STAK Inc. (STAK) grows H1 2026 revenue but posts lower margin and EPS

Rhea-AI Filing Summary

STAK Inc. reported solid top-line growth but softer profitability for the first half of fiscal 2026, covering the six months ended December 31, 2025. Revenue rose to $19.2 million, up 13.41% from $17.0 million a year earlier, mainly from higher volumes and prices for specialized oilfield vehicles.

Gross profit stayed roughly flat at $5.2 million, but the gross margin slipped to 27.24% from 30.65% as production costs increased and the company used promotional pricing to expand its market. Operating expenses rose modestly, with general and administrative costs higher due to professional fees, while selling expenses declined and R&D grew slightly.

Net income eased to $1.8 million from $2.0 million, and basic and diluted earnings per share declined to $0.14 from $0.20. The business remained cash generative, producing $0.7 million of operating cash flow and ending the period with $1.9 million in cash against $7.6 million of short-term borrowings. Total assets were $29.3 million and shareholders’ equity $15.0 million.

Insights

Equity research analyst

Revenue grew double digits, but margins and EPS compressed as costs and fees rose.

STAK Inc. delivered a 13.41% revenue increase to $19.2 million, driven by higher volumes and pricing for specialized oilfield vehicles. However, the gross margin fell from 30.65% to 27.24% as new product costs and promotional pricing weighed on profitability.

Operating income dipped slightly to $2.1 million, with general and administrative expenses rising to $1.0 million on higher professional fees, partly offset by lower credit-loss provisions and commissions. Net income declined to $1.8 million and EPS to $0.14, while cash from operations of $0.7 million and total equity of $15.0 million indicate a still-stable balance sheet.

Short-term borrowings increased to $7.6 million, and inventories grew to $18.3 million, suggesting working capital remains an important area to track through subsequent half-year results. Future company filings may provide additional clarity on margin recovery as new equipment scales.

Key Figures

Revenue: $19.2 million Gross profit: $5.2 million Gross margin: 27.24% +5 more

8 metrics

Revenue $19.2 million First half fiscal 2026, up 13.41% year over year

Gross profit $5.2 million Six months ended December 31, 2025, roughly flat year over year

Gross margin 27.24% Six months ended December 31, 2025, down from 30.65%

Net income $1,816,911 Six months ended December 31, 2025, vs. $1,999,363 prior year

Earnings per share $0.14 Basic and diluted EPS for six months ended December 31, 2025

Operating cash flow $667,319 Net cash provided by operating activities, first half fiscal 2026

Short-term borrowings $7,568,889 As of December 31, 2025

Total shareholders’ equity $14,958,531 As of December 31, 2025

Key Terms

gross profit margin, deferred revenues, right-of-use assets, statutory reserve, +1 more

5 terms

gross profit margin financial

"Gross profit margin was 27.24% for the first half of fiscal year 2026, compared to 30.65% for the first half of fiscal year 2025."

Gross profit margin shows how much money a company keeps from sales after paying for the goods or services it sold. It’s like checking how much profit is left over from each dollar earned before covering other costs. A higher margin indicates the company makes more money from its sales, which helps assess its profitability and efficiency.

deferred revenues financial

"Deferred revenues | 744,094 | | | 1,164,334 |"

Deferred revenues are cash a company has received up front for goods or services it has not yet delivered; the company records this as a promise to fulfill an obligation later rather than as current earned sales. Investors care because deferred revenues show how much future work a firm must complete before that cash counts as profit, similar to buying a prepaid subscription or gift card that the seller still needs to honor.

right-of-use assets financial

"Right-of-use assets, net | 47,843 | | | 74,562 |"

Right-of-use assets are the rights a company gains to use a physical space or equipment under a lease agreement. They are recorded as assets on the company's balance sheet, reflecting the value of future benefits from the leased item. For investors, these assets provide a clearer picture of a company's obligations and resources related to leasing arrangements, helping to assess its financial health and operational commitments.

statutory reserve financial

"Statutory reserve | 672,402 | | | 672,402 |"

comprehensive income financial

"Total comprehensive income | $ | 2,058,785 | | | $ | 1,915,847 |"

Comprehensive income is the total change in a company’s value in a reporting period that comes from everyday operations plus other gains or losses not shown on the regular profit-and-loss statement. Think of net income as the visible money earned this year and comprehensive income as that money plus hidden adjustments—such as currency swings, unrealized gains or losses on investments, and pension revaluations—that also affect shareholders’ stake and help investors see the fuller financial picture.

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 May 2026

Commission File Number: 001-42535

STAK INC.

(Registrant’s Name)

Building 11, 8th Floor, No. 6 Beitanghe East Road, Tianning District

Changzhou, Jiangsu,

People’s Republic of China 213000

(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 ☐

EXHIBIT INDEX

Exhibit No.		Description
99.1		STAK Inc. Announces Unaudited Financial Results for the First Half of 2026

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: May 13, 2026

	STAK INC.
	By:	/s/ Chuanbo Jiang
	Name:	Chuanbo Jiang
	Title:	Chief Executive Officer

3

Exhibit 99.1

STAK Inc. ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE FIRST HALF OF 2026

First Half of Fiscal Year 2026 Financial Summary

●	Revenues were $19.2 million for the first half of fiscal year 2026, an increase of 13.41% from $17.0 million for the first half of fiscal year 2025.
●	Gross profit remained steady at $5.2 million for the first half of fiscal year 2025 and 2026.
●	Gross profit margin was 27.24% for the first half of fiscal year 2026, compared to 30.65% for the first half of fiscal year 2025.
●	Net income was $1.8 million for the first half of fiscal year 2026, compared to $2.0 million for the first half of fiscal year 2025.
●	Basic and diluted earnings per share were $0.14 for the first half of fiscal year 2026, compared to $0.20 for the first half of fiscal year 2025.

First Half 2026 Financial Results

Revenues

Our revenues for the six months ended December 31, 2025 and 2024 were $19.2 million and $17.0 million, respectively. The 13.41 % increase in revenues was mainly driven by the increase in order volumes and increase in sale prices of specialized oilfield vehicles. This increase was partially offset by the decrease in demand for sales of specialized oilfield equipment.

Cost of revenues

Cost of revenues consists primarily of manufacturing and purchase cost of raw materials, depreciation, maintenance, and other overhead expenses. Our cost of revenues increased by $2.2 million, or 18.99%, to $14.0 million for the six months ended December 31, 2025 from $11.8 million for the six months ended December 31, 2024. The increase in cost was mainly attributable to increase in sales volume for specialized oilfield vehicles.

Gross profit

Gross profit remained steady at $5.2 million for the six months ended December 31, 2025 and 2024. Gross profit margin decreased from 30.65% for the six months ended December 31, 2024 to 27.24% for the six months ended December 31, 2025. The decrease in gross profit margin was primarily driven by increase in production cost of newly developed vehicles and our promotional sales policy to expand the market. The gross profit remained steady mainly due to the decrease in unit profit margin was offset by an increase in sales volume.

Selling and marketing expenses

Our selling and marketing expenses consist primarily of commission.

Our selling and marketing expenses slightly decreased by $0.1 million, or 13.76% , to $0.5 million for the six months ended December 31, 2025 from $0.6 million for the six months ended December 31, 2024. The observed revenue expansion reflects our management team’s direct business development efforts rather than commission-based sales channels, thereby maintaining stable commission expenditure.

General and administrative expenses

Our general and administrative expenses consist primarily of professional fees, salaries and welfare expenses, provision for credit losses, and others, which primarily includes depreciation and amortization expenses and rental expenses.

Our general and administrative expenses increased by $0.2 million, or 27.27%, to $1.0 million for the six months ended December 31, 2025 from $0.8 million for the six months ended December 31, 2024, which attributed to the increase in professional fees of $0.7 million and was offset by an decrease of provision for credit losses $0.5 million.

Research and development expenses

Our research and development expenses consist primarily of (i) parts and materials in relation to testing materials; and (ii) design and development expenses, with new technology, materials and suppliers and other research and development related expenses for designing and testing.

Research and development expenses slightly increased by $0.1 million, or 2.69%, to $1.6 million for the six months ended December 31, 2025 from $1.5 million for the six months ended December 31, 2024. The increase in research and development expenses is mainly driven by the stage and scale of our equipment development.

Income tax expense

The People’s Republic of China enterprise income tax (the “EIT”) is calculated based on the taxable income determined under the applicable EIT Law and its implementation rules. Our income tax expense remained steady at $0.2 million for the six months ended December 31, 2025 and 2024.

Net income

As a result of the foregoing, we recorded net income of $1.8 million and $2.0 million for the six months ended December 31, 2025 and 2024, respectively.

About STAK Inc.

STAK Inc. is a fast-growing company specializing in the research, development, manufacturing, and sale of oilfield-specific production and maintenance equipment. The Company designs and manufactures oilfield-specialized production and maintenance equipment, then collaborates with qualified specialized vehicle manufacturing companies to integrate the equipment onto vehicle chassis, producing specialized oilfield vehicles for sale. Additionally, the Company sells oilfield-specialized equipment components, related products, and provides automation solutions. Its vision is to help oilfield services companies reduce costs and increase efficiency by providing the cutting-edge integrated oilfield equipment and automation solutions service. Its mission is to become a powerful provider for the niche markets of specialized oilfield vehicles and equipment in China. For more information, please visit the Company’s website at https://www.stakindustry.com/ir/.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “assesses,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the U.S. Securities and Exchange Commission.

For more information, please contact:

STAK Inc.

Investor Relations Department

Email: ir@stakindustry.com

Ascent Investor Relations LLC

Tina Xiao

Phone: +1-646-932-7242

Email: investors@ascent-ir.com

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

		Page
CONSOLIDATED FINANCIAL STATEMENTS
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2025 AND JUNE 30, 2025		F-2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED DECEMBER 31, 2025 AND 2024		F-3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED DECEMBER 31, 2025 AND 2024		F-4
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED DECEMBER 31, 2025 AND 2024		F-5

F-1

STAK INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Expressed in U.S. dollars, except for the number of shares)

		As of
		December 31, 2025				June 30, 2025
Assets
Current assets:
Cash and cash equivalents		$	1,923,399			$	1,022,625
Accounts receivable, net			2,980,649				1,988,785
Inventories			18,313,220				17,018,217
Advances to suppliers			771,306				562,473
Amounts due from a related party			-				87,472
Prepayments and other current assets, net			1,869,325				2,783,842
Total current assets			25,857,899				23,463,414
Non-current assets:
Property and equipment, net			274,938				293,023
Intangible assets, net			2,003,067				2,022,918
Right-of-use assets, net			47,843				74,562
Deferred tax assets			790,723				785,700
Other assets			369,816				114,888
Total non-current assets			3,486,387				3,291,091
Total assets		$	29,344,286			$	26,754,505
Liabilities and shareholder’s equity
Liabilities
Current liabilities:
Accounts payable		$	2,465,645			$	3,722,525
Deferred revenues			744,094				1,164,334
Amounts due to related parties			70,695				30,222
Accrued expenses and other current liabilities			1,140,148				1,116,014
Short-term borrowings			7,568,889				5,636,831
Operating lease liabilities, current			-				73,530
Income tax payable			1,967,290				1,692,519
Total current liabilities			13,956,761				13,435,975
Non-Current liabilities:
Long-term borrowing			428,994				418,784
Total non-current liabilities			428,994				418,784
Total liabilities		$	14,385,755			$	13,854,759
Commitments and contingencies
Shareholder’s equity
Class A ordinary shares (par value of $0.001 per share; 75,000,000 shares authorized; 4,010,349 shares issued and outstanding as of December 31, 2025 and June 30, 2025, respectively)			4,010				4,010
Class B ordinary shares (par value of $0.001 per share; 25,000,000 shares authorized; 9,200,000 shares issued and outstanding as of December 31, 2025 and June 30, 2025, respectively)			9,200				9,200
Additional paid in capital			12,157,104				12,157,104
Statutory reserve			672,402				672,402
Retained earnings			2,141,804				324,893
Accumulated other comprehensive loss			(25,989	)			(267,863	)
Total shareholders’ equity			14,958,531				12,899,746
Total liabilities and shareholder’s equity		$	29,344,286			$	26,754,505

F-2

STAK INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Expressed in U.S. dollars, except for number of shares)

		For the Six Months Ended December 31,
		2025				2024
Revenues		$	19,230,376			$	16,955,913
Cost of revenues			(13,992,367	)			(11,759,741	)
Gross profit			5,238,009				5,196,172
Operating expenses:
Selling and marketing expenses			(516,973	)			(599,471	)
General and administrative expenses			(1,026,832	)			(806,833	)
Research and development expenses			(1,584,450	)			(1,542,926	)
Total operating expenses			(3,128,255	)			(2,949,230	)
Operating income			2,109,754				2,246,942
Other (expense) income:
Interest expense, net			(105,896	)			(89,907	)
Other income, net			56,034				-
Government subsidies			-				17,006
Total other expense, net			(49,862	)			(72,901	)
Income before income tax expense			2,059,892				2,174,041
Income tax expense			(242,981	)			(174,678	)
Net income			1,816,911				1,999,363
Net income per ordinary share:
Earnings per share, basic and diluted		$	0.14			$	0.20
Weighted average number of shares outstanding, basic and diluted*			13,210,349				10,000,000
Net income		$	1,816,911			$	1,999,363
Foreign currency translation adjustments			241,874				(83,516	)
Total comprehensive income		$	2,058,785			$	1,915,847

* On June 13, 2025, the Company’s authorized share capital was increased (the “Increase of Authorized Share Capital”), and re-designated from US$50,000 divided into 50,000,000 ordinary shares of par value US$0.001 each to US$100,000 divided into 100,000,000 ordinary shares of per value US$0.001. All share and per share amounts presented in the accompanying consolidated financial statements have been retrospectively adjusted for all periods presented, unless otherwise indicated.

F-3

STAK INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Expressed in U.S. dollars, except for number of shares)

		Ordinary shares*								Additional paid-in				Statutory				Retained				Accumulated other comprehensive				Total shareholders’
		Shares				Amount				capital				reserves				earnings				loss				equity
Balance as of July 1, 2024			10,000,000			$	10,000			$	4,249,517			$	672,402			$	6,037,573			$	(388,543	)		$	10,580,949
Net income			-				-				-				-				1,999,363				-				1,999,363
Appropriation to statutory reserve			-				-				-				205,419				(205,419	)			-				-
Foreign currency translation adjustments			-				-				-				-				-				(83,516	)			(83,516	)
Balance as of December 31, 2024 (unaudited)			10,000,000			$	10,000			$	4,249,517			$	877,821			$	7,831,517			$	(472,059	)		$	12,496,796

* On June 13, 2025, the Company’s authorized share capital was increased (the “Increase of Authorized Share Capital”), and re-designated from US$50,000 divided into 50,000,000 ordinary shares of par value US$0.001 each to US$100,000 divided into 100,000,000 ordinary shares of per value US$0.001. All share and per share amounts presented in the accompanying consolidated financial statements have been retrospectively adjusted for all periods presented, unless otherwise indicated.

		Class A ordinary shares								Class B ordinary shares								Additional paid-in				Statutory				Retained				Accumulated other comprehensive				Total shareholders’
		Shares				Amount				Shares				Amount				capital				reserves				earnings				loss				equity
Balance as of July 1, 2025			4,010,349			$	4,010				9,200,000			$	9,200			$	12,157,104			$	672,402			$	324,893			$	(267,863	)		$	12,899,746
Net income			-				-				-				-				-				-				1,816,911				-				1,816,911
Foreign currency translation adjustments			-				-				-				-				-				-				-				241,874				241,874
Balance as of December 31, 2025 (unaudited)			4,010,349			$	4,010				9,200,000			$	9,200			$	12,157,104			$	672,402			$	2,141,804			$	(25,989	)		$	14,958,531

F-4

STAK INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Expressed in U.S. dollars)

		For the Six Months Ended December 31,
		2025				2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		$	1,816,911			$	1,999,363
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses			23,608				524,509
Depreciation of property and equipment			24,765				166,058
Amortization of intangible assets			67,900				2,538
Amortization of operating lease right-of-use asset			28,012				9,624
Deferred income tax			13,785				(125,305	)
Changes in operating assets and liabilities:
Accounts receivable			(976,367	)			(5,791,039	)
Advance to suppliers			(192,276	)			1,355,963
Inventories			(863,885	)			(5,231,547	)
Amounts due from/due to related parties			130,432				66,712
Prepaid expenses and other current assets			936,875				73,201
Other assets			(253,510	)			35,512
Accounts payable			221,333				6,037,020
Deferred revenues			(440,372	)			-
Income tax payable			229,196				299,996
Accrued expenses and other current liabilities			(25,152	)			(421,174	)
Operating lease liabilities			(73,936	)			-
Net cash provided by (used in) operating activities		$	667,319			$	(998,569	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment			-				(3,082	)
Proceeds received from disposal of property and equipment			506,471				-
Loans to third parties			(640,072	)			(209,010	)
Collection of loans to third parties			167,036				350,022
Net cash provided by investing activities		$	33,435			$	137,930
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from short-term bank loans			2,196,738				2,424,513
Repayments of short-term bank loans			(1,979,310	)			(1,741,748	)
Repayments of long-term bank loans			-				(118,439	)
Net cash provided by financing activities		$	217,428			$	564,326
Effect of exchange rate changes on cash and cash equivalents			(17,408	)			(1,319	)
Net increase (decrease) in cash and cash equivalents			900,774				(297,632	)
Cash and cash equivalents, at beginning of the period			1,022,625				658,154
Cash and cash equivalents, at the end of the period		$	1,923,399			$	360,522
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid			106,103				90,523
Income taxes paid			-				-
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:
Addition of right-of-use assets			-				105,760
Reclassification of accounts payables into supplier finance obligations			1,544,173				-

F-5

FAQ

How did STAK (STAK) perform in revenue for the first half of fiscal 2026?

STAK reported first-half fiscal 2026 revenue of $19.2 million, up 13.41% from $17.0 million a year earlier. Growth was mainly driven by higher order volumes and increased sales prices for its specialized oilfield vehicles.

What were STAK (STAK) net income and EPS for the six months ended December 31, 2025?

For the six months ended December 31, 2025, STAK generated net income of $1.8 million, down from $2.0 million in the prior-year period. Basic and diluted earnings per share were $0.14, compared with $0.20 a year earlier.

How did STAK (STAK) gross margin change year over year in first-half 2026?

STAK’s gross profit margin declined to 27.24% for the first half of fiscal 2026, from 30.65% a year earlier. Management attributes this mainly to higher production costs for new vehicles and promotional pricing used to expand its market.

What is STAK (STAK) cash position and debt level as of December 31, 2025?

As of December 31, 2025, STAK held $1.9 million in cash and cash equivalents, up from $1.0 million at June 30, 2025. Short-term borrowings totaled $7.6 million and long-term borrowing was about $0.4 million, shaping its near-term funding profile.

What operating cash flow did STAK (STAK) generate in the first half of fiscal 2026?

STAK generated $667,319 of net cash from operating activities in the six months ended December 31, 2025. This compares with negative operating cash flow of $998,569 in the prior-year period, reflecting improved working capital movements and continued profitability.

How strong is STAK (STAK) balance sheet in terms of assets and equity?

STAK reported total assets of $29.3 million and shareholders’ equity of $15.0 million as of December 31, 2025. Total liabilities were $14.4 million, indicating the company is roughly balanced between debt and equity funding at this reporting date.

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