EPWK (EPWK) Registration filing summary

Company overview and business model

• Operates a leading crowdsourcing platform in China, connecting buyers and service providers for creative and business services; platform enabled $2.03 billion GMV from 2019 to June 2025 across 564 million projects.

• As of June 30, 2025, had 9.04 million registered buyers and 17.51 million registered sellers, with over 26.55 million total registered users.

• Business lines include premium business solutions, online promotion, value-added services, shared office rental, and digital marketing.

• Operates through a VIE structure due to PRC restrictions on foreign ownership in value-added telecom and media sectors; economic benefits are realized via contractual agreements, not equity ownership.

• The VIE and its subsidiaries contributed 100% of consolidated revenue for the year ended June 30, 2025.

Financial performance and metrics

• For the year ended June 30, 2025: revenue was $27.84 million, net loss was $10.44 million; prior years' revenues were $20.22 million (2024) and $19.8 million (2023), with net losses of $1.20 million and $1.08 million, respectively.

• For the six months ended December 31, 2025: revenue was $12.18 million (up 43.7% YoY), net loss was $9.5 million (up from $0.5 million YoY), driven by increased marketing and administrative expenses post-IPO.

• Gross profit for the six months ended December 31, 2025 was $1.52 million, with a gross margin of 12.5%, down from 16.4% YoY due to low-margin digital marketing services.

• As of December 31, 2025, total assets were $15.3 million, total liabilities $18.1 million, and shareholders' deficit $2.8 million.

• Raised $14.2 million in a private placement in January 2026 to improve financial position.

Use of proceeds and capital allocation

• The offering is a resale by selling shareholders; company will not receive any proceeds.

• Proceeds from the private placement are intended to support business expansion and improve liquidity.

• No current plans to pay dividends; future earnings will be reinvested in business growth.