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XCH on Nasdaq

XCHG Ltd

XCHG Ltd is a miscellaneous electrical machinery company in the Cayman Islands.1

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Last updated Oct 21, 2026.

Overview

$25.1MRevenue, fiscal 20252
-$32.5MNet income, fiscal 20252

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  • TickerXCH on Nasdaq1
  • IndustryMiscellaneous Electrical Machinery, Equipment & Supplies1
  • HeadquartersE91
  • Incorporated inCayman Islands3
  • Business addressXcharge Europe Gmbh, Heselstucken 18, Hamburg, 224533
  • Filer categoryNon-accelerated filer, Emerging growth company3

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XCHG Limited (formerly known as Xevd Limited) was incorporated in the Cayman Islands on December 16, 2021.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

46.2%Gross margin2
-129.9%Operating margin2
-129.5%Net margin2
-40.5%Revenue growth, 20252
-181.9%Return on equity2

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Product brought in 96% of the revenue XCHG Ltd broke down this way in fiscal 2025.

  1. Product$24.0M296%down 42% from 2024
  2. Service$1.1M24%up 54% from 2024
Products and services by year
Products and services202320242025
Product$38.1M$41.5M$24.0M
Service$459.6K$697.0K$1.1M

Regions

Europe brought in 50% of the revenue XCHG Ltd broke down this way in fiscal 2025.

  1. Europe$12.5M250%down 36% from 2024
  2. North America$6.7M227%up 13% from 2024
  3. China$3.7M215%down 39% from 2024
  4. South America$1.8M27%down 80% from 2024
  5. Various Other Unspecified Countries$495.4K22%down 77% from 2024
Regions by year
Regions202320242025
Europe$30.2M$19.4M$12.5M
North America$5.9M$6.7M
China$4.8M$6.1M$3.7M
South America$8.7M$1.8M
Various Other Unspecified Countries$2.1M$495.4K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue54¢$13.5M
  • Research and development28¢$7.1M
  • Other costs17¢$4.3M
  • Interest1¢$214.9K

Out of $25.1M in revenue.2 The company lost money this year.

Financial statements

Revenue52$25.1M in 2025−15% since 2022
0$20.0M$40.0M$60.0M2022: $29.4M$29.4M20222023: $38.5M$38.5M2023+31%2024: $42.2M$42.2M2024+10%2025: $25.1M$25.1M2025−41%
Gross profit52$11.6M in 2025+8% since 2022
0$10.0M$20.0M$30.0M2022: $10.7M$10.7M20222023: $17.6M$17.6M2023+64%2024: $21.2M$21.2M2024+21%2025: $11.6M$11.6M2025−45%
Operating income52-$32.6M in 2025
-$40.0M-$30.0M-$20.0M-$10.0M0$10.0M2022: $1.7M$1.7M20222023: -$6.5M-$6.5M20232024: -$12.0M-$12.0M2024+85%2025: -$32.6M-$32.6M2025+171%
Net income52-$32.5M in 2025
-$40.0M-$30.0M-$20.0M-$10.0M0$10.0M2022: $1.6M$1.6M20222023: -$8.1M-$8.1M20232024: -$11.9M-$11.9M2024+48%2025: -$32.5M-$32.5M2025+172%

Every line of the income statement as filed: the last 3 fiscal years, latest first.2

Period ending2025-12-312024-12-312023-12-31
Gross profit$11.6M$21.2M$17.6M
Selling and marketing expenses-$10.7M-$10.3M-$6.4M
Research and development expenses-$7.1M-$12.2M-$4.1M
General and administrative expenses-$26.6M-$10.8M-$14.0M
Total operating expenses-$44.3M-$33.3M-$24.5M
Government grants$120.7K$38.2K$428.1K
Operating loss-$32.6M-$12.0M-$6.5M
Changes in fair value of financial instruments$127.9K-$87.8K-$1.5M
Gain on extinguishment of convertible debts$233.2K
Interest expenses-$214.9K-$212.7K-$194.5K
Interest income$200.2K$157.7K$100.8K
Loss before income taxes-$32.5M-$11.9M-$8.1M
Net loss-$32.5M-$11.9M-$8.1M
Accretion of redeemable preference shares to redemption value$0-$1.2M-$2.4M
Net loss attributable to ordinary shareholders-$32.5M-$13.1M-$10.5M
Foreign currency translation adjustment, net of nil income taxes-$82.1K$151.1K$1.0M
Total comprehensive loss-$32.6M-$11.8M-$7.0M
Loss per ordinary share-Basic-$0.01
Loss per ordinary share-Diluted-$0.01
Weighted average number of ordinary shares-Basic2.8B shares1.3B shares713.3M shares
Weighted average number of ordinary shares-Diluted2.8B shares1.3B shares713.3M shares
Revenues$25.1M$42.2M$38.5M
Cost of revenues$13.5M$21.0M$20.9M
Foreign currency translation adjustment tax$0$0$0

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Corporate structure

XCHG Ltd sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of XCHG Ltd

  • XCHG Ltd E9

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What XCHG Ltd reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$3.9M2 Dec 31, 2025$2.5M2 Dec 31, 2024+53.3%
Accumulated depreciation$1.9M2 Dec 31, 2025$1.5M2 Dec 31, 2024+21.9%
Property and equipment, net$2.0M2 Dec 31, 2025$969.2K2 Dec 31, 2024+103.5%
Operating-lease assets (leased space)$1.8M2 Dec 31, 2025$1.7M2 Dec 31, 2024+6.8%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$11.4M2 Dec 31, 2025$26.8M2 Dec 31, 2024−57.5%
Long-term investments$106.7K2 Dec 31, 2025$104.3K2 Dec 31, 2024+2.3%

Inventory

ItemLatestA year beforeChange
Inventory, total$9.4M2 Dec 31, 2025$7.7M2 Dec 31, 2024+22.8%
Raw materials$3.2M2 Dec 31, 2025$2.9M2 Dec 31, 2024+11.6%
Work in process$1.9M2 Dec 31, 2025$1.3M2 Dec 31, 2024+41.6%
Finished goods$4.3M2 Dec 31, 2025$3.5M2 Dec 31, 2024+25.0%

Leadership

Who has led XCHG Ltd, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Yifei Hou2026
  2. Albina Iljasov2026–now

President

  1. Aatish Patel2026–now

Chief financial officer

  1. Joel Adalberto Gallo2026–now
Board members and other officers (4)

Timeline

  1. Jun 10, 2026New chief executive Albina Iljasov becomes CEO7
  2. Mar 18, 2026New chief executive Yifei Hou becomes CEO6

Filings

87 filings to the SEC since October 2021: 2 annual reports, 10 insider forms, 10 large holders, 65 other. The latest 20:

  1. Oct 14, 20266-K EDGAR
  2. Sep 18, 20266-K EDGAR
  3. Sep 18, 20266-K EDGAR
  4. Sep 9, 20266-K EDGAR
  5. Sep 8, 20266-K EDGAR
  6. Sep 8, 20264/A EDGAR
  7. Aug 19, 20266-K EDGAR
  8. Aug 14, 2026SCHEDULE 13G EDGAR
  9. Aug 5, 20264 EDGAR
  10. Jul 2, 20264 EDGAR
  11. Jun 30, 20266-K EDGAR
  12. Jun 29, 20266-K EDGAR
  13. Jun 29, 2026424B5 EDGAR
  14. Jun 26, 2026424B5 EDGAR
  15. Jun 10, 20263 EDGAR
  16. Jun 1, 20266-K EDGAR
  17. Apr 27, 202620-F EDGAR
  18. Apr 27, 20266-K EDGAR
  19. Mar 18, 20263 EDGAR
  20. Mar 18, 20263 EDGAR

The 87 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How XCHG Ltd is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARXCHG Ltd1
  • CIK0001979887
  • Filer statusNon-accelerated filer an emerging growth company; not a shell company4
  • Incorporated inCayman Islands4
  • Fiscal year endsDecember 311
  • Industry code (SIC)3690 Miscellaneous Electrical Machinery, Equipment & Supplies1
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
  • Business addressXcharge Europe Gmbh, Heselstucken 18, Hamburg, 22453, Germany1
  • Phone49 40571285931
  • Shares outstanding2,160,310,915 Common Class A shares; 741,254,447 Common Class B shares as of Dec 31, 20254
  • AuditorMarcum Asia CPAs LLP, New York, New York PCAOB ID 5395; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceJun 2, 20231
  • Filings87 in all: 6-K (22), UPLOAD (8), 3 (7), CORRESP (7), SC 13G (7), DRSLTR (5), DRS/A (4), F-1/A (4)1
    All 24 form types

    424B5 (3), 20-F (2), 4 (2), EFFECT (2), FWP (2), SCHEDULE 13D (2), 4/A (1), 424B4 (1), 8-A12B (1), CERT (1), DRS (1), F-1 (1), F-3 (1), F-3/A (1), S-8 (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (20-F) Apr 27, 2026

Securities registered for trading

ClassSymbolExchange
American depositary shares, each representing 40 Class A ordinary shares, par value US$0.00001 per shareXCHThe Nasdaq Global Market

From the cover page of the 20-F filed Apr 27, 2026 (Section 12(b) of the Exchange Act).4

Sources

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