Revenue momentum has shifted into a contractionary phase, with gross margins plummeting to 4.8% in 2025Q4 from 43.2% in 2024Q4, reflecting extreme sensitivity to project-related costs.
| Sales/Revenue | 45.8M | 20.44M | 3.62M |
| Revenue Growth % | 124.08% | 465.42% | - |
| Cost of Goods Sold | 33.83M | 11.36M | 3.26M |
| COGS % of Revenue | 73.86% | 55.58% | 90.25% |
| Gross Profit | 11.97M | 9.08M | 352.55K |
| Gross Margin % | 26.14% | 44.42% | 9.75% |
| Gross Profit Growth % | 31.87% | 2475.58% | - |
| Operating Expenses | 11.2M | 960.37K | 696.64K |
| OpEx % of Revenue | 24.45% | 4.7% | 19.27% |
| Selling, General & Admin | 7.32M | 666.29K | 490.64K |
| SG&A % of Revenue | 15.98% | 3.26% | 13.57% |
| Research & Development | 760K | 0 | 0 |
| R&D % of Revenue | 1.66% | - | - |
| Other Operating Expenses | 3.12M | 294.08K | 206.01K |
| Operating Income | 773.47K | 8.12M | -344.09K |
| Operating Margin % | 1.69% | 39.72% | -9.52% |
| Operating Income Growth % | -90.47% | 2459.78% | - |
| EBITDA | 3.78M | 8.41M | -138.09K |
| EBITDA Margin % | 8.26% | 41.16% | -3.82% |
| EBITDA Growth % | -55.03% | 6193.19% | - |
| D&A (Non-Cash Add-back) | 3.01M | 294.08K | 206.01K |
| EBIT | 8.18M | 8.32M | -303.13K |
| Net Interest Income | -611.85K | -223.27K | -179.21K |
| Interest Income | 44.84K | 23K | 441 |
| Interest Expense | 656.69K | 246.26K | 179.65K |
| Other Income/Expense | 6.75M | -42.6K | -138.69K |
| Pretax Income | 7.53M | 8.08M | -482.78K |
| Pretax Margin % | 16.43% | 39.52% | -13.35% |
| Income Tax | 1.1M | 988.35K | 0 |
| Effective Tax Rate % | 14.62% | 12.24% | 0% |
| Net Income | 6.43M | 7.09M | -482.78K |
| Net Margin % | 14.03% | 34.68% | -13.35% |
| Net Income Growth % | -9.36% | 1568.34% | - |
| Net Income (Continuing) | 6.43M | 7.09M | -482.78K |
| Discontinued Operations | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 |
| EPS (Diluted) | 26.25 | 28.75 | -1.95 |
| EPS Growth % | -8.7% | 1574.36% | - |
| EPS (Basic) | 26.25 | 28.75 | -1.95 |
| Diluted Shares Outstanding | 248K | 248K | 248K |
| Basic Shares Outstanding | 248K | 248K | 248K |
| Dividend Payout Ratio | - | - | - |
High Operating Margin Volatility
As indicated by the most recent quarterly data, TDIC's revenue growth has shifted into a contractionary phase, with top-line figures falling to $14.8M in 2025Q4 from a peak of $30.9M in 2025Q2, representing a significant reversal in the company's project-based event cycle.
The rapid decline in quarterly revenue suggests that the company's reliance on specific IP-driven touring schedules creates inherent volatility that is difficult to smooth. Investors should monitor whether this contraction reflects a broader saturation of the Hong Kong market or merely the timing of seasonal event rollouts.
According to the latest financial statements, TDIC's gross margin plummeted to 4.8% in 2025Q4, a stark contrast to the 43.2% margin reported in 2024Q4, highlighting the extreme sensitivity of the company's cost structure to individual project performance and venue-related expenses.
This dramatic margin erosion implies that the company lacks the pricing power to pass through rising production costs or that recent events have failed to achieve the necessary throughput to cover fixed licensing guarantees. Such volatility suggests that the business model is highly susceptible to the success or failure of individual themed attractions.
Based on reported figures, TDIC maintains a persistent gap between operating losses and net income, exemplified by a 2025Q4 operating loss of $2.5M contrasted against a net profit of $3.7M, which suggests that non-operating items are currently masking core operational weaknesses.
The reliance on non-operating income to drive the bottom line raises concerns regarding the sustainability of reported earnings. Analysts should investigate the source of these gains, as they appear to be disconnected from the underlying event management business and may not be repeatable in future periods.
As evidenced by the 2025Q4 results, TDIC's operating margin has turned negative at -16.8%, demonstrating that the company has yet to achieve the scale necessary to leverage its fixed SG&A costs against its highly variable and volatile revenue base.
The inability to maintain positive operating margins during periods of revenue contraction indicates a lack of operational flexibility. This suggests that the company's cost structure is heavily weighted toward fixed commitments, which may exacerbate losses during downturns in the entertainment cycle.
Quick answers to the most common questions about buying TDIC stock.
For fiscal year 2025, Dreamland Limited Class A Ordinary Shares (TDIC) reported total revenue of $45.8M. This represents a 1167.0% increase compared to $3.6M in 2023.
Dreamland Limited Class A Ordinary Shares (TDIC) is profitable, generating $6.4M in net income for the fiscal year ending 2025 with a net profit margin of 14.0%.
Dreamland Limited Class A Ordinary Shares (TDIC) reported an operating income of $0.8M, resulting in an operating profit margin of 1.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Dreamland Limited Class A Ordinary Shares (TDIC) generated $12.0M in gross profit for the year, representing a gross profit margin of 26.1%. This demonstrates the company's core pricing power and production efficiency.