Ascent Bridge (AWG) H2 2025 earnings summary

Executive summary

• FY2025 revenue fell 44.8% YoY to $2.06m as duty-paid demand weakened; net loss narrowed to $2.98m from $4.67m, helped by lower expenses and no repeat of prior-year impairment losses.

• Expansion broadened the Baijiu portfolio to three core brands and added duty-free markets, airline partnerships, Singapore distribution and a planned China retail platform.

Financial highlights

• Revenue was $2.06m, down 44.8% YoY; gross profit decreased to $0.86m from $1.51m, while gross margin improved 1.2 percentage points to 41.7%.

• Operating loss narrowed to $3.05m from $4.78m; net loss was $2.98m versus $4.67m, and total comprehensive loss was $3.06m versus $4.64m.

• Other gains fell to $2.09m from $4.41m; FY2025 included a $2.49m derivative fair-value gain, while FY2024 included a $4.58m contingent-consideration gain and $7.22m derivative gain.

• Selling and distribution expenses declined to $0.86m from $1.24m; general and administrative expenses fell to $5.20m from $9.51m, including lower credit-loss allowances and payroll costs.

• Operating cash outflow was $3.19m, improving from $6.28m; cash and cash equivalents were $1.22m at 31 March 2025 versus $1.30m a year earlier.

Outlook and guidance

• FY2026 priorities include expanding beyond three core SKUs, building brands and deepening market penetration through duty-paid and duty-free channels across more geographies.

• Near- to mid-term prospects were described as cautiously optimistic, supported by the QLQW China Baijiu venture, YiFangHe Mall and potential proceeds from a proposed new rights issue.

• Montelion agreed, subject to completion of its offer, to provide a working-capital loan and subscribe for a proposed rights issue to support a 12-month going-concern horizon.