Solowin Holdings (AXG) Financials
Ticker history: SWIN became AXG (Solowin Holdings) on . Earlier news and filings retain their original names and dates. View SWIN history.
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Nov 6, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2026, filed Aug 3, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the AXG SEC filings page.
Solowin Holdings (AXG) reported $28.0M in revenue for fiscal year 2026, up 93393.3% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (20-F and 6-K reports).
FY2026’s revenue reached $28.0M while operations used $15.3M cash, making financing central to expansion.
FY2026 revenue reached$28.0M , yet operating cash flow was-$15.3M , so scale did not translate into internally funded growth. Financing cash flow of$21.1M accompanied a312.0% expansion in assets, indicating that balance-sheet growth relied materially on funding flows rather than operations.
Net loss of
Current liabilities of
Financial Health Signals
Scored against banks for FY2026. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed: here 4 of 6, with the others left out rather than counted as zero. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Solowin Holdings's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Solowin Holdings earned a return on assets of -26.2% in fiscal year 2026, which is the profit it made on every dollar of assets on its books. This is up from -69.4% the prior year. Earnings ranks banks on that return over three years, and Solowin Holdings scores 1/100 among other banks.
Solowin Holdings reported revenue of $28.0M in fiscal year 2026, against $30K in fiscal year 2025. Growth ranks banks on the three-year path of their net revenue, which is interest income and fee income less the interest they pay out, and Solowin Holdings scores 100/100 among other banks.
Solowin Holdings funded 49.6% of its assets with shareholders' equity at the end of fiscal year 2026, holding $25.2M of equity against $50.7M of assets. Capital ranks banks on that cushion, and Solowin Holdings scores 97/100 among other banks.
Not available for Solowin Holdings, so it is left out of the overall score, which averages the 4 of 6 dimensions that can be computed.
Not available for Solowin Holdings, so it is left out of the overall score, which averages the 4 of 6 dimensions that can be computed.
Solowin Holdings reported a net loss of $13.3M in fiscal year 2026, against a loss of $8.5M in fiscal year 2025. Stability ranks banks on how steady net income has been across five years, and Solowin Holdings scores 14/100 among other banks.
Solowin Holdings passes 3 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, the one computable operating efficiency signal (asset turnover improving) passes.
Key Financial Metrics
Earnings & Revenue
Solowin Holdings generated $28.0M in revenue in fiscal year 2026. This represents an increase of 93393.3% from the prior year.
Solowin Holdings reported a net loss of $13.3M in fiscal year 2026. The change from the prior year is not meaningful, because that figure was zero or negative.
Not reported for fiscal year 2026.
Cash & Balance Sheet
Solowin Holdings recorded an outflow of $15.5M in free cash flow in fiscal year 2026, representing a cash shortfall after capex. The change from the prior year is not meaningful, because that figure was zero or negative.
Solowin Holdings held $16.8M in cash as of fiscal year 2026; no long-term debt figure is on record for that period.
Not reported for fiscal year 2026.
Margins & Returns
Solowin Holdings's net profit margin was -47.4% in fiscal year 2026, showing the share of revenue converted to profit. No change is given against fiscal year 2025: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Solowin Holdings's ROE was -52.8% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 127.7 percentage points from the prior year.
Not reported for fiscal year 2026.
Not reported for fiscal year 2026.
Capital Allocation
Solowin Holdings invested $186K in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents an increase of 111.4% from the prior year.
Not reported for fiscal year 2026.
Not reported for fiscal year 2026.
AXG Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2620-F | FY2520-F | FY2420-F | FY2320-F | FY2220-F |
|---|---|---|---|---|---|
| Revenue | $28.0M+93393.3% | $30K-76.6% | $128K-97.1% | $4.5M+1168.7% | $351K |
| SG&A Expenses | $1.7M-40.9% | $2.9M+115.6% | $1.3M-28.0% | $1.8M+3.9% | $1.8M |
| Operating Income | N/A | N/A | $3K-95.1% | $61K-68.9% | $196K |
| EBITDA | N/A | N/A | $26K-67.1% | $79K-63.3% | $215K |
| Interest Expense | N/A | $5K | N/A | N/A | $229K |
| Income Tax | N/A | $19K-87.7% | $155K | N/A | N/A |
| Net Income | -$13.3Mn/m | -$8.5Mn/m | -$4.6M-437.7% | $1.3Mn/m | -$979K |
| EPS (Basic) | -$0.11 | -$0.53n/m | -$0.33-400.0% | $0.11n/m | -$0.09 |
| EPS (Diluted) | -$0.11 | -$0.53n/m | -$0.33-400.0% | $0.11n/m | -$0.09 |
| Diluted Shares (Avg) | 125M | 16M+17.5% | 14M+14.4% | 12M+15.8% | 10M |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
AXG Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2620-F | FY2520-F | FY2420-F | FY2320-F | FY2220-F |
|---|---|---|---|---|---|
| Total Assets | $50.7M+312.0% | $12.3M-20.1% | $15.4M+50.6% | $10.2M+8.1% | $9.5M |
| Current Assets | $37.7M+290.0% | $9.7M-24.5% | $12.8M+31.6% | $9.7M | N/A |
| Cash & Equivalents | $16.8M+337.8% | $3.8M+79.3% | $2.1M+11.2% | $1.9M+97.0% | $977K |
| Short-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0 |
| Accounts Receivable | N/A | N/A | $220K-28.8% | $309K | N/A |
| Long-Term Investments | $494K+34.2% | $368Kn/m | $0n/m | $0n/m | $0 |
| Goodwill | $47K | N/A | N/A | N/A | N/A |
| Total Liabilities | $25.6M+237.8% | $7.6M+17.0% | $6.5M-5.9% | $6.9M-7.7% | $7.5M |
| Current Liabilities | $24.4M+225.1% | $7.5M+24.1% | $6.0M-11.1% | $6.8M | N/A |
| Non-Current Liabilities | $1.2M+1384.3% | $83K-81.1% | $439K+362.1% | $95K | N/A |
| Total Equity | $25.2M+432.1% | $4.7M-47.0% | $8.9M+167.1% | $3.3M+67.0% | $2.0M |
| Retained Earnings | -$27.7Mn/m | -$14.5Mn/m | -$6.0Mn/m | -$1.4M | N/A |
Not reported in any period shown, so not listed: Inventory, Long-Term Debt.
AXG Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2620-F | FY2520-F | FY2420-F | FY2320-F | FY2220-F |
|---|---|---|---|---|---|
| Operating Cash Flow | -$15.3Mn/m | -$1.1Mn/m | -$5.6Mn/m | -$443Kn/m | -$5.7M |
| Depreciation & Amortization | $131K+61.7% | $81K+252.2% | $23K+27.8% | $18K-5.3% | $19K |
| Stock-Based Compensation | $3.2M-2.7% | $3.3M-13.1% | $3.8M | N/A | N/A |
| Capital Expenditures | $186K+111.4% | $88K-37.6% | $141K+1662.5% | $8K-52.9% | $17K |
| Free Cash Flow | -$15.5Mn/m | -$1.1Mn/m | -$5.7Mn/m | -$451Kn/m | -$5.8M |
| Investing Cash Flow | $4.5M+1451.2% | $287Kn/m | -$1.4M-711.6% | $225K+97.4% | $114K |
| Financing Cash Flow | $21.1M+787.0% | $2.4M-64.6% | $6.7Mn/m | -$341K-123.4% | $1.5M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
AXG Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2620-F | FY2520-F | FY2420-F | FY2320-F | FY2220-F |
|---|---|---|---|---|---|
| Operating Margin | N/A | N/A | 2.3%+1.0pp | 1.4%-54.5pp | 55.8% |
| Net Margin | -47.4% | -28460.0% | -3559.4% | 30.3% | -278.9% |
| Return on Equity | -52.8%+127.7pp | -180.5%-129.4pp | -51.0%-91.4pp | 40.4%+89.3pp | -48.9% |
| Return on Assets | -26.2%+43.2pp | -69.4%-39.8pp | -29.6%-42.8pp | 13.2%+23.5pp | -10.3% |
| Current Ratio | 1.55+0.3x | 1.29-0.8x | 2.12+0.7x | 1.43 | N/A |
| Liabilities-to-Equity | 1.02-0.6x | 1.60+0.9x | 0.73-1.3x | 2.06-1.7x | 3.73 |
| Asset Turnover | 0.55+0.6x | 0.000.0x | 0.01-0.4x | 0.44+0.4x | 0.04 |
| FCF Margin | -55.3% | -3816.7% | -4490.6% | -10.1% | -1639.6% |
Not reported in any period shown, so not listed: Gross Margin, Debt-to-Equity.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Solowin Holdings AXG | FY2026 | $28.0M | -$13.3M | -47.4% | $1.4M | 53/100 |
| IP Strategy Holdings, Inc. IPST | FY2025 | $10.1M | -$137.7M | N/A | $1.6M | 34/100 |
| Powell Max Limited PMAX | FY2025 | $6.1M | -$3.0M | -49.3% | $1.5M | 42/100 |
| Abits Group Inc ABTS | FY2025 | $9.1M | -$2.9M | -31.4% | $1.2M | 61/100 |
| SOS Limited SOS | FY2025 | $154.3M | -$97.3M | -63.1% | $3.8M | 52/100 |
| DNA X, Inc. SONM | FY2025 | N/A | -$20.7M | N/A | $3.3M | — |
Where Solowin Holdings Ranks
Frequently Asked Questions
Solowin Holdings (AXG) reported $28.0M in total revenue for fiscal year 2026. This represents a 93393.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Solowin Holdings (AXG) revenue grew by 93393.3% year-over-year, from $30K to $28.0M in fiscal year 2026.
No, Solowin Holdings (AXG) reported a net loss of $13.3M in fiscal year 2026, with a net profit margin of -47.4%.
Solowin Holdings (AXG) had a net profit margin of -47.4% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
Solowin Holdings (AXG) has a return on equity of -52.8% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
Solowin Holdings (AXG) recorded an outflow of $15.5M in free cash flow during fiscal year 2026. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
Solowin Holdings (AXG) recorded an outflow of $15.3M in operating cash flow during fiscal year 2026, representing cash used by core business activities.
Solowin Holdings (AXG) had $50.7M in total assets as of fiscal year 2026, including both current and long-term assets.
Solowin Holdings (AXG) invested $186K in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
Solowin Holdings (AXG) had a current ratio of 1.55 as of fiscal year 2026, which is generally considered healthy.
Solowin Holdings (AXG) had a liabilities-to-equity ratio of 1.02 as of fiscal year 2026, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2026, because the filing data we hold for that year carries no long-term debt figure.
Solowin Holdings (AXG) had a return on assets of -26.2% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
Solowin Holdings (AXG) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2026). The market capitalization is $1.4M as of Nov 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Solowin Holdings (AXG) trades at 0.0x sales, its market capitalization divided by $28.0M revenue, FY2026. The market capitalization is $1.4M as of Nov 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Solowin Holdings (AXG) has a Piotroski F-Score of 3 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Solowin Holdings (AXG) scores 53 out of 100 on our Financial Health Score, indicating moderate standing within its banks peer group. The score is the average of six dimensions (Earnings, Growth, Capital, Efficiency, Credit Quality, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. For Solowin Holdings it averages the 4 of 6 dimensions that can be computed; the others are left out rather than counted as zero. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.