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 and partnerships with financial institutions.

• The platform is cloud-based, delivered as a hosted service, and integrates with employer HR and payroll systems without operational burden or funding obligation for employers.

• Holds nine issued patents in the US, Japan, and South Korea, with filings in 16 additional jurisdictions, and pursues both direct services and licensing/enforcement strategies.

• Currently generates all revenue in Japan, with planned expansion into Indonesia and the UAE, and aims to tailor business models to local regulations.

• Competes with traditional banks, digital lenders, payroll providers, and other EWA platforms, differentiating through proprietary technology and localized, compliant solutions.

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.

• Nine months ended December 31, 2025: revenue of $11.48M (up 80.5% YoY), net income of $2.71M (vs. net loss of $90K prior year), and operating cash flow used of $4.63M.

• As of December 31, 2025: accumulated deficit of $10.66M, working capital of $17.24M, and cash of $158K.

• Revenue mix shifted with a decline in subscription services and EWA, but a significant increase in software maintenance revenue due to large one-time orders.

• Cost of revenue decreased 15.4% YoY in FY2025, while SG&A expenses also declined due to lower marketing and outsourcing costs.

Use of proceeds and capital allocation

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

• Company intends to retain earnings to finance business development and expansion; no dividends are planned.

• Principal uses of liquidity are daily operations and working capital, with funding from operations and borrowings as needed.