HONG KONG, Sept. 19, 2025 (GLOBE NEWSWIRE) — Prestige Wealth Inc. (NASDAQ:PWM) (the “Company” or “Prestige Wealth”), a wealth management and asset management services provider based in Hong Kong, today announced its unaudited financial results for the six months ended March 31, 2025.
Mr. Kazuho Komoda, the Company’s Chief Executive Officer, commented, “Reflecting upon the first half of fiscal year 2025, we completed the acquisitions of Wealth AI PTE LTD. (“Wealth AI”), InnoSphere Tech Inc. (“InnoSphere Tech”) and Tokyo Bay Management Inc. (“Tokyo Bay”). Wealth AI is a company based in Singapore that offers personalized, cost-effective wealth management solutions using artificial intelligence. Founded by AI experts from top technology companies, Wealth AI is dedicated to the transformative potential of artificial intelligence in wealth management. InnoSphere Tech is a technology company that leverages its advantages in web scraping technology to collect data on finance, wealth management, and related industries according to international standards. Through the accumulation and processing of large amounts of data, its system can train a specialized large model tailored for the wealth management industry, providing robust foundational support to clients in the financial sector that surpasses traditional general-purpose large models. Tokyo Bay is a company based in Tokyo, Japan, providing wealth management services, family affairs services, lifestyle management services and related value-added services to high-net-worth clients in Asia. We intend to leverage on our strategic layouts in technology driven innovation in the wealth management industry and to achieve further growth of our business.”
Mr. Komoda continued, “Benefited from our efforts and status of listed company, we have access to better business resources and financing capabilities. In fiscal year 2025, contributed by our advanced technology in wealth management area, we completed additional post IPO financing. This presents us with great opportunities, and we want to assure our clients and shareholders that we are in a good position of development. We will continue to create value for all shareholders.”
First Half of Fiscal Year 2025 Financial Results
| For the Six Months Ended March 31, | ||||||||||||||||
| 2025 | 2024 | Change | Change | |||||||||||||
| USD | USD | USD | % | |||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| Selected Unaudited Interim Condensed Consolidated | ||||||||||||||||
| Statements of Income Data: | ||||||||||||||||
| Net revenues | 287 | 497,629 | (497,342 | ) | (99.94 | ) | ||||||||||
| Operation cost and expenses | (3,716,180 | ) | (1,105,629 | ) | (2,610,551 | ) | 236.11 | |||||||||
| Loss from operations | (3,715,893 | ) | (608,000 | ) | (3,107,893 | ) | 511.17 | |||||||||
| Other income | 33,857 | 118,580 | (84,723 | ) | (71.45 | ) | ||||||||||
| Loss before income taxes | (3,682,036 | ) | (489,420 | ) | (3,192,616 | ) | 652.33 | |||||||||
| Income taxes benefits (expenses) | 46,948 | (14,009 | ) | 60,957 | (435.13 | ) | ||||||||||
| Net loss | (3,635,088 | ) | (503,429 | ) | (3,131,659 | ) | 622.07 | |||||||||
| Loss per ordinary share – basic and diluted | (0.127 | ) | (0.055 | ) | (0.072 | ) | 130.91 | |||||||||
Net Revenues
Net revenues were $287 in the six months ended March 31, 2025, compared to $497,629 in the six months ended March 31, 2024. The decrease was primarily due to decrease in net revenue from asset management services.
- Net revenue from wealth management services was $287 in the six months ended March 31, 2025, compared to $11,685 in the six months ended March 31, 2024. The decrease was primarily due to the decreased number of cases of referrals.
- Net revenue from asset management services was $nil in the six months ended March 31, 2025, decreased from $485,944 in the six months ended March 31, 2024. The decrease was due to the fact that the Company ceased its asset management related business since August 2024 to focus on its technology driven innovation in wealth management business.
Operating Costs and Expenses
Operating costs and expenses are primarily comprised of selling, general and administrative expenses. Selling, general and administrative expenses were $3,716,180 in the six months ended March 31, 2025, compared to $1,105,629 in the six months ended March 31, 2024. The increase in selling, general and administrative expenses was mainly due to the increase in share-based compensation for employees.
Loss from operations
Loss from operations was $3,715,893 in the six months ended March 31, 2025, compared to a loss from operations of $608,000 in the six months ended March 31, 2024.
Income Tax Benefits (Expenses)
Income tax benefits were $46,948 in the six months ended March 31, 2025, compared to income tax expenses of $14,009 in the six months ended March 31, 2024.
Net Loss
Net loss was $3,635,088 in the six months ended March 31, 2025, compared to the net loss of $503,429 in the six months ended March 31, 2024.
Basic and Diluted loss per Share
Basic and diluted loss per share was $0.127 in the six months ended March 31, 2025, compared to basic and diluted loss per share $0.055 in the six months ended March 31, 2024.
Balance Sheet
As of March 31, 2025, the Company had cash and cash equivalents of $6,661, compared to $13,190 as of September 30, 2024.
Cash Flow
Net cash used in operating activities was $82,884 in the six months ended March 31, 2025, compared to net cash used in operating activities of $2,995,580 in the six months ended March 31, 2024, mainly due to decrease in prepayment.
Net cash used in investing activities was $179,132 in the six months ended March 31, 2025, compared to net cash provided by investing activities of $2,862,641 in …