HashKey (3887) investor relations material

Executive summary

• Revenue rose 20.6% year-over-year to HK$342.5 million, driven by robust transaction facilitation services amid a challenging digital asset market and global macroeconomic volatility.

• Gross profit increased 12.5% to HK$207.5 million, with a gross margin of 60.6%, down 4.4 percentage points year-over-year but up 9.6 points sequentially.

• Adjusted loss (Non-IFRS) narrowed by 21.0% to HK$314.8 million, reflecting revenue growth and cost control, though statutory loss widened to HK$695.2 million.

• No interim dividend was declared for the period.

Financial highlights

• Transaction facilitation services revenue surged 38.6% year-over-year to HK$267.9 million, with trading volume up 31.8% to HK$282.2 billion.

• On-chain services revenue fell 32.4% to HK$35.8 million due to market downturn and lower staking asset size.

• Asset management services revenue was stable at HK$38.8 million, with AUM reaching HK$5,941.2 million.

• Cost of revenue increased 35.7% to HK$135.0 million, mainly from transaction facilitation growth.

• R&D, sales/marketing, and G&A expenses rose significantly, mainly due to higher staff and share-based payment costs.

• Finance costs dropped sharply to HK$5.4 million due to conversion of preferred shares.

Outlook and guidance

• Focus on building an Asia-wide trading, clearing, and settlement hub, leveraging regulatory and compliance strengths.

• Deepening RWA tokenisation and AI integration to enhance on-chain financial infrastructure and operational efficiency.

• Continued expansion in Asia, including potential acquisition of APEX in Singapore and regulatory approval for derivatives trading in MENA.