SOLOWIN HOLDINGS Reports Unaudited Financial Results for First Half of Fiscal Year 2026
Rhea-AI Summary
SOLOWIN HOLDINGS (Nasdaq: AXG) reported unaudited results for H1 FY2026 ended Sept 30, 2025: revenue $5.84M (+453% YoY), net loss $4.63M (down 26%), and AUM $820M. Digital assets services drove growth with $5.18M in virtual assets service income and stablecoin/fiat trading volume of $86M. The company completed a $350M acquisition of AlloyX, expanded into Saudi Arabia, Dubai, and Singapore, and increased cash to $8.78M as of Sept 30, 2025.
Positive
- Revenue +453% YoY to $5.84 million
- Virtual assets income $5.18 million (88% of revenue)
- Assets under management $820 million
- Completed $350 million AlloyX acquisition
Negative
- Total expenses rose to $10.49 million
- Net cash used in operations $4.44 million
- Net loss of $4.63 million remains material
News Market Reaction
On the day this news was published, AXG declined 4.31%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
No peers appeared in the momentum scanner and no same-day peer headlines were flagged, suggesting AXG’s 6.16% move was company-specific around its earnings release.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 14 | Regulatory pilot selection | Positive | +5.3% | Chosen by HKMA for EnsembleTX pilot on tokenized transactions. |
| Nov 12 | RegTech JV announcement | Positive | -8.4% | Announced AI + blockchain RegTech joint venture with 4Paradigm. |
| Oct 24 | Ticker change milestone | Positive | +9.6% | Rang Nasdaq bell under new ticker AXG, outlining Web3 strategy. |
Recent news has generally been positive and often met with upward price reactions, though there is at least one notable divergence where positive strategic news coincided with a decline.
Over the past few months, SOLOWIN highlighted several strategic milestones. On Oct 24, 2025, the Nasdaq ticker change to AXG and digital finance pivot saw a 9.57% gain. A joint venture on on-chain RegTech with 4Paradigm on Nov 12, 2025 led to an 8.38% drop despite constructive positioning. Participation in HKMA’s EnsembleTX pilot on Nov 14, 2025 produced a 5.29% rise. Today’s strong growth in digital-asset revenues and narrowing losses fits this ongoing strategic shift toward tokenized and stablecoin-based services.
Market Pulse Summary
This announcement highlighted a sharp shift toward digital-asset services, with revenue up 453% to $5.84 million and virtual assets service income reaching $5.18 million. Net loss narrowed to $4.63 million, while expenses rose to $10.49 million and operating cash outflow reached $4.44 million. Cash increased to $8.78 million, helped by financing inflows. In recent months the company emphasized tokenization, stablecoin infrastructure, and acquisitions such as the $350 million AlloyX deal. Investors may watch future earnings, cost discipline, and integration progress to assess sustainability.
Key Terms
real yield token technical
tokenization-as-a-service technical
stablecoin technical
bitcoin spot etf financial
ethereum spot etf financial
virtual assets technical
AI-generated analysis. Not financial advice.
Revenue Soars
Mr. Ling Ngai Lok, Chief Executive Officer and Chairman of SOLOWIN, commented: "Our first-half performance demonstrates the meaningful progress we have made in executing our strategic vision. Assets under management (AUM) on our platform grew to
"Guided by our 'organic growth plus strategic acquisitions' dual-engine strategy, we are accelerating global expansion in a disciplined yet efficient manner. We entered the Saudi Arabian market through a strategic partnership with CITIC, established an operation center in
"Looking ahead, we will remain focused on strengthening our global payments infrastructure and advancing institutional-grade digital assets services. We believe our expanding portfolio of international licenses will further reinforce the bridge between traditional and digital finance, enabling us to deliver sustainable, long-term value for our shareholders and clients."
Financial Results for the Six Months Ended September 30, 2025
Revenue
Revenue increased by
Traditional Financial Services
For the six months ended September 30, | ||||||||||||||||
2025 | 2024 | |||||||||||||||
(in thousands) | % | (in thousands) | % | |||||||||||||
Securities brokerage commissions and handling income | $ | 13 | - | $ | 75 | 8 | % | |||||||||
Investment advisory fees | 159 | 3 | % | 318 | 30 | % | ||||||||||
Corporate consultancy service income | 160 | 3 | % | 237 | 22 | % | ||||||||||
Asset management income – related parties | 328 | 6 | % | 380 | 36 | % | ||||||||||
Interest income | - | - | 30 | 3 | % | |||||||||||
Referral income | 2 | - | - | - | ||||||||||||
Total | $ | 662 | 12 | % | $ | 1,040 | 99 | % | ||||||||
- Revenue from securities brokerage commissions and handling income decreased to
$13,000 $75,000 - Revenue from investment advisory fees decreased by
$159,000 50% to$159,000 $318,000 - Revenue from corporate consultancy service decreased to
$160,000 $237,000 - Revenue from asset management from related parties decreased by
$52,000 14% to$328,000 $380,000 - Revenue from interest income decreased by
$30,000 100% to nil for the six months ended September 30, 2025, from$30,000 - Referral income increased to
$2,000
Digital Assets-Related Services
For the six months ended September 30, | ||||||||||||||||
2025 | 2024 | |||||||||||||||
(in thousands) | % f revenue | (in thousands) | % of revenue | |||||||||||||
Virtual assets service income | 5,180 | 88 | % | 15 | 1 | % | ||||||||||
Total | $ | 5,180 | 88 | % | $ | 15 | 1 | % | ||||||||
- Virtual assets service income increased to
$5,180,000 $15,000
Expenses
Expenses increased to
- Commission and handling expenses – Commission and handling expenses increased to
$133,000 $18,000 - General and administrative expenses – General and administrative expenses increased to
$3,469,000 $2,016,000 - Virtual assets service costs – Virtual assets service costs increased to
$4,665,000 - Marketing and promotion expenses – The Company's marketing and promotion expenses consist primarily of expenses related to advertising and other promotional activities. The Company's marketing and promotion expense decreased by
$419,000 $515,000 $934,000 - Allowance for (reversal of) credit losses – The Company recorded provision for expected credit losses of
$35,000 $412,000 - Employee Benefits Expenses – The Company's employee benefits expenses decreased by
$2,694,000 62% , to$1,673,000 $4,367,000 - Referral fee – For the six months ended September 30, 2024, the Company incurred referral fee of
$139,000 - Share of Results of an Associate – For the six months ended September 30, 2025 and 2024, the Company recorded its share of the associate's gain of
$3,000 $27,000 - Impairment loss of long-term investments – For the six months ended September 30, 2024, the Company recorded an impairment loss of
$259,000
Loss from Operations
Loss from operations decreased to
Other Income
Other income for the six months ended September 30, 2024 mainly consisted of interest income from loan receivables. Decrease in other income was mainly due to that no such income was received for the six months ended September 30, 2025.
Net Loss
Net loss decreased to
Basic and Diluted Loss per Share
Basic and diluted loss per share decreased to
Financial Condition
As of September 30, 2025, cash and cash equivalents increased to
Net cash used in operating activities was
Net cash provided by investing activities was
Net cash provided by financing activities increased to
About SOLOWIN HOLDINGS
SOLOWIN HOLDINGS (NASDAQ: AXG) is a global leading financial technology firm focused on digital currency payments and asset tokenization. Founded in 2016, it has dedicated to bridging traditional and decentralized finance by building a secure, efficient and compliant financial infrastructure that provides integrated digital asset solutions for global investors and institutions. Leveraging its Hong Kong Securities and Futures Commission (SFC)-licensed subsidiary Solomon JFZ (
For more information, visit the Company's website at https://www.alloyx.com or investor relations webpage at https://ir.alloyx.com.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. The Company has attempted to identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations that arise after the date hereof, except as may be required by law. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and other factors discussed in the Company's filings with the
For investor and media inquiries please contact:
SOLOWIN HOLDINGS
Investor Relations Department
Email: ir@solomonwin.com.hk
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
SOLOWIN HOLDINGS | ||||||||
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
AS OF SEPTEMBER 30, 2025 AND MARCH 31, 2025 | ||||||||
(Amount in | ||||||||
As of | As of | |||||||
2025 | 2025 | |||||||
$'000 | $'000 | |||||||
(Unaudited) | (Audited) | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | 8,780 | 3,838 | ||||||
Cash segregated for regulatory purpose | 6,312 | 5,019 | ||||||
Receivables from: | ||||||||
Customers, net of allowance for credit losses of | 5,084 | 146 | ||||||
Customers - related parties, net of allowance for credit losses of | 277 | 46 | ||||||
Brokers-dealers and clearing organizations, net of allowance for credit losses of | 873 | 19 | ||||||
Prepaid expenses and other current assets, net | 976 | 577 | ||||||
Short-term investments | 5,800 | - | ||||||
Amount due from related parties | 234 | 12 | ||||||
Amount due from a director of a subsidiary | 18 | - | ||||||
Total current assets | 28,354 | 9,657 | ||||||
Non-current assets: | ||||||||
Investment in associates | 7,504 | - | ||||||
Long-term investments, net | 494 | 368 | ||||||
Property and equipment, net | 261 | 157 | ||||||
Operating lease right-of-use assets, net | 2,054 | 671 | ||||||
Intangible assets, net | 71 | 86 | ||||||
Refundable deposits | 771 | 1,017 | ||||||
Prepaid expenses, net | 604 | 352 | ||||||
Goodwill | 343,053 | - | ||||||
Total non-current assets | 354,812 | 2,651 | ||||||
TOTAL ASSETS | 383,166 | 12,308 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Other borrowings | - | 420 | ||||||
Payables to customers | 6,682 | 5,022 | ||||||
Accruals and other current liabilities | 684 | 524 | ||||||
Payables to virtual assets service providers | 4,665 | - | ||||||
Operating lease liabilities - current | 914 | 577 | ||||||
Amount due to directors | 100 | 951 | ||||||
Amount due to a related party | 1 | - | ||||||
Total current liabilities | 13,046 | 7,494 | ||||||
Non-current liabilities: | ||||||||
Operating lease liabilities - non-current | 1,125 | 83 | ||||||
Total non-current liabilities | 1,125 | 83 | ||||||
TOTAL LIABILITIES | 14,171 | 7,577 | ||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
Shareholders' equity | ||||||||
Class A Ordinary shares ( | 16 | 1 | ||||||
Class B Ordinary shares ( | 3 | 1 | ||||||
Additional paid-in capital | 388,097 | 19,219 | ||||||
Accumulated losses | (19,154) | (14,522) | ||||||
Accumulated other comprehensive income | 17 | 32 | ||||||
368,979 | 4,731 | |||||||
Non-controlling interests | 16 | - | ||||||
TOTAL EQUITY | 368,995 | 4,731 | ||||||
TOTAL LIABILITIES AND EQUITY | 383,166 | 12,308 | ||||||
SOLOWIN HOLDINGS | ||||||||
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND | ||||||||
COMPREHENSIVE LOSS | ||||||||
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 | ||||||||
(Amount in | ||||||||
For the six months ended | ||||||||
2025 | 2024 | |||||||
$'000 | $'000 | |||||||
Revenues | ||||||||
Securities brokerage commissions and handling income | 13 | 75 | ||||||
Investment advisory fees | 159 | 318 | ||||||
Corporate consultancy service income | 160 | 237 | ||||||
Asset management income - related parties | 328 | 380 | ||||||
Virtual assets service income | 5,180 | 15 | ||||||
Interest income | - | 30 | ||||||
Referral income | 2 | - | ||||||
Total revenues | 5,842 | 1,055 | ||||||
Expenses | ||||||||
Marketing and promotion expenses | 515 | 934 | ||||||
Commission and handling expenses | 133 | 18 | ||||||
Professional fee | 1,673 | 539 | ||||||
Information technology expenses | 685 | 309 | ||||||
Office expenses | 433 | 447 | ||||||
Allowance for (reversal of) credit losses | 35 | (412) | ||||||
Employee benefits expenses | 1,673 | 4,367 | ||||||
Referral fee | - | 139 | ||||||
Virtual assets service costs | 4,665 | - | ||||||
Share of results of an associate | (3) | 27 | ||||||
Impairment loss of long-term investments | - | 259 | ||||||
General and administrative expenses | 678 | 721 | ||||||
Total expenses | 10,487 | 7,348 | ||||||
Other income | ||||||||
Interest income | 6 | 34 | ||||||
Other income | 5 | 4 | ||||||
Total other income | 11 | 38 | ||||||
Loss before income tax expense | (4,634) | (6,255) | ||||||
Income tax expense | - | - | ||||||
Net loss | (4,634) | (6,255) | ||||||
Net loss attributable to | ||||||||
Owners of the Company | (4,632) | (6,255) | ||||||
Non-controlling interests | (2) | - | ||||||
(4,634) | (6,255) | |||||||
Other comprehensive (loss) income | ||||||||
Foreign currency translation adjustment | (15) | 31 | ||||||
Total comprehensive loss | (4,649) | (6,224) | ||||||
Attributable to | ||||||||
Owners of the Company | (4,647) | (6,224) | ||||||
Non-controlling interests | (2) | - | ||||||
(4,649) | (6,224) | |||||||
Basic and diluted net loss per share | (0.07) | (0.39) | ||||||
Weighted average number of shares outstanding - basic and diluted* | 70,503,638 | 15,961,639 | ||||||
* | Retroactively restated for effect of share re-classification on December 17, 2024 |
SOLOWIN HOLDINGS | ||||||||
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 | ||||||||
(Amount in | ||||||||
For the six months ended | ||||||||
2025 | 2024 | |||||||
$'000 | $'000 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | (4,634) | (6,255) | ||||||
Adjustment to reconcile net loss to cash used in operating activities: | ||||||||
Amortization of intangible assets | 4 | 15 | ||||||
Depreciation of property and equipment | 52 | 36 | ||||||
Amortization of operating lease right-of-use assets | 386 | - | ||||||
Allowance for (reversal of) credit losses | 35 | (412) | ||||||
Share based compensations | - | 3,312 | ||||||
Loss on disposal of intangible assets | 11 | - | ||||||
Share of results of an associate | (3) | 27 | ||||||
Impairment loss of long-term investments | - | 259 | ||||||
Interest income from loan to a third party | - | (26) | ||||||
Change in operating assets and liabilities: | ||||||||
Change in receivables from customers | (5,194) | 2,361 | ||||||
Change in receivables from brokers-dealers and clearing organizations | (864) | (208) | ||||||
Change in refundable deposits | 246 | (13) | ||||||
Change in prepaid expenses and other current assets | (558) | 737 | ||||||
Change in amounts with related parties | (1) | - | ||||||
Change in payables to customers | 1,660 | 571 | ||||||
Change in payables to clearing organizations | - | 170 | ||||||
Change in accruals and other current liabilities | 153 | 71 | ||||||
Change in payables to virtual assets service providers | 4,665 | - | ||||||
Change in contract liabilities | - | 151 | ||||||
Change in operating lease liabilities | (402) | (12) | ||||||
Cash (used in) provided by operating activities | (4,444) | 784 | ||||||
Cash flows from investing activities | ||||||||
Purchase of intangible assets | - | (67) | ||||||
Purchase of property and equipment | (3) | (21) | ||||||
Purchase of long-term investments, net | (126) | (658) | ||||||
Acquisition of subsidiaries | 760 | - | ||||||
Purchases of short-term investments | (7) | - | ||||||
Repayment of loan from a third party | - | 1,010 | ||||||
Cash provided by investing activities | 624 | 264 | ||||||
Cash flows from financing activities | ||||||||
Proceeds from capital injections from investors | 11,394 | - | ||||||
Advance from related parties | - | 22 | ||||||
Repayment of other borrowings | (420) | - | ||||||
Change in amounts with a director of a subsidiary | 18 | - | ||||||
Change in amounts with directors | (937) | - | ||||||
Cash provided by financing activities | 10,055 | 22 | ||||||
Net change in cash, cash equivalents and cash segregated for regulatory purpose | 6235 | 1,070 | ||||||
Cash, cash equivalents and cash segregated for regulatory purpose at beginning of the | 8,857 | 7,251 | ||||||
Cash, cash equivalents and cash segregated for regulatory purpose at the end of | 15,092 | 8,321 | ||||||
Supplementary cash flows information | ||||||||
Cash received from interest income | 6 | 34 | ||||||
Supplemental schedule of non-cash investing and financing activities | ||||||||
Right-of-use assets obtained in exchange of new operating lease liabilities | 1,043 | - | ||||||
Investment of associate through issuance of Class A Ordinary Shares | 7,500 | - | ||||||
Investment of subsidiaries through issuance of Class A and Class B Ordinary Shares | 350,000 | - | ||||||
As of | As of | |||||||
2025 | 2024 | |||||||
$'000 | $'000 | |||||||
Reconciliation to amounts on interim condensed consolidated balance sheets: | ||||||||
Cash at banks | 3,810 | 2,459 | ||||||
Money market funds | 4,970 | - | ||||||
Total cash and cash equivalents | 8,780 | 2,459 | ||||||
Cash segregated for regulatory purpose | 6,312 | 5,862 | ||||||
Total cash, cash equivalents and cash segregated for regulatory purpose | 15,092 | 8,321 | ||||||
View original content:https://www.prnewswire.com/news-releases/solowin-holdings-reports-unaudited-financial-results-for-first-half-of-fiscal-year-2026-302657666.html
SOURCE SOLOWIN HOLDINGS
FAQ
What were SOLOWIN (AXG) H1 FY2026 revenue and net loss on Jan 9, 2026?
How much of SOLOWIN's H1 FY2026 revenue came from digital assets (AXG)?
What acquisition did SOLOWIN (AXG) complete in H1 FY2026 and its value?
What was SOLOWIN's cash position and AUM reported for Sept 30, 2025 (AXG)?
Did SOLOWIN (AXG) expand geographically in H1 FY2026?
