Advasa Holdings (ADBT) Registration filing summary

Company overview and business model

• Operates as a financial technology and services holding company with a focus 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, including enforcement actions.

• Currently generates all revenue in Japan, with expansion plans for 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, net income of $1.18M, and operating cash flow of $4.72M.

• Fiscal year ended March 31, 2024: revenue of $10.52M, net loss of $33K, and operating cash flow of $(13.99)M.

• Six months ended September 30, 2025: revenue of $11.73M, net income of $4.87M, and operating cash flow of $1.88M.

• As of September 30, 2025: cash of $7M, total assets of $37.78M, accumulated deficit of $8.58M, and working capital of $20.65M.

• Revenue is highly concentrated, with the largest customer accounting for 63.3% and the second largest for 36.5% of FY2025 revenue.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used to fund technology development, capital investments, working capital, and general corporate purposes.

• Management has broad discretion over the use of proceeds, which may vary depending on market conditions.

• No proceeds will be received from the resale of shares by selling shareholders.