Here are the 10-Q quarterly reports from QDM Intl Inc New (QDMID) 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 QDMID 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 QDMID filings page.
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.