Garden Stage (GSIW) H1 2026 earnings summary

Executive summary

• Revenues for the six months ended September 30, 2025, surged 382.9% year-over-year to $3.4 million, driven by growth across most service lines.

• Net loss widened by 98.3% to $6.5 million, primarily due to significant increases in professional fees and technology investments.

Financial highlights

• Advisory fees reached $215,918, up from nil, reflecting new advisory engagements.

• Brokerage commissions rose 274.6% to $611,965, with strong demand in both U.S. and Hong Kong markets.

• Introducing and referral income soared 393.1% to $1.63 million, mainly from a key customer.

• Underwriting and placement income jumped 519.9% to $509,848, driven by a new bond placement.

• Total expenses increased 148.2% to $9.89 million, with professional fees up 875.1% to $3.1 million due to acquisition-related costs and share-based compensation.

• Net cash used in operating activities was $3.41 million, while $14.57 million was raised from share issuance.

Outlook and guidance

• A private placement offering to raise approximately $6 million is expected to close by January 2026.