TOP Financial Group Ltd TOP
July 9, 2025, the Company and ZYNL (BVI) Limited ("ZYNL"), a subsidiary of the Company, entered into a Share Purchase Agreement
with Zhong Yang Financial Services Limited (the "Target") and the sole shareholder of the Target. The sole shareholder is
a company incorporated under the laws of Hong Kong, of which a family member of Ms. Junli Yang, the Chairwoman of the Board, and Ms.
Yung Yung Lo, the Chief Financial Officer, hold 71.50% and 8.30% equity interests, respectively. Pursuant to the agreement, ZYNL agreed
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.9M | $2.9M | $6.4M | $9.0M | $8.6M | $16.4M | $16.4M | — |
| Total operating expenses | $5.9M | $9.2M | $7.0M | $6.3M | $4.2M | $11.8M | $13.9M | — |
| Operating income | -$1.2M | -$5.8M | — | — | — | — | — | — |
| Interest expense | $345.2K | $832.7K | $236.6K | — | — | — | — | — |
| Pre-tax income | -$1.2M | -$5.8M | $987.8K | $3.4M | $3.6M | $5.1M | $2.6M | — |
| Income tax | $1.8K | $146.1K | $63.7K | $31.5K | $88.6K | $70.8K | $58.4K | — |
| Net income | -$1.2M | -$6.0M | $1.1M | $3.4M | $3.5M | $5.0M | $2.5M | — |
| EPS, basic | -0.03 | -0.16 | 0.03 | 0.10 | 0.12 | 0.17 | 0.08 | — |
| EPS, diluted | -0.03 | -0.16 | 0.03 | 0.10 | 0.12 | 0.17 | 0.08 | — |
| Shares, diluted (wtd. avg.) | 37.1M | 37.0M | 32.3M | 34.2M | 30.0M | 30.0M | 30.0M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $13.0M | $12.2M | $38.7M | $16.0M | $8.0M | $6.8M | $4.9M | $6.3M |
| Receivables | $11.8M | $12.3M | $4.7M | — | — | — | — | — |
| Property, plant and equipment | $1.1M | $434.0K | $458.5K | $482.1K | $421.3K | $18.2K | — | — |
| Goodwill | $26.2K | — | — | — | — | — | — | — |
| Other intangibles | $63.8K | $64.3K | $63.9K | $63.7K | — | — | — | — |
| Total assets | $86.1M | $46.8M | $57.6M | $40.3M | $13.9M | $10.3M | — | — |
| Total liabilities | $51.8M | $11.9M | $17.1M | $4.3M | $3.7M | $3.5M | — | — |
| Retained earnings | $4.6M | $5.7M | $11.7M | $10.7M | $7.3M | $3.8M | — | — |
| Total equity | $33.9M | $34.9M | $40.5M | $36.0M | $10.2M | $6.8M | $6.4M | $4.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $14.0M | -$14.5M | $17.8M | -$6.0M | $1.6M | $4.3M | -$938.3K | — |
| Depreciation and amortisation | $35.3K | $33.9K | $28.5K | $25.5K | $10.8K | $13.3K | $17.9K | — |
| Stock-based compensation | $60.2K | $72.2K | $48.6K | $50.1K | — | — | — | — |
| Capital expenditure | $899.5K | $3.2K | $6.1K | $86.4K | — | — | — | — |
| Investing cash flow | $1.3M | -$9.4M | -$1.3M | -$6.5M | -$413.9K | -$16.3K | — | — |
| Financing cash flow | $990.8K | — | $4.4M | $22.5M | — | -$2.3M | -$582.0K | — |
| Dividends paid | — | — | — | — | — | $5.2M | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001213900-26-075954.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | $16.4M | $16.4M | $8.6M | $9.0M | $6.4M | $2.9M | $2.9M |
| Gross profit | — | — | — | — | — | — | — | — |
| Net income | — | $2.5M | $5.0M | $3.5M | $3.4M | $1.1M | -$6.0M | -$1.2M |
Recent filings and events
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Regulation FD disclosure Item 7.01
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Unregistered share sale Item 3.02
- Regulation FD disclosure Item 7.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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