SU Group revenue falls 20% to HK$86.3M in first half
Cash and cash equivalents were HK$28.7 million at March 31, 2026, and working capital was approximately HK$58.6 million.
Sentiment and the balance of points
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Rhea-AI Filing Summary
SU Group Holdings Ltd (symbol: SUGP) is the issuer of record for a Form 6-K filing submitted to the SEC. SU Group Holdings Limited reported unaudited and unreviewed results for the six months ended March 31, 2026, with revenue of HK$86.3 million, down 20.0% from HK$107.9 million a year earlier. Project and maintenance revenue fell from HK$65.1 million to HK$44.0 million; security guarding and screening revenue was HK$40.9 million, compared with HK$40.5 million.
Gross profit was HK$17.8 million, versus HK$22.0 million, while gross margin was 20.7%, compared with 20.3%. Selling, general and administrative expenses fell to HK$21.0 million from HK$24.9 million. Operating loss narrowed to HK$3.9 million from HK$4.7 million, and net loss attributable to ordinary shareholders was HK$4.2 million versus HK$4.5 million.
Cash and cash equivalents were HK$28.7 million at March 31, 2026, compared with HK$25.4 million at September 30, 2025; working capital was approximately HK$58.6 million, versus HK$62.1 million at fiscal year-end. In September 2026, HDX awarded the company an exclusive distributorship of its TRACELINE™ PX3 Portable X-Ray System, making SU Group the sole authorized distributor in Hong Kong and Macau.
How this balance works
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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointOperating loss narrowed to HK$3.9 million from HK$4.7 million for the six months ended March 31, 2026.
Negative
- Moderate pointRevenue fell 20.0% to HK$86.3 million for the six months ended March 31, 2026.
Filing Explained
The six-month results are unaudited and unreviewed; per-share figures were adjusted retroactively for the share consolidation completed on
Key Figures
Key Terms
contract assets financial
contract liabilities financial
restricted cash financial
FAQ
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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 September 2026
Commission File Number: 001-41927
SU Group Holdings Limited
(Registrant’s Name)
7th Floor,
The Rays
No. 71 Hung To Road, Kwun Tong
Kowloon, Hong Kong
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
SU Group Holdings Limited, a Cayman Islands exempted company (the “Company”) is furnishing this Form 6-K to report its unaudited and unreviewed interim financial results for the six months ended March 31, 2026. The unaudited and unreviewed interim condensed consolidated financial statements for the six months ended March 31, 2026 are furnished as Exhibit 99.1 to this Report. The Company has also issued a press release announcing its interim financial results, a copy of which is furnished as Exhibit 99.2 to this Report.
EXHIBIT INDEX
Exhibit |
|
Description of Exhibit |
99.1 |
|
Unaudited and Unreviewed Interim Condensed Consolidated Financial Statements for the Six Months Ended March 31, 2026 |
|
|
|
99.2 |
|
Press Release dated September 29, 2026 - SU Group Narrows First-Half Operating Loss, Executes on Long-Term Strategy |
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.
|
SU GROUP HOLDINGS LIMITED | |
|
|
|
Date: September 29, 2026 |
By: |
/s/ Chan Ming Dave |
|
|
Chan Ming Dave |
|
|
Chief Executive Officer |
Exhibit 99.1
Results
for the Six Months Ended March 31, 2026 in Connection with the Unaudited and Unreviewed Interim
Condensed Consolidated Financial Statements for the Six Months Ended March 31, 2026
Recent Developments
In September 2026, the Company was awarded an exclusive distributorship of TRACELINE™ PX3 Portable X-Ray System (“PX3”) by HDX. The Company became the sole authorized distributor of HDX’s flagship portable X-ray system in Hong Kong and Macau. The PX3 is built for explosive ordnance disposal, technical surveillance counter-measures, fire investigation, and industrial non-destructive testing, all mission-critical fields where reliability commands a premium.
Results for the Six Months Ended March 31, 2026
Revenues
Our revenues decreased by approximately HK$21.6 million, or 20.0%, from approximately HK$107.9 million for the six months ended March 31, 2025 to approximately HK$86.3 million for the six months ended March 31, 2026. The decrease was mainly due to a decrease in revenues from project and maintenance of HK$21.1 million.
Our revenues from project and maintenance decreased by HK$21.1 million, or 32.3%, from HK$65.1 million for the six months ended March 31, 2025 to HK$44.0 million for the six months ended March 31, 2026. The decrease was mainly attributable to the change in contract size mix of project and maintenance performed. Certain revenues for the six months ended March 31, 2025 were contributed by several projects with larger revenues recognized, including one project of over HK$17 million, one project of over HK$8 million, one project of over HK$2 million, and seven projects of over HK$1 million. Comparatively, certain revenues for the six months ended March 31, 2026 were contributed by less projects with larger revenues recognized, including one project of over HK$4 million, one project of over HK$2 million, and four projects of over HK$1 million.
Our revenues from provision of security guarding and screening services maintained stable at HK$40.9 million for the six months ended March 31, 2026 compared to HK$40.5 million for the six months ended March 31, 2025.
Our revenues from equipment leasing decreased by HK$0.9 million, or 36.9%, from HK$2.3 million for the six months ended March 31, 2025 to HK$1.4 million for the six months ended March 31, 2026. The decrease was mainly because the equipment leasing agreements of certain customers had expired, and we offered rental terms more preferential to the customers choosing to renew the agreements upon the expiry of original lease term.
Cost of Revenues
Our cost of revenues decreased by HK$17.5 million, or 20.3%, from HK$86.0 million for the six months ended March 31, 2025 to HK$68.5 million for the six months ended March 31, 2026 mainly due to change in contract size mix of the security-related engineering services performed, causing less sizable projects being recognized during the six months ended March 31, 2026 and thus, less cost of revenues being recognized.
Gross Profit
Our gross profit decreased by HK$4.2 million, or 18.8%, from HK$22.0 million for the six months ended March 31, 2025 to HK$17.8 million for the six months ended March 31, 2026, mainly resulting from the decrease in revenues. The gross profit margin maintained stable at 20.7% for the six months ended March 31, 2026 compared to 20.3% for the six months ended March 31, 2025.
Selling, general and administrative expenses
Our selling, general and administrative expenses decreased by HK$4.0 million, or 15.9%, from HK$24.9 million for the six months ended March 31, 2025 to HK$21.0 million for the six months ended March 31, 2026. The decrease was mainly due to (i) a decrease in non-employee share-based compensation from HK$5.2 million for the six months ended March 31, 2025 to HK$2.0 million for the six months ended March 31, 2026, since the Company carried out less marketing research and investor-searching activities during the six months ended March 31, 2026; (ii) a decrease in employee share-based compensation from HK$2.4 million for the six months ended March 31, 2025 to HK$1.8 million for the six months ended March 31, 2026; and (iii) a decrease in legal and professional fees from HK$2.1 million for the six months ended March 31, 2025 to HK$0.7 million for the six months ended March 31, 2026. The decrease was partially net off by an increase in administrative payroll costs from HK$7.7 million for the six months ended March 31, 2025 to HK$9.3 million for the six months ended March 31, 2026 mainly triggered by annual salary adjustment and change in headcounts.
Losses on disposal of property and equipment
Our losses on disposal of property and equipment decreased by HK$1.0 million, or 56.0%, from HK$1.8 million for the six months ended March 31, 2025 to HK$0.8 million for the six months ended March 31, 2026, mainly due to a decrease in the number of X-ray machines disposed from seven during the six months ended March 31, 2025 to four during the six months ended March 31, 2026.
Other income
Our other income decreased by HK$0.3 million, or 48.6%, from HK$0.7 million for the six months ended March 31, 2025 to HK$0.4 million for the six months ended March 31, 2026. The decrease was mainly due to a decrease in interest income from bank deposits.
Finance expenses
Our finance expenses decreased by HK$143,397, or 96.2%, from HK$149,000 for the six months ended March 31, 2025 to HK$5,603 for the six months ended March 31, 2026 due to reduction in utilization of the banking facilities.
Income tax expenses
Our income tax expenses increased by HK$0.3 million, or 89.9%, from HK$0.4 million for the six months ended March 31, 2025 to HK$0.7 million for the six months ended March 31, 2026. The increase was mainly due to an increase in income before income tax and assessable profits of certain subsidiaries.
Net loss
As a result of the foregoing, our net loss maintained stable at HK$4.2 million for the six months ended March 31, 2026 compared to HK$4.5 million for the six months ended March 31, 2025.
Reclassification
Certain unbilled trade receivables previously presented as contract assets, net have been reclassified to trade receivables, net in the comparative consolidated balance sheets to conform to the current year’s presentation. The reclassification was made between line items within current assets and had no impact on total current assets, total assets, liabilities, shareholders’ equity, or cash flows as previously reported. The reclassification had no effect on net income (loss) of any period presented.
Convenience translation
Our reporting currency is HK$. The unaudited and unreviewed condensed consolidated financial statements as of and for the period ended March 31, 2026 have been translated into U.S. dollars (“US$”) solely for the convenience of the readers. The translation has been made at the rate of US$1.00 = HK$7.8357, representing the close rate on March 31, 2026 as set forth in the statistical release of Yahoo.com. No representation is made that the HK$ amounts represent or could have been, or could be, converted, realized or settled into US$ at that rate, or at any other rates.
SU
GROUP HOLDINGS LIMITED
UNAUDITED AND UNREVIEWED CONDENSED CONSOLIDATED BALANCE SHEETS
| As
of September 30, 2025 |
As
of March 31, 2026 (Unaudited and Unreviewed) |
As
of March 31, 2026 (Unaudited and Unreviewed) |
||||||||||
| HK$ | HK$ | US$ | ||||||||||
| Assets | ||||||||||||
| Current assets | ||||||||||||
| Cash and cash equivalents | 25,354,528 | 28,651,212 | 3,656,497 | |||||||||
| Trade receivables, net | 34,247,307 | 34,221,178 | 4,367,342 | |||||||||
| Inventories, net | 25,770,281 | 18,561,486 | 2,368,836 | |||||||||
| Prepaid expenses and other current assets | 5,423,335 | 4,526,538 | 577,681 | |||||||||
| Retention receivables, net | 3,729,411 | 2,756,843 | 351,831 | |||||||||
| Prepaid income tax | 1,654,240 | — | — | |||||||||
| Total current assets | 96,179,102 | 88,717,257 | 11,322,187 | |||||||||
| Non-current assets | ||||||||||||
| Property and equipment, net | 6,810,456 | 5,205,303 | 664,306 | |||||||||
| Intangible assets, net | 194,100 | 604,900 | 77,198 | |||||||||
| Goodwill | 1,271,160 | 1,271,160 | 162,227 | |||||||||
| Restricted cash | 9,890,171 | 10,111,578 | 1,290,450 | |||||||||
| Prepaid expenses and other non-current assets | 3,448,366 | 2,986,966 | 381,200 | |||||||||
| Deferred offering expenses | 155,763 | 2,058,550 | 262,714 | |||||||||
| Operating lease right-of-use assets, net | 6,041,643 | 5,102,052 | 651,129 | |||||||||
| Investment in key management insurance policy | 1,343,929 | 1,389,949 | 177,387 | |||||||||
| Deferred tax assets | 613,415 | 736,320 | 93,970 | |||||||||
| Total non-current assets | 29,769,003 | 29,466,778 | 3,760,581 | |||||||||
| TOTAL ASSETS | 125,948,105 | 118,184,035 | 15,082,768 | |||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
| Current liabilities | ||||||||||||
| Trade payables | 7,646,188 | 6,324,678 | 807,162 | |||||||||
| Notes payables | 1,957,870 | 1,484,395 | 189,440 | |||||||||
| Other payables | 1,883,981 | 561,014 | 71,597 | |||||||||
| Accrued payroll and welfare | 9,323,383 | 9,682,055 | 1,235,634 | |||||||||
| Operating lease liabilities – current | 1,976,643 | 2,039,968 | 260,343 | |||||||||
| Income tax payable | — | 201,806 | 25,755 | |||||||||
| Contract liabilities | 11,340,672 | 9,862,022 | 1,258,601 | |||||||||
| Total current liabilities | 34,128,737 | 30,155,938 | 3,848,532 | |||||||||
| Non-current liabilities | ||||||||||||
| Operating lease liabilities – non-current | 3,540,340 | 2,504,275 | 319,598 | |||||||||
| Other payables – non-current | 1,362,306 | 1,124,850 | 143,555 | |||||||||
| Other liabilities | 766,000 | 674,000 | 86,017 | |||||||||
| Total non-current liabilities | 5,668,646 | 4,303,125 | 549,170 | |||||||||
| Total liabilities | 39,797,383 | 34,459,063 | 4,397,702 | |||||||||
| Commitments and contingencies | ||||||||||||
| Shareholders’ equity | ||||||||||||
| Class A ordinary shares (par value of HK$0.5 per share; 149,819,664 ordinary shares authorized and 112,636 and 112,636 ordinary shares issued and outstanding as of September 30, 2025 and March 31, 2026, respectively.) * | 56,309 | 56,309 | 7,186 | |||||||||
| Class B ordinary shares (par value of HK$0.5 per share; 180,336 ordinary shares authorized and 180,336 and 180,336 ordinary shares issued and outstanding as of September 30, 2025 and March 31, 2026, respectively.) * | 90,168 | 90,168 | 11,507 | |||||||||
| Additional paid-in capital | 53,163,910 | 54,977,878 | 7,016,333 | |||||||||
| Retained earnings | 32,840,335 | 28,600,617 | 3,650,040 | |||||||||
| Total SU Group Holdings Limited shareholders’ equity and total shareholders’ equity | 86,150,722 | 83,724,972 | 10,685,066 | |||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 125,948,105 | 118,184,035 | 15,082,768 | |||||||||
| * | The share amounts and per share data are presented on a retroactive basis, giving effect to the completion of the share consolidation on August 6, 2026. |
SU
GROUP HOLDINGS LIMITED
UNAUDITED AND UNREVIEWED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
| For the Six Months Ended March 31, | ||||||||||||
| 2025 | 2026 (Unaudited and Unreviewed) |
2026 (Unaudited and Unreviewed) |
||||||||||
| HK$ | HK$ | US$ | ||||||||||
| Revenues | 107,912,380 | 86,344,444 | 11,019,366 | |||||||||
| Cost of revenues | (85,953,617) | (68,514,067) | (8,743,835) | |||||||||
| Gross profit | 21,958,763 | 17,830,377 | 2,275,531 | |||||||||
| Operating expenses | ||||||||||||
| Selling, general and administrative expenses | (24,921,087) | (20,970,287) | (2,676,249) | |||||||||
| Losses on disposal of property and equipment | (1,772,107) | (778,900) | (99,404) | |||||||||
| Loss from operations | (4,734,431) | (3,918,810) | (500,122) | |||||||||
| Other income (expenses) | ||||||||||||
| Other income | 715,730 | 367,787 | 46,937 | |||||||||
| Finance expenses | (149,000) | (5,603) | (715) | |||||||||
| Total other income, net | 566,730 | 362,184 | 46,222 | |||||||||
| Loss before income tax expenses | (4,167,701) | (3,556,626) | (453,900) | |||||||||
| Income tax expenses | (359,767) | (683,092) | (87,177) | |||||||||
| Net loss attributable to SU Group Holdings Limited’s ordinary shareholders | (4,527,468) | (4,239,718) | (541,077) | |||||||||
| Net loss per share | ||||||||||||
| Basic and diluted * | (15.45) | (14.47) | (1.85) | |||||||||
| Weighted average number of shares | ||||||||||||
| Basic and diluted * | 292,972 | 292,972 | 292,972 | |||||||||
| * | The share amounts and per share data are presented on a retroactive basis, giving effect to the completion of the share consolidation on August 6, 2026. |
Exhibit 99.2
SU Group Narrows First-Half Operating Loss, Executes on Long-Term Strategy
● Business Momentum Led by Public-Sector Awards Across Healthcare, Cultural and Border Infrastructure
● Product Partnerships and Training Expand Reach
● Proposed Acquisition to Add New Enhanced Safety Capabilities
HONG KONG, September 29, 2026 – SU Group Holdings Limited (Nasdaq: SUGP) (“SU Group” or the “Company”), an integrated security-related services company in Hong Kong, today announced its unaudited and unreviewed financial results for the six months ended March 31, 2026. The Company intends to file its results for the period with the U.S. Securities and Exchange Commission on Form 6-K. The Company noted that on a year over year basis, the adverse impact of fewer large engineering projects in the most recent period led to a decline in revenue, while its operating discipline drove an improvement in gross margin, a narrowed operating loss and an increase in cash from the fiscal year-end balance.
SU Group’s Chairman and CEO, Dave Chan, commented, “The first half had fewer large engineering projects, but our operating discipline and stabile guarding and screening business helped us deliver a narrowed operating loss. Our confidence remains higher in the second half of the year led by momentum in our new projects and expanded addressable market. Since March, an HK$18.8 million follow-on hospital award has brought the disclosed value of our work on that project to HK$107.3 million. We have also won public-sector work and added specialized products and training capabilities. Executing those already announced awards, securing new public-sector work , and serving customers with a wider range of solutions are our priorities.”
SU Group’s Chief Financial Officer, Calvin Kong, noted, “Gross margin remained healthy at 20.7% and selling, general and administrative expenses fell 15.9%, helping offset the lower engineering volume. Cash rose to HK$28.7 million at March 31, 2026 from HK$25.4 million at fiscal year-end. As the new awards move through delivery, we will stay focused on project margins, working capital and cash conversion.”
Financial Results for the Six Months Ended March 31, 2026
Revenue decreased HK$21.6 million, or 20.0%, from HK$107.9 million in the prior-year period to HK$86.3 million (US$11.0 million). Project and maintenance revenue decreased from HK$65.1 million to HK$44.0 million, primarily reflecting the adverse impact of fewer large engineering projects in the current period. Security guarding and screening revenue was HK$40.9 million, compared with HK$40.5 million. Equipment leasing revenue declined to HK$1.4 million from HK$2.3 million as some leases expired and customers renewing received more favorable terms.
Cost of revenues declined 20.3% to HK$68.5 million (US$8.7 million), reflecting the change in engineering project mix. Gross profit was HK$17.8 million (US$2.3 million), compared with HK$22.0 million, while gross margin improved to 20.7% from 20.3%.
Selling, general and administrative expenses fell 15.9% to HK$21.0 million (US$2.7 million) from HK$24.9 million. Lower share-based compensation and legal and professional fees more than offset higher administrative payroll costs. Losses on disposal of property and equipment declined to HK$0.8 million from HK$1.8 million, as fewer X-ray machines were disposed of.
Operating loss narrowed to HK$3.9 million (US$0.5 million) from HK$4.7 million. Net loss attributable to ordinary shareholders narrowed to HK$4.2 million (US$0.5 million), or HK$14.47 per share, from HK$4.5 million, or HK$15.45 per share. Per-share amounts reflect the share consolidation completed on August 6, 2026 on a retroactive basis.
Cash and cash equivalents were HK$28.7 million (US$3.7 million) at March 31, 2026, up from HK$25.4 million at September 30, 2025. Working capital was approximately HK$58.6 million (US$7.5 million), compared with HK$62.1 million at fiscal year-end.
Recent Developments
Since March 31, 2026, and not included in the six-month results, SU Group has successfully added significant public-sector work, broadened its product portfolio and expanded its training reach. The largest disclosed award was a follow-on hospital contract, with several new distribution agreements that open additional markets expected to contribute to the Company’s future growth.
| ● | Proposed Acquisition Could Add Complementary Capabilities: |
| - | In September, a SU Group subsidiary agreed to acquire KM Safety Solution Company Limited for HK$5.6 million in cash. KM’s safety consultancy work and Hong Kong distribution rights for intelligent emergency lighting controls could complement SU Group’s existing offering. The transaction is subject to due diligence, required approvals and other closing conditions, and completion is not assured. |
| ● | Public-Sector Projects Deepen an Established Customer Base: |
| - | A HK$18.8 million (approximately US$2.4 million) follow-on award expanded SU Group’s work on a major hospital project to a combined HK$107.3 million (US$13.7 million) in disclosed contracts. The new scope covers nurse call, power quality and lighting management systems, adding to the Company’s role in essential healthcare infrastructure. |
| - | The Company also won a government-linked security contract valued at more than US$1 million for a Hong Kong cultural facility, covering CCTV, communications, access control and water-leak detection; it said at the time that revenue was expected to be recognized by the end of 2026. At the new Huanggang Port border crossing, SU Group was awarded the supply and installation of six under-vehicle surveillance systems. A separate Civil Aviation Department contract calls for AI- and IoT-enabled site-safety systems at four navigation-station construction sites. |
| ● | New Distribution Rights Extend the Security and Safety Portfolio: |
| - | SU Group secured exclusive Hong Kong and Macau distribution rights for HDX’s TRACELINE™ PX3 Portable X-Ray System, designed for specialized uses including explosive ordnance disposal and fire investigation. In Macao, its subsidiary obtained exclusive rights to GLM’s Inspec Spider, a robotic system for inspecting high-mast lighting from ground level. |
| - | A distribution agreement with GEZE added automatic door, window, smoke and heat extraction, and other smart-building technologies. SU Group also partnered with Seetrue Screening Ltd. to offer AI-powered X-ray screening in Hong Kong and Macau; compatibility with existing X-ray machines gives the Company a way to approach current as well as new customers. These agreements broaden what SU Group can offer alongside its engineering services, although future sales depend on customer adoption. |
| ● | Training Gains a Wider Audience: |
| - | Fortune Jet became the first provider in Hong Kong approved to deliver recognized QASRS security training in English, Cantonese and Mandarin, widening access for candidates seeking to apply for a Security Personnel Permit. It also signed a three-party memorandum of understanding to develop training, certification and practical-experience services across Shenzhen, Hong Kong and Macau. That cross-border program remains a planned collaboration. |
About SU Group Holdings Limited
SU Group (Nasdaq: SUGP) is an integrated security-related services company providing security-related engineering services, security guarding and screening services, and related vocational training in Hong Kong. Through its subsidiaries, it designs, supplies, installs and maintains security systems for private- and public-sector customers. For more information, visit www.sugroup.com.hk.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about the planned Form 6-K filing, the Company’s strategy, the PX3 distribution opportunity and future sales and project execution. These statements reflect current expectations and are subject to risks and uncertainties that could cause actual results to differ materially. These include the risks described in the Company’s filings with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date of this release. The Company undertakes no obligation to update them except as required by law.
Contact:
Global IR Partners
David Pasquale
Phone: +1 914-337-8801
Email: SUGP@globalirpartners.com
(Financial Tables Follow)
SU GROUP HOLDINGS LIMITED
UNAUDITED AND UNREVIEWED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
| For the Six Months Ended March 31, | ||||||||||||
| 2025 | 2026 (Unaudited and | 2026 (Unaudited and | ||||||||||
| HK$ | HK$ | US$ | ||||||||||
| Revenues | 107,912,380 | 86,344,444 | 11,019,366 | |||||||||
| Cost of revenues | (85,953,617 | ) | (68,514,067 | ) | (8,743,835 | ) | ||||||
| Gross profit | 21,958,763 | 17,830,377 | 2,275,531 | |||||||||
| Operating expenses | ||||||||||||
| Selling, general and administrative expenses | (24,921,087 | ) | (20,970,287 | ) | (2,676,249 | ) | ||||||
| Losses on disposal of property and equipment | (1,772,107 | ) | (778,900 | ) | (99,404 | ) | ||||||
| Loss from operations | (4,734,431 | ) | (3,918,810 | ) | (500,122 | ) | ||||||
| Other income (expenses) | ||||||||||||
| Other income | 715,730 | 367,787 | 46,937 | |||||||||
| Finance expenses | (149,000 | ) | (5,603 | ) | (715 | ) | ||||||
| Total other income, net | 566,730 | 362,184 | 46,222 | |||||||||
| Loss before income tax expenses | (4,167,701 | ) | (3,556,626 | ) | (453,900 | ) | ||||||
| Income tax expenses | (359,767 | ) | (683,092 | ) | (87,177 | ) | ||||||
| Net loss attributable to SU Group Holdings Limited’s ordinary shareholders | (4,527,468 | ) | (4,239,718 | ) | (541,077 | ) | ||||||
| Net loss per share | ||||||||||||
| Basic and diluted * | (15.45 | ) | (14.47 | ) | (1.85 | ) | ||||||
| Weighted average number of shares | ||||||||||||
| Basic and diluted * | 292,972 | 292,972 | 292,972 | |||||||||
| * | The share amounts and per share data are presented on a retroactive basis, giving effect to the completion of the share consolidation on August 6, 2026. |
SU GROUP HOLDINGS LIMITED
UNAUDITED AND UNREVIEWED CONDENSED CONSOLIDATED BALANCE SHEETS
| As of September 30, 2025 | As of March 31, 2026 (Unaudited and Unreviewed) | As of March 31, 2026 (Unaudited and Unreviewed) | ||||||||||
| HK$ | HK$ | US$ | ||||||||||
| Assets | ||||||||||||
| Current assets | ||||||||||||
| Cash and cash equivalents | 25,354,528 | 28,651,212 | 3,656,497 | |||||||||
| Trade receivables, net | 34,247,307 | 34,221,178 | 4,367,342 | |||||||||
| Inventories, net | 25,770,281 | 18,561,486 | 2,368,836 | |||||||||
| Prepaid expenses and other current assets | 5,423,335 | 4,526,538 | 577,681 | |||||||||
| Retention receivables, net | 3,729,411 | 2,756,843 | 351,831 | |||||||||
| Prepaid income tax | 1,654,240 | — | — | |||||||||
| Total current assets | 96,179,102 | 88,717,257 | 11,322,187 | |||||||||
| Non-current assets | ||||||||||||
| Property and equipment, net | 6,810,456 | 5,205,303 | 664,306 | |||||||||
| Intangible assets, net | 194,100 | 604,900 | 77,198 | |||||||||
| Goodwill | 1,271,160 | 1,271,160 | 162,227 | |||||||||
| Restricted cash | 9,890,171 | 10,111,578 | 1,290,450 | |||||||||
| Prepaid expenses and other non-current assets | 3,448,366 | 2,986,966 | 381,200 | |||||||||
| Deferred offering expenses | 155,763 | 2,058,550 | 262,714 | |||||||||
| Operating lease right-of-use assets, net | 6,041,643 | 5,102,052 | 651,129 | |||||||||
| Investment in key management insurance policy | 1,343,929 | 1,389,949 | 177,387 | |||||||||
| Deferred tax assets | 613,415 | 736,320 | 93,970 | |||||||||
| Total non-current assets | 29,769,003 | 29,466,778 | 3,760,581 | |||||||||
| TOTAL ASSETS | 125,948,105 | 118,184,035 | 15,082,768 | |||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
| Current liabilities | ||||||||||||
| Trade payables | 7,646,188 | 6,324,678 | 807,162 | |||||||||
| Notes payables | 1,957,870 | 1,484,395 | 189,440 | |||||||||
| Other payables | 1,883,981 | 561,014 | 71,597 | |||||||||
| Accrued payroll and welfare | 9,323,383 | 9,682,055 | 1,235,634 | |||||||||
| Operating lease liabilities – current | 1,976,643 | 2,039,968 | 260,343 | |||||||||
| Income tax payable | — | 201,806 | 25,755 | |||||||||
| Contract liabilities | 11,340,672 | 9,862,022 | 1,258,601 | |||||||||
| Total current liabilities | 34,128,737 | 30,155,938 | 3,848,532 | |||||||||
| Non-current liabilities | ||||||||||||
| Operating lease liabilities – non-current | 3,540,340 | 2,504,275 | 319,598 | |||||||||
| Other payables – non-current | 1,362,306 | 1,124,850 | 143,555 | |||||||||
| Other liabilities | 766,000 | 674,000 | 86,017 | |||||||||
| Total non-current liabilities | 5,668,646 | 4,303,125 | 549,170 | |||||||||
| Total liabilities | 39,797,383 | 34,459,063 | 4,397,702 | |||||||||
| Commitments and contingencies | ||||||||||||
| Shareholders’ equity | ||||||||||||
| Class A ordinary shares (par value of HK$0.5 per share; 149,819,664 ordinary shares authorized and 112,636 and 112,636 ordinary shares issued and outstanding as of September 30, 2025 and March 31, 2026, respectively.) * | 56,309 | 56,309 | 7,186 | |||||||||
| Class B ordinary shares (par value of HK$0.5 per share; 180,336 ordinary shares authorized and 180,336 and 180,336 ordinary shares issued and outstanding as of September 30, 2025 and March 31, 2026, respectively.) * | 90,168 | 90,168 | 11,507 | |||||||||
| Additional paid-in capital | 53,163,910 | 54,977,878 | 7,016,333 | |||||||||
| Retained earnings | 32,840,335 | 28,600,617 | 3,650,040 | |||||||||
| Total SU Group Holdings Limited shareholders’ equity and total shareholders’ equity | 86,150,722 | 83,724,972 | 10,685,066 | |||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 125,948,105 | 118,184,035 | 15,082,768 | |||||||||
| * | The share amounts and per share data are presented on a retroactive basis, giving effect to the completion of the share consolidation on August 6, 2026. |
U.S. dollar figures are provided solely for convenience at US$1.00 = HK$7.8357, the March 31, 2026 closing rate stated in the interim financial statements. The Company’s reporting currency is HK$. Certain comparative current-asset line items were reclassified without affecting total current assets or previously reported results.