Revenue performance remains highly erratic with quarterly figures fluctuating from $10.0M in 2023Q4 to $638.1K in 2025Q4, while gross margins have swung wildly between -3.8% and 80.7% over the same period.
Top Wealth Group Holding Limited Ordinary Shares (TWG) annual income statement — 5-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Sales/Revenue | 2.31M | 9.13M | 4.75M | 16.94M | 8.51M | 19.61K |
| Revenue Growth % | -91.19% | 92.3% | -71.98% | 99.03% | 43300.1% | - |
| Cost of Goods Sold | 2.17M | 2.32M | 2.24M | 11.56M | 586.55K | 874 |
| COGS % of Revenue | - | 25.41% | 47.2% | 68.2% | 6.89% | 4.46% |
| Gross Profit | 138.46K | 6.81M | 2.51M | 5.39M | 4.2M | 15.3K |
| Gross Margin % | 6.01% | 74.59% | 52.8% | 31.8% | 49.37% | 78.01% |
| Gross Profit Growth % | - | 171.66% | -53.47% | 28.17% | 27368.19% | - |
| Operating Expenses | 828.95K | 3.62M | 3.02M | 2.34M | 1.92M | 32.19K |
| OpEx % of Revenue | - | 39.65% | 63.65% | 13.82% | 22.59% | 164.11% |
| Selling, General & Admin | 5.5M | 3.62M | 2.96M | 2.11M | 1.92M | 29.71K |
| SG&A % of Revenue | - | 39.65% | 62.35% | 12.44% | 22.59% | 151.45% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | -1.94M | 0 | 61.88K | 233.66K | 0 | 2.48K |
| Operating Income | 813.91K | 3.19M | -515.21K | 3.05M | 2.28M | -16.89K |
| Operating Margin % | 35.3% | 34.94% | -10.85% | 17.97% | 26.79% | -86.1% |
| Operating Income Growth % | - | 719.16% | -116.92% | 33.54% | 13602.83% | - |
| EBITDA | -655.52K | 3.19M | -453.32K | 3.28M | 2.45M | -14.4K |
| EBITDA Margin % | -28.43% | 34.94% | -9.55% | 19.35% | 28.82% | -73.43% |
| EBITDA Growth % | -116.13% | 803.68% | -113.83% | 33.64% | 17133.97% | - |
| D&A (Non-Cash Add-back) | 34.97K | 0 | 61.88K | 233.66K | 173.22K | 2.48K |
| EBIT | -690.49K | 3.19M | -515.21K | 3.05M | 2.28M | -16.89K |
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -1.5M | 0 | -1.5M | 0 | 0 | 0 |
| Pretax Income | -690.49K | 3.19M | -2.02M | 3.05M | 2.28M | -16.89K |
| Pretax Margin % | -29.95% | 34.94% | -42.54% | 17.97% | 26.79% | -86.1% |
| Income Tax | 92.57K | 0 | 0 | 607.15K | 362.59K | -5.89K |
| Effective Tax Rate % | -13.41% | 0% | 0% | 19.94% | 15.9% | 34.89% |
| Net Income | -783.06K | 3.19M | -2.02M | 2.44M | 1.92M | -10.99K |
| Net Margin % | -33.96% | 34.94% | -42.54% | 14.39% | 22.53% | -56.05% |
| Net Income Growth % | -126.67% | 257.96% | -182.83% | 27.13% | 17542.21% | - |
| Net Income (Continuing) | -783.06K | 3.19M | -2.02M | 2.44M | 1.92M | -10.99K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.03 | 0.50 | -3.25 | 8.10 | 6.39 | -0.04 |
| EPS Growth % | 122.17% | 115.38% | -140.12% | 26.76% | 17559.02% | - |
| EPS (Basic) | - | 0.56 | -3.25 | 8.10 | 6.39 | -0.04 |
| Diluted Shares Outstanding | 22.75M | 823.79K | 380.42K | 300K | 300K | 300K |
| Basic Shares Outstanding | 22.75M | 733.05K | 380.42K | 300K | 300K | 300K |
| Dividend Payout Ratio | - | - | - | - | - | - |
Quick answers to the most common questions about buying TWG stock.
For fiscal year 2025, Top Wealth Group Holding Limited Ordinary Shares (TWG) reported total revenue of $9.1M. This represents a 46444.5% increase compared to $0.0M in 2021.
Top Wealth Group Holding Limited Ordinary Shares (TWG) is profitable, generating $3.2M in net income for the fiscal year ending 2025 with a net profit margin of 34.9%.
Top Wealth Group Holding Limited Ordinary Shares (TWG) reported an operating income of $3.2M, resulting in an operating profit margin of 34.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Top Wealth Group Holding Limited Ordinary Shares (TWG) generated $6.8M in gross profit for the year, representing a gross profit margin of 74.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Extreme Revenue Volatility
Erratic Revenue Growth Patterns Observed
As reported in financial statements, TWG's top-line performance exhibits extreme volatility, with quarterly revenue swinging from $10.0M in 2023Q4 to $348.9K in 2024Q4, suggesting that the company's reliance on transactional luxury distribution lacks the stability required for consistent, predictable long-term growth trajectories.
The dramatic fluctuations in revenue suggest that the company's business model is highly sensitive to specific, non-recurring purchase orders rather than a steady stream of recurring demand. Investors should monitor whether this volatility is a byproduct of seasonal luxury gifting cycles or a fundamental weakness in the company's ability to secure long-term distribution contracts.
Gross Margin Volatility Signals Risk
Based on the provided income statement data, TWG's gross margins have fluctuated significantly, ranging from a negative 3.8% in 2024Q4 to a peak of 80.7% in 2025Q2, indicating that the company lacks the pricing power or cost stability typical of a mature luxury brand.
The inability to maintain consistent gross margins suggests that the company is highly susceptible to input cost shocks or inventory impairment charges. This instability warrants further investigation into whether the company's procurement strategy is effectively hedged against the inherent perishability and price volatility of high-end sturgeon roe.
Operating Leverage Remains Highly Unstable
According to recent income statement filings, TWG's operating income has swung between a $1.8M profit and a $561.1K loss within the same fiscal year, demonstrating that the company has yet to achieve the operational scale necessary to leverage its fixed cost base effectively.
The erratic nature of operating margins suggests that SG&A expenses are not scaling in proportion to revenue, which may indicate inefficient overhead management. Without a more stable revenue base, the company appears vulnerable to periods of significant operating losses during quarters where distribution volume fails to meet internal thresholds.
Sustainability of Business Model Challenged
As indicated by the data, the company's transition from a $10.0M revenue quarter in 2023Q4 to sub-million dollar figures in subsequent periods suggests that the current business model may be unsustainable, raising significant concerns regarding the long-term viability of its luxury distribution strategy.
Short-sellers would likely focus on the massive revenue contraction and the resulting impact on net income, which turned negative in multiple periods. The lack of consistent profitability suggests that the company's current cost structure may be misaligned with its actual market demand, necessitating a deeper look at the underlying health of its B2B relationships.