Revenue performance has deteriorated sharply with a 33.8% year-over-year decline in 2025Q4, while gross margins compressed to 13.7% from 38.0% in the prior year period.
Mint Incorporation Limited (MIMI) annual income statement — 5-year revenue, gross profit & net income history
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 |
|---|
| Sales/Revenue | 293.51K | 3.27M | 4.38M | 2.67M | 2.12M |
| Revenue Growth % | -91.01% | -25.48% | 63.94% | 26.22% | - |
| Cost of Goods Sold | 293.43K | 2.54M | 2.82M | 1.41M | 1.5M |
| COGS % of Revenue | 99.97% | 77.77% | 64.38% | 52.73% | 70.78% |
| Gross Profit | 82 | 726.17K | 1.56M | 1.26M | 618.99K |
| Gross Margin % | 0.03% | 22.23% | 35.62% | 47.27% | 29.22% |
| Gross Profit Growth % | -99.99% | -53.49% | 23.55% | 104.17% | - |
| Operating Expenses | 1.31M | 2.35M | 670.59K | 338.71K | 356.09K |
| OpEx % of Revenue | 444.77% | 72.06% | 15.3% | 12.67% | 16.81% |
| Selling, General & Admin | 1.29M | 2.35M | 670.59K | 338.71K | 317.45K |
| SG&A % of Revenue | 439.06% | 72.06% | 15.3% | 12.67% | 14.99% |
| Research & Development | 16.78K | 0 | 0 | 0 | 0 |
| R&D % of Revenue | 5.72% | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 38.64K |
| Operating Income | -1.31M | -1.63M | 890.79K | 118.01K | 262.9K |
| Operating Margin % | -444.75% | -49.83% | 20.32% | 4.41% | 12.41% |
| Operating Income Growth % | 19.79% | -282.7% | 654.83% | -55.11% | - |
| EBITDA | -1.27M | -1.56M | 935.36K | 120.46K | 314.4K |
| EBITDA Margin % | -433.86% | -47.89% | 21.34% | 4.51% | 14.84% |
| EBITDA Growth % | 18.58% | -267.22% | 676.52% | -61.69% | - |
| D&A (Non-Cash Add-back) | 31.95K | 63.38K | 44.57K | 2.44K | 51.5K |
| EBIT | -1.31M | -1.6M | 890.79K | 121.15K | 265.41K |
| Net Interest Income | 2.24K | -9.38K | 110 | 38 | -347 |
| Interest Income | 6.01K | 24.88K | 110 | 38 | 0 |
| Interest Expense | 3.77K | 34.27K | 0 | 0 | 348 |
| Other Income/Expense | -15.74K | -8.23K | 21.58K | 24.58K | 2.16K |
| Pretax Income | -1.32M | -1.64M | 912.37K | 949.65K | 265.06K |
| Pretax Margin % | -450.11% | -50.08% | 20.82% | 35.52% | 12.51% |
| Income Tax | 631 | -174.62K | 128.93K | 130.22K | 8.48K |
| Effective Tax Rate % | -0.05% | 10.68% | 14.13% | 13.71% | 3.2% |
| Net Income | -1.32M | -1.46M | 783.44K | 819.42K | 256.58K |
| Net Margin % | -450.3% | -44.73% | 17.87% | 30.65% | 12.11% |
| Net Income Growth % | 9.54% | -286.5% | -4.39% | 219.37% | - |
| Net Income (Continuing) | -1.32M | -1.46M | 783.44K | 104.53K | 256.58K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -68 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.53 | -0.64 | 0.34 | 0.36 | 0.11 |
| EPS Growth % | 17.45% | -286.63% | -4.44% | 218.58% | - |
| EPS (Basic) | -0.53 | -0.64 | 0.34 | 0.36 | 0.11 |
| Diluted Shares Outstanding | 2.48M | 2.27M | 2.27M | 2.27M | 2.27M |
| Basic Shares Outstanding | 2.48M | 2.27M | 2.27M | 2.27M | 2.27M |
| Dividend Payout Ratio | - | - | - | 66.92% | - |
Quick answers to the most common questions about buying MIMI stock.
For fiscal year 2026, Mint Incorporation Limited (MIMI) reported total revenue of $0.3M. This represents a 86.1% decline compared to $2.1M in 2022.
Mint Incorporation Limited (MIMI) reported a net loss of $1.3M for the fiscal year ending 2026.
Mint Incorporation Limited (MIMI) reported an operating income of $-1.3M, resulting in an operating profit margin of -444.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Mint Incorporation Limited (MIMI) generated $0.0M in gross profit for the year, representing a gross profit margin of 0.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Operational scale and liquidity
Revenue Contraction Reflects Market Malaise
As reported in recent financial filings, MIMI experienced a sharp 33.8% year-over-year revenue decline in 2025Q4, signaling a significant deterioration in the firm's ability to secure new fit-out contracts within the highly competitive and currently stagnant Hong Kong commercial and residential renovation market.
The consistent downward trend in top-line performance suggests that the company's project-based business model is struggling to maintain relevance amidst broader sector headwinds. Investors should monitor whether this contraction represents a permanent loss of market share or a temporary pause in project awards due to macroeconomic uncertainty.
Margin Compression Erodes Operational Viability
Based on the latest income statement data, gross margins have compressed significantly to 13.7% in 2025Q4, down from 38.0% in 2024Q4, indicating that the company is losing its pricing power and facing increased cost pressures on its core fit-out execution services.
The rapid erosion of gross profitability suggests that MIMI is likely engaging in aggressive bidding to maintain activity levels, which is unsustainable given the current cost structure. This margin degradation appears to be a direct consequence of the firm's inability to pass through rising input costs to clients.
Fixed Costs Outpace Revenue Generation
According to the provided quarterly figures, MIMI's operating margin plummeted to -92.9% in 2025Q4, demonstrating a severe lack of operating leverage as fixed administrative overheads remain stubbornly high despite the substantial decline in the company's total revenue volume over the past year.
The inability to scale SG&A expenses in proportion to the revenue drop implies that the company is carrying an excessive fixed-cost burden for its current operational scale. This structural imbalance suggests that the firm may require a significant reorganization to reach a sustainable break-even point.
Valuation Disconnect Masks Operational Risks
While the company maintains a cash-heavy balance sheet, the income statement reveals a concerning trend where net losses of $796.5K in 2025Q4 suggest that the firm is rapidly consuming its capital reserves to fund ongoing operational inefficiencies rather than strategic growth initiatives.
Short-sellers would likely focus on the fact that the company's cash position is being eroded by persistent negative margins, potentially turning the firm into a 'value trap.' The market's current valuation may be overly optimistic if it assumes the cash pile can offset the underlying business's inability to generate profit.