HWH earnings analysis
What we found in HWH's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
HWH International reported a significant decline in revenue for Q1 2026, totaling $64,200, a decrease of 78.2% compared to $295,197 in Q1 2025. The net loss widened to $626,773 from $574,103 the prior year. Operating expenses decreased, but the cessation of café operations severely impacted revenue. Management noted challenges in revenue generation and operational costs as ongoing headwinds.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Sharp Decline in Revenue
- Q1 2026 revenue fell to $64,200, down 78.2% from $295,197 in Q1 2025.
- Gross Margin Affected by Operations Cessation
- Gross profit dropped to $47,288 from $147,594 year-over-year, attributed to closed café locations.
- Decreased Cash Used in Operations
- Cash used in operating activities improved to -$192,539 in Q1 2026 from -$555,333 in Q1 2025.
- Lower Operating Expenses
- Operating expenses decreased to $672,202 in Q1 2026 from $741,722 in Q1 2025.
- Increased Net Loss
- Net loss increased to $626,773 in Q1 2026, compared to $574,103 in Q1 2025.
- No Long-term Debt Obligations
- As of March 31, 2026, the company reported no long-term debt obligations.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Cessation of Café Operations
- Closed cafés in Singapore and Korea led to significant revenue losses, affecting future operations.
- Decreasing Cash Reserves
- Cash decreased from $2,085,918 at year-end 2025 to $1,459,799 by March 31, 2026.
- Widening Net Loss Trend
- Net losses have increased, with Q1 2026 loss at $626,773 compared to $574,103 in Q1 2025.
What they reported.
What the company itself reported, taken out of the document.
- Gross margin
- 73.7%
What they said about what is next.
Management indicates ongoing revenue challenges and operational headwinds.
The filing reads worse than the one before it.
What came before.
- 10-K · March 26, 2026
- HWH International is an early-stage F&B/marketplace operator that reported sharply reduced fourth-quarter 2025 activity and a working capital deficit. The company raised approximately $1.76 million in a January 6, 2025…
- 10-Q · May 15, 2025
- HWH reported Q1 revenue of $295,197, up $9,087 (≈3.2%) from $286,110 in Q1 2024, with gross profit of $147,594 (50.0% margin). The company narrowed net loss to $574,103 (net loss attributable to common stockholders…
- 10-K · March 31, 2025
- HWH International describes a membership-led retail and local-experience strategy built around Hapi Marketplace (launched September 2024) and Hapi Cafés, with additional travel and wealth-builder initiatives in…
- 10-Q · May 15, 2024
- HWH reported Q1 revenue of $286,110 (up from $200,562 in Q1 2023) and gross profit of $163,297, but swung to a net loss of $(1,336,519) (versus net income $171,849 a year ago) driven by higher operating expenses and a…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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