YXT.com Group Holding Limited filed a shelf registration statement on Form F‑3 with the U.S. Securities and Exchange Commission on December 17, 2025, allowing the company to offer, from time to time, up to an aggregate amount of $100 million of securities, including Class A ordinary shares, preferred shares, warrants, subscription rights and units, once the registration becomes effective.
The filing does not yet become effective; YXT cannot sell any of the securities until the SEC declares the registration effective. However, the filing gives the company a ready‑to‑use mechanism for future capital raises, providing flexibility to respond to funding needs without the time‑consuming process of a new registration each time.
YXT has faced liquidity challenges, with cash and short‑term investments falling from RMB 418.2 million at the end of 2024 to RMB 235.7 million at the end of 2025, reflecting planned investments in AI R&D and working capital. Revenue declined 9.48% year‑over‑year to RMB 241.7 million in the first nine months of 2024, and the number of subscription customers fell to 2,428 from 3,039 year‑over‑year, indicating a shift toward larger enterprise clients.
Despite the revenue decline, YXT maintained strong gross margins, reporting 63.72% over the last twelve months and 60.4% in the first nine months of 2024, up from 59.3% the prior year. Gross margin improved to 65.1% in the first half of 2025, driven by a higher mix of AI‑enabled enterprise productivity products and cost discipline.
The company’s strategic pivot toward AI‑enabled enterprise productivity solutions is evident in its recent product launches, including four flagship intelligent products unveiled in September 2025, and its rebranding to Radnova for international operations. Management emphasized that AI investments have more than doubled AI‑related product MRR to RMB 0.5 million in the first half of 2025, underscoring the importance of AI in its growth strategy.
YXT regained compliance with Nasdaq’s minimum bid price requirement, maintaining a closing bid price at or above $1.00 for 11 consecutive business days from October 6 to October 20, 2025, resolving a deficiency notification received in May 2025. This compliance signals improved financial stability and investor confidence.
The shelf registration provides YXT with a flexible financing tool that can be activated when liquidity needs arise, especially given the company’s ongoing investments in AI and the shift toward larger enterprise clients. By having a pre‑approved registration, YXT can raise capital quickly to fund product development, sales expansion, and working capital without the delay of a new filing.
Management remains focused on deepening enterprise relationships and delivering value to large clients, while continuing to invest in AI R&D. The company’s ability to raise up to $100 million in the future positions it to capitalize on growth opportunities in the AI‑driven corporate learning market, which is undergoing significant transformation.
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