Solowin (AXG) H1 2026 earnings summary

Executive summary

• Revenue for the six months ended September 30, 2025, surged 453% year-over-year to $5.84 million, driven by digital assets-related services and the AlloyX Group acquisition.

• Net loss narrowed by 26% to $4.63 million, with basic and diluted loss per share improving to $0.07 from $0.39 year-over-year.

• Active users reached 16,000, institutional clients grew 110% to 120, and assets under management rose to $820 million.

• Stablecoin and fiat trading volume reached $86 million, and four tokenized products are now available.

Financial highlights

• Digital assets service income rose to $5.18 million from $15,000 year-over-year, now 88% of total revenue.

• Traditional financial services revenue declined across all categories, with brokerage commissions, advisory, consultancy, and asset management income all lower year-over-year.

• Expenses increased to $10.49 million from $7.35 million, mainly due to higher general/admin and virtual asset service costs.

• Cash and cash equivalents increased to $8.78 million from $3.84 million at March 31, 2025.

Outlook and guidance

• Management expects continued growth in digital assets services and global expansion, supported by recent acquisitions and new licenses in key markets.

• The company plans to strengthen global payments infrastructure and institutional-grade digital asset services.