Prestige Wealth Inc. Announces First Half of Fiscal Year 2024 Financial Results
Prestige Wealth Inc. (PWM) reported its financial results for H1 FY2024. Net revenues increased 59.01% to $497,629, driven by growth in asset management services ($485,944, up from $238,089), while wealth management services declined to $11,685 from $74,875. However, the company reported a significant net loss of $503,429 compared to a net income of $25,560 in the same period last year.
Operating costs surged 254.51% to $1,105,629, primarily due to increased wages, salaries, and audit fees. The company's cash position decreased to $294,548 from $431,307 in September 2023. Notable recent developments include the acquisitions of SPW Global (Wealth AI), InnoSphere Tech, and Tokyo Bay Management, expanding the company's technological capabilities and geographical presence.
Prestige Wealth Inc. (PWM) ha riportato i risultati finanziari per il primo semestre dell'anno fiscale 2024. I ricavi netti sono aumentati del 59,01% a $497.629, grazie alla crescita nei servizi di gestione patrimoniale ($485.944, in aumento rispetto ai $238.089), mentre i servizi di gestione della ricchezza sono diminuiti a $11.685 rispetto ai $74.875. Tuttavia, l'azienda ha registrato una significativa perdita netta di $503.429 rispetto a un reddito netto di $25.560 nello stesso periodo dell'anno scorso.
I costi operativi sono aumentati del 254,51% a $1.105.629, principalmente a causa dell'aumento di salari, stipendi e spese di audit. La posizione di liquidità dell'azienda è diminuita a $294.548 rispetto ai $431.307 di settembre 2023. Tra gli sviluppi recenti significativi ci sono le acquisizioni di SPW Global (Wealth AI), InnoSphere Tech e Tokyo Bay Management, che ampliano le capacità tecnologiche e la presenza geografica dell'azienda.
Prestige Wealth Inc. (PWM) informó sus resultados financieros para la primera mitad del año fiscal 2024. Los ingresos netos aumentaron un 59,01% a $497,629, impulsados por el crecimiento en los servicios de gestión de activos ($485,944, en comparación con $238,089), mientras que los servicios de gestión de patrimonio disminuyeron a $11,685 desde $74,875. Sin embargo, la empresa reportó una pérdida neta significativa de $503,429 en comparación con un ingreso neto de $25,560 en el mismo período del año pasado.
Los costos operativos se dispararon un 254,51% a $1,105,629, principalmente debido al aumento en salarios, sueldos y honorarios de auditoría. La posición de efectivo de la empresa disminuyó a $294,548 desde $431,307 en septiembre de 2023. Los desarrollos recientes notables incluyen las adquisiciones de SPW Global (Wealth AI), InnoSphere Tech y Tokyo Bay Management, ampliando las capacidades tecnológicas y la presencia geográfica de la empresa.
Prestige Wealth Inc. (PWM)는 2024 회계연도 상반기 재무 결과를 보고했습니다. 순수익은 59.01% 증가하여 $497,629에 달했으며, 이는 자산 관리 서비스의 성장($485,944, $238,089에서 증가)에 의해 촉진되었습니다. 반면, 자산 관리 서비스는 $11,685로 감소했습니다(지난해 $74,875에서 감소). 그러나 회사는 지난해 같은 기간 $25,560의 순이익에 비해 $503,429의 상당한 순손실을 보고했습니다.
운영 비용은 주로 임금, 급여 및 감사 수수료 증가로 인해 254.51% 증가하여 $1,105,629에 달했습니다. 회사의 현금 잔고는 2023년 9월 $431,307에서 $294,548로 감소했습니다. 최근의 주요 개발 사항으로는 SPW Global(Wealth AI), InnoSphere Tech 및 Tokyo Bay Management의 인수가 있으며, 이는 회사의 기술적 역량과 지리적 존재감을 확장합니다.
Prestige Wealth Inc. (PWM) a publié ses résultats financiers pour le premier semestre de l'exercice fiscal 2024. Les revenus nets ont augmenté de 59,01 % pour atteindre 497 629 $, grâce à la croissance des services de gestion d'actifs (485 944 $, en hausse par rapport à 238 089 $), tandis que les services de gestion de patrimoine ont diminué à 11 685 $ contre 74 875 $. Cependant, la société a enregistré une perte nette significative de 503 429 $ par rapport à un revenu net de 25 560 $ au cours de la même période l'année dernière.
Les coûts d'exploitation ont augmenté de 254,51 % pour atteindre 1 105 629 $, principalement en raison de l'augmentation des salaires, des traitements et des frais d'audit. La position de trésorerie de l'entreprise a diminué à 294 548 $ contre 431 307 $ en septembre 2023. Parmi les développements récents notables, on trouve les acquisitions de SPW Global (Wealth AI), InnoSphere Tech et Tokyo Bay Management, élargissant ainsi les capacités technologiques et la présence géographique de l'entreprise.
Prestige Wealth Inc. (PWM) hat seine finanziellen Ergebnisse für das erste Halbjahr des Geschäftsjahres 2024 bekannt gegeben. Die Nettoumsätze stiegen um 59,01% auf $497.629, was durch das Wachstum im Bereich der Vermögensverwaltungsdienste ($485.944, von $238.089) vorangetrieben wurde, während die Vermögensverwaltung auf $11.685 von $74.875 zurückging. Das Unternehmen meldete jedoch einen erheblichen Nettoverlust von $503.429 im Vergleich zu einem Nettogewinn von $25.560 im gleichen Zeitraum des Vorjahres.
Die Betriebskosten stiegen um 254,51% auf $1.105.629, hauptsächlich aufgrund gestiegener Löhne, Gehälter und Prüfungsgebühren. Die Liquiditätsposition des Unternehmens sank auf $294.548 von $431.307 im September 2023. Zu den bemerkenswerten Entwicklungen der letzten Zeit gehören die Übernahmen von SPW Global (Wealth AI), InnoSphere Tech und Tokyo Bay Management, die die technologischen Fähigkeiten und die geografische Präsenz des Unternehmens erweitern.
- Net revenues increased 59.01% YoY to $497,629
- Asset management services revenue grew 104% to $485,944
- Strategic acquisitions of three companies enhancing AI and technological capabilities
- Net loss of $503,429 compared to profit of $25,560 last year
- Operating costs increased 254.51% to $1,105,629
- Wealth management services revenue declined 84.4% to $11,685
- Cash position decreased to $294,548 from $431,307
- Loss per share of $0.055 compared to earnings of $0.003 last year
Insights
The H1 FY2024 results reveal a company in transition, with concerning financial metrics but strategic positioning for future growth. While revenue grew
The shift in revenue composition is noteworthy - asset management services revenue doubled to
The triple acquisition strategy targeting AI technology (Wealth AI), data analytics (InnoSphere Tech), and premium client access (Tokyo Bay) demonstrates a comprehensive approach to modernizing wealth management services. However, the significant cash burn - with operating activities consuming
The increased expenses in senior management compensation and audit fees suggest infrastructure building for larger-scale operations. Yet, the negative operating margin of
HONG KONG, Feb. 13, 2025 (GLOBE NEWSWIRE) -- Prestige Wealth Inc. (Nasdaq: PWM) (the “Company” or “Prestige Wealth”), a wealth management and asset management services provider based in Hong Kong, today announced its unaudited financial results for the six months ended March 31, 2024.
Mr. Kazuho Komoda, the Company’s Chief Executive Officer, commented, “Reflecting upon the first half of fiscal year 2024, we made many strategic layouts including exploring the path of using technology method to scale up wealth management business, preparing for expanding business areas and actively seeking talents for business upgrade. Meanwhile, we also maintain stable growth in our existing business and garnered an increase of our total revenues from compared to the same period of fiscal year 2023.”
Mr. Komoda continued, “Benefited from our efforts and status of listed company, we have access to better business resources, advanced technology, and financing capabilities to hedge against negative macroeconomic impacts. In fact, we have also made many significant strategic initiatives in fiscal year 2024, including acquisitions and post IPO financing. This presents us with immense opportunities, and we want to assure our clients and shareholders that we are in prime position to harness these prospects. We will continue to strive to create value for all shareholders.”
First Half of Fiscal Year 2024 Financial Results
| For the Six Months Ended March 31, | ||||||||||||
| 2024 | 2023 | Change | Change | |||||||||
| USD | USD | USD | % | |||||||||
| (Unaudited) | (Unaudited) | |||||||||||
| Selected Unaudited Interim Condensed Consolidated Statements of Income Data: | ||||||||||||
| Net revenues | 497,629 | 312,964 | 184,665 | 59.01 | ||||||||
| Operation cost and expenses | (1,105,629 | ) | (311,871 | ) | 793,758 | 254.51 | ||||||
| (Loss) Income from operations | (608,000 | ) | 1,093 | (609,093 | ) | (55,726.72 | ) | |||||
| Other income | 118,580 | 3,335 | 115,245 | (3,455.59 | ) | |||||||
| (Loss) Income before income taxes | (489,420 | ) | 4,428 | (493,848 | ) | (11,152.85 | ) | |||||
| Income taxes (expenses) benefits | (14,009 | ) | 21,132 | (35,141 | ) | (166.29 | ) | |||||
| Net (loss) income | (503,429 | ) | 25,560 | (528,989 | ) | (2,069.60 | ) | |||||
| (Loss) Earnings per ordinary share – basic and diluted | (0.055 | ) | 0.003 | (0.058 | ) | (1,933.33 | ) | |||||
Net Revenues
Net revenues were
- Net revenue from wealth management services was
$11,685 in the six months ended March 31, 2024, compared to$74,875 in the six months ended March 31, 2023. The decrease was primarily due to the decrease number of cases of referrals. - Net revenue from asset management services was
$485,944 in the six months ended March 31, 2024, increased from$238,089 in the six months ended March 31, 2023. The increase was primarily due to the Company provided asset management related advisory services to new client.
Operating Costs and Expenses
Operating costs and expenses are primarily comprised of selling, general and administrative expenses. Selling, general and administrative expenses were
(Loss) Income from operations
Loss from operations was
Income Tax (Expenses) Benefits
Income tax expenses were
Net (Loss) Income
Net loss was
Basic and Diluted Earnings per Share
Basic and diluted loss per share was
Balance Sheet
As of March 31, 2024, the Company had cash and cash equivalents of
Cash Flow
Net cash used in operating activities was
Net cash used in investing activities was
Net cash used in financing activities was $nil in the six months ended March 31, 2024, compared to net cash used by investing activities of
Recent Accounting Pronouncements
On November 27, 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 is designed to improve the reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the CODM. All public entities will be required to report segment information in accordance with the new guidance starting in annual periods beginning after December 15, 2023, with early adoption permitted. The Group is currently evaluating the impact of adopting the standard and does not expect that the adoption of this guidance will have a material impact on its financial position, results of operations and cash flows.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 expands existing income tax disclosures for rate reconciliations by requiring disclosure of certain specific categories and additional reconciling items that meet quantitative thresholds and expands disclosures for income taxes paid by requiring disaggregation by certain jurisdictions. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Group is currently evaluating the impact of adopting the standard and does not expect that the adoption of this guidance will have a material impact on its financial position, results of operations and cash flows.
Recent Developments
On November 4, 2024, the Company completed its acquisition of all shares of SPW Global Inc., a company incorporated under the laws of the British Virgin Islands, which in turn wholly owns Wealth AI PTE LTD. or Wealth AI, a company incorporated under the laws of Republic of Singapore. Wealth AI is a company based in Singapore that offers personalized, cost-effective wealth management solutions using artificial intelligence. Founded by AI experts from top technology companies in 2022, Wealth AI is dedicated to the transformative potential of artificial intelligence in wealth management.
On December 16, 2024, the Company completed its acquisition of all shares of InnoSphere Tech Inc. (“InnoSphere Tech”), a company incorporated under the laws of the British Virgin Islands. InnoSphere Tech is a technology company that leverages its advantages in web scraping technology to collect data on finance, wealth management, and related industries according to international standards. Through the accumulation and processing of large amounts of data, its system can train a specialized large model tailored for the wealth management industry, providing robust foundational support to clients in the financial sector that surpasses traditional general-purpose large models.
On December 16, 2024, the Company also completed its acquisition of all shares of Tokyo Bay Management Inc. (“Tokyo Bay”), a company incorporated under the laws of the British Virgin Islands. Tokyo Bay is a company based in Tokyo, Japan. Founded by experienced professionals, the Tokyo Bay team has accumulated extensive premium client resources and local market knowledge over the past years, providing wealth management services, family affairs services, lifestyle management services and related value-added services to high-net-worth clients in Japan.
About Prestige Wealth Inc.
Prestige Wealth Inc. is a wealth management and asset management services provider based in Hong Kong, assisting its clients in identifying and purchasing well-matched wealth management products and global asset management products. With a focus on quality service, the Company has retained a loyal customer base consisting of high-net-worth and ultra-high-net-worth clients in Asia. Through the Company’s wealth management service, it introduces clients to customized wealth management products and provides them with tailored value-added services. The Company provides asset management services via investment funds that it manages and also provides discretionary account management services and asset management-related advisory services to clients. For more information, please visit the Company’s website: http://ir.prestigewm.hk/index.html.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions in this prospectus. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.
| PRESTIGE WEALTH INC. CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| March 31, 2024 | September 30, 2023 | |||||||
| (Unaudited) | ||||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalents | $ | 294,548 | $ | 431,307 | ||||
| Restricted cash | 200,000 | 200,000 | ||||||
| Accounts receivable | 350,826 | 273,257 | ||||||
| Contract asset | 3,002 | 91,565 | ||||||
| Note Receivables | 1,037,199 | 3,755,794 | ||||||
| Amounts due from related parties | 1,619,590 | 1,592,593 | ||||||
| Right-of-use assets, current | 213,978 | 213,814 | ||||||
| Income tax receivable | 45,783 | 29,279 | ||||||
| Prepaid expenses and other assets | 2,765,857 | 66,484 | ||||||
| Total current assets | 6,530,783 | 6,654,093 | ||||||
| NON-CURRENT ASSETS | ||||||||
| Right-of-use asset, non-current | $ | 42,247 | $ | 140,898 | ||||
| Prepaid expenses and other assets | 68,672 | 68,620 | ||||||
| Total non-current assets | $ | 110,919 | $ | 209,518 | ||||
| Total assets | $ | 6,641,702 | $ | 6,863,611 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current Liabilities | ||||||||
| Income tax payable | $ | 37,345 | $ | 27,648 | ||||
| Lease liability, current | 237,535 | 220,101 | ||||||
| Amounts due to related parties | 190,844 | — | ||||||
| Deferred tax liabilities | 11,858 | 14,415 | ||||||
| Other payables and accrued liabilities | 435,228 | 257,906 | ||||||
| Total current liabilities | $ | 912,810 | $ | 520,070 | ||||
| NON-CURRENT LIABILITIES | ||||||||
| Lease liability, non-current | $ | 49,095 | $ | 160,996 | ||||
| Total non-current liabilities | $ | 49,095 | $ | 160,996 | ||||
| Total liabilities | $ | 961,905 | $ | 681,066 | ||||
| Shareholders’ equity | ||||||||
| Ordinary share ( | $ | 5,719 | $ | 5,719 | ||||
| Additional paid in capital | 2,570,664 | 2,570,664 | ||||||
| Retained earnings | 3,139,565 | 3,642,994 | ||||||
| Accumulated other comprehensive loss | (36,151 | ) | (36,832 | ) | ||||
| Total shareholders’ equity | $ | 5,679,797 | $ | 6,182,545 | ||||
| Total liabilities and shareholders’ equity | $ | 6,641,702 | $ | 6,863,611 | ||||
| * The shares are presented on a retroactive basis to reflect the Company’s share subdivision on July 15, 2022. | ||||||||
| PRESTIGE WEALTH INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||||
| For the six months ended March 31, | ||||||||
| 2024 | 2023 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Net revenue | ||||||||
| Wealth management services | ||||||||
| Referral fees | $ | 11,685 | $ | 74,875 | ||||
| Asset management services | ||||||||
| Advisory service fees | 459,974 | 212,486 | ||||||
| Management fees | 25,970 | 25,603 | ||||||
| Subtotal | 485,944 | 238,089 | ||||||
| Total net revenue | 497,629 | 312,964 | ||||||
| Gross Margin | 497,629 | 312,964 | ||||||
| Operation cost and expenses | ||||||||
| Selling, general and administrative expenses | 1,105,629 | 311,871 | ||||||
| Total operation cost and expenses | 1,105,629 | 311,871 | ||||||
| (Loss) Income from operations | (608,000 | ) | 1,093 | |||||
| Other income | 118,580 | 3,335 | ||||||
| (Loss) Income before income taxes | (489,420 | ) | 4,428 | |||||
| Income taxes (expenses) benefits | (14,009 | ) | 21,132 | |||||
| Net (loss) income | $ | (503,429 | ) | $ | 25,560 | |||
| Other comprehensive (loss) income | ||||||||
| Foreign currency translation adjustment | 681 | 6,016 | ||||||
| Total comprehensive (loss) income | $ | (502,748 | ) | $ | 31,576 | |||
| (Loss) Earnings per ordinary share | ||||||||
| Basic and diluted | $ | (0.055 | ) | $ | 0.003 | |||
| Weighted average number of ordinary shares outstanding* | ||||||||
| Basic and diluted | 9,150,000 | 8,000,000 | ||||||
FAQ
What was PWM's revenue growth in H1 FY2024?
How much did PWM lose in H1 FY2024?
What acquisitions did PWM complete in late 2024?
Why did PWM's operating costs increase in H1 FY2024?
What was PWM's earnings per share in H1 FY2024?
