olivLaw · US equity research
Greenpro Capital Corp. GRNQ
Services-Management Consulting Services · SIC 8742 · Vertical: Services-Management Consulting Services (SIC 8742)
Greenpro Capital Corp. provides cross-border business consulting and accounting outsourcing services to small and medium-sized businesses in Asia, with a focus on Hong Kong, China and Malaysia, plus venture capital and real estate investment activities. The company reports declining revenue and net losses, and its auditor has raised substantial doubt about its ability to continue as a going concern, which makes its path back to profitability relevant to assess. Total revenue fell from 3,496,405 USD in 2024 to 2,073,557 USD in 2025.
At the close of 04 Nov 2026, Greenpro Capital Corp. (GRNQ) stock was 6.75 USD (+4.81% on the day), with market capitalisation 122.4 m USD, beta 0.13, 52-week range 6.27–30.30 USD. Latest reported quarter (Q2 2026): revenue of 302.2 k USD (−29.3% YoY), net income of -709.4 k USD, diluted EPS -0.04 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 40.6
- weak (30–45)
- Bollinger (20, 2)
- 5.99 – 8.56
- in the lower half of the band · %B 0.30 · band width 35.3%
- SMA 50 / 200
- 9.81 / 15.83
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.79 / -0.87
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −22.3% | −1.1% | −21.2 pp | — |
| 3 months | −40.5% | −0.5% | −40.1 pp | — |
| 6 months | −71.4% | +4.4% | −75.8 pp | — |
| Year to date | −63.5% | +12.3% | −75.8 pp | — |
| 1 year | −54.1% | +13.5% | −67.6 pp | −20.9% |
| 3 years | −25.0% | +76.4% | −101.4 pp | −29.4% |
| 5 years | −93.6% | +63.7% | −157.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 539.7 k | 1.9 m | 352.8 k | 427.1 k | 393.2 k | 900.5 k | 405.4 k | 302.2 k |
| Cost of revenue | 144.6 k | 158.2 k | 93.6 k | 83.8 k | 129.2 k | 100.8 k | 112.7 k | 114.2 k |
| Gross profit | 395.1 k | 1.8 m | 259.1 k | 343.3 k | 264.1 k | 799.7 k | 292.6 k | 188.0 k |
| Operating income | -473.3 k | 579.3 k | -688.9 k | -601.7 k | -520.5 k | -341.3 k | -924.9 k | -734.4 k |
| Depreciation & amortisation | 62.4 k ≈ | 60.9 k | 60.0 k | 59.4 k ≈ | 59.9 k ≈ | 60.8 k | 49.5 k | 44.1 k ≈ |
| Interest expense | 273 | 253 | 236 | 230 | 214 | 203 | 192 | 170 |
| Pre-tax income | -330.3 k | 446.2 k | -635.1 k | -574.1 k | -506.4 k | -1.3 m | -911.6 k | -709.4 k |
| Income tax | 0 ≈ | 3.0 k | 510 | 0 ≈ | 6.8 k | 4.9 k | — | — |
| Net income | -330.3 k | 443.2 k | -635.6 k | -574.1 k | -513.2 k | -1.3 m | -911.6 k | -709.4 k |
| Diluted EPS | -0.04 | 0.06 ≈ | -0.08 | -0.07 | -0.07 | -0.15 ≈ | -0.10 | -0.04 |
| Operating cash flow | -151.0 k ≈ | -168.6 k | -240.9 k | -531.7 k ≈ | -407.9 k ≈ | -609.7 k | -928.4 k | -338.5 k ≈ |
| Capex | 695 ≈ | -27 | — | — | — | 1.5 k | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.2 m | 4.5 m | 2.3 m | 2.9 m | 3.7 m | 3.5 m | 3.5 m | 2.1 m |
| Revenue YoY | +7.6% | +6.4% | −49.7% | +30.8% | +24.6% | −5.3% | +0.5% | −40.7% |
| Net income | -8.5 m | -1.3 m | -3.8 m | -14.3 m | -6.4 m | 1.1 m | -715.3 k | -3.0 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | −166.6% | unavailable |
| Diluted EPS | unavailable | unavailable | -0.07 | -2.07 | -0.81 | 0.14 | -0.09 | -0.37 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | −164.3% | unavailable |
| net % | -202.9% | -30.0% | -166.8% | -486.5% | -172.9% | 30.9% | -20.5% | -143.8% |
| Free cash flow | -1.0 m | -1.4 m | -1.6 m | -2.1 m | -2.4 m | -1.7 m | -1.4 m | -1.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 636.7 k USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 3.6 m USD
- Total assets
- 5.1 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.63x
- ROE
- -67.9%
- ROA
- -51.6%
- FCF margin
- -86.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.3 m | 2.9 m | 3.7 m | 3.5 m | 3.5 m | 2.1 m | SEC (XBRL)· 30 Mar 2026verified |
| Cost of revenue | 599.4 k | 472.7 k | 1.0 m | 571.6 k | 426.4 k | 407.4 k | SEC (XBRL)· 30 Mar 2026verified |
| Gross profit | 1.7 m | 2.5 m | 2.7 m | 2.9 m | 3.1 m | 1.7 m | SEC (XBRL)· 30 Mar 2026verified |
| Operating income | -2.9 m | -2.8 m | -1.5 m | -1.5 m | -969.3 k | -2.2 m | SEC (XBRL)· 30 Mar 2026verified |
| Depreciation & amortisation | 252.1 k | 168.7 k | 238.5 k | 237.9 k | 245.9 k | 240.1 k | SEC (XBRL)· 30 Mar 2026verified |
| EBITDA | -2.7 m ≈ | -2.6 m ≈ | -1.3 m ≈ | -1.3 m ≈ | -723.4 k ≈ | -1.9 m ≈ | SEC (XBRL)· 30 Mar 2026derived |
| Interest expense | 1.1 m | 13.0 m | — | 729 | 1.1 k | 883 | SEC (XBRL)· 30 Mar 2026verified |
| Pre-tax income | -3.8 m | -14.4 m | -6.3 m | 1.1 m | -721.4 k | -3.0 m | SEC (XBRL)· 30 Mar 2026verified |
| Income tax | — | 4.9 k | 2.4 k | 6.8 k | 4.4 k | 12.2 k | SEC (XBRL)· 30 Mar 2026verified |
| Net income | -3.8 m | -14.3 m | -6.4 m | 1.1 m | -715.3 k | -3.0 m | SEC (XBRL)· 30 Mar 2026verified |
| Diluted EPS | -0.07 | -2.07 | -0.81 | 0.14 | -0.09 | -0.37 | SEC (XBRL)· 30 Mar 2026verified |
| Weighted average diluted shares | — | — | 7.9 m | 7.7 m | 7.6 m | 8.0 m | SEC (XBRL)· 30 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.1 m | 5.3 m | 3.9 m | 2.2 m | 1.1 m | 636.7 k | SEC (XBRL)· 30 Mar 2026verified |
| Receivables | 191.5 k | 30.6 k | 169.5 k | 44.9 k | 94.5 k | 8.8 k | SEC (XBRL)· 30 Mar 2026verified |
| Current assets | 1.6 m | 6.8 m | 5.3 m | 3.7 m | 2.9 m | 2.4 m | SEC (XBRL)· 30 Mar 2026verified |
| Property, plant & equipment, net | 2.9 m | 2.9 m | 2.5 m | 2.4 m | 2.2 m | 1.4 m | SEC (XBRL)· 30 Mar 2026verified |
| Goodwill | 319.7 k | 345.8 k | 82.6 k | 82.6 k | 6.0 k | — | SEC (XBRL)· 09 Apr 2025verified |
| Intangibles (excl. goodwill) | 3.4 k | 2.6 k | 1.9 k | 1.2 k | 709 | 437 | SEC (XBRL)· 30 Mar 2026verified |
| Total assets | 14.8 m | 22.7 m | 15.6 m | 8.7 m | 6.5 m | 5.1 m | SEC (XBRL)· 30 Mar 2026verified |
| Accounts payable | 702.7 k | 787.6 k | 758.9 k | 724.8 k | 975.2 k | 1.2 m | SEC (XBRL)· 30 Mar 2026verified |
| Long-term debt | 1.5 m | — | — | — | — | — | SEC (XBRL)· 29 Mar 2021verified |
| Current liabilities | 5.0 m | 3.7 m | 3.1 m | 2.3 m | 1.3 m | 1.5 m | SEC (XBRL)· 30 Mar 2026verified |
| Total liabilities | 6.4 m | 3.7 m | 3.1 m | 2.3 m | 1.3 m | 1.5 m | SEC (XBRL)· 30 Mar 2026verified |
| Equity | 8.4 m | 19.0 m | 12.6 m | 6.3 m | 5.2 m | 3.6 m | SEC (XBRL)· 30 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -1.6 m | -2.0 m | -2.4 m | -1.6 m | -1.4 m | -1.8 m | SEC (XBRL)· 30 Mar 2026verified |
| Capex | 3.0 k | 39.3 k | 3.0 k | 85.1 k | 5.1 k | 2.8 k | SEC (XBRL)· 30 Mar 2026verified |
| Free cash flow | -1.6 m ≈ | -2.1 m ≈ | -2.4 m ≈ | -1.7 m ≈ | -1.4 m ≈ | -1.8 m ≈ | SEC (XBRL)· 30 Mar 2026derived |
| Investing cash flow | -44.9 k | 35.5 k | 836.2 k | -94.6 k | 601.3 k | 37.2 k | SEC (XBRL)· 30 Mar 2026verified |
| Financing cash flow | 1.5 m | 6.3 m | 135.4 k | -6.0 k | -208.8 k | 1.2 m | SEC (XBRL)· 30 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 122.4 m USD
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -169.6% | 21 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -17.4% | 0 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -3,236.4x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 0.9x | 8 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -1.9% | 0 (on a fixed band) | 25% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet3/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial21/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
GREENPRO CAPITAL CORP. (GRNQ). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 2.1 m USD in 2025; YoY growth -40.7%; net margin -169.6%; ROE -26.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -169.6%
- Revenue CAGR 3Y: -17.4%
- Interest coverage: -3,236.4x
- Current ratio: 0.9x
- FCF yield: -1.9%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Services-Management Consulting Services (SIC 8742) · same industry (4-digit SIC) · compared with 33 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BAHBooz Allen Hamilton Holding Corporation | 10.5 bn | 13.7 | 70.0% | 7.1% | −6.4% | +6% / −29% |
| GGenpact Limited | 6.9 bn | 12.1 | 22.4% | 11.1% | +6.6% | −7% / +20% |
| FCNFti Consulting, Inc | 5.4 bn | 24.7 | 15.2% | 5.9% | +2.4% | +22% / −10% |
| EXPOExponent, Inc. | 4.2 bn | 39.2 | 31.2% | 17.7% | +4.2% | +21% / +14% |
| HURNHuron Consulting Group Inc. | 2.7 bn | 25.8 | 25.5% | 6.1% | +11.7% | +5% / +66% |
| ASTHAstrana Health, Inc. | 2.2 bn | 48.3 | 5.1% | 1.1% | +56.4% | +72% / +19% |
| ICFIICF International, Inc. | 1.7 bn | 20.1 | 8.6% | 4.9% | −7.3% | +24% / −31% |
| BWMNBowman Consulting Group Ltd. | 744.2 m | 105.3 | 2.9% | 1.4% | +14.9% | +19% / +39% |
| ONTOnterris, Inc. | 566.4 m | — | -2.5% | -1.4% | +19.3% | −37% / −48% |
| PPHCPublic Policy Holding Company, Inc. | 381.3 m | — | -39.5% | -18.9% | +24.7% | unavailable / unavailable |
| HCKTHackett Group, Inc. | 329.4 m | 19.0 | 20.7% | 6.3% | −2.6% | −28% / −40% |
| IIIInformation Services Group Inc. | 289.5 m | 25.2 | 12.7% | 4.7% | −1.2% | +13% / +46% |
| AERTAeries Technology, Inc. | 282.0 m | 20.9 | — | 3.6% | −0.3% | +35% / −68% |
| RMRRmr Group Inc. | 250.5 m | 12.6 | 8.7% | 3.1% | −22.0% | +10% / −30% |
| SUPXSuperx Ai Technology Limited | 209.8 m | — | -101.8% | -527.7% | +1,878.6% | −84% / unavailable |
| TSSITss, Inc. | 193.3 m | 14.1 | 32.0% | 7.4% | +65.9% | −29% / +1,976% |
| GRNQGreenpro Capital Corp. | 122.4 m | — | -26.8% | -169.6% | −40.7% | −54% / −25% |
| AUCAtif Holdings Limited | 109.4 m | — | -90.5% | -723.7% | −74.7% | −12% / −70% |
| ROMARoma Green Finance Limited | 101.0 m | — | -44.2% | -287.8% | −22.2% | +138% / unavailable |
| RTBRTB Digital, INC. | 92.6 m | — | -141.9% | -198.5% | −38.7% | −49% / −94% |
| MHHMastech Digital, Inc. | 74.9 m | 71.0 | 1.3% | 0.7% | −3.8% | −21% / −27% |
| EGGEnigmatig Ltd | 64.8 m | 268.0 | 6.3% | 12.6% | +12.2% | +40% / unavailable |
| CTMCastellum, Inc. | 46.4 m | — | -6.8% | -4.1% | +18.1% | −53% / +123% |
| ACCLAcco Group Holdings Limited | 34.9 m | 119.0 | 7.0% | 5.6% | +5.8% | −38% / unavailable |
| INTJIntelligent Group Limited | 33.5 m | — | -23.5% | -98.3% | −9.0% | −72% / unavailable |
1- and 3-year price returns: for GRNQ from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Greenpro Capital Corp. provides cross-border business consulting and accounting outsourcing services to small and medium-sized businesses in Asia, with a focus on Hong Kong, China and Malaysia, plus venture capital and real estate investment activities. The company reports declining revenue and net losses, and its auditor has raised substantial doubt about its ability to continue as a going concern, which makes its path back to profitability relevant to assess. Total revenue fell from 1 3,496,405 USD in 2024 to 1 2,073,557 USD in 2025.
SWOT
Strengths
- The company has an integrated service model that combines consulting, company secretarial and accounting services for clients in Asia 1. Its presence in several jurisdictions and its Labuan platform licence are relevant assets 1.
- Diversification into venture capital and real estate provides an additional source of revenue, though it is less predictable 1. The relationship with major shareholders is a financial support factor that management has stated 1.
- The company has kept operating across several business lines even during loss-making periods, which points to a stable operating structure 12.
Weaknesses
- The company is not profitable and has built up a large deficit, which makes it dependent on external financing 1. Service revenue has fallen significantly in recent years 1.
- The auditor has raised substantial doubt about the company's ability to continue as a going concern, a financial risk signal for investors 1. Dependence on a few clients and on related-party transactions is an additional vulnerability 1.
- General and administrative expenses remain high relative to revenue, and some assets were impaired in 2025 1.
Opportunities
- Developing the Green-X platform and the digital banking activities through the subsidiary Global Business Hub could open new revenue streams 1. Expansion into new markets, which management refers to, may support a recovery in service revenue 1.
- Higher trading volumes in digital assets could support revenue from the digital division, as seen in the second quarter of 2026 2.
- Demand from small and medium-sized companies seeking cross-border structuring could bring new clients for the service packages 1.
Threats
- Price volatility of digital assets and legislative changes could quickly reduce revenue from the digital division 1. Regulatory developments in the operating jurisdictions could limit the product offering 1.
- Competition in business consulting and digital asset platforms could pressure prices and margins 1. Natural disasters or public health crises could disrupt operations 1.
- If external financing does not materialise, the company could struggle to meet its obligations, which could affect its continuity 1.
Risks
- Going concernhigh
The auditor has raised substantial doubt about the company's ability to continue its operations, and success depends on shareholder support and external financing 1. There is no assurance that financing will be available or on acceptable terms 1.
- Lack of profitabilityhigh
The company has reported net losses in recent years and a significant accumulated deficit, and a return to profitability is not assured 1. If revenue does not grow, losses could persist 1.
- Digital asset volatilitymedium
Digital revenue depends on the price and volume of digital asset transactions, which can drop sharply due to market sentiment or regulation 1. Declines could directly affect quarterly results 1.
- Regulation and compliancemedium
Operations are subject to regulatory frameworks in Hong Kong, China, Malaysia and Labuan, and changes could limit services or raise compliance costs 12.
- Dependence on related partieslow
Part of revenue and expenses comes from transactions with related parties and directors, which raises questions about the independence and sustainability of that revenue 1.
Investment thesis
What would need to be true (bull case)
- If the recovery in service revenue is confirmed, the integrated service structure could support a return to profitability 12.
- Higher volumes in the digital division, seen in the second quarter of 2026, could support the company's revenue 2.
- Diversification into venture capital and real estate could provide an additional income source if the investments materialise 1.
What would break the thesis
What to watch
- Trend in service revenue and relationships with major clientsQ3 2026
- Completion of the Forward Win International property sale and its impact on rental revenueQ3 2026
- Status of financing and any measures by major shareholders in response to going concern doubtsnext 10-K
- Effect of the 1-for-10 reverse stock split on listing and capital structureQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Greenpro Capital Corp. was incorporated in Nevada in 2013 and provides cross-border business solutions and accounting outsourcing services to clients in Asia, with a focus on Hong Kong, China and Malaysia 1. Services are delivered as a package that includes corporate advisory, company formation, company secretarial and financial services 1. The group also includes a digital assets division through its Labuan subsidiary Green-X Corp., licensed as a platform operator under the LFSSA 1.
The venture capital activity is run through Greenpro Venture Capital Limited and aims at incubating and investing in start-up and high-growth companies in Southeast and East Asia 1. A second investment segment is devoted to renting commercial properties and selling investment properties, including through Forward Win International Limited in Hong Kong 12. The company reported that, from early July 2026, its subsidiary Forward Win International Limited planned to sell its owned properties, which would reduce rental income 2.
Financially, the company is still unprofitable: it reported a net loss of 1 2,982,333 USD in 2025 and an accumulated deficit of over 40 million USD 1. Management relies on support from major shareholders and external financing to meet obligations, but there is no assurance that these resources will be available 1.
Segments
Business services
The core segment provides business consulting and listing advisory, company secretarial, accounting and financial analysis services 1. Service revenue fell from 1 3,091,903 USD to 1 1,843,968 USD in 2025, as fewer corporate advisory services were rendered 1. In the second quarter of 2026, service revenue was 2 248,609 USD, down from 2 395,257 USD in the same period of 2025 2.
Digital assets
The digital division includes the Green-X DAX platform and trading of digital assets, with revenue reported separately 1. Digital revenue declined in 2025 from the prior year, mainly due to lower sales of GX Token and platform services 1. In the second quarter of 2026, digital revenue rose from the prior year on higher trading volume 2.
Real estate
The real estate segment earns rental income from commercial properties in Malaysia and Hong Kong, which has been relatively stable in recent years 1. Management expects rental income to decline after the planned sale of properties held by Forward Win International Limited in early July 2026 2.
Market context
The company operates in the market for consulting services for small and medium-sized businesses in Asia, with a focus on Hong Kong, China and Malaysia 1. Demand in this segment depends on listing activity and cross-border investment, which can fluctuate with economic conditions and market sentiment 1. The digital asset market, where Greenpro holds a licensed platform, is highly volatile, and volumes and prices can directly influence revenue 1.
The regulatory environment is an important factor: legislative changes and scrutiny by authorities in the jurisdictions where the company operates could affect how it delivers services 1. For the digital asset business, Labuan regulation and Shariah compliance requirements are essential and could quickly affect operating capacity 12.
Trends
- Digital asset volatilitymixed
Digital transaction and subscription revenue depends on the price and volume of digital asset transactions, which are highly volatile 1. A drop in prices or volumes could reduce revenue from the digital division 1.
- Demand for cross-border consultingmixed
Small and medium-sized companies in Asia seeking cross-border structuring and listing could be a source of demand for the company's service packages 1. However, listing advisory activity declined in 2025 and in the first quarter of 2026 12.
- Compliance and KYC rulesmixed
Anti-money laundering and compliance requirements can raise operating costs but may also create opportunities for the compliance services offered by the company 1.
- High overhead costsheadwind
General and administrative expenses remain a major burden, and management expects them to rise slightly as it develops its digital and banking businesses 1. Margin pressure could persist if revenue does not grow 1.
Competitive position
The market for business consulting and company secretarial services in Asia is fragmented, with many local and regional providers, and the sources do not identify direct competitors listed on US exchanges. The company differentiates itself through its integrated service package and presence in several Asian jurisdictions 1.
In digital assets, competition comes from other trading platforms and tokenized asset operators, many of which are unregulated or subject to different regulatory frameworks 1. The company relies on its Labuan licence and Shariah compliance to differentiate itself, but this remains a competitive market 12.
- Local corporate consulting firms in Hong Kong and Malaysia
Private and regional firms offering similar company formation and secretarial services, not listed in the US according to the sources.
- Digital asset trading platforms in Asia
Local or regional operators competing for digital asset transactions under varied regulatory frameworks.
- Accounting and outsourcing providers for SMEs
Accounting firms and advisory offices providing comparable services to clients in Asia.
- Cross-border listing and investment advisers
Firms specialised in listings and investment structuring that compete for the same growing-company clientele.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report22 Oct 2026Departure or appointment of officers
- Current report28 Sept 2026Acquisition or disposition of assets · Financial statements and exhibits
- Current report23 Sept 2026Material agreement · Other events · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report03 Aug 2026Amendments to articles or bylaws · Regulation FD disclosure · Financial statements and exhibits
- Current report06 Jul 2026Material agreement · Item 3.02 · Financial statements and exhibits
- Current report01 Jul 2026Material agreement · Financial statements and exhibits
- Current report26 Jun 2026Shareholder vote · Other events · Financial statements and exhibits
- Current report02 Jun 2026Material agreement · Item 3.02 · Financial statements and exhibits
- Quarterly report08 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Greenpro Capital Corp. · 30 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Greenpro Capital Corp. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.