Financial performance of Prestige Wealth Inc. for the initial half of fiscal year 2025 reported and disclosed

Prestige Wealth Inc. Announces Financial Results and Key Acquisitions

Prestige Wealth Inc. (Nasdaq: PWM), a Hong Kong-based wealth management and asset management services provider, has announced its unaudited financial results for the six months ended March 31, 2025, and revealed significant developments in its strategic growth.

During the first half of fiscal year 2025, the company completed the acquisitions of Wealth AI PTE LTD., InnoSphere Tech Inc., and Tokyo Bay Management Inc. Mr. Kazuho Komoda, the CEO, commented on these acquisitions, stating they would help the company leverage its strategic layouts in technology-driven innovation in the wealth management industry and achieve further growth of its business.

InnoSphere Tech is a technology company that specialises in web scraping technology, collecting data on finance, wealth management, and related industries according to international standards. Wealth AI is a Singapore-based company offering personalised, cost-effective wealth management solutions using artificial intelligence. Tokyo Bay is a company based in Tokyo, Japan, providing wealth management services, family affairs services, and lifestyle management services to high-net-worth clients in Asia.

The company's net revenues were $287 in the six months ended March 31, 2025, compared to $497,629 in the six months ended March 31, 2024. The decrease was primarily due to a decrease in net revenue from asset management services. However, the company has access to better business resources and financing capabilities due to its status as a listed company. In fiscal year 2025, the company completed additional post-IPO financing, benefiting from its advanced technology in the wealth management area.

InnoSphere Tech Inc., a subsidiary of Prestige Wealth Inc., has recently focused on advancing AI-driven software solutions and expanding its market presence in North America and Europe through strategic partnerships and product innovations. On April 25, 2025, the Company entered into a Project Outsourcing Agreement with InnoSphere Tech Inc. and certain service providers for the construction of MGAI Privatization Large Model System.

On April 23, 2025, the Company entered into an Amended and Restated Securities Purchase Agreement for a private placement offering, which amended and restated a Securities Purchase Agreement dated as of March 7, 2025. On June 25, 2025, the Company entered into a definitive share purchase agreement to sell all of the issued and outstanding shares of Prestige Assets International Inc. and three subsidiaries to a third party.

The company's cash and cash equivalents were $6,661 as of March 31, 2025, compared to $13,190 as of September 30, 2024. Net cash provided in financing activities was $250,000 in the six months ended March 31, 2025, compared to net cash provided in investing activities of $nil in the six months ended March 31, 2024, due to an increase in proceeds from private placement. Net cash used in operating activities was $82,884 in the six months ended March 31, 2025, compared to net cash used in operating activities of $2,995,580 in the six months ended March 31, 2024, mainly due to a decrease in prepayment. Net cash used in investing activities was $179,132 in the six months ended March 31, 2025, compared to net cash provided by investing activities of $2,862,641 in the six months ended March 31, 2024, due to a decrease in loan and interest repayment from a third party.

In January 2025, the FASB issued ASU 2025-01, which requires public business entities to provide a disaggregated disclosure of certain expense captions into specified categories in disclosure within the footnote to the financial statements. This new guidance will be effective for annual reporting periods beginning after December 15, 2026. In November 2023, the FASB issued ASU 2023-07, which will require public entities to report segment information in accordance with the new guidance starting in annual periods beginning after December 15, 2024, with early adoption permitted. In December 2023, the FASB issued ASU 2023-09, which expands existing income tax disclosures and will be effective for annual periods beginning after December 15, 2024.

Prestige Wealth Inc. continues to make strategic moves to solidify its position in the wealth management industry and looks forward to further growth in the coming months.

Financial performance of Prestige Wealth Inc. for the initial half of fiscal year 2025 reported and disclosed