What is HWH International's earnings per share (EPS)?

HWH International (HWH) reported diluted earnings per share of $-0.40 for fiscal year 2025. This represents a 47.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

HWH International Financials

HWH

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows HWH International (HWH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 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).

Rhea AI HWH FY2025 2026-05-13

HWH’s reported business looks less like a scaled operating engine and more like a cash-burning overhead structure supported by a repaired balance sheet.

From FY2023 to FY2025, equity swung from -$3.6M to $2.6M, so the company repaired its balance sheet even while the operating model stayed weak. FY2025 operating cash burn of -$1.75M remained close to the net loss of -$2.63M, showing the cleanup came from capital structure changes rather than profits turning into cash.

FY2025 gross profit was only $460K against SG&A of $3.53M, so the core issue is not product-level margin but a cost base far larger than the sales engine. Even with gross margin back at 53.0%, the business still lacks enough volume to absorb overhead.

Cash of $2.09M versus FY2025 free cash flow of -$1.77M suggests liquidity currently comes from the balance sheet, not from internally generated cash. Capex was just $19K, which means this is not a capital-intensive burn; the drain is mainly ongoing operating expense rather than heavy reinvestment.

Financial Health Signals

Financial health score pending refresh

We are recalculating HWH International'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.

Piotroski F-Score Partial

3/8

HWH International passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

0.67x

For every $1 of reported earnings, HWH International generates $0.67 in operating cash flow (-$1.8M OCF vs -$2.6M 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

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Earnings & Revenue

Revenue

$867K

YoY-30.8%

HWH International generated $867K in revenue in fiscal year 2025. This represents a decrease of 30.8% from the prior year.

EBITDA

N/A

Net Income

-$2.6M

YoY+4.3%

HWH International reported -$2.6M in net income in fiscal year 2025. This represents an increase of 4.3% from the prior year.

EPS (Diluted)

$-0.40

YoY+47.4%

HWH International earned $-0.40 per diluted share (EPS) in fiscal year 2025. This represents an increase of 47.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$1.8M

YoY+4.3%

HWH International generated -$1.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 4.3% from the prior year.

Cash & Debt

$2.1M

YoY-52.0%

HWH International held $2.1M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

YoY+33.7%

HWH International had 7M shares outstanding in fiscal year 2025. This represents an increase of 33.7% from the prior year.

Margins & Returns

Gross Margin

53.0%

YoY+5.0pp

HWH International's gross margin was 53.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 5.0 percentage points from the prior year.

Operating Margin

N/A

Net Margin

-303.4%

YoY-84.1pp

HWH International's net profit margin was -303.4% in fiscal year 2025, showing the share of revenue converted to profit. This is down 84.1 percentage points from the prior year.

Return on Equity

-100.4%

YoY-1.0pp

HWH International's ROE was -100.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.0 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$19K

YoY-36.0%

HWH International invested $19K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 36.0% from the prior year.

HWH Income Statement

Metric	FY25	FY24	FY23	FY22
Revenue	$867K-30.8%	$1.3M+50.9%	$831K	N/A
Cost of Revenue	$407K-37.5%	$652K+94.6%	$335K	N/A
Gross Profit	$460K-23.6%	$602K+21.4%	$496K	N/A
R&D Expenses	N/A	N/A	N/A	N/A
SG&A Expenses	$3.5M+25.9%	$2.8M-3.5%	$2.9M+393.3%	$590K
Operating Income	N/A	N/A	N/A	N/A
Interest Expense	$52K-27.5%	$72K	N/A	N/A
Income Tax	$47K	N/A	$415K+122.2%	$187K
Net Income	-$2.6M+4.3%	-$2.7M-154.5%	-$1.1M-1051.6%	$114K
EPS (Diluted)	$-0.40+47.4%	$-0.76	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$64K+17.7%	$55K-73.6%	$207K-33.4%	$310K+5.1%	$295K+2.8%	$287K-16.9%	$346K+3.2%	$335K
Cost of Revenue	$17K+13.5%	$15K-82.1%	$83K-48.5%	$162K+9.4%	$148K-14.8%	$173K-6.7%	$186K+9.2%	$170K
Gross Profit	$47K+19.2%	$40K-67.9%	$124K-17.0%	$149K+0.9%	$148K+29.7%	$114K-28.8%	$160K-3.1%	$165K
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$672K-67.3%	$2.1M+532.0%	$325K-33.5%	$489K-26.4%	$664K+24.3%	$535K+9.7%	$487K-25.6%	$655K
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$9K+115.3%	-$60K-285.3%	$32K+8.8%	$30K-41.1%	$50K+198.4%	$17K-9.0%	$18K-1.3%	$19K
Income Tax	$43K	N/A	$5K	N/A	$43K	N/A	N/A	N/A
Net Income	-$626K+66.3%	-$1.9M-538.4%	-$291K-449.0%	$83K+114.8%	-$565K-18.5%	-$477K+13.1%	-$548K-41.4%	-$388K
EPS (Diluted)	$-0.08	N/A	N/A	N/A	$-0.09	N/A	N/A	N/A

HWH Balance Sheet

Metric	FY25	FY24	FY23	FY22
Total Assets	$4.6M-28.7%	$6.4M-73.0%	$23.7M-73.4%	$89.3M
Current Assets	$3.0M-45.7%	$5.5M+309.2%	$1.3M+12.0%	$1.2M
Cash & Equivalents	$2.1M-52.0%	$4.3M+274.5%	$1.2M-1.1%	$1.2M
Inventory	$1K-32.8%	$2K-20.4%	$2K	N/A
Accounts Receivable	$3K-81.1%	$18K-38.7%	$29K+215.4%	$9K
Goodwill	$117K	$0	N/A	N/A
Total Liabilities	$1.9M-46.5%	$3.6M-86.7%	$27.3M-70.1%	$91.3M
Current Liabilities	$1.3M-61.4%	$3.3M-45.0%	$6.0M+1500.0%	$377K
Long-Term Debt	N/A	N/A	N/A	N/A
Total Equity	$2.6M-5.3%	$2.8M+176.6%	-$3.6M-77.5%	-$2.0M
Retained Earnings	-$8.9M-41.6%	-$6.3M-77.1%	-$3.6M-75.5%	-$2.0M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$4.2M-7.8%	$4.6M-11.9%	$5.2M-51.1%	$10.6M+62.3%	$6.5M+1.9%	$6.4M+119.5%	$2.9M-4.8%	$3.1M
Current Assets	$2.4M-17.6%	$3.0M-23.0%	$3.9M-58.0%	$9.2M+55.4%	$5.9M+7.9%	$5.5M+212.8%	$1.8M-11.4%	$2.0M
Cash & Equivalents	$1.5M-30.0%	$2.1M-28.0%	$2.9M-22.3%	$3.7M-10.7%	$4.2M-3.8%	$4.3M+421.6%	$832K+1.3%	$821K
Inventory	$1K+2.6%	$1K-5.0%	$1K-82.5%	$6K+146.4%	$3K+64.2%	$2K-16.9%	$2K+29.7%	$1K
Accounts Receivable	$3K-6.9%	$3K-57.2%	$8K-66.1%	$23K-34.6%	$35K+100.1%	$18K-50.0%	$35K+36.3%	$26K
Goodwill	N/A	$117K-4.8%	$122K+58.1%	$77K	N/A	$0	N/A	N/A
Total Liabilities	$2.2M+12.7%	$1.9M-16.9%	$2.3M-68.2%	$7.4M+151.1%	$2.9M-19.4%	$3.6M+10.6%	$3.3M-50.7%	$6.7M
Current Liabilities	$1.5M+19.7%	$1.3M-43.2%	$2.3M-68.5%	$7.1M+168.6%	$2.7M-19.7%	$3.3M+72.3%	$1.9M-64.6%	$5.4M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$2.0M-23.1%	$2.6M-7.8%	$2.8M-12.0%	$3.2M-10.2%	$3.6M+30.0%	$2.8M+837.6%	-$375K+89.6%	-$3.6M
Retained Earnings	-$9.6M-7.0%	-$8.9M-27.8%	-$7.0M-4.3%	-$6.7M+2.5%	-$6.9M-8.9%	-$6.3M-25.4%	-$5.0M-12.2%	-$4.5M

HWH Cash Flow Statement

Metric	FY25	FY24	FY23	FY22
Operating Cash Flow	-$1.8M+3.8%	-$1.8M+30.0%	-$2.6M-405.8%	-$514K
Capital Expenditures	$19K-36.0%	$30K+108.5%	$15K	N/A
Free Cash Flow	-$1.8M+4.3%	-$1.8M+29.3%	-$2.6M	N/A
Investing Cash Flow	-$1.2M-105.8%	$20.5M-70.1%	$68.4M+178.5%	-$87.1M
Financing Cash Flow	$935K+106.0%	-$15.6M+76.9%	-$67.5M-176.0%	$88.8M
Dividends Paid	N/A	N/A	N/A	N/A
Share Buybacks	N/A	$21.1M-69.1%	$68.4M	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$193K+81.2%	-$1.0M-411.2%	-$200K-842.9%	$27K+104.8%	-$555K-33.8%	-$415K-51.0%	-$275K+44.0%	-$491K
Capital Expenditures	$766+780.5%	$87-99.5%	$18K	N/A	N/A	$291-86.0%	$2K-92.0%	$26K
Free Cash Flow	-$193K+81.1%	-$1.0M-369.0%	-$218K	N/A	N/A	-$415K-49.9%	-$277K+46.4%	-$517K
Investing Cash Flow	-$305K-76.1%	-$173K+36.7%	-$274K+38.0%	-$442K-47.2%	-$300K-88076.5%	$341+100.3%	-$103K	N/A
Financing Cash Flow	-$148K+44.7%	-$269K-143.0%	$624K+907.1%	-$77K-111.8%	$656K-82.8%	$3.8M+1031.0%	$337K	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	$1	$0	N/A

HWH Financial Ratios

Metric	FY25	FY24	FY23	FY22
Gross Margin	53.0%+5.0pp	48.0%-11.7pp	59.7%	N/A
Operating Margin	N/A	N/A	N/A	N/A
Net Margin	-303.4%-84.1pp	-219.4%-89.3pp	-130.1%	N/A
Return on Equity	-100.4%-1.0pp	-99.4%	N/A	N/A
Return on Assets	-57.6%-14.7pp	-42.9%-38.3pp	-4.6%-4.7pp	0.1%
Current Ratio	2.32+0.7	1.65+1.4	0.22-3.0	3.17
Debt-to-Equity	0.74-0.6	1.32+8.9	-7.57+37.4	-44.94
FCF Margin	-204.1%-56.6pp	-147.6%+167.3pp	-314.9%	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	73.7%+1.0pp	72.7%+12.9pp	59.8%+11.8pp	48.0%-2.0pp	50.0%+10.4pp	39.6%-6.6pp	46.3%-3.0pp	49.3%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-975.4%+2429.8pp	-3405.2%-3264.5pp	-140.7%-167.6pp	26.9%+218.3pp	-191.4%-25.4pp	-166.1%-7.3pp	-158.7%-42.9pp	-115.8%
Return on Equity	-31.1%+39.8pp	-70.9%-60.7pp	-10.3%-12.8pp	2.6%+18.3pp	-15.7%+1.5pp	-17.2%	N/A	N/A
Return on Assets	-14.9%+25.8pp	-40.7%-35.1pp	-5.6%-6.4pp	0.8%+9.4pp	-8.6%-1.2pp	-7.4%+11.3pp	-18.8%-6.1pp	-12.6%
Current Ratio	1.60-0.7	2.32+0.6	1.71+0.4	1.28-0.9	2.22+0.6	1.65+0.7	0.91+0.5	0.36
Debt-to-Equity	1.09+0.3	0.74-0.1	0.83-1.5	2.29+1.5	0.82-0.5	1.32+10.1	-8.79-6.9	-1.85
FCF Margin	-301.1%+1572.2pp	-1873.3%-1767.9pp	-105.4%	N/A	N/A	-144.7%-64.5pp	-80.2%+74.1pp	-154.3%

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Frequently Asked Questions

What is HWH International's annual revenue?

HWH International (HWH) reported $867K in total revenue for fiscal year 2025. This represents a -30.8% 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 HWH International's revenue growing?

HWH International (HWH) revenue declined by 30.8% year-over-year, from $1.3M to $867K in fiscal year 2025.

Is HWH International profitable?

No, HWH International (HWH) reported a net income of -$2.6M in fiscal year 2025, with a net profit margin of -303.4%.

What is HWH International's gross margin?

HWH International (HWH) had a gross margin of 53.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is HWH International's net profit margin?

HWH International (HWH) had a net profit margin of -303.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is HWH International's return on equity (ROE)?

HWH International (HWH) has a return on equity of -100.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is HWH International's free cash flow?

HWH International (HWH) generated -$1.8M in free cash flow during fiscal year 2025. This represents a 4.3% 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 HWH International's operating cash flow?

HWH International (HWH) generated -$1.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are HWH International's total assets?

HWH International (HWH) had $4.6M in total assets as of fiscal year 2025, including both current and long-term assets.

What are HWH International's capital expenditures?

HWH International (HWH) invested $19K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does HWH International have outstanding?

HWH International (HWH) had 7M shares outstanding as of fiscal year 2025.

What is HWH International's current ratio?

HWH International (HWH) had a current ratio of 2.32 as of fiscal year 2025, which is generally considered healthy.

What is HWH International's debt-to-equity ratio?

HWH International (HWH) had a debt-to-equity ratio of 0.74 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is HWH International's return on assets (ROA)?

HWH International (HWH) had a return on assets of -57.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is HWH International's cash runway?

Based on fiscal year 2025 data, HWH International (HWH) had $2.1M in cash against an annual operating cash burn of $1.8M. This gives an estimated cash runway of approximately 14 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 HWH International's Piotroski F-Score?

HWH International (HWH) has a Piotroski F-Score of 3 out of 8 computable signals; 1 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 HWH International's earnings high quality?

HWH International (HWH) has an earnings quality ratio of 0.67x, 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.