This page shows Solowin Holdings (AXG) financial statements, including the 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 (10-K and 10-Q reports).
External financing, not current revenue, is carrying AXG's operating platform while cash burn eased more than reported losses suggest.
In FY2025, the net loss widened to-$8.5M even as operating cash burn improved to-$1.1M from-$5.6M in FY2024, so accounting results worsened much more than day-to-day cash usage. Cash still rose to$3.8M because financing supplied$2.4M , which means the liquidity picture improved through outside capital rather than through operating inflow.
The cost base is disconnected from current sales: FY2025 SG&A was
The balance sheet is still serviceable, with a current ratio of 1.3x and equity of
Financial Health Signals
We are recalculating Solowin Holdings's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.
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, both operating efficiency signals pass.
For every $1 of reported earnings, Solowin Holdings generates $1.15 in operating cash flow (-$15.3M OCF vs -$13.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
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 -$13.3M in net income in fiscal year 2026. This represents a decrease of 55.6% from the prior year.
Solowin Holdings earned $-0.11 per diluted share (EPS) in fiscal year 2026. This represents an increase of 79.2% from the prior year.
Cash & Balance Sheet
Solowin Holdings generated -$15.5M in free cash flow in fiscal year 2026, representing cash available after capex. This represents a decrease of 1255.5% from the prior year.
Solowin Holdings held $16.8M in cash against $0 in long-term debt as of 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. This is up 28412.6 percentage points from the prior year.
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.
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.
AXG Income Statement
| Metric | Q4'26 | Q2'26 | Q4'25 | Q2'25 | Q4'24 | Q2'24 | Q4'23 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
AXG Balance Sheet
| Metric | Q4'26 | Q2'26 | Q4'25 | Q2'25 | Q4'24 | Q2'24 | Q4'23 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $50.7M-86.8% | $383.2M+3013.1% | $12.3M-6.1% | $13.1M-14.9% | $15.4M-8.9% | $16.9M+65.2% | $10.2M+8.1% | $9.5M |
| Current Assets | $37.7M+32.8% | $28.4M+193.6% | $9.7M-7.7% | $10.5M-18.3% | $12.8M | N/A | $9.7M | N/A |
| Cash & Equivalents | $16.8M+91.4% | $8.8M+128.8% | $3.8M+56.1% | $2.5M+14.9% | $2.1M-66.4% | $6.4M+231.3% | $1.9M+97.0% | $977K |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | $333K+51.4% | $220K | N/A | $309K | N/A |
| Goodwill | $47K-100.0% | $343.1M | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $25.6M+80.6% | $14.2M+87.0% | $7.6M+6.7% | $7.1M+9.6% | $6.5M+8.2% | $6.0M-13.0% | $6.9M-7.7% | $7.5M |
| Current Liabilities | $24.4M+86.7% | $13.0M+74.1% | $7.5M+8.5% | $6.9M+14.3% | $6.0M | N/A | $6.8M | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $25.2M-93.2% | $369.0M+7699.2% | $4.7M-21.3% | $6.0M-32.6% | $8.9M-18.2% | $10.9M+226.6% | $3.3M+67.0% | $2.0M |
| Retained Earnings | -$27.7M-44.6% | -$19.2M-31.9% | -$14.5M-18.7% | -$12.2M-104.5% | -$6.0M | N/A | -$1.4M | N/A |
AXG Cash Flow Statement
| Metric | Q4'26 | Q2'26 | Q4'25 | Q2'25 | Q4'24 | Q2'24 | Q4'23 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Financing Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
AXG Financial Ratios
| Metric | Q4'26 | Q2'26 | Q4'25 | Q2'25 | Q4'24 | Q2'24 | Q4'23 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Ratio | 1.55-0.6 | 2.17+0.9 | 1.29-0.2 | 1.51-0.6 | 2.12 | N/A | 1.43 | N/A |
| Debt-to-Equity | 1.02+1.0 | 0.04-1.6 | 1.60+0.4 | 1.18+0.5 | 0.73+0.2 | 0.55-1.5 | 2.06-1.7 | 3.73 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Frequently Asked Questions
What is Solowin Holdings's annual revenue?
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.
How fast is Solowin Holdings's revenue growing?
Solowin Holdings (AXG) revenue grew by 93393.3% year-over-year, from $30K to $28.0M in fiscal year 2026.
Is Solowin Holdings profitable?
No, Solowin Holdings (AXG) reported a net income of -$13.3M in fiscal year 2026, with a net profit margin of -47.4%.
What is Solowin Holdings's net profit margin?
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.
What is Solowin Holdings's return on equity (ROE)?
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.
What is Solowin Holdings's free cash flow?
Solowin Holdings (AXG) generated -$15.5M in free cash flow during fiscal year 2026. This represents a -1255.5% change compared to the previous fiscal year. 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.
What is Solowin Holdings's operating cash flow?
Solowin Holdings (AXG) generated -$15.3M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are Solowin Holdings's total assets?
Solowin Holdings (AXG) had $50.7M in total assets as of fiscal year 2026, including both current and long-term assets.
What are Solowin Holdings's capital expenditures?
Solowin Holdings (AXG) invested $186K in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
What is Solowin Holdings's current ratio?
Solowin Holdings (AXG) had a current ratio of 1.55 as of fiscal year 2026, which is generally considered healthy.
What is Solowin Holdings's debt-to-equity ratio?
Solowin Holdings (AXG) had a debt-to-equity ratio of 1.02 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Solowin Holdings's return on assets (ROA)?
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.
What is Solowin Holdings's cash runway?
Based on fiscal year 2026 data, Solowin Holdings (AXG) had $16.8M in cash against an annual operating cash burn of $15.3M. This gives an estimated cash runway of approximately 13 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Solowin Holdings's Piotroski F-Score?
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.
Are Solowin Holdings's earnings high quality?
Solowin Holdings (AXG) has an earnings quality ratio of 1.15x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.