Advasa Holdings (ADBT) Registration filing summary

Company overview and business model

• Operates as a financial technology and services holding company with a core focus on Earned Wage Access (EWA) via the patented FUKUPE platform, enabling real-time wage access for employees and seamless integration 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 major markets, with filings in 16 additional jurisdictions.

• Currently generates all revenue in Japan, with expansion plans targeting Indonesia and the UAE, and a strategy to tailor offerings to local regulations and customer needs.

• Partnerships with banks and payment networks facilitate digital wage disbursement via mobile wallets, prepaid cards, and direct transfers.

• The business model is adaptable, with revenue from transaction fees, subscription services, and software maintenance.

Financial performance and metrics

• Fiscal year ended March 31, 2026: revenue of $17.4M, net income of $954K, and cash of $12.1M.

• Revenue grew 72.9% year-over-year, driven by a significant increase in software maintenance orders.

• Gross profit margin declined to 12.6% from 22.8% due to higher direct costs.

• Operating cash flow was negative $1.4M in 2026, compared to positive $4.7M in 2025, mainly due to changes in working capital.

• As of March 31, 2026, accumulated deficit was $12.4M, with working capital of $18.8M and total assets of $29.1M.

Use of proceeds and capital allocation

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

• Recent capital raised via a $15.96M private placement in March 2026; funds used for operations and repayment of convertible bonds.