Grande Group (Nasdaq: GRAN) reported unaudited results for the six months ended September 30, 2025. Revenue fell 83.2% to $293,929 from $1.75M, driven by weaker IPO sponsorship, referral and advisory fees. Net loss was $1,481,318 versus net income $442,832 a year earlier. General and administrative expenses rose 61.8% to $1.16M and the company recorded an unrealized equity loss of $370,666. Operating cash provided was $264,397. Financing inflows included $9.78M net IPO proceeds (July 2025), producing $9.7M net cash from financing. Subsequent to period end, Grande agreed to acquire Proplus for HK$78,000,000 (≈$10.0M) in cash.
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Positive
IPO proceeds of $10.78M gross (July 2, 2025)
Net cash provided by financing of $9.7M in H1 2026
Operating cash provided of $264,397 in H1 2026
Negative
Revenue down 83.2% to $293,929 in H1 2026
Net loss of $1.48M in H1 2026 vs net income $442,832 prior year
General and administrative expenses up 61.8% to $1.16M
Unrealized loss on equity security of $370,666
Planned acquisition consideration of HK$78,000,000 (≈$10.0M) introduces near-term cash outflow
Key Figures
Revenue$293,929Six months ended Sep 30, 2025; vs $1,750,043 in 2024
General & administrative expenses$1,158,751Six months ended Sep 30, 2025; vs $716,183 in 2024
Unrealized loss on equity security$370,666Six months ended Sep 30, 2025; 2024: nil
Net (loss) income($1,481,318)Six months ended Sep 30, 2025; vs $442,832 income in 2024
Basic and diluted EPS($0.06)Six months ended Sep 30, 2025; vs $0.04 in 2024
Net cash from operating activities$264,397Six months ended Sep 30, 2025; vs $331,322 in 2024
Net cash from financing activities$9,696,399Six months ended Sep 30, 2025; driven by IPO and shareholder contribution
IPO gross proceeds$10.78 millionIncluding over-allotment shares in 2025 IPO
Market Reality Check
$3.35Last Close
VolumeVolume 324,835 is 1.75x the 20-day average of 186,118, indicating elevated trading interest.high
TechnicalPrice at $3.35 is below the 200-day moving average of $3.73, suggesting it remained under longer-term trend resistance pre-news.
Peers on Argus
1 Up
GRAN gained 18.15% while several capital markets peers showed declines (e.g., BMHL -6.94%, DOMH -8.44%, SIEB -2.58%, MATH -4.27%). One peer, DOMH, appeared in the momentum scanner with a separate +7.63% move and no news, pointing to stock-specific rather than sector-wide drivers for GRAN.
Completion of Nasdaq IPO raising $9.375M gross and commencing trading as GRAN.
Pattern Detected
Recent history shows GRAN often trading lower after apparently positive strategic announcements, with only capital-raising milestones seeing clearly positive reactions.
Recent Company History
Over the last six months, GRAN’s key milestones included its Nasdaq IPO and related over-allotment exercise in July 2025, which together raised gross proceeds of $10.78 million. Subsequent strategic updates in Web3 and AI financing during September and November 2025 were followed by negative price reactions despite constructive narratives. Against this backdrop, today’s earnings release, highlighting sharply lower revenue and a swing to net loss, contrasts with the stock’s strong pre-news uptrend from a level still well below its 52-week high of $6.70.
Market Pulse Summary
This announcement highlighted a sharp shift, with revenue down 83.2% and a net loss of $1,481,318 replacing prior-year profitability, driven by lower advisory activity, higher general and administrative expenses, and a $370,666 unrealized loss on an equity security. At the same time, the balance sheet was bolstered by IPO gross proceeds of $10.78 million and strong financing cash inflows. Investors may focus on how effectively new capital and the Proplus acquisition support a recovery in core advisory revenues and margins.
Key Terms
initial public offeringfinancial
"On July 2, 2025, the Company closed its initial public offering of 1,875,000"
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.
over-allotment optionfinancial
"Subsequently, the underwriter exercised its Over-allotment option in full"
An over-allotment option is a special agreement that allows underwriters to sell more shares than initially planned if demand is high. Think of it like a retailer offering extra units of a popular product to meet additional customer interest. This option helps ensure the full sale is completed and can also give investors extra shares if they want more.
right-of-use assettechnical
"loss on equity security, depreciation, and operating lease right-of-use asset amortization"
A right-of-use asset is the value a company records on its balance sheet for the practical use of something it leases — like the benefit of living in a rented office or using leased equipment for a set period. Investors care because it turns many leases into on-balance-sheet assets and matching liabilities, which can change reported leverage, asset base and performance metrics much like taking on a loan would.
ordinary sharesfinancial
"offering of 1,875,000 Class A ordinary shares, par value $0.00001 per share"
Ordinary shares are a type of ownership stake in a company, giving shareholders a right to participate in the company’s profits and decision-making through voting. They are similar to owning a piece of a business, and their value can rise or fall based on the company's performance. Investors buy ordinary shares to potentially earn dividends and benefit from the company's growth over time.
fair valuefinancial
"measured at fair value using quoted market prices"
Fair value is an estimate of what an asset or company is really worth today, derived from expected future earnings, comparable market prices and other relevant facts—like agreeing a price for a used car after checking mileage, condition and similar listings. Investors use fair value to decide whether a stock looks overpriced or undervalued, which helps guide buy, hold or sell decisions and sets expectations for potential returns and risk.
AI-generated analysis. Not financial advice.
Hong Kong, Dec. 12, 2025 (GLOBE NEWSWIRE) -- GRANDE GROUP LIMITED (“GRAN” or the “Company”) (Nasdaq: GRAN), a Hong Kong-based financial services provider which principally engages in the provision of corporate finance advisory services and IPO sponsor services through its Hong Kong subsidiary, Grande Capital Limited, today announced its unaudited financial results for the six months ended September 30, 2025 (“First Half 2026”).
First Half of Fiscal Year 2026 Financial Results
For the Six Months Ended September 30,
Selected Unaudited Interim Condensed Consolidated Statements of Income Data
2025 USD
2024 USD
Change %
Revenue
293,929
1,750,043
(83.2
)
Cost of revenue
336,543
499,092
(32.6
)
General and administrative expenses
1,158,751
716,183
61.8
Unrealized loss on equity security
370,666
—
N/A
Provision for income taxes
—
97,248
(100.0
)
Net (loss) income
(1,481,318
)
442,832
(434.5
)
(Loss) income per share - basic and diluted
(0.06
)
0.04
(250.0
)
Revenues
Revenues decreased by 83.2% from $1,750,043 for the six months ended September 30, 2024 to $293,929 for the six months ended September 30, 2025. The decrease was primarily due to decrease in our initial public offering (“IPO”) sponsorship services, referral services, general advisory services, independent financial advisory services and compliance advisory services.
●
Revenues from IPO sponsorship services was $52,083 in the six months ended September 30, 2025, compared to $234,686 in the six months ended September 30, 2024. This decrease was primarily due to fewer milestone achievements in the First half 2026 for a continuing IPO engagement with the same client, as revenue from such services is recognized only upon the completion of specific listing-related milestones.
●
Revenues from referral services was $nil in the six months ended September 30, 2025, compared to $568,978 in the six months ended September 30, 2024. The decrease was primarily due to the Company had no referral arrangement requiring the introduction of other professional parties in which we may obtain referral fees. Such referral fee is generally based on a percentage of the fee charged by our clients in the particular fund-raising exercises.
●
Revenues from general advisory services, independent financial advisory services and compliance advisory services were $241,846 in the six months ended September 30, 2025, compared to $892,597 in the six months ended September 30, 2024. The decrease was primarily due to a lower number of advisory engagements and slower progress in ongoing projects, which resulted in fewer achievement of milestones and recognized as revenue during the First Half 2026.
Cost of revenue
Our cost of revenue decreased by $162,549, or 32.57%, from $499,092 for the six months ended September 30, 2024 to $336,543 for the six months ended September 30, 2025. This decrease was mainly attributable to decrease in staff costs and project related costs. The decrease in staff costs in First Half 2026 was due to a reduction in the number of staff, with a headcount of 18 as of September 30, 2025, compared to 20 as of September 30, 2024.
General and administrative expenses
General and administrative expenses were approximately 394.2% and 40.9% of total revenue in the six months ended September 30, 2025 and the six months ended September 30, 2024 respectively. General and administrative expenses are mainly management and office salaries and employee benefits, depreciation of office equipment and leasehold improvement, operating lease cost, transportation and entertainment and other office expenses. The general and administrative expenses increased by approximately $0.4 million or 61.8% from $0.7 million in the six months ended September 30, 2024 to $1.2 million in the six months ended September 30, 2025, mainly due to discretionary one-time bonuses payable to employees in administrative functions and higher traveling and entertainment expenses for client acquisition purposes.
Unrealized loss on equity security
During the six months ended September 30, 2025, the Company recognized an unrealized loss on equity security of $370,666 (2024: nil). This loss stems from its beneficial ownership in a publicly-traded company via an external investment arrangement, measured at fair value using quoted market prices.
Provision for income taxes
Our income tax expense changed from $97,248 for the six months ended September 30, 2024 to $nil for the six months ended September 30, 2025. Such change was attributable to the shift from net profit before provision for income taxes in the 2024 period to a net loss before provision for income taxes in the 2025 period, resulting in no current tax obligation for the interim period.
Net loss
Our net loss was $1,481,318 for the six months ended September 30, 2025, a marked shift from net income of $442,832 for the six months ended September 30, 2024. Such change was the result of the combination of a substantial 83.20% decline in revenue, a $370,666 unrealized loss on equity securities, a 61.80% increase in general and administrative expenses, and a partial offset from a 32.57% reduction in cost of revenue.
Cash Flow
The table below sets forth a summary of our cash flows for the six months ended September 30, 2025 and 2024:
For the Six Months Ended September 30,
2025
2024
USD
USD
Net cash provided by operating activities
264,397
331,322
Net cash used in investing activities
(550,000
)
—
Net cash provided by (used in) financing activities
9,696,399
(1,010,715
)
Net increase (decrease) in cash and cash equivalents
9,410,796
(679,393
)
Net cash provided by operating activities was $264,397 in the six months ended September 30, 2025, compared to $331,322 in the six months ended September 30, 2024. This decrease was mainly due to the swing from net income to net loss in the First Half 2026, partially offset by non-cash items including the $370,666 unrealized loss on equity security, depreciation, and operating lease right-of-use asset amortization. Changes in operating assets and liabilities also had a negative impact on operating activities for the First Half 2026. These impacts include favorable cash inflows attributable to movements in accounts receivable and contract assets, partially offset by cash outflows associated with accrued expenses, lease liabilities and income tax payable.
Net cash used in investing activities was $500,000 for the six months ended September 30, 2025, compared to no cash outflow from investing activities in the 2024 comparable period. This change was entirely attributable to the Company’s $500,000 investment in equity security during the First Half 2026.
Net cash provided by financing activities was $9,696,399 for the six months ended September 30, 2025, a substantial reversal from net cash used in financing activities of $1,010,715 for the six months ended September 30, 2024. This dramatic shift was primarily driven by the $9,778,464 in net proceeds from the Company’s IPO and a $314,101 contribution from a non-controlling shareholder of a subsidiary during the First Half 2026, neither of which had a corresponding amount in 2024. These significant cash inflows were partially offset by $396,181 in payments of offering costs related to the IPO.
Recent Events
Initial Public Offering
On July 2, 2025, the Company closed its initial public offering of 1,875,000 Class A ordinary shares, par value $0.00001 per share (the “Class A Ordinary Shares), priced at $5.00 per share. Subsequently, the underwriter exercised its Over-allotment option in full, resulting in the issuance of an additional 281,250 Class A Ordinary Shares at the same offering price. The gross proceeds received from the Company’s initial public offering, including the proceeds from the sale of the over-allotment shares, totalled US$10.78 million. The Class A Ordinary Shares were previously approved for listing on The Nasdaq Capital Market and commenced trading under the ticker symbol “GRAN” on July 1, 2025.
Acquisition of Proplus Company Limited
On October 1, 2025, Grande Group has entered into a Sale and Purchase Agreement with United One Global Limited (the “Seller”). Pursuant to the SPA, Grande Group agreed to acquire 100% of the equity interest in Proplus Company Limited (the “Target Company”) from the Seller, the then sole shareholder of the Target Company, for consideration consisting of a cash payment in the amount of HK$78,000,000 (approximately $10,000,000) in cash, subject to certain terms. Through its wholly-owned subsidiaries, Harvest Group Limited and Shenzhen Zhenjing Investment Consulting Co., Ltd., the Target Company principally engaged in supplying course materials.
About Grande Group Limited
Through its Hong Kong subsidiary, Grande Capital Limited, Grande Group Limited is a Hong Kong-based financial services provider which principally engages in the provision of corporate finance advisory services and IPO sponsor services. Grande Capital Limited is licensed with the Securities and Futures Commission of Hong Kong (“HKSFC”) to engage in Type 1 (dealing in securities) and Type 6 (advising on corporate finance) regulated activities in Hong Kong. For more information, please visit: https://grande-capital.com/
Forward-Looking Statements
This news release contains 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, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate” or “continue” or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements are not guarantee of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict and many of which are beyond the control of the Company. Actual results may differ from those projected in the forward-looking statements due to risks and uncertainties, as well as other risk factors that are included in the Company’s filings with the U.S. Securities and Exchange Commission.Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in forward-looking statements will be realized. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that their objectives or plans will be achieved. The Company does not undertake any obligation to revise the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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