Golden Heaven Group (GDHG) H1 2026 earnings summary

Executive summary

• Transitioned from amusement park operator to lessor after leasing all parks to third parties in late 2024, ceasing in-park recreation sales revenue for the period.

• Total revenue for the six months ended March 31, 2026, dropped 48.24% year-over-year to $4.22 million due to the business model shift.

• Net loss narrowed to $6.56 million from $10.64 million year-over-year, reflecting lower revenue, cost of revenue, and operating expenses.

Financial highlights

• Rental income was $4.22 million, down 18.09% year-over-year; no revenue from in-park recreation due to leasing strategy.

• Gross profit was $2.14 million, with gross margin improving to 50.77% from 39.44% year-over-year.

• Operating expenses decreased 30.88% to $9.12 million, mainly due to lower share-based compensation and selling expenses.

• Other income, net, was $1.09 million, driven by interest income from a $50 million loan at 6% annual interest.

• Cash and cash equivalents rose to $155.88 million as of March 31, 2026.

Outlook and guidance

• Management highlights the establishment of new subsidiaries in BVI, Hong Kong, and China as part of long-term strategic plans.

• Forward-looking statements caution about risks and uncertainties affecting future results.