Mint Incorporation (NASDAQ: MIMI) swings to $8.6M loss in H1 2026

Rhea-AI Filing Summary

Mint Incorporation Limited reported sharply weaker results for the six months ended September 30, 2025, swinging to a net loss of $8,582,742 from net income of $131,911 a year earlier. Revenue fell 26.2% to $988,398 as design-only work declined.

Gross profit dropped to $43,098, with gross margin compressing to about 4.4% from 34.5%, reflecting higher project costs and a shift in service mix. Operating loss reached $8,711,432, largely driven by $7,820,000 of selling and marketing share-based compensation. Despite the loss, Mint held cash and cash equivalents of $4,090,170 and total shareholders’ equity of $5,032,946 as of September 30, 2025.

Positive

• None.

Negative

• Revenue and margin deterioration: Total revenues fell 26.2% year over year to $988,398, while gross margin dropped from about 34.5% to 4.4%, signaling significantly weaker profitability.
• Large swing to loss driven by share-based compensation: The company moved from net income of $131,911 to a net loss of $8,582,742, largely due to $7,820,000 in selling and marketing share-based compensation expenses.

Insights

Equity analyst

Results show a sharp revenue slowdown and heavy equity-based spending driving large losses.

Mint Incorporation Limited saw revenue decline to $988,398, down 26.2% year over year, while gross profit collapsed to $43,098. Gross margin fell from about 34.5% to 4.4%, indicating much weaker project economics and higher relative costs.

Operating performance deteriorated significantly, with an operating loss of $8,711,432 versus prior operating income. A key driver was selling and marketing share-based compensation of $7,820,000, a non-cash but highly dilutive expense that overwhelmed modest gross profit.

Net loss reached $8,582,742, or $(0.35) per share, compared with prior earnings of $131,911 and $0.01 per share. The company still reported cash of $4,090,170 and shareholders’ equity of $5,032,946 as of September 30, 2025, but the scale of losses and equity-based costs marks this update as clearly negative for the earnings profile.

Key Figures

Revenue: $988,398 Gross profit: $43,098 Operating (loss) income: $(8,711,432) +5 more

8 metrics

Revenue $988,398 Six months ended September 30, 2025; down 26.2% year over year

Gross profit $43,098 Six months ended September 30, 2025; margin about 4.4%

Operating (loss) income $(8,711,432) Six months ended September 30, 2025; versus prior operating income

Net (loss) income $(8,582,742) Six months ended September 30, 2025; versus $131,911 prior year

Selling & marketing share-based compensation $7,820,000 Six months ended September 30, 2025; within operating expenses

Cash and cash equivalents $4,090,170 As of September 30, 2025

Total shareholders’ equity $5,032,946 As of September 30, 2025

Basic and diluted EPS $(0.35) per share Six months ended September 30, 2025

Key Terms

design and fit out services, share-based compensation, operating lease right-of-use assets, two-tiered profits tax rates regime, +1 more

5 terms

design and fit out services financial

"Revenue was principally derived from the provision of design and fit out services, and design only services"

share-based compensation financial

"Selling and marketing expenses - share based compensation mainly represent the marketing expenses in relation to our business development"

Share-based compensation is when a company pays employees, executives or directors with its own stock or rights to buy stock instead of, or in addition to, cash. Think of it like receiving store gift cards instead of extra paycheck — it can motivate staff to boost the company’s value, but it also increases the number of shares outstanding and can shrink each existing owner’s slice of profits and voting power. Investors watch it because it affects reported earnings, share count and the alignment between management and shareholders.

operating lease right-of-use assets financial

"Operating lease right-of-use assets, net | | | 131,485"

An operating lease right-of-use (ROU) asset is an accounting entry that shows the value of a leased item you have the legal right to use—like a building, vehicle, or equipment—recorded on a company’s balance sheet along with the corresponding lease obligation. Investors care because it adds to reported assets and liabilities, changing measures like leverage and return on assets much like bringing a long-term rental onto the company’s financial snapshot, which can affect credit terms and valuation.

two-tiered profits tax rates regime financial

"Under the two-tiered profits tax rates regime in Hong Kong, the Hong Kong profits tax is calculated at 8.25%"

basic and diluted weighted average shares outstanding financial

"Basic and diluted weighted average shares outstanding | | | 24,673,702"

Form 6-K: How Foreign Companies Report to the SEC →

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of March 2026

Commission File Number: 001-42462

MINT INCORPORATION LIMITED

(Translation of registrant’s name into English)

17/F Wing Kwok Centre, No.182 Woosung Street,
Jordan, Kowloon, Hong Kong 

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒        Form 40-F ☐

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

On March 31, 2026, Mint Incorporation Limited, a British Virgin Islands business company with limited liability (the “Company”), made available its unaudited interim condensed consolidated financial statements and related notes for the six months ended September 30, 2025, a copy of which is attached as Exhibit 99.1.

This report shall be deemed to be incorporated by reference into the Company’s registration statement on Form S-8 (File No. 333-286205) and shall be considered a part of such registration statement from the date of filing, to the extent not superseded by documents or reports subsequently filed or furnished.

1

EXHIBITS INDEX

Exhibit No.		Description
99.1		Unaudited Financial Results as of and for the six-month period ended September 30, 2025.

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: March 31, 2026	Mint Incorporation Limited
	By:	/s/ Hoi Lung CHAN
	Name:	Hoi Lung CHAN
	Title:	Chief Executive Officer and Director

3

Exhibit 99.1

Mint Incorporated Limited Announces Unaudited Financial Results for the First Half of Fiscal Year 2026

Financial Highlights for the Six Months Ended September 30, 2025

Total revenues were US$988,398 for the six months ended September 30, 2025, representing a decrease of 26.2% compared with the total revenues of US$1,339,496 for the six months ended September 30, 2024.

Gross profit was US$43,098 for the six months ended September 30, 2025, representing a decrease of 90.7% compared with our gross profit of US$462,610 for the six months ended September 30, 2024.

Operating loss was US$8,711,432 for the six months ended September 30, 2025, compared with operating income of US$161,765 for the six months ended September 30, 2024.

Net loss was US$8,582,742 for the six months ended September 30, 2025, compared with net income of US$131,911 for the six months ended September 30, 2024.

Financial Results for the Six Months Ended September 30, 2025

Revenues

Revenue was principally derived from the provision of design and fit out services, and design only services The table below sets forth the breakdown of revenue by service type for the periods indicated.

		For the six months ended September 30,
		2025				2024
		US$				US$
Design and fit out services			978,157				803,184
Design only services			10,241				536,312
Total			988,398				1,339,496

Design and fit out services comprise design services and interior fit-out services. Our interior fit-out services typically involve: (i) overall project management of the interior fit-out works involving implementation of the design, planning, coordinating, monitoring and supervising the project on-site all through from the beginning to completion and follow-up rectification of defects during the defects liability period; (ii) supervision of the construction and installation of interior fit-out works carried out by our subcontractors; (iii) procurement and supply of bespoke carpentry/joinery and integral furniture, fixtures and accessories; and (iv) maintenance of the interior fit-out works during the defects liability period for the projects which we undertake on an ad-hoc basis.

For design only services, our in-house designers understand the needs of individual customers and the industries they are engaged in, conceptualizing customers’ design ideas into layout plans, producing tailor-made interior design proposals to cater for individual customers’ industry needs and project documentation.

Overall revenue decreased by US$351,098 or 26.2% from US$1,339,496 for the six months ended September 30, 2024, compared to US$988,398 for the six months ended September 30, 2025, which was mainly attributable the combined effect of:

(i) the increase in revenue from design and fit out services for the six months ended September 30, 2025 to US$978,157, compare to US$803,184 for the six months ended September 30, 2024 was mainly due to the increase in number of projects for the six months ended September 30, 2025; and

(ii) the decrease in revenue from design only services from US$536,312 for the six months ended September 30, 2024 to US$10,241 for the six months ended September 30, 2025 was mainly due to the decrease in number of design only projects for the six months ended September 30, 2025.

Cost of Revenue

Cost of revenue amounted to US$876,886 and US$945,300 for the six months ended September 30, 2024 and 2025, respectively.

Due to the difference in nature, complexity and specification for each project, cost of revenue may vary among different projects. The increase was primarily due to (i) the increase in subcontracting costs on milling, painting and electrical works as a result of the increase in the number of projects undertaken during the period and (ii) the increase in cost of purchase of equipment, furniture and other materials on fit-out works in relation to non-residential projects.

Cost of revenue mainly comprised subcontracting costs, purchase of equipment, furniture and other materials, staff costs, consultancy fees and other miscellaneous costs. We engage subcontractors to perform fit-out works, including but not limited to milling, painting, electrical, air conditioning and other renovation works, on a project-by-project basis.

Cost of purchase of equipment, furniture and other materials mainly represented carpentry/joinery and integral furniture, fixtures and accessories procured on behalf of our clients.

Staff costs represented salaries of designers and project managers.

Consultancy fees represented fees payable to external project managers or other professional consultants.

Gross Profit

Gross profit amounted to US$462,610 and US$43,098 for the six months ended September 30, 2024 and 2025, respectively. We recorded overall gross profit margin of approximately 34.5% and 4.4% for the corresponding years, which was due to the decrease in revenue from design only services and increase in cost of revenue. The change in overall gross profit were in line with the change in our overall revenue during the years. Our gross profit and gross profit margin are mainly affected by factors including, among others, (i) size of projects with reference to the design area; (ii) scope of work; and (iii) complexity of the design and/or construction work.

Selling and Marketing expenses

Selling and marketing expenses mainly represent the advertising expenses in relation to our business promotion. Our Selling and marketing expenses were US$3,074 and US$142,646 for the six months ended September 30, 2024 and 2025, respectively, representing approximately 0.23% and 14.43% of the total revenue for the corresponding years, respectively. The increase was mainly attributable to the increase in corporate marketing and business development for the six months ended September 30, 2025. Marketing services include social media content preparation and promotion, website maintenance, market research and analysis, identification of potential customers and ongoing marketing advisory services. Selling and marketing expenses - share based compensation mainly represent the marketing expenses in relation to our business development, which were US$ Nil and US$7,820,000 for the six months ended September 30, 2024 and 2025

2

General and Administrative Expenses

Our general and administrative expenses were US$297,771 and US$791,884 for the six months ended September 30, 2024 and 2025 respectively, representing approximately 22.2% and 80.1% of the total revenue for the corresponding years, respectively. The increase was mainly attributable to the 1) increase in amortization of leased assets 2) depreciation of leasehold improvement and 3) increase in consultancy fees and professional fees for the six months ended September 30, 2025.

Staff costs and benefits mainly represented salaries, retirement benefit scheme contributions and employee benefits of the managerial and administrative staff.

Operating lease expenses primarily represent expenses incurred on the properties leased as our office.

Office expenses mainly represented building management fees, expenses on office supplies, cleaning, telephone charges and maintenance and repairs.

Transportation expenses represented the travelling expenses relating to the provision for design and fit out services incurred by administrative staff.

Information technology expenses represented expenses in relation to the use of photocopier and IT support services.

Professional fees mainly represented audit fees and legal and professional fees.

Other Expense and Income, net

Other income mainly represented (i) bank interest income; (ii) bank interest expense and (iii) other miscellaneous income.

Benefit from (Provision for) Income Taxes

We generated substantially all of our taxable income in Hong Kong.

Under the two-tiered profits tax rates regime in Hong Kong, the Hong Kong profits tax is calculated at 8.25% on the first HK$2 million of the estimated assessable profits and at 16.5% on the estimated assessable profits above HK$2 million.

Net (Loss) Income

Net income amounted to approximately US$131,911 for the six months ended September 30, 2024 and net loss amounted to approximately US$8,582,742 for the six months ended September 30, 2025, respectively.

3

MINT INCORPORATION LIMITED

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCES SHEETS

AS OF SEPTEMBER 30, 2025 AND MARCH 31, 2025

(Stated in US Dollars, except for number of shares)

		As of September 30, 2025 (Unaudited)				As of March 31, 2025 (Audited)
ASSETS
Current assets:
Cash and cash equivalents		$	4,090,170			$	4,520,241
Accounts receivable, net			184,797				654,209
Accounts receivable – related party, net			114,228				186,533
Contract assets, net			269,028				595,870
Loan receivable, net			508,659				127,181
Prepayments			280,887				476,022
Prepaid Income Tax			142,050				110,758
Deferred tax assets, net			267,209				174,915
Deposits and other current assets, net			92,689				85,272
Total current assets		$	5,949,717			$	6,931,001
Non-current assets:
Property and equipment, net			227,049				10,541
Operating lease right-of-use assets, net			131,485				178,865
Prepayments			327,221				455,148
Total non-current assets		$	685,755			$	644,554
TOTAL ASSETS		$	6,635,472			$	7,575,555
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	293,480			$	345,614
Bank Loan, current			105,817				103,692
Contract liabilities			17,498				4,499
Operating lease liabilities, current			112,352				95,130
Accrued liabilities and other payables			130,012				173,516
Total current liabilities		$	659,159			$	722,451
Non-current liabilities:
Bank loan, non-current			909,132				962,671
Operating lease liabilities, non-current			34,235				90,965
Total non-current liabilities		$	943,367			$	1,053,636
TOTAL LIABILITIES		$	1,602,526			$	1,776,087
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY
Class A ordinary shares of no par value, 252,000,000 shares authorized, 18,012,500 shares and 16,012,500 shares issued and outstanding as of September 30, 2025 and March 31, 2025 respectively		$	4,000			$	4,000
Class B ordinary shares of no par value, 28,000,000 shares authorized, 7,000,000 shares issued and outstanding as of September 30, 2025 and March 31, 2025 respectively			—				—
Additional paid-in capital			13,879,532				6,059,532
Accumulated losses			(8,851,885	)			(269,143	)
Accumulated other comprehensive  income			1,299				5,079
Total Shareholders’ Equity		$	5,032,946			$	5,799,468
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$	6,635,472			$	7,575,555

4

MINT INCORPORATION LIMITED

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

(Stated in US Dollars except for share and per share data, or otherwise noted)

		For the Six Months Ended September 30,
		2025				2024
		(Unaudited)				(Unaudited)
Revenues		$	988,398			$	1,123,575
Revenues – related party			—				215,921
Cost of revenues			(918,277	)			(876,886	)
Cost of revenues – related party			(27,023	)			—
Gross  profit			43,098				462,610
Operating expenses
Selling and marketing expenses			(142,646	)			(3,074	)
Selling and marketing expenses-share-based compensation			(7,820,000	)			—
General and administrative expenses			(791,884	)			(297,771	)
Total operating expenses			(8,754,530	)			(300,845	)
Operating (loss) income		$	(8,711,432	)		$	161,765
Other income (expense), net
Other income			12,930				1,153
Interest income			19,755				8,840
Interest income-related parties			19,783				—
Interest expense			(15,729	)			(17,254	)
Total other income (expenses), net			36,739				(7,261	)
(Loss) Income before income taxes			(8,674,693	)			154,504
Benefit from (Provision for) income taxes			91,951				(22,593	)
Net (loss) income		$	(8,582,742	)		$	131,911
Other comprehensive (loss) income
Foreign currency translation adjustment			(3,780	)			9,724
Total comprehensive (loss) income		$	(8,586,522	)		$	141,635
(Loss) Earning per share – basic and diluted		$	(0.35	)		$	0.01
Basic and diluted weighted average shares outstanding			24,673,702				21,000,000

5

About Mint:

Mint Incorporation Limited (NASDAQ: MIMI), a Hong-Kong based enterprise listed on NASDAQ, specializes in artificial intelligence (AI), robotics, and interior design. Through its subsidiary Axonex Intelligence Limited, the company delivers intelligent robotics and facility management solutions to enterprises, real estate, shopping centers, government agencies, and more. Mint also operates Matter International Limited, providing professional interior design and renovation services. With a focus on innovation and practical applications, Mint is committed to enhancing efficiency, safety, and quality of life across industries.

6

FAQ

How did Mint Incorporation Limited (MIMI) perform in the first half of fiscal 2026?

Mint reported a net loss of $8,582,742 for the six months ended September 30, 2025, versus net income of $131,911 a year earlier. The deterioration was driven by lower revenue, weaker gross margins, and a large share-based marketing expense.

What were Mint Incorporation Limited (MIMI) revenues for the six months ended September 30, 2025?

Mint generated total revenues of $988,398 for the six months ended September 30, 2025, down 26.2% from $1,339,496 a year earlier. The decline reflected reduced design-only services and changes in project mix across its interior design and fit-out operations.

Why did Mint Incorporation Limited (MIMI) swing to a large net loss?

Mint swung to a net loss of $8,582,742 mainly because operating loss reached $8,711,432, driven by $7,820,000 in selling and marketing share-based compensation and weaker gross profit. These factors offset modest other income and tax benefits in the period.

How did Mint Incorporation Limited’s (MIMI) gross margin change year over year?

Gross profit fell from $462,610 to $43,098, with gross margin declining from approximately 34.5% to 4.4%. The margin compression reflected higher cost of revenues and a shift away from higher-margin design-only services toward more cost-intensive fit-out projects.

What was Mint Incorporation Limited’s (MIMI) cash position as of September 30, 2025?

As of September 30, 2025, Mint held $4,090,170 in cash and cash equivalents. Total current assets were $5,949,717, while total liabilities were $1,602,526, leaving shareholders’ equity at $5,032,946 based on the unaudited balance sheet.

How much did Mint Incorporation Limited (MIMI) spend on selling and marketing in this period?

Selling and marketing expenses were $142,646 plus $7,820,000 of selling and marketing share-based compensation for the six months ended September 30, 2025. This compares to only $3,074 of selling and marketing expenses and no related share-based compensation a year earlier.

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 UNAUDITED FINANCIAL RESULTS AS OF AND FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 3 70.3 KB