Wah Fu (NASDAQ: WAFU) grows H1 revenue and nearly breaks even

Rhea-AI Filing Summary

Wah Fu Education Group reported unaudited results for the six months ended September 30, 2025, showing modest growth and a sharply reduced loss. Revenue rose 9.3% to $3.06 million, mainly from higher online training service revenue in its B2B2C online education business.

Gross profit increased to $1.83 million, with gross margin improving to 59.7% from 56.2% as costs stayed flat. The operating loss narrowed dramatically to about $14,000, and net loss dropped to $56,000 from $581,000, helped by lower general and administrative expenses, including reduced bad debt provisions. Cash was $9.58 million as of September 30, 2025, with positive operating cash flow of about $95,000 and working capital of $10.60 million.

Insights

Equity analyst – small-cap education services

Wah Fu posted small revenue growth but a major improvement in profitability and cash generation.

Wah Fu Education Group grew six-month revenue 9.3% to $3.06 million, driven by higher B2B2C online training services. Flat cost of revenue lifted gross profit 16.2% to $1.83 million and expanded gross margin to 59.7%.

Operating expenses fell 14.1% to $1.84 million, mainly from lower bad debt provisions, shrinking the operating loss to only $13,912. Net loss narrowed to $55,982, with basic and diluted loss per share improving to $0.04.

The company ended the period with cash of $9.58 million and working capital of $10.60 million. Operating activities generated $94,811 of cash versus a large outflow a year earlier, while investing cash outflows rose due to increased loans to third parties. Subsequent filings may clarify how sustainably these margin and cash flow gains can be maintained.

Key Figures

Revenue: $3.06 million Gross margin: 59.7% Net loss: $55,982 +5 more

8 metrics

Revenue $3.06 million For the six months ended September 30, 2025; up 9.3% year over year

Gross margin 59.7% For the six months ended September 30, 2025; up from 56.2% in 2024

Net loss $55,982 For the six months ended September 30, 2025; improved from $580,750

Operating loss $13,912 Loss from operations for the six months ended September 30, 2025

Cash balance $9,581,064 Cash as of September 30, 2025

Operating cash flow $94,811 Net cash provided by operating activities for six months ended September 30, 2025

General and administrative expenses $1,055,492 For the six months ended September 30, 2025; down 23.9% year over year

Working capital $10.60 million Working capital as of September 30, 2025

Key Terms

gross margin, Business-to-Business-to-Customer (B2B2C), deferred revenue, operating lease right-of-use assets, +1 more

5 terms

gross margin financial

"Gross margin increased by 6.2 percent to 59.7% for the six months ended September 30, 2025"

Gross margin is the difference between how much money a company makes from selling its products and how much it costs to produce them, expressed as a percentage of sales. It shows how efficiently a company is turning sales into profit before other expenses like marketing or salaries. Higher gross margin means the company keeps more money from each sale, which is a good sign of financial health.

Business-to-Business-to-Customer (B2B2C) financial

"increase in online training service included in our Business-to-Business-to-Customer (“B2B2C”) revenue from our online education services"

deferred revenue financial

"Deferred revenue was 1,707,219 as of September 30, 2025"

Cash a company has already received for goods or services it has promised but not yet delivered; it's recorded as a liability because the company still owes that product, service, or future revenue recognition. For investors, deferred revenue signals upcoming work or deliveries that will convert into reported sales over time and affects short-term obligations, cash flow quality, and how quickly a firm can grow recognized revenue—think of it like prepaid subscriptions or gift cards a business must honor later.

operating lease right-of-use assets financial

"Operating lease right-of-use assets were 250,205 as of September 30, 2025"

An operating lease right-of-use (ROU) asset is an accounting entry that shows the value of a leased item you have the legal right to use—like a building, vehicle, or equipment—recorded on a company’s balance sheet along with the corresponding lease obligation. Investors care because it adds to reported assets and liabilities, changing measures like leverage and return on assets much like bringing a long-term rental onto the company’s financial snapshot, which can affect credit terms and valuation.

non-controlling interest financial

"Non-controlling interest was 1,154,433 as of September 30, 2025"

Non-controlling interest represents the portion of ownership in a company held by investors who do not have a controlling stake, meaning they do not have enough voting power to make major decisions. It is similar to owning a minority share of a business partner’s company—while they benefit from profits, they cannot control how the company is run. This matters to investors because it shows how much of the company's value is owned by outside shareholders and affects overall financial reporting.

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 March, 2026

Commission File Number: 001-38619

Wah Fu Education Group Ltd.

L207b, Hesheng Fortune Plaza, No.13 Deshengmenwai Street

Xicheng District

Beijing, China 100088

(Address of principal executive offices)

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 ☐

EXHIBITS

Exhibit 99.1 — Press Release — Wah Fu Education Group Ltd. Announces Financial Results for the First Half of Fiscal Year 2026

1

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.

	Wah Fu Education Group Limited
	By:	/s/ Yang Yu
	Name:	Yang Yu
	Title:	Chairman of the Board of Directors

Date: March 30, 2026

2

Exhibit 99.1

Wah Fu Education Group Ltd. Announces Financial Results for the First Half of Fiscal Year 2026

BEIJING, China, March 26, 2026 (GLOBE NEWSWIRE) -- Wah Fu Education Group Limited (“Wah Fu” or the “Company”) (NASDAQ:WAFU), a provider of online education and exam preparation services, as well as related training materials and technology solutions for both institutions and individuals, today announced its unaudited financial results for the six months ended September 30, 2025.

Financial Highlights for the Six Months Ended September 30, 2025

		For the Six Months Ended September 30,
($’000, except per share data)		2025				2024				%  Change
Revenue		$	3,059			$	2,799				9.3	%
Gross profit		$	1,827			$	1,572				16.2	%
Gross margin			59.7	%			56.2	%			6.2	pp
(Loss) income from operations		$	(14	)		$	(571	)			(97.5	)%
Operating (loss) profit margin			(0.5	)%			(20.4	)%			(97.8	)pp
Net (loss) income		$	(56	)		$	(581	)			(90.4	)%
Basic and diluted (loss) earnings per share		$	(0.04	)		$	(0.12	)			(66.7	)%

* pp: percentage points

● Revenue Increased by 9.3% year-over-year to $3.06 million for the six months ended September 30, 2025 from $2.80 million for the same period of the prior fiscal year. The increase in revenue was primarily attributable to an increase in online training service included in our Business-to-Business-to-Customer (“B2B2C”) revenue from our online education services.

● Gross profit increased by 16.2% to $1.83 million for the six months ended September 30, 2025 from $1.57 million for the same period of the prior fiscal year. Gross margins were 59.7% and 56.2% for the six months ended September 30, 2025 and 2024, respectively. The increase in gross profit of online education services was primarily due to the increase in revenue.

● Loss from operations was $0.01 million for the six months ended September 30, 2025 when it was loss from operation of $0.57 million for the six months ended September 30, 2024. Operating loss margin was 0.5% for the six months ended September 30, 2025, compared to operating loss margin of 20.4% for the same period of the prior fiscal year.

● Net loss was $0.06 million or, loss per share of $0.04 for the six months ended September 30, 2025, compared to net loss of $0.58 million, or loss per share of $0.12, for the same period of the prior fiscal year.

Unaudited Financial Results for the six months ended September 30, 2025

Revenue

For the six months ended September 30, 2025, revenue increased by $0.26 million, or 9.3%, to $3.06 million from $2.80 million for the same period of the prior fiscal year. The increase in revenue was primarily due to the increase in online training service included in our Business-to-Business-to-Customer (“B2B2C”) revenue from our online education services.

Cost of revenue

Cost of revenue remained stable, at $1.22 million for the six months ended September 30, 2025 and 2024. Cost of revenue mainly comprised of salaries and related expenses for our teaching support, course and content development, website maintenance and information technology engineers and other employees, fees paid to our course lecturers, depreciation and amortization expenses, server relocation and bandwidth leasing fees paid to third-party providers and other miscellaneous expenses.

Gross profit

Gross profit increased by $0.25 million, or 16.2%, to $1.83 million for the six months ended September 30, 2025 from $1.57 million for the same period of the prior fiscal year. Gross margin increased by 6.2 percent to 59.7% for the six months ended September 30, 2025 from 56.2% for the same period of the prior fiscal year. The increase of gross profit was mainly due to the increase of online education service revenue from training service.

Operating expenses

Selling expenses increased by $0.03 million, or 3.7%, to $0.78 million for the six months ended September 30, 2025 from $0.76 million for the same period of the prior fiscal year.

General and administrative expenses decreased by $0.33 million, or 23.9%, to $1.06 million for the six months ended September 30, 2025 from $1.39 million for the same period of the prior fiscal year. General and administrative expenses decreased mainly due to the decrease of provision for bad debts.

Total operating expenses decreased by $0.30 million, or 14.1%, to $1.84 million for the six months ended September 30, 2025 from $2.14 million for the same period of the prior fiscal year.

Income (loss) from operations

Loss form from operations was $0.01 million for the six months ended September 30, 2025 when it was loss of $0.57 for the six months ended September 30, 2024. Please see above for a detailed description of such loss from operations.

Other income

Total other income, including interest income, net of other expenses, net other income was $0.02 million for the six months ended September 30, 2025 when it was $0.08 million in the same period of the prior fiscal year.

2

Income (loss) before income taxes

Income before income taxes was $1,725 for the six months ended September 30, 2025, compared to loss before income taxes of $0.49 million for the same period of the prior fiscal year.

Net income (loss) and earnings (loss) per share

Net loss was $0.06 million for the six months ended September 30, 2054, compared to net loss of $0.58 million for the same period of the prior fiscal year. Operating loss margin was 0.5% for the six months ended September 30, 2025, compared to operating loss margin of 20.4% for the same period of the prior fiscal year.

After deducting non-controlling interests, net loss attributable to the Company was $0.17 million, or loss of $0.04 basic and diluted share, for the six months ended September 30, 2025. This compared to loss of $0.55 million, or loss of $0.12 per basic and diluted ordinary shares and Class A ordinary shares, for the same period of the prior fiscal year.

Weighted average numbers of ordinary shares outstanding were 2,922,559 and 4,410,559 for the six months ended September 30, 2025 and 2024.

Weighted average numbers of Class A ordinary shares outstanding were 1,488,000 and nil for the six months ended September 30, 2025 and 2024.

Financial Condition

As of September 30, 2025, the Company had cash of $9.58 million, compared to $10.13 million as of March 31, 2025.

Total working capital was $10.60 million as of September 30, 2025, compared to $10.56 million as of March 31, 2025.

Net cash provided by operating activates was $0.09 million for the six months ended September 30, 2025 compared to net cash used in operating activities of $1.19 million for the same period last year. Net cash used in investing activities for the six months ended September 30, 2025 was $0.75 million when it was net cash used in investing activities of $0.04 million for the six months ended September 30, 2024. Net cash used in financing activities of $0.04 million for the six months ended September 30, 2025. There was no cash used in or provided by financing activities for the six months ended September 30, 2024.

Subsequent Events

Management has evaluated subsequent events through March 30, 2026, the date which the financial statements were available to be issued. All subsequent events requiring recognition as of September 30, 2025 have been incorporated into these financial statements and there are no subsequent events that require disclosure in accordance with FASB ASC Topic 855, “Subsequent Events.”

3

About Wah Fu Education Group Limited

Headquartered in Beijing, China, Wah Fu Education Group Limited provides online training and exam preparation services, as well as related training materials and technology solutions for both institutions, such as universities and training institutions, and students. For more information about Wah Fu, please visit www.edu-edu.cn.

Safe Harbor Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are not statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following:  the Company’s goals and strategies; the Company’s future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the online training industry in China and the other markets the Company serves or plans to serve; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and the other markets the Company serves or plans to serve and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission (the “SEC”).  For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact:

Raincy Du
ir@edu-edu.com.cn

4

WAH FU EDUCATION GROUP LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

		As of September 30,				As of March 31,
		2025				2025
		(Unaudited)
ASSETS
CURRENT ASSETS:
Cash		$	9,581,064			$	10,131,392
Accounts receivable, net			371,461				717,709
Other receivables, net			1,204,162				966,687
Loan to third parties, current			1,276,926				522,335
Loan to related parties			1,806,615				1,795,024
Contract cost assets-current			166,048				-
Other current assets			79,846				94,948
TOTAL CURRENT ASSETS			14,486,122				14,228,095
Loan to third parties, noncurrent			244,102				224,588
Property and equipment, net			402,008				411,736
Long-term investment			140,469				137,804
Operating lease right-of-use assets			250,205				140,556
Long-term rent deposit			39,098				44,228
Contract cost assets-non-current			55,349				-
Deferred tax assets, net			236,076				261,251
TOTAL ASSETS		$	15,853,429			$	15,448,258
CURRENT LIABILITIES:
Due to related parties		$	448,736			$	478,278
Deferred revenue			1,707,219				1,636,802
Operating lease liabilities, current			149,209				117,711
Taxes payable			1,001,135				1,013,350
Other payables			62,215				107,013
Accrued expenses and other liabilities			205,242				156,756
Accounts payable			316,066				154,256
TOTAL CURRENT LIABILITIES			3,889,822				3,664,166
Operating lease liabilities, noncurrent			105,549				14,539
TOTAL LIABILITIES			3,995,371				3,678,705
COMMITMENTS AND CONTINGENCIES
EQUITY
Ordinary shares, $0.01 par value, 500,000,000 authorized, 2,922,559 shares issued and outstanding as of September 30 and March 31, 2025, respectively			29,226				29,226
Class A, $0.01 par value, 100,000,000 authorized, 1,488,000 shares issued and outstanding as of September 30 and March 31, 2025, respectively			14,880				14,880
Additional paid-in capital			5,139,116				5,139,116
Statutory reserve			867,530				867,530
Retained earnings			5,727,697				5,897,255
Accumulated other comprehensive loss			(1,074,824	)			(1,236,374	)
Total shareholders’ equity			10,703,625				10,711,633
Non-controlling interest			1,154,433				1,057,920
TOTAL EQUITY			11,858,058				11,769,553
TOTAL LIABILITIES AND EQUITY		$	15,853,429			$	15,448,258

5

WAH FU EDUCATION GROUP LIMITED AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

		For the Six Months Ended September 30,
		2025				2024
REVENUE		$	3,058,630			$	2,799,328
COST OF REVENUE AND RELATED TAX
Cost of revenue			1,218,852				1,217,472
Business and sales related tax			13,244				10,083
GROSS PROFIT			1,826,534				1,571,773
OPERATING EXPENSES
Selling expenses			784,954				756,639
General and administrative expenses			1,055,492				1,386,486
Total operating expenses			1,840,446				2,143,125
LOSS FROM OPERATIONS			(13,912	)			(571,352	)
OTHER INCOME (EXPENSES)
Interest income			25,977				99,809
Other expenses			(10,340	)			(19,254	)
Total other income (expense), net			15,637				80,555
INCOME (LOSS) BEFORE INCOME TAX PROVISION			1,725				(490,797	)
PROVISION FOR INCOME TAXES			57,707				89,953
NET LOSS			(55,982	)			(580,750	)
Less: net loss attributable to non-controlling interest			113,576				(31,755	)
NET LOSS ATTRIBUTABLE TO WAH FU EDUCATION GROUP LIMITED		$	(169,558	)		$	(548,995	)
COMPREHENSIVE INCOME (LOSS)
Net loss			(55,982	)			(580,750
Other comprehensive loss: foreign currency translation gain			144,488				284,541
Total comprehensive income (loss)		$	88,506				(296,209	)
Less: Comprehensive loss attributable to non-controlling interest			(17,063	)			(40,825	)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO WAH FU EDUCATION GROUP LIMITED		$	105,569			$	(255,384	)
(Loss) earnings per ordinary share - basic and diluted
Ordinary shares		$	(0.04	)		$	(0.12	)
Class A		$	(0.04	)			-
Weighted average shares - basic and diluted
Ordinary shares			2,922,559				4,410,559
Class A			1,488,000				-

6

WAH FU EDUCATION GROUP LIMITED AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATION STATEMENTS OF CHANGES IN EQUITY

		Common Shares								Class A								Additional Paid-in				Statutory				Retained				Accumulated Other Comprehensive Income				Total Wah Fu Shareholders’				Non- controlling				Total Shareholders’
		Shares				Amount				Shares				Amount				Capital				Reserve				Earnings				(Loss)				Equity				Interest				Equity
Balance, March 31, 2025			2,922,559			$	29,226				1,488,000				14,880			$	5,139,116			$	867,530			$	5,897,255			$	(1,236,374	)		$	10,711,633			$	1,057,920			$	11,769,553
Net income			-				-				-				-				-				-				(169,558	)			-				(169,558	)			113,576				(55,982	)
Appropriation of statutory reserve			-				-				-				-				-				-				-				-				-				-				-
Foreign currency translation loss			-				-				-				-				-								-				161,550				161,550				(17,063	)			144,487
Balance, September 30, 2025			2,922,559			$	29,226				1,488,000				14,880			$	5,139,116			$	867,530			$	5,727,697			$	(1,074,824	)		$	10,703,625			$	1,154,433			$	11,858,058
Balance, March 31, 2024			4,410,559			$	44,106				-				-			$	5,124,236			$	867,530			$	6,362,554			$	(1,248,648	)		$	11,149,778			$	1,009,458			$	12,159,236
Net income			-								-				-				-				-				(548,995	)			-				(548,995	)			(31,755	)			(580,750	)
Foreign currency translation loss			-				-				-				-				-				-				-				325,366				325,366				(40,825	)			284,541
Balance, September 30, 2024			4,410,559			$	44,106				-				-			$	5,124,236			$	867,530			$	(5,813,559	)		$	(923,282	)		$	10,926,149			$	936,878			$	11,863,027

7

WAH FU EDUCATION GROUP LIMITED AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

		For the six months ended September 30,
		2025				2024
Cash flows from operating activities:
Net loss		$	(55,982	)		$	(580,750	)
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization			28,215				45,344
Amortization of right-of-use assets			3,267				110,983
Loss from disposal of property and equipment			679				3,245
Provision for doubtful accounts			(271,188	)			127,686
Interest income from loan to third parties			(23,284	)			(14,995	)
Deferred tax expense			29,911				37,262
Changes in operating assets and liabilities:
Accounts receivable, net			627,527				284,584
Contract cost asset			(219,066	)			-
Other receivable, net			(215,688	)			(782,810	)
Other current assets			16,996				37,521
Deferred revenue			38,349				(288,352	)
Taxes payable			(31,482	)			5,601
Other payable			(45,187	)			116,056
Operating lease liabilities			9,614				(103,468	)
Accrued expenses and other liabilities			202,130				(185,969	)
Net cash Provided by (used in) operating activities			94,811				(1,188,062	)
Cash flows from investing activities:
Purchase of property and equipment			(11,389	)			(8,281	)
Payments made for loans to third parties			(3,085,584	)			-
Repayment received for loans to third parties			2,348,936				24,845
Purchase of ownership of a subsidiary			-				(53,733	)
Net cash used in investing activities			(748,037	)			(37,169	)
Cash flows from financing activities:
Advance from related parties			18,828				-
Repayment to related parties			(54,491	)			-
Net cash used in financing activities			(35,663	)			-
Effect of exchange rate fluctuation on cash			138,561				324,576
Net decrease in cash			(550,328	)			(900,655	)
Cash at beginning of the period			10,131,392				11,045,708
Cash at end of the period		$	9,581,064			$	10,145,053
Supplemental cash flow information
Cash paid for income taxes		$	(10,037	)		$	(49,575	)
Non-cash financing activities
Right of use assets obtained in exchange for operating lease obligations		$	109,073			$	-

8

FAQ

How did Wah Fu (WAFU) perform financially in the first half of fiscal 2026?

Wah Fu delivered higher revenue and a much smaller loss. Six-month revenue rose 9.3% to $3.06 million, while net loss narrowed to $55,982 from $580,750. Gross margin improved to 59.7%, reflecting better cost control and mix.

What drove Wah Fu’s revenue growth for the six months ended September 30, 2025?

Revenue growth was mainly driven by increased online training services within Wah Fu’s B2B2C online education segment. Total revenue rose to $3.06 million from $2.80 million, as more institutions and individuals used the company’s training and exam preparation offerings.

How did Wah Fu’s profitability change compared with the prior year period?

Profitability improved significantly. Operating loss narrowed to about $13,912 from $571,352, and net loss declined to $55,982 from $580,750. Lower general and administrative expenses, including reduced bad debt provisions, were key contributors.

What is Wah Fu’s cash and working capital position as of September 30, 2025?

Wah Fu held $9.58 million in cash as of September 30, 2025, down modestly from $10.13 million in March 2025. Total working capital was $10.60 million, slightly above $10.56 million, indicating a solid short-term liquidity position.

Did Wah Fu generate positive operating cash flow in the latest six-month period?

Yes. Net cash provided by operating activities was $94,811 for the six months ended September 30, 2025. This contrasts with net cash used in operating activities of $1.19 million in the same period a year earlier, showing a notable cash flow turnaround.

How did Wah Fu’s gross margin and operating expenses evolve year over year?

Gross margin increased to 59.7% from 56.2% as revenue grew while cost of revenue stayed flat. Total operating expenses declined 14.1% to $1.84 million, with general and administrative expenses dropping 23.9%, mainly from lower provisions for doubtful accounts.

Filing Exhibits & Attachments

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Press Releases

• EX-99.1 PRESS RELEASE - WAH FU EDUCATION GROUP LTD. ANNOUNCES FINANCIAL RESULTS FOR THE 191.5 KB