SHENZHEN, China, Sept. 29, 2026 /PRNewswire/ -- Baiya International Group Inc. ("Baiya" or the "Company") (Nasdaq: BIYA), a human resource ("HR") technology company operating an intelligent SaaS-enabled new-economy human capital platform focused on the full lifecycle management of freelance talent, today announced its unaudited financial results for the first half of fiscal year 2026 ended June 30, 2026.
Ms. Linxi Xie, Chief Executive Officer of Baiya, commented, "The first half of fiscal year 2026 was a period of transition for Baiya, as we began generating revenue from our new business lines and continued to streamline our operations. Our continuing operations delivered net revenues of $0.8 million, primarily from our intelligent matching and SaaS platform services, which contributed $0.7 million, with the remainder from our business management and information system consulting services. At the same time, total operating expenses decreased by 31.6% to $3.5 million, helping narrow net loss attributable to common shareholders to $2.4 million from $4.8 million for the same period last year. During the period, we also completed the disposition of Juxing Investment Group (Hong Kong) Limited and its related operations as part of our ongoing efforts to improve profitability and support sustainable growth. Looking ahead, we plan to further develop our intelligent SaaS-enabled new-economy human capital platform, enhance our service capabilities, and build on the momentum of our new business lines, with the goal of creating long-term value for our shareholders."
First Half of Fiscal Year 2026 Financial Summary
- Net revenues from continuing operations were $0.8 million for the first half of fiscal year 2026, compared to nil for the same period last year.
- Gross profit was $77,498 for the first half of fiscal year 2026, compared to nil for the same period last year.
- Net loss attributable to Baiya was $2.4 million for the first half of fiscal year 2026, compared to $4.8 million for the same period last year.
- Basic and diluted net loss per common share were $0.54 for the first half of fiscal year 2026, compared to $96.15 for the same period last year.
First Half of Fiscal Year 2026 Financial Results
Net Revenues
Net revenues were $0.8 million for the first half of fiscal year 2026, compared to nil for the same period last year.
- Revenue from intelligent matching and SaaS platform services was $0.7 million for the first half of fiscal year 2026. The Company started its intelligent matching and SaaS platform business in 2026, and it did not generate revenue from this business for the same period last year.
- Revenue from business management and information system consulting services was $69,243. The Company started its business management and information system consulting services in 2026, and it did not generate revenue from these services for the same period last year.
Cost of Revenues
Total cost of revenue was $0.7 million for the first half of fiscal year 2026, compared to nil for the same period last year.
Gross Profit
Gross profit was $77,498 for the first half of fiscal year 2026, compared to nil for the same period last year.
- Gross profit for the intelligent matching and SaaS platform services was $43,915 for the first half of fiscal year 2026. The Company started its intelligent matching and SaaS platform business in 2026, and it did not generate gross profit from this business for the same period last year.
- Gross profit for the business management and information system consulting services was $33,583. The Company started its business management and information system consulting services in 2026, and it did not generate gross profit from these services for the same period last year.
Operating Expenses
Total operating expenses were $3.5 million for the first half of fiscal year 2026, a decrease of 31.6% from $5.1 million for the same period last year. The change was mainly due to a decrease of $1.7 million in general and administrative expenses which was partly offset by an increase of $28,646 in selling expenses.
- Selling expenses were $0.4 million for the first half of fiscal year 2026, an increase of 8.7% from $0.3 million for the same period last year. The increase was primarily due to the $83,333 increase in advertising and promotion expense, which was partly offset by $52,714 decrease in meal and entertainment expense.
- General and administrative expenses were $3.2 million for the first half of fiscal year 2026, a decrease of 34.3% from $4.8 million for the same period last year. The decrease was mainly due to decreased consulting and professional service fees by $1.0 million, which mainly included legal fees, professional management fees, stock transfer agent fees, audit and accounting fees, and HR service fees, decreased telecom service expense by $0.8 million, which was partly offset by increased payroll expenses by $85,351 and increase stock compensation expense by $51,559 and increased other expenses by $51,424.
Net Income from Discontinued Operations
Net income from discontinued operations was $0.9 million for the first half of fiscal year 2026, compared to $0.4 million for the same period last year.
Net Loss Attributable to Baiya
Net loss attributable to common shareholders was $2.4 million for the first half of fiscal year 2026, compared to $4.8 million for the same period last year. The decrease in net loss of $2.3 million was primarily attributable to an increase in gross profit of $77,498, a decrease in operating expenses of $1.6 million, an increase in other income of $0.1 million, and an increase in net income attributable to the Company from discontinued operations of $0.5 million, partially offset by income tax expense of $127 and an increase in net income attributable to non-controlling interests from continuing operations of $2,909.
Basic and Diluted Net Loss per Common Share
Basic and diluted net loss per common share were $0.54 for the first half of fiscal year 2026, compared to $96.15 for the same period last year.
Financial Condition
As of June 30, 2026, the Company had cash of $1.2 million, compared to $0.6 million as of December 31, 2025.
Net cash used in operating activities for the first half of fiscal year 2026 was $0.2 million, compared to $6.4 million for the same period last year.
Net cash used in investing activities for the first half of fiscal year 2026 was $4.6 million, compared to $2.3 million for the same period last year.
Net cash provided by financing activities for the first half of fiscal year 2026 was $3.8 million, compared to $7.9 million for the same period last year.
About Baiya International Group Inc.
Baiya International Group Inc. is an HR technology company operating an intelligent SaaS enabled new economy human capital platform focused on the full lifecycle management of freelance talent. Through its online intelligent matching system, Baiya provides precise matching services between enterprise clients and freelancers, along with standardized management tools and workflows. Its business spans multiple vertical sectors, including gaming and esports, online education, home appliance repair, and content e-commerce. For more information, please visit the Company's website: https://www.baiyainc.com/investors-overview.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. As a foreign private issuer, the Company may rely on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 to the extent applicable to its forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, but not limited to, statements concerning the Company's plans, growth initiatives, objectives, goals, strategies, future events or expected performance, and underlying assumptions. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "intend," "seek," "aim" or "continue," or the negative of these terms or similar expressions. Forward-looking statements in this press release include, but are not limited to, statements relating to: the Company's ability to continue as a going concern and management's plans to increase revenue and secure additional financing; expectations regarding the Company's digital asset holdings, including the fair value and potential volatility of such holdings; the anticipated collection of receivables; the Company's plans to further develop its intelligent SaaS-enabled new-economy human capital platform; the effect of PRC government regulations, foreign exchange controls and tax policies on the Company's business and results of operations; and the Company's ability to execute its business and strategic initiatives. These forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to differ materially, including, but not limited to: substantial doubt about the Company's ability to continue as a going concern; significant price volatility, regulatory uncertainty and custodial risks associated with the Company's digital asset holdings; risks associated with operating in the PRC, including changes in laws and regulations, currency exchange rate fluctuations and restrictions on convertibility of the Renminbi; concentration of revenue among a limited number of customers and reliance on a single reportable segment; the Company's ability to maintain its listing on the Nasdaq Capital Market; risks related to the Company's liquidity and capital resources, repayment of loan receivables from third parties, and remediation of material weaknesses in internal control over financial reporting; and other risks and uncertainties described in the Company's Annual Report on Form 20-F for the year ended December 31, 2025, as filed with the U.S. Securities and Exchange Commission (the "SEC") on April 23, 2026. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information, please contact:
Baiya International Group Inc.
Investor Relations Department
Phone: +1-646-916-0575
Email: ir@biyainc.com
Investor Relations Inquiries:
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
BAIYA INTERNATIONAL GROUP INC. | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(Expressed in U.S. Dollars, except for the number of shares) | ||||||||
As of | As of | |||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash | $ | 1,181,159 | $ | 583,926 | ||||
Accounts receivable, net | 29,479 | 17,160 | ||||||
Due from related parties | 987,230 | 389,130 | ||||||
Digital assets | 3,708,612 | - | ||||||
Prepaid expenses and other current assets | 3,392,710 | 4,480,810 | ||||||
Receivable from disposal of subsidiaries | 577,432 | - | ||||||
Loan receivable from third parties, current | 18,794,286 | 16,996,022 | ||||||
Total current assets | 28,670,908 | 22,467,048 | ||||||
NON-CURRENT ASSETS | ||||||||
Property and equipment, net | 10,692 | 5,117 | ||||||
Receivable from disposal of subsidiaries-Non current | 1,058,504 | |||||||
Total noncurrent assets | 1,069,196 | 5,117 | ||||||
Assets from discontinued operations | - | 5,359,383 | ||||||
TOTAL ASSETS | $ | 29,740,104 | $ | 27,831,548 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts payable | $ | 38,708 | 500 | |||||
Loan payable to third parties | - | - | ||||||
Advance from customers | - | - | ||||||
Accrued liabilities and other payables | 2,210,298 | 617,944 | ||||||
Taxes payable | 35,439 | 4,594 | ||||||
Due to related parties | 800 | 800 | ||||||
Lease liabilities | - | - | ||||||
Loan payables, current | - | - | ||||||
Total current liabilities | 2,285,245 | 623,838 | ||||||
Liabilities from discontinued operations | - | 4,139,167 | ||||||
TOTAL LIABILITIES | 2,285,245 | 4,763,005 | ||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
STOCKHOLDER'S EQUITY | ||||||||
Preferred shares, par value $0.025, 100,000,000 shares authorized, nil shares issued | - | - | ||||||
Class A Common shares, par value $0.025, 160,000,000 shares authorized, 2,746,211 | 68,655 | 2,964 | ||||||
Class B Common shares, par value $0.0001, 100,000,000 shares authorized, | 360 | 360 | ||||||
Additional paid-in capital | 45,330,367 | 33,706,703 | ||||||
Subscription receivable | (4,814,678) | - | ||||||
Statutory Reserve | 558,727 | 458,832 | ||||||
Accumulated other comprehensive loss | (93,097) | (147,070) | ||||||
Accumulated deficit | (13,599,360) | (11,066,628) | ||||||
- | ||||||||
Total Company shareholders' equity | 27,450,974 | 22,955,161 | ||||||
- | ||||||||
Non-controlling interest | 3,885 | 113,382 | ||||||
- | ||||||||
Total shareholders' equity | 27,454,859 | 23,068,543 | ||||||
- | ||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 29,740,104 | $ | 27,831,548 | ||||
* | Certain prior-period amounts have been reclassified for discontinued operations presentation. |
BAIYA INTERNATIONAL GROUP INC. | ||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | ||||||||||||||||
(Expressed in U.S. Dollars, except for the number of shares) | ||||||||||||||||
(UNAUDITED) | ||||||||||||||||
For the Six Months Ended June 30, | ||||||||||||||||
2026 Include | Discontinued | 2026 | 2025 | |||||||||||||
Net revenues | $ | 2,705,486 | $ | 1,948,681 | $ | 756,805 | $ | - | ||||||||
Cost of revenues | 2,260,877 | 1,581,570 | 679,307 | - | ||||||||||||
Gross profit | 444,609 | 367,111 | 77,498 | - | ||||||||||||
Operating expenses | ||||||||||||||||
Selling expenses | 483,795 | 127,258 | 356,537 | 327,891 | ||||||||||||
General and administrative expenses | 3,285,426 | 121,356 | 3,164,070 | 4,817,512 | ||||||||||||
Total operating expenses | 3,945,636 | 425,029 | 3,520,607 | 5,145,403 | ||||||||||||
Loss from operations | (3,501,027) | (57,918) | (3,443,109) | (5,145,403) | ||||||||||||
Other income (expenses) | ||||||||||||||||
Interest income | 25,653 | 6,287 | 19,366 | 142 | ||||||||||||
Other income | 165,517 | 82,187 | 83,330 | 3,638 | ||||||||||||
Total other income | 1,075,531 | 972,835 | 102,696 | 3,780 | ||||||||||||
Loss before income tax | (2,425,496) | 914,917 | (3,340,413) | (5,141,623) | ||||||||||||
Less: income tax expense | 2,746 | 2,619 | 127 | - | ||||||||||||
Net loss from continuing operation | (3,340,540) | (5,141,623) | ||||||||||||||
Net income from discontinued operations | 912,298 | 912,298 | 405,921 | |||||||||||||
Net loss | (2,428,242) | (2,428,242) | (4,735,702) | |||||||||||||
Less: net income attributable to non-controlling interests | 4,595 | 1,686 | 2,909 | - | ||||||||||||
Less: net income attributable to non-controlling interests | 1,686 | 1,686 | 21,576 | |||||||||||||
Net loss attributable to the Company from continuing | (3,343,449) | (5,141,623) | ||||||||||||||
Net income attributable to the Company from | 910,612 | 910,612 | 384,345 | |||||||||||||
Net loss attributable to common shareholders of Baiya | $ | (2,432,837) | $ | (2,432,837) | (4,757,278) | |||||||||||
Comprehensive income (loss) | ||||||||||||||||
Other comprehensive income | ||||||||||||||||
Foreign currency translation gain attributable to the | 53,973 | 53,973 | 17,504 | |||||||||||||
Foreign currency translation gain attributable to | 3,484 | 2,535 | 949 | 4,646 | ||||||||||||
Total other comprehensive income | 57,457 | 2,535 | 54,922 | 22,150 | ||||||||||||
Comprehensive loss attributable to common | (2,378,864) | - | (2,378,864) | (4,739,774) | ||||||||||||
Comprehensive income attributable to noncontrolling | 8,079 | 8,079 | 26,222 | |||||||||||||
Total comprehensive loss | $ | (2,370,785) | $ | - | $ | (2,370,785) | $ | (4,713,552) | ||||||||
Net loss per common share | ||||||||||||||||
Basic and diluted * | $ | (0.54) | $ | (0.54) | $ | (96.15) | ||||||||||
Weighted average number of common shares outstanding | ||||||||||||||||
Basic and diluted * | 4,535,080 | 4,535,080 | 49,475 | |||||||||||||
* | retroactively reflect 1-for-25 reverse stock split effective on December 29, 2025 and 1-for-10 reverse stock split |
BAIYA INTERNATIONAL GROUP INC. | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Expressed in U.S. Dollars, except for the number of shares) | ||||||||
(UNAUDITED) | ||||||||
For the Six Months | ||||||||
2026 | 2025 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net loss | $ | (2,428,242) | $ | (4,735,702) | ||||
Net income from discontinued operations | 912,298 | 405,921 | ||||||
Net loss from continuing operations | (3,340,540) | (5,141,623) | ||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||
Depreciation expense | 756 | - | ||||||
Unrealized loss on digital assets | 292,717 | - | ||||||
Stock compensation expense | 1,191,281 | 1,736,736 | ||||||
Changes in operating assets and liabilities: | ||||||||
Increase in accounts receivable, net | (11,656) | - | ||||||
Decrease in advance to suppliers, net | 811,679 | - | ||||||
Increase in prepaid expenses and other current assets | (3,202) | (3,171,083) | ||||||
Increase (Decrease) in accounts payable | 37,767 | (300) | ||||||
Increase (Decrease) in accrued liabilities and other payables | 6,917 | 4,940 | ||||||
Increase in taxes payable | 30,424 | - | ||||||
Net cash used in operating activities from continuing operations | (983,857) | (6,571,330) | ||||||
Net cash provided by operating activities from discontinued operations | 799,040 | 185,753 | ||||||
Net cash used in operating activities | 184,817 | (6,385,577) | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Purchase of fixed assets | (6,330) | - | ||||||
Purchase of digital assets | (3,599,441) | - | ||||||
Gains from sale of digital assets | 81,730 | - | ||||||
Cash received from sale of subsidiary | 199,826 | - | ||||||
Cash disposed as a result of disposal of subsidiaries | (932,492) | |||||||
Loan to related parties | (575,249) | (550,695) | ||||||
Repayment of loan to third party | 200,000 | - | ||||||
Net cash used in investing activities from continuing operations | (4,631,956) | (550,695) | ||||||
Net cash provided by (used in) investing activities from discontinued operations | 1,020 | (1,704,691) | ||||||
Net cash used in investing activities | (4,630,936) | (2,255,386) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Net proceeds from issuance of common stock | 4,058,212 | 7,995,267 | ||||||
Net cash provided by financing activities from continuing operations | 4,058,212 | 7,995,267 | ||||||
Net cash used in financing activities from discontinued operations | (221,046) | (124,302) | ||||||
Net cash provided by financing activities | 3,837,166 | 7,870,965 | ||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 40,805 | 11,406 | ||||||
NET DECREASE IN CASH | (937,782) | (758,592) | ||||||
CASH, BEGINNING OF PERIOD (INCLUDED $ 1,535,015 and $1,668,069 FROM | 2,118,941 | 1,668,291 | ||||||
CASH, END OF PERIOD | $ | 1,181,159 | $ | 909,699 | ||||
- | ||||||||
ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS: | ||||||||
Cash and equivalents | $ | 1,181,159 | $ | 873,464 | ||||
Cash and equivalents included in discontinued operations | $ | - | $ | 36,235 | ||||
Supplemental disclosure information of cash flow: | ||||||||
Cash paid for income tax | $ | - | $ | - | ||||
Cash paid for interest | $ | 688 | $ | 33,679 | ||||
Supplemental non-cash information: | ||||||||
Right of use assets obtained in exchange for operating lease liability | $ | - | $ | 71,398 | ||||
Issuance of common stock in exchange for digital assets (USDT) | $ | 1,404,563 | $ | - | ||||
Issuance of common stock in exchange for subscription receivable | $ | 4,814,678 | $ | - | ||||
Investor deposit received | $ | 1,585,437 | $ | - | ||||
Loan receivable to third party funded through transfer of digital assets (USDT) | $ | 1,998,264 | $ | - | ||||
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SOURCE Baiya International Group Inc.
