Baiya International Group Inc. Announces Fiscal Year 2025 Financial Results
Rhea-AI Summary
Baiya International Group (Nasdaq: BIYA) reported fiscal 2025 results for year ended December 31, 2025. Net revenues rose 28.6% to $16.5 million; gross profit increased 35.1% to $1.9 million. Net loss attributable to Baiya was $9.5 million; cash was $0.7 million at year-end.
Operating expenses rose sharply driven by stock compensation, consulting fees and higher selling costs; net cash used in operations was $7.4 million.
Positive
- Revenue +28.6% to $16.5 million
- Gross profit +35.1% to $1.9 million
- Entrusted recruitment revenue growth of 2,515.2%
Negative
- Net loss of $9.5 million
- Operating expenses up $10.1 million year-over-year
- Year-end cash fell to $0.7 million
News Market Reaction – BIYA
In the May 1 session, BIYA declined 27.27%, reflecting a significant negative market reaction. Argus tracked a peak move of +32.3% during that session. Argus tracked a trough of -39.2% from its starting point during tracking. Our momentum scanner triggered 44 alerts that day, indicating elevated trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Sep 30 | Interim earnings update | Negative | +0.8% | H1 2025 showed revenue growth but a sharp swing to a larger net loss. |
| May 13 | Annual results | Positive | +5.3% | FY 2024 delivered revenue growth, higher gross profit, and a return to net income. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Past earnings headlines for BIYA produced relatively modest reactions, with mixed profitability but consistent revenue growth and shifting expense levels.
Recent history shows BIYA transitioning from modest profitability to larger losses while scaling revenues. In FY 2024, revenue grew to $12.8M with a small net income. By H1 2025, revenues and gross profit continued to rise but net loss widened sharply as operating expenses surged. Today’s FY 2025 results extend that pattern: strong top-line growth to $16.5M and higher gross profit, paired with a much larger $9.5M net loss and heavier cash usage. The market’s strong upside move exceeds prior earnings reactions.
Key Terms
saas technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Ms. Siyu Yang, Chief Executive Officer of Baiya, commented, "We are pleased to report strong revenue growth for fiscal year 2025, with net revenues increasing by
Ms. Yang continued, "As we move forward, we intend to continue to refine our service capabilities and deepen our presence in high-growth sectors such as logistics and express delivery, while advancing our platform-driven approach to better capture opportunities in the evolving employment landscape. In parallel, we are expanding our strategic horizon through new initiatives which reflect our efforts to build a more dynamic and structured capital framework. We believe these initiatives, together with our growing client base and disciplined execution, will position us well to drive sustainable growth and deliver long-term value to our shareholders."
Fiscal Year 2025 Financial Summary
- Net revenues were
$16.5 million 28.6% from$12.8 million - Gross profit was
$1.9 million 35.1% from$1.4 million - Net loss attributable to Baiya was
$9.5 million $8,750 - Basic and diluted net loss per common share were
$5.04 $0.02
Fiscal Year 2025 Financial Results
Net Revenues
Net revenues were
- Revenue from entrusted recruitment service was
$1.1 million 515.2% from$0.04 million $0.3 million $0.2 million $0.2 million $0.2 million $0.2 million - Revenue from project outsourcing service was
$14.0 million 9.4% from$12.8 million $0.7 million $0.6 million $0.2 million $1.8 million $1 $0 - Revenue from research and development technical services was
$1.4 million - Revenue from other services was
$0.1 million 706.2% from$3,050 $55,089
Cost of Revenues
Total cost of revenue was
Gross Profit
Gross profit was
Operating Expenses
Total operating expenses were
- Selling expenses were
$1.0 million 364.2% from$0.2 million $0.7 million $0.1 million - General and administrative expenses were
$10.3 million 051.9% from$0.9 million $4.3 million $4.7 million $0.3 million $0.1 million - Research and development expenses were
$0.23 million 4.7% from$0.24 million
Net Loss Attributable to Baiya
Net loss attributable to Baiya was
Basic and Diluted Net Loss per Common Share
Basic and diluted net loss per common share were
Financial Condition
As of December 31, 2025, the Company had cash of
Net cash used in operating activities in fiscal year 2025 was
Net cash used in investing activities in fiscal year 2025 was
Net cash provided by financing activities in fiscal year 2025 was
About Baiya International Group Inc.
Baiya has evolved from a job matching service provider into a cloud-based internet platform to provide one-stop crowdsourcing recruitment and SaaS-enabled HR solutions on the Gongwuyuan Platform to supplement its offline job matching services and started to position itself as a SaaS-enabled HR technology company by introducing its Gongwuyuan Platform in the flexible employment marketplace. Baiya has been and will continue to strategically develop and improve the Gongwuyuan Platform with product features that work together with its traditional offline service model to improve the job matching and HR related services in the flexible employment marketplace. For more information, please visit the Company's website: https://www.baiyainc.com/investors-overview.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this press release are "forward-looking statements" as defined under the federal securities laws, including, but not limited to, statements concerning plans, growth initiatives, objectives, goals, strategies, future events or expected performance, and underlying assumptions and other statements that are other than statements of historical facts. 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, including, without limitation, risks related to the Company's operations in
For further information, please contact:
Baiya International Group Inc.
Investor Relations Department
Phone: +86 0769-88785888
Email: info@biyainc.com
Investor Relations Inquiries:
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
BAIYA INTERNATIONAL GROUP INC. | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(Expressed in | ||||||||
As of | As of | |||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash | $ | 688,941 | $ | 1,668,291 | ||||
Accounts receivable, net | 1,669,511 | 1,648,073 | ||||||
Due from related parties | 424,121 | 40,549 | ||||||
Deferred IPO costs | - | 889,160 | ||||||
Prepaid expenses and other current assets | 5,915,194 | 177,325 | ||||||
Loan receivable from third parties, current | 17,653,965 | - | ||||||
Total current assets | 26,351,732 | 4,423,398 | ||||||
NON-CURRENT ASSETS | ||||||||
Restricted cash, non-current | 1,430,000 | - | ||||||
Property and equipment, net | 7,071 | 1,872 | ||||||
Right-of-use asset, net | 42,745 | 49,356 | ||||||
Loan receivable from third parties, non-current | - | 443,787 | ||||||
Other non-current assets | - | 33,017 | ||||||
Total noncurrent assets | 1,479,816 | 528,032 | ||||||
TOTAL ASSETS | $ | 27,831,548 | $ | 4,951,430 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts payable | $ | 2,002,141 | $ | 1,662,594 | ||||
Loan payable to third parties | 107,250 | 164,399 | ||||||
Advance from customers | 30,975 | 29,675 | ||||||
Accrued liabilities and other payables | 2,261,771 | 2,057,865 | ||||||
Taxes payable | 106,023 | 146,239 | ||||||
Due to related parties | 212,100 | 170,855 | ||||||
Lease liabilities | 36,382 | 8,422 | ||||||
Bank loan payables, current | - | 117,345 | ||||||
Total current liabilities | 4,756,642 | 4,357,394 | ||||||
NON-CURRENT LIABILITIES | ||||||||
Lease liabilities | 6,363 | 43,972 | ||||||
Total non-current liabilities | 6,363 | 43,972 | ||||||
TOTAL LIABILITIES | 4,763,005 | 4,401,366 | ||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
STOCKHOLDER'S EQUITY | ||||||||
Preferred shares, par value | - | - | ||||||
Class A Common shares, par value | 2,964 | 1,000 | ||||||
Class B Common shares, par value | 360 | - | ||||||
Additional paid-in capital | 33,706,703 | 1,796,285 | ||||||
Statutory Reserve | 458,832 | 380,901 | ||||||
Accumulated other comprehensive loss | (147,070) | (221,139) | ||||||
Accumulated deficit | (11,066,628) | (1,456,778) | ||||||
Total Company shareholders' equity | 22,955,161 | 500,269 | ||||||
Non-controlling interest | 113,382 | 49,795 | ||||||
Total shareholders' equity | 23,068,543 | 550,064 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 27,831,548 | $ | 4,951,430 | ||||
BAIYA INTERNATIONAL GROUP INC. | ||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | ||||||||||||
(Expressed in | ||||||||||||
For the Years Ended December 31, | ||||||||||||
2025 | 2024 | 2023 | ||||||||||
Net revenues | $ | 16,477,041 | $ | 12,809,211 | $ | 11,574,877 | ||||||
Cost of revenues | 14,576,205 | 11,401,940 | 10,772,530 | |||||||||
Gross profit | 1,900,836 | 1,407,271 | 802,347 | |||||||||
Operating expenses | ||||||||||||
Selling expenses | 996,439 | 214,672 | 127,214 | |||||||||
General and administrative expenses | 10,253,273 | 890,089 | 1,093,703 | |||||||||
Research and development expenses | 227,062 | 238,150 | 300,519 | |||||||||
Total operating expenses | 11,476,774 | 1,342,911 | 1,521,436 | |||||||||
(Loss) income from operations | (9,575,938) | 64,360 | (719,089) | |||||||||
Other income (expenses) | ||||||||||||
Interest income (expense), net | 3,349 | (31,510) | (24,030) | |||||||||
Government subsidy income | - | 5,823 | 33,654 | |||||||||
Other income (expenses), net | 111,615 | (3,456) | (321,112) | |||||||||
Other income (expenses), net | 114,964 | (29,143) | (311,488) | |||||||||
Income (loss) before income tax | (9,460,974) | 35,217 | (1,030,577) | |||||||||
Less: income tax expense | 19,050 | 28,530 | 32,239 | |||||||||
Net (loss) income | (9,480,024) | 6,687 | (1,062,816) | |||||||||
Less: net income (loss) attributable to non-controlling interests | 51,895 | 15,437 | (45,739) | |||||||||
Net loss attributable to common shareholders of Baiya International | $ | (9,531,919) | $ | (8,750) | $ | (1,017,077) | ||||||
Comprehensive income (loss) | ||||||||||||
Net income (loss) | (9,480,024) | 6,687 | (1,062,816) | |||||||||
Other comprehensive income (loss) | ||||||||||||
Foreign currency translation gain (loss) | 85,760 | (71,274) | (46,538) | |||||||||
Total other comprehensive income (loss) | 85,760 | (71,274) | (46,538) | |||||||||
Total comprehensive loss | (9,394,264) | (64,587) | (1,109,354) | |||||||||
Less: comprehensive income (loss) attributable to noncontrolling | 63,586 | 11,874 | (48,095) | |||||||||
Comprehensive loss attributable to common shareholders of Baiya | $ | (9,457,850) | $ | (76,461) | $ | (1,061,259) | ||||||
Net loss per common share | ||||||||||||
Basic and diluted * | $ | (5.04) | $ | (0.02) | $ | (2.66) | ||||||
Weighted average number of common shares outstanding | ||||||||||||
Basic and diluted * | 1,892,759 | 400,000 | 400,000 | |||||||||
* retroactively reflect 1-for-25 reverse stock split effective on December 29, 2025 | ||||||||||||
BAIYA INTERNATIONAL GROUP INC. | ||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
(Expressed in | ||||||||||||
For the Years Ended December 31, | ||||||||||||
2025 | 2024 | 2023 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||
Net (loss)/income | $ | (9,480,024) | $ | 6,687 | $ | (1,062,816) | ||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||||||
Depreciation expense | 407 | 443 | 799 | |||||||||
Allowances for credit losses | 126,038 | (43,859) | 121,899 | |||||||||
Gain on disposal of subsidiaries | 12,453 | - | - | |||||||||
Amortization of operating lease right-of-use assets | 41,193 | 11,693 | 139,592 | |||||||||
Changes in deferred income tax | - | - | 5,818 | |||||||||
Stock compensation expense | 6,101,716 | - | - | |||||||||
Changes in operating assets and liabilities: | ||||||||||||
Accounts receivable, net | 49,363 | 1,972,340 | (1,331,193) | |||||||||
Advance to suppliers, net | - | - | 40,371 | |||||||||
Due from related parties | - | 894,107 | (900,702) | |||||||||
Prepaid expenses and other current assets | (4,622,841) | 126,918 | (138,659) | |||||||||
Accounts payable | 259,478 | (1,112,598) | 1,117,916 | |||||||||
Accrued liabilities and other payables | 166,327 | (165,046) | 175,063 | |||||||||
Taxes payable | (45,243) | (105,398) | 33,247 | |||||||||
Lease liability | (44,278) | (1,530) | (2,448) | |||||||||
Net cash (used in) provided by operating activities | (7,435,411) | 1,583,757 | (1,801,113) | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||
Purchase of fixed assets | (5,524) | - | - | |||||||||
Loan to third party | (17,185,430) | - | - | |||||||||
Net cash used in investing activities | (17,190,954) | - | - | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||
Proceeds from loans - bank | - | 55,434 | - | |||||||||
Due to related parties | (349,143) | 938,382 | (416,209) | |||||||||
Repayments to loans - bank | (119,145) | (638,745) | (31,224) | |||||||||
Repayment to third party loan | (62,595) | (278,083) | - | |||||||||
Advance to third party loan | - | - | (60,716) | |||||||||
Net proceeds from issuance of common stock | 25,541,955 | - | - | |||||||||
Net cash provided by (used in) financing activities | 25,011,072 | 76,988 | (508,149) | |||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 65,943 | (24,427) | (62,935) | |||||||||
NET INCREASE (DECREASE) IN CASH AND RESTRICTED | 450,650 | 1,636,318 | (2,372,197) | |||||||||
CASH AND RESTRICTED CASH, BEGINNING OF YEAR | 1,668,291 | 31,973 | 2,404,170 | |||||||||
CASH AND RESTRICTED CASH, END OF YEAR | $ | 2,118,941 | $ | 1,668,291 | $ | 31,973 | ||||||
$ | - | |||||||||||
Supplemental disclosure information of cash flow: | ||||||||||||
Cash paid for income tax | $ | - | $ | 4,543 | $ | 15,090 | ||||||
Cash paid for interest | $ | 5,907 | $ | 36,724 | $ | 63,042 | ||||||
Supplemental non-cash information: | ||||||||||||
Right of use assets obtained in exchange for operating lease liability | $ | 78,801 | $ | 3,038 | $ | 4,985 | ||||||
Due from related party offset with due to related party upon execution of | $ | - | $ | 1,812,949 | $ | - | ||||||
Shares issued as prepayment for acquisition of subsidiary | $ | 1,173,920 | $ | - | $ | - | ||||||
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SOURCE Baiya International Group Inc.