Here are the 10-Q quarterly reports from QDM Intl Inc (QDMI) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow QDMI and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full QDMI filings page.
QDM International Inc., a Florida holding company operating an insurance brokerage and referral business in Hong Kong through YeeTah, reported strong growth for the quarter ended June 30, 2026. Revenue was $8.39 million, up 133.4% from $3.59 million a year earlier, driven by more insurance carriers, broader product offerings and additional referral partners.
Cost of sales rose faster than revenue as referral fee rates increased to a benchmark 50%, reducing gross margin from 70.8% to 50.8%. Net income grew 70.2% to $3.15 million, with basic and diluted EPS of $0.36. Cash and cash equivalents were $10.16 million, while prepaid referral fees expanded to $9.51 million. Operating cash flow was modest at $0.12 million, mainly due to working capital swings.
The company closed a small acquisition of Hong Kong broker MCM (now Hong Kong Wintah Insurance Broker Limited) for HK$2.2 million (approximately $280,000) and adopted a 2026 Equity Incentive Plan authorizing up to 1,295,427 shares. Management disclosed ongoing material weaknesses in internal control over financial reporting related to segregation of duties, documentation and lack of an audit committee, and outlined remediation plans.
International Inc. delivered strong growth for the quarter ended December 31, 2025. Revenue rose to $4.77 million from $1.58 million a year earlier, and net income increased to $1.27 million from $0.71 million. For the nine-month period, revenue reached $12.33 million versus $3.54 million, with net income of $2.35 million compared with $1.65 million.
Higher referral fee rates sharply increased cost of sales and reduced gross margin, though the company has since reset referral fees toward regulatory benchmarks. Cash and cash equivalents grew to $12.35 million, and shareholders’ equity increased to $10.38 million. The CEO holds super-voting Series B preferred stock reclassified as temporary equity, and management continues to report material weaknesses in internal controls while outlining remediation plans.
QDM International Inc. reported quarterly results for the period ended September 30, 2025. Revenue rose to $3,970,674 from $993,917 a year ago, but sharply higher referral-related costs lifted cost of sales to $4,946,977, driving a gross loss and a net loss of $1,113,358 (vs. net income of $488,706 last year). General and administrative expenses were $349,519.
For the six months, revenue reached $7,565,671 with net income of $1,082,947, reflecting stronger first-half performance. Cash and cash equivalents were $12,519,196 as of September 30, 2025, supported by $4,258,301 net cash from operating activities.
Management cited elevated referral fee rates of about 90% in the quarter; following Hong Kong Insurance Authority guidance adopting a 50% benchmark for certain referral fees effective October 1, 2025, QDM reduced referral fees to roughly 40%–50%. During the quarter, the company effected a 1‑for‑34 reverse stock split and its CEO converted 531,886 Series C preferred shares into 58,507 common shares. The company reported material weaknesses in disclosure controls and procedures and outlined remediation plans.