HWH International Financials
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).
HWH's cash consumption is being driven by a fixed overhead load that dwarfs its small gross profit base.
The gross margin recovery to53.0% from48.0% did not materially reduce operating cash burn, because SG&A still sat far above gross profit. That pattern says the bottleneck is enterprise overhead rather than the direct economics of each sale. In other words, modest sales improvement alone would not change much unless the cost structure also resets.
Liquidity looked better, with the current ratio moving from 1.7x to 2.3x, but that improvement came from cutting short-term obligations faster than cash burn slowed. The balance sheet is cleaner, yet smaller, so this is a liability reduction story more than a cash-building one.
With inventory and receivables together at only
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of HWH International'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.
HWH International's revenue declined 30.8% year-over-year, from $1.3M to $867K. This contraction results in a growth score of 37/100.
HWH International carries a low D/E ratio of 0.74, meaning only $0.74 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 87/100, indicating a strong balance sheet with room for future borrowing.
HWH International's current ratio of 2.32 indicates adequate short-term liquidity, earning a score of 43/100. The company can meet its near-term obligations, though with limited headroom.
While HWH International generated -$1.8M in operating cash flow, capex of $19K consumed most of it, leaving -$1.8M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
HWH International generates a -100.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -99.4% the prior year.
HWH International passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
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
Earnings & Revenue
HWH International generated $867K in revenue in fiscal year 2025. This represents a decrease of 30.8% from the prior year.
HWH International reported -$2.6M in net income in fiscal year 2025. This represents an increase of 4.3% from the prior year.
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
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.
HWH International held $2.1M in cash against $0 in long-term debt as of fiscal year 2025.
HWH International had 7M shares outstanding in fiscal year 2025. This represents an increase of 33.7% from the prior year.
Margins & Returns
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.
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.
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
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 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $55K-73.6% | $207K-33.4% | $310K+5.1% | $295K+2.8% | $287K-16.9% | $346K+3.2% | $335K+17.0% | $286K |
| Cost of Revenue | $15K-82.1% | $83K-48.5% | $162K+9.4% | $148K-14.8% | $173K-6.7% | $186K+9.2% | $170K+38.4% | $123K |
| Gross Profit | $40K-67.9% | $124K-17.0% | $149K+0.9% | $148K+29.7% | $114K-28.8% | $160K-3.1% | $165K+1.0% | $163K |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $2.1M+532.0% | $325K-33.5% | $489K-26.4% | $664K+24.3% | $535K+9.7% | $487K-25.6% | $655K-42.0% | $1.1M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | -$60K-285.3% | $32K+8.8% | $30K-41.1% | $50K+198.4% | $17K-9.0% | $18K-1.3% | $19K+3.1% | $18K |
| Income Tax | N/A | $5K | N/A | $43K | N/A | N/A | N/A | N/A |
| Net Income | -$1.9M-538.4% | -$291K-449.0% | $83K+114.8% | -$565K-18.5% | -$477K+13.1% | -$548K-41.4% | -$388K+71.0% | -$1.3M |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
HWH Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $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+19.9% | $2.6M |
| Current Assets | $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+27.6% | $1.5M |
| Cash & Equivalents | $2.1M-28.0% | $2.9M-22.3% | $3.7M-10.7% | $4.2M-3.8% | $4.3M+421.6% | $832K+1.3% | $821K-15.7% | $975K |
| Inventory | $1K-5.0% | $1K-82.5% | $6K+146.4% | $3K+64.2% | $2K-16.9% | $2K+29.7% | $1K-59.4% | $4K |
| Accounts Receivable | $3K-57.2% | $8K-66.1% | $23K-34.6% | $35K+100.1% | $18K-50.0% | $35K+36.3% | $26K-11.8% | $29K |
| Goodwill | $117K-4.8% | $122K+58.1% | $77K | N/A | $0 | N/A | N/A | $324K |
| Total Liabilities | $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+17.4% | $5.7M |
| Current Liabilities | $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+21.3% | $4.5M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $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-15.3% | -$3.1M |
| Retained Earnings | -$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-9.5% | -$4.1M |
HWH Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.0M-411.2% | -$200K-842.9% | $27K+104.8% | -$555K-33.8% | -$415K-51.0% | -$275K+44.0% | -$491K+23.1% | -$638K |
| Capital Expenditures | $87-99.5% | $18K | N/A | N/A | $291-86.0% | $2K-92.0% | $26K+1152.5% | $2K |
| Free Cash Flow | -$1.0M-369.0% | -$218K | N/A | N/A | -$415K-49.9% | -$277K+46.4% | -$517K+19.3% | -$640K |
| Investing Cash Flow | -$173K+36.7% | -$274K+38.0% | -$442K-47.2% | -$300K-88076.5% | $341+100.3% | -$103K | N/A | -$252K |
| Financing Cash Flow | -$269K-143.0% | $624K+907.1% | -$77K-111.8% | $656K-82.8% | $3.8M+1031.0% | $337K | N/A | $750K |
| 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 | $1 | $0 | N/A | N/A |
HWH Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 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%-7.8pp | 57.1% |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | -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%+351.4pp | -467.3% |
| Return on Equity | -70.9%-60.7pp | -10.3%-12.8pp | 2.6%+18.3pp | -15.7%+1.5pp | -17.2% | N/A | N/A | N/A |
| Return on Assets | -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%+39.6pp | -52.3% |
| Current Ratio | 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+0.0 | 0.35 |
| Debt-to-Equity | 0.74-0.1 | 0.83-1.5 | 2.29+1.5 | 0.82-0.5 | 1.32+10.1 | -8.79-6.9 | -1.85-0.0 | -1.82 |
| FCF Margin | -1873.3%-1767.9pp | -105.4% | N/A | N/A | -144.7%-64.5pp | -80.2%+74.1pp | -154.3%+69.5pp | -223.8% |
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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.
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 9, indicating weak financial health. 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.
How financially healthy is HWH International?
HWH International (HWH) scores 28 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.