Golden Heaven Group (GDHG) H2 2025 earnings summary

Executive summary

• Revenue declined 31.6% year-over-year to $15.3M in FY2025, driven by a shift from park operations to a lessor model and leasing all parks to a third-party operator in late 2024.

• Net loss widened to $8.6M in FY2025 from a $1.8M loss in FY2024, reflecting lower in-park sales and higher general and administrative expenses, including share-based compensation.

• Gross margin improved to 50.2% in FY2025 from 44.8% in FY2024, due to reduced operating costs after the transition to a lessor model.

Financial highlights

• FY2025 revenue: $15.3M (down from $22.3M in FY2024 and $31.8M in FY2023).

• Net loss: $8.6M in FY2025, $1.8M in FY2024, net income of $6.5M in FY2023.

• Gross profit: $7.7M in FY2025, $10.0M in FY2024, $19.3M in FY2023.

• Cash and cash equivalents: $86.0M as of September 30, 2025, up from $19.8M in 2024.

• Shareholders’ equity: $180.7M as of September 30, 2025.

Outlook and guidance

• Management expects revenue growth and sufficient working capital for at least the next twelve months.

• Ongoing capital expenditures of $22.5M are planned for two new park construction projects, with operations expected to commence in 2026.