Garden Stage (GSIW) H2 2026 earnings summary

Executive summary

• Revenues grew 33.2% year-over-year to $7.28 million for the year ended March 31, 2026, driven by increases in advisory fees, brokerage commissions, handling income, investment management fees, and underwriting/placement income, despite a significant drop in introducing and referral income due to a one-off item in the prior year.

• Net loss widened to $13.84 million from $4.32 million in the prior year, primarily due to higher expenses, including professional fees, share-based compensation, and amortization of intangible assets from a recent acquisition.

• The company completed several equity offerings and a major asset acquisition (Mental Form BVI and its subsidiary) to expand into robotics, with production and sales commencing after the reporting period.

Financial highlights

• Revenue: $7.28M (2026), $5.47M (2025), $1.41M (2024); 33.2% YoY growth in 2026.

• Net loss: $13.84M (2026), $4.32M (2025), $4.59M (2024); loss increased 220.5% YoY in 2026.

• Major revenue streams: introducing/referral income (33.0%), handling income (18.0%), underwriting/placement (19.8%), brokerage commissions (13.4%), advisory fees (5.4%), investment management fees (6.8%).

• Expenses: $21.14M (2026), up 117% YoY, driven by professional fees ($5.85M), compensation/benefits ($3.99M), travel/business development ($3.01M), and communications/technology ($2.69M).

• Cash and restricted cash: $17.52M as of March 31, 2026.

Outlook and guidance

• Plans to grow core financial services (brokerage, underwriting, asset management) and expand margin financing and robotics business.

• No guidance provided for future revenue or profitability; management expects continued investment in new business lines and technology.