Top KingWin (WAI) Financials
Newest figures come from the 20-F for FY2025, filed Apr 8, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the WAI SEC filings page.
Top KingWin Ltd (WAI) reported $8.0M in revenue for fiscal year 2025, up 114.3% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 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).
Revenue more than doubled, but costs rose faster than sales, leaving a loss-making operating model.
In FY2025, revenue grew114.3% from FY2024 while gross profit declined47.3% ; growth therefore worsened the company’s unit economics rather than improving them. Margin compression and expanding overhead point to a business that has not converted additional volume into operating traction.
Gross margin fell to
Despite an 11.1x current ratio, liabilities were only
Financial Health Signals
Scored against emerging companies for FY2025. 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 Top KingWin Ltd'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.
Top KingWin Ltd held $13.1M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $1.3M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Top KingWin Ltd scores 95/100 among other emerging companies.
Not available for Top KingWin Ltd, so it is left out of the overall score, which averages the 4 of 6 dimensions that can be computed.
Not available for Top KingWin Ltd, so it is left out of the overall score, which averages the 4 of 6 dimensions that can be computed.
Top KingWin Ltd reported revenue of $8.0M in fiscal year 2025, against $3.8M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Top KingWin Ltd scores 65/100 among other emerging companies.
Top KingWin Ltd's operations used $1.3M of cash in fiscal year 2025, against $39.4M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Top KingWin Ltd scores 60/100 among other emerging companies.
Top KingWin Ltd's cash, cash equivalents and investments came to $13.1M at the end of fiscal year 2025, against $3.0M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Top KingWin Ltd scores 87/100 among other emerging companies.
Top KingWin Ltd passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, 1 of 2 operating efficiency signals passes.
Top KingWin Ltd reported a net loss of $24.0M while operations used $1.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Top KingWin Ltd generated $8.0M in revenue in fiscal year 2025. This represents an increase of 114.3% from the prior year.
Top KingWin Ltd's EBITDA was -$24.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. The change from the prior year is not meaningful, because that figure was zero or negative.
Top KingWin Ltd reported a net loss of $24.0M in fiscal year 2025. The change from the prior year is not meaningful, because that figure was zero or negative.
Cash & Balance Sheet
Top KingWin Ltd recorded an outflow of $1.3M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. The change from the prior year is not meaningful, because that figure was zero or negative.
Top KingWin Ltd held $13.1M in cash as of fiscal year 2025; no long-term debt figure is on record for that period.
Not reported for fiscal year 2025.
Margins & Returns
Top KingWin Ltd's gross margin was 8.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 26.7 percentage points from the prior year.
Top KingWin Ltd's ROE was -79.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 54.9 percentage points from the prior year.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Top KingWin Ltd invested $10K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 18.8% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
WAI 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 | FY2520-F | FY2420-F | FY2320-F | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Revenue | $8.0M+114.3% | $3.8M-31.2% | $5.4M+74.5% | $3.1M-50.4% | $6.3M+371.9% | $1.3M |
| Cost of Revenue | $7.3M+203.1% | $2.4M+30.3% | $1.9M+94.2% | $957K-29.5% | $1.4M+194.3% | $461K |
| Gross Profit | $700K-47.3% | $1.3M-63.0% | $3.6M+65.8% | $2.2M-56.2% | $4.9M+465.7% | $873K |
| SG&A Expenses | $24.3M+220.1% | $7.6M+111.5% | $3.6M+68.3% | $2.1M+133.4% | $916K+327.8% | $214K |
| Operating Income | -$24.2Mn/m | -$7.1Mn/m | -$2.5Mn/m | -$920K-130.2% | $3.0M+701.1% | $380K |
| EBITDA | -$24.2Mn/m | -$7.0Mn/m | -$2.4Mn/m | -$855K-127.8% | $3.1M+690.8% | $389K |
| Interest Expense | N/A | $74K | N/A | N/A | N/A | N/A |
| Income Tax | N/A | $55K-52.6% | $115Kn/m | -$121K-115.6% | $777K+1866.9% | $40K |
| Net Income | -$24.0Mn/m | -$8.7Mn/m | -$2.5Mn/m | -$771K-133.4% | $2.3M+579.1% | $340K |
| EPS (Basic) | -$26.92 | -$41.37 | -$114.16 | -$0.06-131.6% | $0.19+533.3% | $0.03 |
| EPS (Diluted) | -$26.92 | -$41.37 | -$114.16 | -$0.06-131.6% | $0.19+533.3% | $0.03 |
| Diluted Shares (Avg) | 892,314 | 209,822 | 22,317 | 12M0.0% | 12M0.0% | 12M |
Not reported in any period shown, so not listed: R&D Expenses.
WAI 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 | FY2520-F | FY2420-F | FY2320-F | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Total Assets | $33.3M-19.9% | $41.6M+306.1% | $10.2M+101.2% | $5.1M-13.5% | $5.9M | N/A |
| Current Assets | $33.2M-18.4% | $40.8M+516.1% | $6.6M+131.3% | $2.9M-42.4% | $5.0M | N/A |
| Cash & Equivalents | $13.1M+365.0% | $2.8M-38.7% | $4.6M+72.8% | $2.7M-30.5% | $3.8M+2127.8% | $171K |
| Short-Term Investments | $0 | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $766K+64.5% | $466K+10.9% | $420K+338.9% | $96K-89.6% | $921K | N/A |
| Long-Term Investments | $0 | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | $3.0M | N/A | N/A | N/A |
| Total Liabilities | $3.0M-49.1% | $5.9M+107.4% | $2.8M-13.2% | $3.3M+6.0% | $3.1M | N/A |
| Current Liabilities | $3.0M-46.5% | $5.6M+109.4% | $2.7M-7.7% | $2.9M+11.8% | $2.6M | N/A |
| Non-Current Liabilities | $0-100.0% | $282K+74.5% | $162K-56.6% | $373K-24.5% | $494K | N/A |
| Total Equity | $30.3M-15.0% | $35.7M+382.1% | $7.4M+294.3% | $1.9M-32.9% | $2.8M+522.6% | $449K |
| Retained Earnings | -$33.6Mn/m | -$9.6Mn/m | -$928K-159.4% | $1.6M-33.0% | $2.3M | N/A |
Not reported in any period shown, so not listed: Inventory, Long-Term Debt.
WAI 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 | FY2520-F | FY2420-F | FY2320-F | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.3Mn/m | -$39.4Mn/m | -$1.6Mn/m | -$1.4M-137.0% | $3.8M+1948.8% | $184K |
| Depreciation & Amortization | $84K-5.8% | $89K+15.4% | $78K+19.9% | $65K+82.5% | $35K+274.7% | $9K |
| Stock-Based Compensation | $3.4M+90.7% | $1.8M | N/A | N/A | N/A | N/A |
| Capital Expenditures | $10K-18.8% | $12K-83.8% | $76K+137.1% | $32K-75.5% | $132K+1.5% | $130K |
| Free Cash Flow | -$1.3Mn/m | -$39.4Mn/m | -$1.7Mn/m | -$1.4M-139.2% | $3.6M+6568.0% | $55K |
| Investing Cash Flow | $470K+40.2% | $335Kn/m | -$4.1Mn/m | -$46Kn/m | -$152Kn/m | -$130K |
| Financing Cash Flow | $12.0M-67.9% | $37.3M+379.5% | $7.8M+2455.4% | $304K+484.6% | $52K-48.9% | $102K |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
WAI 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 | FY2520-F | FY2420-F | FY2320-F | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Gross Margin | 8.7%-26.7pp | 35.4%-30.4pp | 65.9%-3.5pp | 69.3%-9.1pp | 78.5%+13.0pp | 65.4% |
| Operating Margin | -301.6% | -190.1% | -45.7%-16.2pp | -29.5%-77.8pp | 48.4%+19.9pp | 28.5% |
| Net Margin | -298.8% | -231.4% | -46.8%-22.1pp | -24.7%-61.4pp | 36.7%+11.2pp | 25.5% |
| Return on Equity | -79.2%-54.9pp | -24.3%+10.1pp | -34.4%+6.7pp | -41.1%-123.6pp | 82.5%+6.9pp | 75.7% |
| Return on Assets | -72.1%-51.2pp | -20.9%+4.0pp | -24.9%-9.7pp | -15.2%-54.4pp | 39.3% | N/A |
| Current Ratio | 11.11+3.8x | 7.29+4.8x | 2.48+1.5x | 0.99-0.9x | 1.92 | N/A |
| Liabilities-to-Equity | 0.10-0.1x | 0.16-0.2x | 0.38-1.4x | 1.74+0.6x | 1.10 | N/A |
| Asset Turnover | 0.24+0.2x | 0.09-0.4x | 0.53-0.1x | 0.61-0.5x | 1.07 | N/A |
| FCF Margin | -16.3% | -1050.4% | -31.6%+14.1pp | -45.7%-103.6pp | 57.9%+53.8pp | 4.1% |
Not reported in any period shown, so not listed: 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: Operating Margin, 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 |
|---|---|---|---|---|---|---|
| Top KingWin Ltd WAI | FY2025 | $8.0M | -$24.0M | N/A | N/A | 77/100 |
| DNA X, Inc. SONM | FY2025 | N/A | -$20.7M | N/A | $4.1M | — |
| Abits Group Inc ABTS | FY2025 | $9.1M | -$2.9M | -31.4% | $3.8M | 70/100 |
| Magic Empire Global Limited MEGL | FY2025 | $1.5M | -$1.1M | -72.1% | $10.6M | 77/100 |
| SOS Limited SOS | FY2025 | $154.3M | -$97.3M | -63.1% | $3.7M | 52/100 |
| Garden Stage Limited GSIW | FY2026 | $7.3M | -$13.8M | N/A | $13.3M | 53/100 |
Where Top KingWin Ltd Ranks
Frequently Asked Questions
Top KingWin Ltd (WAI) reported $8.0M in total revenue for fiscal year 2025. This represents a 114.3% 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.
Top KingWin Ltd (WAI) revenue grew by 114.3% year-over-year, from $3.8M to $8.0M in fiscal year 2025.
No, Top KingWin Ltd (WAI) reported a net loss of $24.0M in fiscal year 2025.
Top KingWin Ltd (WAI) had EBITDA of -$24.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
Top KingWin Ltd (WAI) had a gross margin of 8.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
Top KingWin Ltd (WAI) has a return on equity of -79.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
Top KingWin Ltd (WAI) recorded an outflow of $1.3M in free cash flow during fiscal year 2025. 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.
Top KingWin Ltd (WAI) recorded an outflow of $1.3M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
Top KingWin Ltd (WAI) had $33.3M in total assets as of fiscal year 2025, including both current and long-term assets.
Top KingWin Ltd (WAI) invested $10K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Top KingWin Ltd (WAI) had a current ratio of 11.11 as of fiscal year 2025, which is generally considered healthy.
Top KingWin Ltd (WAI) had a liabilities-to-equity ratio of 0.10 as of fiscal year 2025, 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 2025, because the filing data we hold for that year carries no long-term debt figure.
Top KingWin Ltd (WAI) had a return on assets of -72.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Top KingWin Ltd (WAI) has a Piotroski F-Score of 3 out of 7 computable signals; 2 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.
Top KingWin Ltd (WAI) reported a net loss of $24.0M while operations used $1.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.
Top KingWin Ltd (WAI) scores 77 out of 100 on our Financial Health Score, indicating strong standing within its emerging companies peer group. The score is the average of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), 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 Top KingWin Ltd 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.