Epsium Enterprise Limited Files Annual Report on Form 20-F for Fiscal Year 2025

Rhea-AI Summary

Epsium Enterprise Limited (Nasdaq: EPSM) filed its Form 20-F for the fiscal year ended December 31, 2025, with audited U.S. GAAP consolidated financials.

Key figures: 2025 revenue $5.1M (2024: $12.5M), gross profit $753,769, gross margin 14.7%, net loss $1.5M, cash $2.0M, and IPO gross proceeds of approximately $5.0M.

Positive

• Gross margin improved to 14.7%
• Completed Nasdaq IPO raising approximately $5.0M gross proceeds
• Cash and cash equivalents increased to $2.0M
• Working capital strengthened to $11.3M

Negative

• Net revenue declined ~59% to $5.1M from $12.5M
• Net loss of approximately $1.5M in 2025 versus net income $284,694 in 2024
• Operating expenses rose to approximately $2.2M from $1.2M, driven by public-company costs and an inventory impairment

News Market Reaction – EPSM

-0.72% 2.0x vol

7 alerts

-0.72% Session close to close

+28.5% Peak in 6 hr 34 min

$19.89M Market Cap

2.0x Rel. Volume

In the Apr 29 session, EPSM declined 0.72%, reflecting a mild negative market reaction. Argus tracked a peak move of +28.5% during that session. Our momentum scanner triggered 7 alerts that day, indicating moderate trading interest and price volatility. Trading volume was above average at 2.0x the daily average, suggesting increased trading activity.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details Epsium’s 2025 Form 20-F, confirming a sharp revenue decline to about $5.1 ...

Analysis

This announcement details Epsium’s 2025 Form 20-F, confirming a sharp revenue decline to about $5.1 million and a swing to a net loss near $1.5 million, alongside improved gross margin of roughly 14.7%. The IPO added around $5.0 million in gross proceeds, supporting cash of about $2.0 million and working capital near $11.3 million. Earlier interim results and regulatory filings already signaled these trends. Investors may watch future filings for demand stabilization, product-mix execution, and governance developments.

Key Figures

Net revenue 2025: $5.1 million Net revenue 2024: $12.5 million Gross margin 2025: 14.7% +5 more

8 metrics

Net revenue 2025 $5.1 million Fiscal year ended December 31, 2025

Net revenue 2024 $12.5 million Prior fiscal year 2024, for comparison

Gross margin 2025 14.7% Improved margin on premium product mix

Gross margin 2024 12.8% Prior year gross margin baseline

Net loss 2025 $(1.5) million Fiscal year 2025 bottom line

Cash & equivalents $2.0 million Balance as of December 31, 2025

Working capital $11.3 million Year-end 2025 working capital position

IPO gross proceeds $5.0 million IPO of 1,250,000 Class A shares at $4.00 on March 27, 2025

Historical Context

2 past events · Latest: Mar 31 (Neutral)

Pattern 2 events

Date	Event	Sentiment	24h Move	Catalyst
Mar 31	Board changes	Neutral	+7.8%	Resignation of one director and appointment of new independent director.
Dec 05	Interim earnings update	Negative	-1.3%	Unaudited H1 2025 results showing lower revenue, higher losses post-IPO.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Limited history shows one governance update with a positive reaction and one earnings-style update with a mild negative move, suggesting news has driven stock-specific responses rather than a consistent pattern.

Recent Company History

Over the last two disclosed events, EPSM has balanced corporate governance changes with financial updates. On Mar 31, 2026, board changes and a new independent director coincided with a 7.8% gain, showing the market’s openness to governance enhancements. Earlier, on Dec 5, 2025, unaudited H1 2025 results highlighting revenue declines and losses saw a modest -1.31% move. Today’s Form 20-F annual report extends that narrative, detailing a full-year revenue drop and net loss alongside balance sheet strength.

Key Terms

form 20-f, u.s. gaap, initial public offering, nasdaq capital market

4 terms

form 20-f regulatory

"announced that it has filed its Annual Report on Form 20-F for the fiscal year"

Form 20-F is the standardized annual disclosure that non-U.S. companies must file with the U.S. securities regulator when their shares are traded in the U.S.; it contains audited financial statements, a plain-language description of the business, management discussion, governance details and key risk factors. It matters to investors because it provides a consistent, comparable company “report card” and rulebook, helping buyers assess financial health, governance and risks before investing.

u.s. gaap regulatory

"audited consolidated financial statements prepared in accordance with U.S. GAAP,"

U.S. GAAP is a set of rules and standards that companies in the United States follow to prepare their financial reports. It helps ensure that financial information is consistent and clear, so investors and others can compare and understand a company's financial health easily.

initial public offering financial

"the Company completed its initial public offering of 1,250,000 Class A"

An initial public offering (IPO) is when a private company first sells its shares to the public and becomes a stock-listed company. It matters because it allows the company to raise money from a wide range of investors, helping it grow, while giving early shareholders a way to sell some of their ownership.

nasdaq capital market regulatory

"shares began trading on the Nasdaq Capital Market on March 26, 2025"

The Nasdaq Capital Market is a platform where smaller, emerging companies can list their shares for trading by investors. It provides these companies with access to funding and visibility, helping them grow, much like a local marketplace where new vendors can introduce their products to potential customers. For investors, it offers opportunities to discover early-stage companies with growth potential.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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MACAU, April 29, 2026 /PRNewswire/ -- Epsium Enterprise Limited (Nasdaq: EPSM) (the "Company" or "Epsium"), an importer and wholesaler of premium alcoholic beverages in Macau, today announced that it has filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission (the "SEC").

The Annual Report, which includes the Company's audited consolidated financial statements prepared in accordance with U.S. GAAP, is available on the SEC's website at www.sec.gov.

Fiscal Year 2025 Overview

For the fiscal year ended December 31, 2025, Epsium reported net revenue of approximately $5.1 million, compared to $12.5 million in the prior year. The decline primarily reflected softer demand in Macau's wholesale market for lower-priced alcoholic beverages following a period of post-pandemic normalization, as well as increased price competition and more cautious consumer spending.

Gross profit was $753,769 for the year, compared to $1.6 million in 2024. Gross margin improved to 14.7% from 12.8% in the prior year, reflecting the initial impact of the Company's ongoing product mix adjustment toward higher-margin premium products distributed through casino and hotel channels.

Total operating expenses were approximately $2.2 million, compared to $1.2 million in 2024. The increase was primarily driven by higher general and administrative expenses associated with operating as a public company following the Company's Nasdaq listing in March 2025, as well as an inventory impairment charge recorded during the year.

Net loss for fiscal year 2025 was approximately $(1.5) million, compared to net income of $284,694 in 2024.

Balance Sheet and Liquidity

As of December 31, 2025, the Company reported cash and cash equivalents of approximately $2.0 million, compared to $0.1 million at the end of 2024. The increase was primarily supported by proceeds from the Company's initial public offering, partially offset by cash used in operating activities and offering-related expenses.

Working capital was approximately $11.3 million as of year-end 2025, compared to $8.1 million in the prior year, reflecting an overall strengthening of the Company's balance sheet.

Business Update

Epsium conducts substantially all of its operations through its Macau subsidiary, Companhia de Comércio Luz Limitada ("Luz"), which is engaged in the import and wholesale distribution of premium alcoholic beverages, including Chinese liquor, cognac, whisky, wine, and champagne.

Chinese liquor remains the Company's largest revenue contributor. At the same time, the Company has been adjusting its product mix and distribution strategy, with increased focus on higher-margin channels such as casinos and hotels. These channels typically involve sales formats such as consignment, promotional programs, and customer reward-based distribution, which management believes may offer relatively stronger margin profiles compared to the broader wholesale market.

The Company has also been working to diversify its product portfolio beyond its historically concentrated categories, as part of its broader effort to adapt to evolving market demand and competitive dynamics.

Initial Public Offering

On March 27, 2025, the Company completed its initial public offering of 1,250,000 Class A ordinary shares at a public offering price of $4.00 per share. The shares began trading on the Nasdaq Capital Market on March 26, 2025 under the ticker symbol "EPSM."

The Company received aggregate gross proceeds of approximately $5.0 million from the offering, before deducting underwriting discounts and offering-related expenses.

Management Commentary

"Fiscal year 2025 marked an important milestone for Epsium as we completed our Nasdaq listing and strengthened our capital base," said Mr. Son I Tam, Chairman, Chief Executive Officer and Founder of Epsium Enterprise Limited. "While our revenue reflected a more challenging market environment in the wholesale segment, we continued to advance our efforts to optimize our product mix and expand our presence in higher-margin channels such as casinos and hotels. We believe these initiatives position the Company to better navigate market conditions and support our long-term development."

About EPSIUM ENTERPRISE LIMITED

Through its Macau operating entity, Companhia de Comércio Luz Limitada ("Luz"), a limited liability company established under the laws of Macau in 2010, EPSIUM is engaged in the import and wholesale distribution of primarily alcoholic beverages in Macau.

Through Luz, the Company offers a broad portfolio of premium beverage products, consisting mainly of alcoholic beverages and, to a lesser extent, tea and fruit juice. Its product offerings include Chinese liquor, French cognac, Scotch whisky, fine wine, Champagne, and other beverage alcohol.

Chinese liquor represents the Company's most significant product category, and the Company is a top wholesaler of high-end Chinese liquor in the Macau market.

For more information, please visit the Company's website at www.epsium-group.com.

Forward-Looking Statements

This press release contains forward-looking statements. These statements are based on the Company's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Forward-looking statements can be identified by words such as "believes," "expects," "anticipates," "estimates," "intends," "plans," "will," "would," "should," "could," "may," or similar expressions. These forward-looking statements include, but are not limited to, statements regarding the Company's business strategy, operations, financial performance, product mix adjustments, channel expansion, and growth initiatives. Actual results may differ materially due to a number of factors, including, but not limited to, changes in market conditions, consumer demand, competitive dynamics, supply chain conditions, regulatory developments, and other risks described in the "Risk Factors" section of the Company's Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the "SEC"). The Company undertakes no obligation to update any forward-looking statements to reflect subsequent events or circumstances, except as required by applicable law. Additional information is available in the Company's filings with the SEC at www.sec.gov.

For more information, please contact:

EPSIUM ENTERPRISE LIMITED

Investor Relations Department

Email: investor.relations@epsium-group.com

View original content:https://www.prnewswire.com/news-releases/epsium-enterprise-limited-files-annual-report-on-form-20-f-for-fiscal-year-2025-302757803.html

SOURCE Epsium Enterprise Limited

FAQ

What were Epsium Enterprise (EPSM) reported revenues for fiscal year 2025?

Epsium reported $5.1 million in net revenue for fiscal year 2025. According to the company, the decline versus 2024 reflects softer wholesale demand, higher price competition, and cautious consumer spending in Macau.

Why did EPSM record a net loss in 2025 instead of net income?

Epsium posted an approximate $1.5 million net loss for 2025. According to the company, higher operating expenses from public-company costs and an inventory impairment contributed to the loss despite margin improvements.

How did Epsium's IPO affect its 2025 balance sheet and cash position?

The IPO generated about $5.0 million gross proceeds, raising cash to roughly $2.0 million. According to the company, proceeds bolstered liquidity but were partly used for operating activities and offering expenses.

What product and channel strategy changes did EPSM report for 2025?

Epsium shifted toward higher-margin premium products and focused on casino and hotel channels. According to the company, this product mix adjustment aims to improve margins through consignment and promotional programs.

How did Epsium's gross margin and gross profit perform in 2025?

Gross profit was $753,769 with a gross margin of 14.7% in 2025. According to the company, margin improvement reflects early effects of shifting toward premium, higher-margin products.

What liquidity and working capital did EPSM report as of December 31, 2025?

As of year-end 2025, Epsium reported $2.0 million in cash and $11.3 million in working capital. According to the company, working capital improved versus 2024 reflecting a stronger balance sheet after the offering.