Advasa Holdings (ADBT) Registration filing summary

Company overview and business model

• Operates as a financial technology and services company focused on Earned Wage Access (EWA) through its patented FUKUPE platform, enabling employees to access earned wages in real time via digital channels, integrated with employer payroll systems.

• The platform is cloud-based, delivered as a hosted service, and monetized through direct services, licensing, and enforcement of a portfolio of nine issued patents in the US, Japan, South Korea, and filings in 16 other jurisdictions.

• Currently live in Japan, with expansion plans for Indonesia and the UAE, and a strategy to tailor offerings to local regulations and customer needs.

• Partnerships with banks and payment networks support real-time wage transfers, and the company targets both direct clients and OEM licensing.

Financial performance and metrics

• Fiscal year ended March 31, 2025: revenue of $10.04M (down 4.6% YoY), net income of $1.18M (vs. net loss of $33K prior year), and operating cash flow of $4.72M.

• Six months ended September 30, 2025: revenue of $11.73M (up 14,206% YoY), net income of $4.87M (vs. net loss of $336K prior year), and operating cash flow of $1.88M.

• As of September 30, 2025: accumulated deficit of $8.58M, working capital of $20.65M, and cash of $7.0M.

• Revenue is concentrated: in FY2025, the largest customer accounted for 63.3% and the second largest for 36.5% of total revenues.

Use of proceeds and capital allocation

• No proceeds will be received from the direct listing; all shares sold are by existing shareholders.

• The company intends to retain earnings to fund business development and expansion; no dividends are planned.