Park Ha Biological Technology (BYAH) Q4 2025 earnings summary

Executive summary

• Revenue for FY2025 was $2.52M, up 6% from FY2024, driven by a 43% increase in product sales, while franchise fee revenue declined 10% due to a reduction in franchisees.

• Net loss for FY2025 was $24.36M, compared to net income of $478K in FY2024, primarily due to a $24.07M share-based compensation expense.

• Gross profit margin remained high at 94% in FY2025, with product sales to non-franchisees at 96% and franchisees at 78%.

• The company expanded its directly operated stores and continued to invest in R&D, with expenses rising to $238K in FY2025.

Financial highlights

• Total revenue: $2.52M in FY2025 (+6% YoY); product sales: $1.01M (+43% YoY); franchise fees: $1.51M (-10% YoY).

• Gross profit: $2.38M in FY2025 (94% margin); net loss: $24.36M (vs. $478K net income in FY2024).

• Share-based compensation expense: $24.07M in FY2025.

• Cash and cash equivalents: $3.79M as of October 31, 2025 (vs. $547K in FY2024).

• Operating cash flow: $86K in FY2025 (down from $960K in FY2024).

Outlook and guidance

• Management plans to continue expanding directly operated stores and invest in R&D for new skincare technologies.

• The company intends to strengthen its franchise model, enhance digital marketing, and seek strategic investments.