The company's equity quality is severely compromised by accumulated retained losses of -$19.2 million as of 2026Q2, despite a reported $383.2 million in total assets.
| Total Current Assets | 28.35M | 9.66M | 12.79M | 9.72M | 9.1M | 13.24M |
| Cash & Short-Term Investments | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - |
| Other Current Assets | 6.7M | 5.03M | 5.12M | 5.94M | 7.11M | 866.67K |
| Total Non-Current Assets | 354.81M | 2.65M | 13.26M | 503K | 362K | 479K |
| Property, Plant & Equipment | 2.31M | 828K | 1.21M | 283K | 140K | 305K |
| Fixed Asset Turnover | 1.01x | 0.44x | 0.45x | 2.01x | 2.99x | 0.50x |
| Goodwill | 343.05M | 0 | 0 | 55.85K | 55.83K | 55.77K |
| Intangible Assets | 71K | 86K | 77K | 8.15K | 8.17K | 8.23K |
| Long-Term Investments | 9.25M | 368K | 254K | 0 | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - | - |
| Total Assets | 383.17M | 12.31M | 15.4M | 10.23M | 9.46M | 13.72M |
| Asset Turnover | 0.01x | 0.03x | 0.04x | 0.06x | 0.04x | 0.01x |
| Asset Growth % | 2830.35% | -20.08% | 50.59% | 8.12% | -31.07% | - |
| Total Current Liabilities | 13.05M | 7.49M | 6.04M | 6.79M | 7.46M | 12.16M |
| Accounts Payable | 6.68M | 5.02M | 5.11M | 6.35M | 7.29M | 11.98M |
| Days Payables Outstanding | - | - | - | - | - | - |
| Short-Term Debt | 0 | 420K | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | - | - | - | - | - |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 2.17x | 1.29x | 2.12x | 1.43x | 1.22x | 1.09x |
| Quick Ratio | 2.17x | 1.29x | 2.12x | 1.43x | 1.22x | 1.09x |
| Cash Conversion Cycle | - | - | - | - | - | - |
| Total Non-Current Liabilities | 1.13M | 83K | 439K | 95K | 0 | 99K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - |
| Total Liabilities | 14.17M | 7.58M | 6.48M | 6.89M | 7.46M | 12.26M |
| Total Debt | 2.04M | 1.08M | 1.07M | 251K | 98K | 261K |
| Net Debt | -6.74M | -2.76M | -1.07M | -1.67M | -879K | -281K |
| Debt / Equity | 0.01x | 0.23x | 0.12x | 0.08x | 0.05x | 0.18x |
| Debt / EBITDA | -0.80x | - | - | 1.51x | - | - |
| Net Debt / EBITDA | 2.64x | - | - | -10.05x | - | - |
| Interest Coverage | -3761.28x | -1702.80x | - | - | -3.28x | -1.04x |
| Total Equity | 369M | 4.73M | 8.92M | 3.34M | 2M | 1.46M |
| Equity Growth % | 6112.86% | -46.99% | 167.11% | 67.05% | 36.61% | - |
| Book Value per Share | 5.23 | 0.29 | 0.32 | 0.12 | 0.07 | 0.05 |
| Total Shareholders' Equity | 368.98M | 4.73M | 8.92M | 3.34M | 2M | 1.46M |
| Common Stock | 19K | 2K | 1K | 1K | 1K | 1K |
| Retained Earnings | -19.15M | -14.52M | -5.98M | -1.43M | -2.78M | -1.8M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 17K | 32K | -128 | -17K | -9K | -4K |
| Minority Interest | 16K | 0 | 0 | 0 | 0 | 0 |
Liquidity exhaustion from operations
As reported in recent financial filings, AXG's equity base has experienced significant volatility, contracting from $10.9 million in 2024Q2 to $4.7 million by 2025Q4, which suggests that persistent operating losses are rapidly consuming the firm's capital base and undermining its long-term financial stability.
The consistent decline in shareholders' equity reflects a business model that has yet to achieve the scale required to offset its fixed administrative and regulatory costs. Investors should monitor whether this trajectory necessitates further dilutive financing to maintain the minimum capital requirements mandated by Hong Kong regulators.
Based on the company's reported figures, cash reserves have dwindled to $3.8 million as of 2025Q4, representing a precarious buffer against ongoing operating losses and suggesting that the firm's liquidity position is increasingly vulnerable to any further downturn in trading volumes or IPO activity.
The current ratio of 1.29 indicates limited flexibility to manage short-term obligations without relying on external capital injections. This liquidity profile appears insufficient to support the high-cost infrastructure required for the Solomon VA+ platform if revenue generation remains stagnant.
According to historical balance sheet data, the accumulation of retained losses, which reached -$14.5 million by 2025Q4, has significantly eroded the firm's equity quality, signaling that the company is currently operating in a state of structural value destruction rather than capital appreciation.
The persistent negative retained earnings highlight the difficulty management faces in converting its regulatory licenses into a profitable service offering. This trend suggests that the equity base is being utilized primarily to fund operational burn rather than to drive strategic growth initiatives.
While the balance sheet shows a massive $343.1 million in assets as of 2026Q2, the presence of $343.1 million in goodwill warrants extreme caution, as it may not represent tangible value that can be liquidated to cover the firm's mounting operational liabilities.
The sudden appearance of this goodwill figure suggests a potential accounting shift or acquisition that may not reflect the underlying cash-generating capacity of the business. Analysts should investigate whether this asset valuation is supported by future earnings potential or if it represents a risk of future impairment charges.
Quick answers to the most common questions about buying AXG stock.
As of 2025, Solowin Holdings Ordinary Share (AXG) had total assets of $12.3M including $9.7M in current assets.
Solowin Holdings Ordinary Share (AXG) carries total debt of $1.1M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Solowin Holdings Ordinary Share (AXG) has total shareholders' equity (book value) of $4.7M ($0.29 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Solowin Holdings Ordinary Share (AXG) reported a current ratio of 1.29x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.