 246¢ per shareholder dollar. Leverage 34%: owes 34¢ per asset dollar.

weight 45% of this tense · 26th percentile among 21 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, Kaixin Holdings lost about 246 cents for every dollar of shareholders' money, and gross profitability: its products earned about 0 cents per dollar of everything the company owns. Leverage: it owed about 34 cents per dollar of assets, and net share issuance: its share count grew 4150.0% over the year (the filed statements).

What it rests on

what it owes per dollar of assetstop 12% of its family
return on equitybottom 3% of its family
gross profit against assetsbottom 9% of its family
the share count against the year beforebottom 3% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

0.2/10

How strong is its position in its industry?

bottom 2% of 21 in its family; net margin -41788.4%.

weight 33% of this tense · 2nd percentile among 21 sector filers · read for its customers

From the record

Kaixin Holdings' standing among 21 graded names in its industry family: revenue of $129 thousand in fiscal 2025 ranks in the bottom 3% by size; a net margin of -41788.4% ranks in the bottom 2%; revenue growth of -85% a year over the last 3 filed years ranks in the bottom 2% (its annual reports).

What it rests on

revenue against the family$129,000bottom 3% of its family
net margin-41788.4%bottom 2% of its family
three-year revenue growth-85.0%bottom 2% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate

5.0/10

What are the people in charge doing?

SI estimate 5.0/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 18 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, so the desk assumes the typical reading of its industry family, the median of 18 members with one.
What the record cannot read: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read.
How it was reasoned: family median, 18 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Kaixin Holdings's leadership is put at 5.0 of 10 with a confidence of 20 of 100, because it files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, so the desk assumes the typical reading of its industry family, the median of 18 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

3.2/1030% of the headline grade · 3 of 3 filed

Room to expand

as filed

6.1/10

How much room does it have to grow?

top 39% of 20 in its family for room to expand.

weight 22% of this tense · 61st percentile among 20 sector filers · read for itself

From the record

Kaixin Holdings' room to grow, from the newest filed statements (fiscal 2025): cash of $859 thousand against no long-term debt tagged leaves 2.6% of its assets as net cash, top 17% of its family; cash from operations less capital spending is -2002.3% of revenue (bottom 3%); a gross margin of 100% (top 3%) (its annual report).

What it rests on

cash less debt against assets2.6%top 17% of its family
cash from operations less capital spending against revenue-2002.3%bottom 3% of its family
gross margin100.0%top 3% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

2.0/10

What could actually drive growth from here?

bottom 20% of 21 in its family for growth drivers.

weight 45% of this tense · 20th percentile among 21 sector filers · read for its customers

From the record

Kaixin Holdings' growth drivers, from the filed years to fiscal 2025: revenue grew -85% a year over the last three filed years against -57.3% over all 8, slowing (bottom 7% of its family); the newest year grew -93.6% (bottom 2%); research spending grew -42.5% a year (top 50%); capital spending grew -23.3% a year (bottom 19%) (its annual reports). Kaixin Holdings tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

What it rests on

three-year growth against the whole span-27.7 points a yearbottom 7% of its family
the newest year's revenue growth-93.6%bottom 2% of its family
three-year growth of research spending-42.5%top 50% of its family
three-year growth of capital spending-23.3%bottom 19% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

2.9/10

Did its newest year beat what its own record pointed to?

bottom 29% of 21 in its family for expectations against reality.

weight 33% of this tense · 29th percentile among 21 sector filers · read for its shareholders

From the record

Kaixin Holdings' newest year against its own record: revenue of $129 thousand in fiscal 2025 came in 98.8% below the $11 million its prior three years' pace pointed to (bottom 2% of its family); net income of $54 million against a prior three-year average of $112 million (top 17%); a net margin of a loss larger than its revenue against losses larger than its revenue before (bottom 2%) (its annual reports).

What it rests on

revenue against the prior three years' pace-98.8%bottom 2% of its family
net income against the prior three years' average+52%top 17% of its family
net margin against its prior averagedown more than 100 pointsbottom 2% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton KXIN · research, not advice