The company's financial stability is increasingly fragile, with total assets contracting to $4.2 million and retained earnings falling to -$9.6 million as of 2026Q1.
| Total Current Assets | 2.45M | 2.97M | 5.47M | 703.15K | 1.95M | 3.31M | 3.65M |
| Cash & Short-Term Investments | 1.56M | 2.17M | 4.34M | 1.16M | 1.65M | 2.65M | 1.59M |
| Cash Only | 1.46M | 2.09M | 4.34M | 1.16M | 1.65M | 2.65M | 1.59M |
| Short-Term Investments | 99.61K | 84.47K | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 867.42K | 3.32K | 1.1M | 28.61K | 9.07K | 2.52K | 937.48K |
| Days Sales Outstanding | 990.15 | 1.4 | 321.71 | 12.57 | 2.75 | 0.19 | 108.73 |
| Inventory | 1.08K | 1.06K | 1.57K | 1.98K | 34.13K | 47.29K | 119.96K |
| Days Inventory Outstanding | 3.18 | 0.95 | 0.88 | 2.16 | 18.09 | 6.62 | 23.88 |
| Other Current Assets | 21.11K | 797.27K | 13.27K | -493.5K | 233.84K | 285.57K | 75.43K |
| Total Non-Current Assets | 1.76M | 1.6M | 933.73K | 21.25M | 1.6M | 620.72K | 1.04M |
| Property, Plant & Equipment | 77.51K | 111.81K | 582.35K | 727.74K | 1.14M | 385.8K | 451.8K |
| Fixed Asset Turnover | 3.67x | 7.75x | 2.15x | 1.14x | 1.06x | 12.73x | 6.97x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 4.03M | 0 | 140 | 21.25M | 207.4K | 0 | 0 |
| Other Non-Current Assets | 113.52K | 1.48M | 351.24K | -727.74K | 253K | 234.93K | 586.35K |
| Total Assets | 4.21M | 4.57M | 6.41M | 21.96M | 3.55M | 3.93M | 4.69M |
| Asset Turnover | 0.10x | 0.19x | 0.20x | 0.04x | 0.34x | 1.25x | 0.67x |
| Asset Growth % | 258.84% | -28.72% | -70.81% | 519.21% | -9.81% | -16.17% | - |
| Total Current Liabilities | 1.53M | 1.28M | 3.31M | 2.77M | 2.31M | 2.21M | 4.09M |
| Accounts Payable | 298.49K | 305.03K | 483.43K | 167.35K | 60.77K | 19.07K | 6.85K |
| Days Payables Outstanding | 487.18 | 273.42 | 270.75 | 182.44 | 32.22 | 2.67 | 1.36 |
| Short-Term Debt | 331.52K | 343.41K | 1.22M | 0 | 0 | 0 | 341.69K |
| Deferred Revenue (Current) | 15.63K | 0 | 0 | 0 | 21.2K | 0 | 0 |
| Other Current Liabilities | 901.57K | 630.6K | 0 | -3.25M | 1.66M | 1.85M | 2.68M |
| Current Ratio | 1.60x | 2.32x | 1.65x | 0.25x | 0.84x | 1.50x | 0.89x |
| Quick Ratio | 1.60x | 2.32x | 1.65x | 0.25x | 0.83x | 1.48x | 0.86x |
| Cash Conversion Cycle | 506.14 | -271.07 | 51.85 | -167.71 | -11.38 | 4.14 | 131.25 |
| Total Non-Current Liabilities | 600.51K | 604.09K | 220.25K | 182.38K | 559.33K | 122.05K | 0 |
| Long-Term Debt | 473.75K | 485.54K | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 171.25K | 0 | 220.25K | 182.38K | 559.33K | 122.05K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 126.76K | 118.56K | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 2.13M | 1.88M | 3.53M | 3.86M | 2.87M | 2.33M | 4.09M |
| Total Debt | 805.27K | 828.95K | 1.78M | 612.07K | 978.63K | 351.22K | 341.69K |
| Net Debt | -654.53K | -1.26M | -2.56M | -547.13K | -672.46K | -2.3M | -1.25M |
| Debt / Equity | 0.39x | 0.31x | 0.62x | 0.03x | 1.44x | 0.22x | 0.57x |
| Debt / EBITDA | -0.26x | - | - | - | - | 0.17x | 0.47x |
| Net Debt / EBITDA | 0.21x | - | - | - | - | -1.11x | -1.71x |
| Interest Coverage | -39.40x | -48.97x | -35.16x | - | - | - | - |
| Total Equity | 2.08M | 2.68M | 2.88M | 18.11M | 678.11K | 1.6M | 596.44K |
| Equity Growth % | 1402.25% | -6.69% | -84.11% | 2570.37% | -57.61% | 168.2% | - |
| Book Value per Share | 0.28 | 0.41 | 0.17 | 1.57 | 0.07 | 0.16 | 0.06 |
| Total Shareholders' Equity | 2.01M | 2.62M | 2.77M | 18.1M | 673.28K | 1.6M | 596.44K |
| Common Stock | 747 | 747 | 559 | 10 | 10 | 10 | 10 |
| Retained Earnings | -9.57M | -8.95M | -6.16M | -781.09K | 873.31K | 1.82M | 570.28K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -884.35K | -904.61K | -416.86K | -197.04K | -200.04K | -219.65K | 26.15K |
| Minority Interest | 65.28K | 65.84K | 111.83K | 8.67K | -4.84K | 0 | 0 |
Dependency on parent funding
According to recent financial statements, HWH's total assets have contracted from $22.0 million in 2023Q4 to $4.2 million in 2026Q1, a trend that reflects the ongoing erosion of the company's capital base as it struggles to sustain its multi-vertical ecosystem without achieving necessary operational scale.
The consistent decline in total assets suggests that the company is consuming its resource base to fund persistent operating deficits rather than reinvesting in growth. Investors should monitor whether this trajectory indicates a long-term liquidation of value or a temporary consolidation phase.
Based on the latest quarterly data, HWH reported $1.5 million in cash as of 2026Q1, which represents a significant decline from the $4.3 million peak observed in 2024Q4, highlighting the company's reliance on external capital to maintain its current liquidity position against ongoing operational cash burn.
While the current ratio of 1.60 appears superficially adequate, the rapid depletion of cash reserves suggests that the company's liquidity buffer is insufficient to support its current cost structure for an extended period. This trend warrants further investigation into the timing and availability of future capital injections from the parent entity.
As reported in historical filings, HWH's equity position has been severely impacted by accumulated losses, with retained earnings falling to -$9.6 million by 2026Q1, a development that underscores the erosion of shareholder value resulting from the company's inability to generate profitable returns on its invested capital.
The volatility in equity, which previously dipped into negative territory, suggests that the company's capital structure is highly sensitive to its operating performance. The lack of retained earnings indicates that the business has yet to establish a self-sustaining model capable of building long-term equity value.
Analysis of the balance sheet reveals that HWH's financial stability is heavily contingent upon its relationship with Alset International, as evidenced by the persistent need for capital support to offset operating losses that would otherwise threaten the company's ability to continue as a going concern.
The absence of independent revenue growth suggests that the balance sheet may be distorted by intercompany arrangements that mask the true economic cost of the Hapi ecosystem. Investors should remain cautious, as the company's financial health appears more reflective of parent-level strategic decisions than organic market demand.
Quick answers to the most common questions about buying HWH stock.
As of 2025, HWH International Inc. (HWH) had total assets of $4.6M including $3.0M in current assets.
HWH International Inc. (HWH) carries total debt of $0.8M, offset by $2.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
HWH International Inc. (HWH) has total shareholders' equity (book value) of $2.6M ($0.41 book value per share). Book value represents the net worth of the company belonging to common stock holders.
HWH International Inc. (HWH) reported a current ratio of 2.32x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.