HWH · HWH International Inc.
HWH International Inc. engages in the food and beverage business in Singapore and South Korea. The company provides Hapi Café, a health-focused dining destination offering a various nutritious meal, including Keto and plant-based options; Hapi Marketplace, a business-to-consumer platform featuring diverse product categories; and Hapi Wealth Builder, an educational program focused on wealth-building strategies; and provides participants the opportunity to attend courses, workshops, and coaching sessions in person fostering a collaborative learning environment for those dedicated to learning about investment in equities and wealth-building strategies. The company was founded in 2021 and is based in Bethesda, Maryland.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $1.19 |
| SO | 7.5M |
| Options | 0.0M |
| Warrants | 0.9M |
| FD SO | 8.4M |
| MC | $10.0M |
| Cash | $1.5M |
| Total debt | $0.7M |
| EV | $9.3M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 14.6x |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 0.8% |
| Insiders | 81.1% |
| # Institutions | 9 |
| Analysts | 0 |
| Consensus | — |
| Avg target | — |
| Short % float | 2.5% |
| Days to cover | 0.02 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-13. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-07-13 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-06-29; the float denominator can be unreliable on tiny floats.
Financial statements
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Total Revenue | 0.06 | 0.05 | 0.21 | 0.31 |
| Revenue YoY % | (78.3%) | (81.0%) | (40.2%) | (7.3%) |
| Cost of Revenue | 0.02 | 0.01 | 0.08 | 0.16 |
| Gross Profit | 0.05 | 0.04 | 0.12 | 0.15 |
| Gross Profit YoY % | (68.0%) | (65.1%) | (22.7%) | (9.7%) |
| Gross Margin % | 73.7% | 72.7% | 59.8% | 48.0% |
| SG&A | 0.67 | 2.05 | 0.32 | 0.49 |
| Interest Expense | 0.01 | (0.06) | 0.03 | 0.03 |
| Pretax Income | (0.63) | (1.95) | (0.30) | 0.11 |
| Tax Provision | — | 0.00 | 0.00 | 0.04 |
| Net Income | (0.63) | (1.95) | (0.30) | 0.08 |
| Net Income to Common | (0.63) | (1.95) | (0.29) | 0.08 |
| Net Margin % | (976.3%) | (3569.1%) | (144.9%) | 24.5% |
| Diluted EPS | -$0.08 | — | — | — |
| Basic EPS | -$0.08 | — | — | — |
| Diluted Avg Shares | 7.5 | — | — | — |
| Basic Avg Shares | 7.5 | — | — | — |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 11/30/23 | |
|---|---|---|---|---|---|
| Total Revenue | 0.64 | 0.87 | 1.25 | 0.00 | — |
| Revenue YoY % | (26.6%) | (30.8%) | 105776.4% | — | — |
| Cost of Revenue | 0.28 | 0.41 | 0.65 | 0.33 | — |
| Gross Profit | 0.36 | 0.46 | 0.60 | (0.33) | — |
| Gross Profit YoY % | (21.8%) | (23.6%) | 280.4% | — | — |
| Gross Margin % | 56.5% | 53.0% | 48.0% | (28179.1%) | — |
| SG&A | 3.54 | 3.53 | 2.65 | 2.91 | 1.12 |
| Interest Expense | 0.01 | 0.05 | 0.07 | — | — |
| Pretax Income | (2.75) | (2.61) | (2.61) | (0.66) | 0.97 |
| Tax Provision | — | 0.05 | — | 0.42 | 0.42 |
| Net Income | (2.80) | (2.66) | (2.61) | (1.08) | 0.55 |
| Net Income to Common | (2.78) | (2.63) | (2.59) | (1.08) | 0.55 |
| Net Margin % | (439.9%) | (306.6%) | (207.9%) | (90934.3%) | — |
| Diluted EPS | -$0.39 | -$0.40 | -$0.76 | — | — |
| Basic EPS | -$0.39 | -$0.40 | -$0.76 | — | — |
| Diluted Avg Shares | 7.5 | 6.6 | 3.6 | — | — |
| Basic Avg Shares | 7.5 | 6.6 | 3.6 | — | — |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 1.46 | 2.09 | 2.90 | 3.73 |
| Short-term Investments | 0.10 | 0.08 | — | — |
| Inventory | 0.00 | 0.00 | 0.00 | 0.01 |
| Other Current Assets | 0.89 | 0.80 | 0.96 | 5.44 |
| Total Current Assets | 2.45 | 2.97 | 3.86 | 9.18 |
| Net PPE | 0.02 | 0.02 | 0.02 | 0.03 |
| Operating Lease ROU | 0.06 | 0.09 | 0.12 | 0.33 |
| Goodwill | — | 0.12 | 0.12 | 0.08 |
| Long-term Investments | 0.02 | 0.00 | 0.00 | 0.00 |
| Other Assets | 1.67 | 1.37 | 1.06 | 0.99 |
| Total Assets | 4.21 | 4.57 | 5.18 | 10.60 |
| Current Lease Liabilities | 0.06 | 0.08 | 0.10 | 0.20 |
| Other Current Liabilities | 1.47 | 1.19 | 2.15 | 6.95 |
| Total Current Liabilities | 1.53 | 1.28 | 2.25 | 7.15 |
| Long-term Lease Liabilities | — | 0.01 | 0.02 | 0.14 |
| Other Liabilities | 0.60 | 0.59 | — | — |
| Total Liabilities | 2.13 | 1.88 | 2.28 | 7.28 |
| Retained Earnings | (9.57) | (8.95) | (7.00) | (6.71) |
| Total Equity | 2.08 | 2.68 | 2.91 | 3.32 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 11/30/23 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 1.46 | 2.09 | 4.34 | 1.16 | 0.59 |
| Short-term Investments | 0.10 | 0.08 | 0.01 | — | — |
| Inventory | 0.00 | 0.00 | 0.00 | 0.00 | — |
| Other Current Assets | 0.89 | 0.80 | 5.23 | — | — |
| Total Current Assets | 2.45 | 2.97 | 9.59 | 1.34 | 0.70 |
| Net PPE | 0.02 | 0.02 | 0.03 | 0.13 | — |
| Operating Lease ROU | 0.06 | 0.09 | 0.55 | 0.60 | — |
| Goodwill | — | 0.12 | 0.00 | — | — |
| Long-term Investments | 0.02 | 0.00 | 0.00 | — | — |
| Other Assets | 1.67 | 1.37 | — | 21.65 | 21.25 |
| Total Assets | 4.21 | 4.57 | 10.52 | 23.71 | 21.96 |
| Current Lease Liabilities | 0.06 | 0.08 | 0.34 | 0.43 | — |
| Other Current Liabilities | 1.47 | 1.19 | 7.08 | 5.60 | 0.84 |
| Total Current Liabilities | 1.53 | 1.28 | 7.42 | 6.02 | 0.84 |
| Long-term Lease Liabilities | — | 0.01 | 0.22 | 0.18 | — |
| Other Liabilities | 0.60 | 0.59 | — | — | 3.02 |
| Total Liabilities | 2.13 | 1.88 | 7.65 | 6.21 | 3.86 |
| Mezzanine Equity | — | — | — | 21.10 | 20.46 |
| Retained Earnings | (9.57) | (8.95) | (6.32) | (3.57) | (2.36) |
| Total Equity | 2.08 | 2.68 | 2.88 | (3.60) | (2.36) |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Net Income | (0.63) | (1.95) | (0.30) | 0.08 |
| D&A | 0.00 | (0.00) | 0.02 | 0.00 |
| Δ Working Cap & Other | 0.43 | 0.93 | 0.08 | (0.05) |
| Operating Cash Flow | (0.19) | (1.02) | (0.20) | 0.03 |
| CapEx | (0.00) | (0.00) | (0.02) | — |
| Investing Cash Flow | (0.31) | (0.17) | (0.27) | (0.44) |
| Stock Issuance | — | 0.00 | 0.00 | 0.00 |
| Other Financing | — | — | 0.62 | — |
| Financing Cash Flow | (0.15) | (0.27) | 0.62 | (0.08) |
| Free Cash Flow | (0.19) | (1.02) | (0.22) | — |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 11/30/23 | |
|---|---|---|---|---|---|
| Net Income | (2.80) | (2.66) | (2.61) | (1.08) | 0.55 |
| D&A | 0.02 | 0.02 | 0.05 | 0.06 | — |
| Stock-Based Comp | — | 1.58 | — | — | — |
| Δ Working Cap & Other | 1.39 | (0.69) | 0.90 | (1.58) | (2.07) |
| Operating Cash Flow | (1.39) | (1.75) | (1.66) | (2.60) | (1.52) |
| CapEx | — | (0.02) | (0.03) | (0.01) | — |
| Other Investing | (1.19) | (1.17) | 20.48 | 68.45 | 69.08 |
| Investing Cash Flow | (1.19) | (1.19) | 20.45 | 68.43 | 69.08 |
| Stock Issuance | — | 1.41 | 3.58 | — | — |
| Stock Buyback | — | — | (21.10) | (68.35) | (68.35) |
| Other Financing | — | — | 1.76 | 0.89 | — |
| Financing Cash Flow | 0.13 | 0.93 | (15.76) | (67.46) | (68.15) |
| Free Cash Flow | — | (1.77) | (1.69) | (2.61) | — |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Current Ratio | 1.60 | 2.32 | 1.71 | 1.28 |
| Quick Ratio | 1.60 | 2.32 | 1.71 | 1.28 |
| Debt / Equity | 1.03 | 0.70 | 0.78 | 2.19 |
| EBITDA Margin % | — | — | — | — |
| Working Capital | 0.92 | 1.69 | 1.61 | 2.03 |
| Net Debt | — | — | — | — |
| ROE % | (30.2%) | (72.5%) | (10.3%) | 2.3% |
| ROA % | (14.9%) | (42.6%) | (5.8%) | 0.7% |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 11/30/23 | |
|---|---|---|---|---|---|
| Current Ratio | 1.60 | 2.32 | 1.29 | 0.22 | 0.84 |
| Quick Ratio | 1.60 | 2.32 | 1.29 | 0.22 | — |
| Debt / Equity | 1.03 | 0.70 | 2.66 | -1.72 | -1.64 |
| EBITDA Margin % | — | — | — | — | — |
| Working Capital | 0.92 | 1.69 | 2.16 | (4.69) | (0.13) |
| Net Debt | — | — | — | — | — |
| ROE % | (134.6%) | (99.0%) | (90.6%) | 29.9% | (23.3%) |
| ROA % | (66.4%) | (58.2%) | (24.8%) | (4.5%) | 2.5% |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-06-09 | Chan Heng Fai Ambrose | Director, Officer (Chief Executive Officer), 10% Owner | 2026-06-08 | P | 250,000 | $2.00 | $500,000 |
| 2026-04-01 | Chan Heng Fai Ambrose | Director, Officer (Chief Executive Officer), 10% Owner | 2026-03-30 | S | (100,390) | $0.98 | -$98,683 |
| 2026-03-24 | Chan Heng Fai Ambrose | 10% Owner | 2026-02-04 | P | 0 | — | $0 |
| 2026-01-20 | Chan Heng Fai Ambrose | 10% Owner | 2026-01-08 | P | 0 | — | $0 |
| 2026-01-20 | Chan Heng Fai Ambrose | 10% Owner | 2026-01-02 | P | 0 | — | $0 |
| 2026-01-20 | Chan Heng Fai Ambrose | 10% Owner | 2025-12-10 | P | 0 | — | $0 |
| 2025-12-01 | Chan Heng Fai Ambrose | Director, Officer (Chief Executive Officer), 10% Owner | 2025-11-26 | A | 1,000,000 | — | $0 |
| 2025-10-07 | Chan Heng Fai Ambrose | 10% Owner | 2025-10-06 | P | 0 | — | $0 |
| 2025-09-19 | Chan Heng Fai Ambrose | 10% Owner | 2025-09-17 | P | 0 | — | $0 |
| 2025-04-02 | Chan Heng Fai Ambrose | Director, 10% Owner, Other (Executive Chairman) | 2025-03-31 | P | 0 | — | $0 |
| 2025-04-02 | Chan Heng Fai Ambrose | Director, 10% Owner, Other (Executive Chairman) | 2025-03-31 | P | 937,500 | — | $0 |
| 2025-03-13 | Chan Heng Fai Ambrose | Director, 10% Owner | 2025-03-11 | J | 69,444 | — | $0 |
| 2025-01-28 | Chan Heng Fai Ambrose | Director, 10% Owner, Other (Executive Chairman) | 2024-11-12 | P | 2,500,000 | $0.10 | $250,000 |
| 2025-01-28 | Chan Heng Fai Ambrose | Director, 10% Owner, Other (Executive Chairman) | 2024-08-13 | P | 35,714 | $2.80 | $99,999 |
| 2025-01-28 | Chan Heng Fai Ambrose | Director, 10% Owner, Other (Executive Chairman) | 2024-06-06 | P | 89,286 | $2.80 | $250,001 |
| 2025-01-28 | Chan Heng Fai Ambrose | Director, 10% Owner, Other (Executive Chairman) | 2024-05-09 | P | 89,286 | $2.80 | $250,001 |
| 2025-01-28 | Chan Heng Fai Ambrose | Director, 10% Owner, Other (Executive Chairman) | 2024-03-18 | P | 148,810 | $1.68 | $250,001 |
| 2025-01-28 | Chan Heng Fai Ambrose | Director, 10% Owner, Other (Executive Chairman) | 2024-03-18 | P | 148,810 | $1.68 | $250,001 |
| 2024-12-26 | Chan Heng Fai Ambrose | Director, 10% Owner | 2024-12-24 | P | 1,300,000 | $0.45 | $585,000 |
| 2024-11-26 | Chan Heng Fai Ambrose | Director, 10% Owner | 2024-11-25 | P | 4,411,764 | $0.68 | $3,000,000 |
| 2024-11-22 | Alset Inc. | 10% Owner | 2024-11-20 | J | (6,500,000) | $0.63 | -$4,095,000 |
| 2024-11-22 | Alset Inc. | 10% Owner | 2024-11-20 | J | 6,500,000 | $0.63 | $4,095,000 |
| 2024-09-26 | Chan Heng Fai Ambrose | Director, Officer (Chief Executive Officer), 10% Owner | 2024-09-24 | P | 5,558,347 | $0.63 | $3,501,759 |
| 2024-09-26 | Chan Heng Fai Ambrose | Director, Officer (Chief Executive Officer), 10% Owner | 2024-09-24 | P | 476,190 | $0.63 | $300,000 |