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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. is conducting a firm commitment public offering of 1,250,000 shares of common stock, with an estimated public offering price between $4.00 and $5.00 per share. The shares currently trade on the OTCQB under the symbol QDMI, and the company has applied to list its common stock on Nasdaq under the same symbol in connection with this offering.
QDM is a Florida holding company whose business is conducted through its Hong Kong insurance brokerage subsidiary, YeeTah, which primarily sells life and medical insurance products and earns commissions from insurers. Net proceeds are estimated at approximately $4.4 million at a $4.50 per share price and are expected to be used for expanding service offerings, marketing and branding, new hires, and general working capital. The prospectus highlights significant risks, including heavy dependence on a small number of insurance company partners, extensive regulation in Hong Kong, political and regulatory uncertainty involving Hong Kong and the PRC, concentrated control by the CEO, who holds about 99% of the voting power, and potential impacts from PRC and U.S. regulatory regimes that could affect the business or trading of the stock.
QDM International Inc. reported that it entered into a new employment agreement with its Chief Executive Officer, Huihe Zheng, effective December 11, 2025. Under the agreement, Mr. Zheng receives an annual base salary of $300,000 and is eligible to participate in the company’s equity incentive plans and other benefits as determined by the board.
The contract grants Mr. Zheng a one-time special bonus of $700,000 within 60 days of the agreement’s effective date for past performance, plus a one-time special bonus of $300,000 to be paid within 60 days after the company uplists to The Nasdaq Stock Market LLC. The agreement runs for an initial three-year term with automatic one-year renewals unless either party gives at least 30 days’ notice of non-renewal.
The agreement outlines termination rights and severance protections, including cause and no-cause terminations, and change-of-control severance that provides a lump-sum payment equal to one month of base salary and a pro-rated annual bonus. It also includes confidentiality, non-competition, and non-solicitation covenants.
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.