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/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 and licensing.

• 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 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 $10.04M, net income $1.18M, operating cash flow $4.72M.

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

• Nine months ended December 31, 2025: revenue $11.48M, net income $2.71M, operating cash flow used $4.63M.

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

• Revenue is derived from EWA transaction fees, subscription services, and software maintenance, with significant customer concentration and all revenue from Japan.

Use of proceeds and capital allocation

• Will not receive proceeds from the direct listing; all proceeds go to selling shareholders.

• Intends to retain earnings for business development and expansion; no plans to pay dividends.