Advasa Holdings (ADBT) Registration filing summary

Company overview and business model

• Operates as a financial technology and services company, focusing 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 employers' 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 monetizes IP through direct services, licensing, and enforcement actions.

• 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, 2026: revenue of $17.4M, net income of $954K, and cash flow used in operations of $(1.4)M.

• Fiscal year ended March 31, 2025: revenue of $10.0M, net income of $1.18M, and cash flow provided by operations of $4.7M.

• As of March 31, 2026: accumulated deficit of $12.4M, working capital of $18.8M, and cash of $12.1M.

• Revenue growth of 72.9% year-over-year, with significant revenue concentration: in 2026, one customer accounted for 93.6% of revenue.

• Cost of revenue increased 95.7% year-over-year, with gross profit margin declining from 22.8% to 12.6%.

Use of proceeds and capital allocation

• No proceeds will be received from the direct listing, as only existing shareholders are selling shares.

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