Solowin Holdings reported its unaudited financial results for the first six months of fiscal year 2025, ended September 30, 2024, on January 4, 2025. The company announced a significant decrease in revenue, which fell by 60% to $1.06 million, down from $2.64 million in the same period of the previous fiscal year. This decline was primarily driven by a decrease in investment advisory services revenue.
The company recorded a net loss of $6.26 million for the six months ended September 30, 2024, a notable shift from the net income of $1.25 million reported in the prior year period. Basic and diluted loss per share was $0.39, contrasting with earnings per share of $0.10 for the same period in 2023. Total expenses increased to $7.35 million from $1.30 million, mainly due to higher general and administrative, marketing, and employee benefits expenses.
Despite the operating loss, cash and cash equivalents increased to $2.46 million as of September 30, 2024, from $2.14 million as of March 31, 2024. Net cash provided by operating activities was $0.78 million, a reversal from net cash used in operating activities of $2.37 million in the prior year period. This was primarily due to decreases in receivables and increases in payables to customers, partially offset by the operating loss.
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