10-Q · August 29, 2025
NusaTrip Incorporated's Q2 2025 results show significant revenue growth compared to the same quarter last year, driven by increased online ticketing and advertising sales. While the company reported net income of…
Earnings analysis · 10-Q
NUTR earnings analysis
Filed November 14, 2025 · Our reading of the company's report
The latest report
NusaTrip reported Q3 revenue of $768,674, up from $173,446 in Q3 2024, driven by online ticketing ($563,150) and new online advertising ($200,000). Despite revenue growth, the company reported a Q3 net loss attributable…
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NusaTrip reported Q3 revenue of $768,674, up from $173,446 in Q3 2024, driven by online ticketing ($563,150) and new online advertising ($200,000). Despite revenue growth, the company reported a Q3 net loss attributable to NusaTrip of $963,690 (EPS -$0.17) and a loss from operations of $1,247,387 as operating expenses rose to $2,016,061. The business burned operating cash of $18,473,804 in the nine months ended September 30, 2025 and relied on equity financing (proceeds from issuance of shares $16,804,321) to partially offset the cash outflow. The balance sheet shows a material increase in receivables and related‑party assets (amounts due from related parties $9,528,747; deposits, prepayments and other receivables $11,155,320) and a swing from equity deficit to positive total equity ($10,626,539).
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
Reported figures
- Earnings per share
- $-0.17
- Gross margin
- 100%
What stood out
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Strong YoY revenue growth
Total revenue for Q3 2025 was $768,674 versus $173,446 in Q3 2024, an increase of $595,228 (filed amounts: $768,674 and $173,446).
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Online ticketing and advertising drove growth
Online ticketing revenue increased to $563,150 in Q3 2025 from $154,785 in Q3 2024 (+$408,365); online advertisement contributed $200,000 in Q3 2025 (no comparable amount in Q3 2024).
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Equity financing materially increased capitalization
Additional paid-in capital rose to $18,896,252 at September 30, 2025 from $2,092,469 at December 31, 2024 (increase $16,803,783); cash proceeds from issuance of shares were $16,804,321 in the nine months ended September 30, 2025.
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Balance sheet swung to positive equity
Total equity improved from a deficit of $(5,828,060) at December 31, 2024 to positive $10,626,539 at September 30, 2025 (filed amounts).
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Minimal capital expenditure
Purchases of plant and equipment totaled $215 in the nine months ended September 30, 2025, indicating negligible capex intensity.
What to watch
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Large operating loss despite revenue gain
Loss from operations was $1,247,387 in Q3 2025 versus $73,092 in Q3 2024 (filed amounts), and operating expenses rose to $2,016,061 in Q3 2025.
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Significant cash burn from operations
Net cash used in operating activities was $(18,473,804) for the nine months ended September 30, 2025 (filed amount), and cash and cash equivalents declined to $5,104,182 at September 30, 2025.
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Heavy reliance on equity financing to fund operations
Proceeds from issuance of shares totaled $16,804,321 in the nine months ended September 30, 2025, nearly offsetting operating cash use of $18,473,804.
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Working capital concentrated in related‑party and other receivables
Amount due from related parties increased to $9,528,747 at September 30, 2025 (from $1,138,538 at December 31, 2024) and deposits, prepayments and other receivables rose to $11,155,320 (from $2,655,360).
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Decline in deferred/contract liabilities
Contract liabilities decreased to $692,652 at September 30, 2025 from $1,032,363 at December 31, 2024 (filed amounts), which could indicate lower prepayments or fewer pre-paid bookings.
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EPS deterioration YoY
Basic earnings per share for Q3 2025 was $(0.17) versus $(0.01) in Q3 2024 (filed amounts), a decline of $0.16.
Management's outlook
The excerpts provided do not contain numeric forward guidance or explicit 'expects to'/'anticipates' statements in MD&A. No quantitative outlook or liquidity guidance was included in the supplied 10-Q text.
Earlier filings 1
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