← All companies ← AVAL Manual AXIA → ← AVX Capital Markets & Asset Management AXP →
AXG, Solowin Holdings Class A Ordinary Share
Revenue is AI Tokens (79%) and Digital Asset Tokens (21%).
The business
What it sells, where the money comes from, the kind of company it is.
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- An asset manager, paid a fee on the money it runs for other people.
- Situation
- Unprofitable. No meaningful revenue yet; the record is the cash on hand against the burn.
- What moves the needle
- Assets under management and the fee rate on them. What decides it: net flows in or out, the market's move on the assets already there (the firm rises and falls with the indices it invests in), the drift toward cheaper passive products, and the operating leverage on a largely fixed cost base. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Operating margin has run at the high end of fee-business margins across the record (median 56%, above 25% in 2 of 3 years), the economics of a business that takes a cut without carrying the risk. It earns this on little capital, so return on equity has run near −51%, the leverage of a model that needs almost no plant to grow. A high return that does not fade can mark a moat, but whether the assets stay (net flows, not last year's market) is what the flow disclosures and the 10-K settle, not the multiple.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 20-F →AI Tokens is 79% of revenue, with Digital Asset Tokens the other meaningful segment at 21%.
- AI Tokens79%$22M
- Digital Asset Tokens21%$6M
From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2022–2026
realized figures from each filing · older years to the left| 2022’22 | 2023’23 | 2024’24 | 2025’25 | 2026’26 | TTMTTMMar 2026 | |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| $351K | $27K | $128K | $30K | $28M | $28M | RevenueRevenue |
| 55.8% | 225.9% | 2.3% | n/m | — | 0.0% | Operating marginOp. mgn |
| −278.9% | n/m | n/m | n/m | −47.0% | −47.0% | Net marginNet mgn |
| ($979K) | $1M | ($5M) | ($9M) | ($13M) | ($13M) | Net incomeNet inc. |
| Cash flow & returns | ||||||
| ($6M) | ($451K) | ($6M) | ($1M) | ($15M) | ($15M) | Owner earningsOwner earn. |
| -49% | 40% | -51% | -180% | -52% | -52% | Return on equityROE |
| −49% | 40% | −51% | −180% | −52% | −52% | Retained to equityRetained/eq |
| Balance sheet | ||||||
| $9M | $10M | $15M | $12M | $51M | $51M | Total assetsAssets |
| $977K | $2M | $2M | $10M | $17M | $23M | Cash & investmentsCash+inv |
| $2M | $3M | $9M | $5M | $25M | $25M | Shareholders’ equityEquity |
| Per share | ||||||
| 10.4M | 12.0M | 13.7M | 16.1M | 125M | 15.5M | Shares out (diluted)Shares |
| $0.03 | $0.00 | $0.01 | $0.00 | $0.22 | $1.81 | Revenue / shareRev/sh |
| $-0.09 | $0.11 | $-0.33 | $-0.53 | $-0.11 | $-0.85 | EPS (diluted)EPS |
| $-0.56 | $-0.04 | $-0.41 | $-0.07 | $-0.12 | $-1.00 | Owner earnings / shareOE/sh |
| $0.19 | $0.28 | $0.65 | $0.29 | $0.20 | $1.62 | Book value / shareBVPS |
The diluted share count moved ×7.74 into 2026 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×1/8.06 into TTM — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.
| 4-yr | 5-yr | |
|---|---|---|
| Revenue / share | +60.5%/yr | +60.5%/yr (4-yr) |
| Capital spending / share | −2.4%/yr | −2.4%/yr (4-yr) |
| Book value / share | +1.1%/yr | +1.1%/yr (4-yr) |
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
“In connection with the audit of our consolidated financial statements for the year ended March 31, 2026, our independent registered public accounting firm identified material weaknesses in our internal control over financial reporting.”
The figures below are only as sound as the controls that produced them. read the note →
Is it a good business?
- Operating margin 0.0%Thin for a fee businessOperating income $3K ÷ revenue $28MIndustry peers: median -5%
In the filing’s words The filing discloses a material weakness in its financial controls — the reported numbers here, and the record built on them, are only as reliable as the controls that produced them.
What this means
The heart of a asset manager: how much of each fee dollar survives the cost of running the business. Fees ride on assets under management, so the swing factors are net flows in or out and the market's move on the assets already there; the cost base is largely fixed, which lifts margins in a bull market and squeezes them in a bear one. A high margin held for years, through a market it does not control, is the operational mark of a real franchise.
- Net margin −47.0%SlimNet income ($13M) ÷ revenue $28M
What this means
What reaches the owner after tax and interest. For a capital-light fee business this should be a wide share of revenue; when it is thin despite a high operating margin, debt taken on for acquisitions is usually the reason, so read it next to the balance sheet.
- Return on equity −52%Below the cost of equityNet income ($13M) ÷ equity $25MIndustry peers: median -5%
What this means
Because the business ties up little capital, a healthy fee stream throws off a high return on the equity behind it. Read it with the buyback record: returning capital lifts this ratio honestly, but heavy debt taken to do so can flatter it.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Mar 31, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
- Cash & short-term investments$23M
- Receivables$333K
- Other current assets$15M
- Other current liabilities$24M
From the company's latest filing.
What an owner would ask, FY2026
read the 10-K →- How much of the revenue rides on one buyer?≈$7M · 25% of revenue on the largest customers (TTM)
“In the fiscal year ended March 31, 2026, our top five customers represented approximately 25%, 23%, 15%, 6% and 5% of the total revenue, respectively, which consisted five from AI infrastructure services.”verify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Capital Markets & Asset Management
The same industry, side by side on fee margins. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.
| Company | Revenuelatest FY, USD | Op. marginmedian over the record | Net marginmedian over the record | ROEmedian over the record |
|---|---|---|---|---|
| JSMNavient Corporation | $271M | 1087.2% | 110.0% | 17% |
| MAASMaase Inc. | $116M | -39.0% | -35.9% | -17% |
| DBRGDigitalBridge Group Inc. | $94M | -16.2% | -26.0% | -5% |
| ANTAAntalpha Platform Holding Company | $80M | 6.7% | 9.3% | 15%2y |
| VALUValue Line Inc. | $33M | 18.1% | 48.1% | 26% |
| AXGSolowin Holdings Class A Ordinary Share | $28M | 55.8% | -162.9% | -51% |
| WTFWaton Financial Limited | $11M | -50.9% | -55.9% | -24% |
| GSIWGarden Stage Limited | $7M | — | -79.0% | -57% |
| Group median | — | 6.7% | -31.0% | -11% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the home-market price, not the US ADR quote. Solowin Holdings Class A Ordinary Share reports in USD, and every figure here (owner earnings, book value, the share count) is on that ordinary-share basis. Enter the price on the same basis: the local-exchange quote per ordinary share. A US ADR price in dollars bundles the ADR-to-ordinary ratio, so it will not reconcile with these figures and would throw the multiple off.
Solowin Holdings Class A Ordinary Share is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.
Revenue, delivered143%/yr’22→’26
Enter a price to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.
Manual order: ← AVAL its page in the Manual AXIA →
Industry order: ← AVX the Capital Markets & Asset Management chapter AXP →