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olivLaw · US equity research

INNO HOLDINGS INC. INHD

Retail-Retail Stores, NEC · SIC 5990 · Vertical: Retail-Retail Stores, NEC (SIC 5990)

3.44USD−1.15% · 1 dayClose 04 Nov 2026

INNO HOLDINGS INC. resells pre-owned smartphones and tablets to wholesalers in Southeast Asia, the Middle East, and Europe from a base in Hong Kong. After exiting its cold-formed-steel business, the company now relies entirely on recycled electronics, while its net loss widened to 7.01 million USD in fiscal 2025.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, INNO HOLDINGS INC. (INHD) stock was 3.44 USD (−1.15% on the day), with market capitalisation 8.7 m USD, beta 0.99, 52-week range 1.05–513.60 USD. Latest reported quarter (Q3 2026): revenue of 2.1 m USD (+90.3% YoY), net income of -1.6 m USD, diluted EPS -0.70 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
8.7 m USD
shares as of 18 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -0.90 · TTM to 30 Jun 2026
E/P (TTM)
-26.20%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
0.99
Volatility (1y) 427%
52-week range
1.05513.60

Price history

Loading chart…

Technical reading

RSI (14)
43.4
weak (30–45)
Bollinger (20, 2)
3.37 – 4.17
in the lower half of the band · %B 0.09 · band width 21.2%
SMA 50 / 200
3.87 / 16.71
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.12 / -0.12
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

CompanyS&P 500vs S&P 500Vertical median
1 month+7.8%−1.1%+8.9 pp—
3 months−61.3%−0.5%−60.9 pp—
6 months+97.7%+4.4%+93.3 pp—
Year to date−84.9%+12.3%−97.2 pp—
1 year−99.3%+13.5%−112.8 pp−17.0%
3 yearsunavailable+76.4%unavailable−38.6%
5 yearsunavailable+63.7%unavailable—
Max drawdown (1y)
−99.8%
10 Nov 2025 → 05 Jun 2026
Max drawdown (5y)
−100.0%
14 Dec 2023 → 05 Jun 2026
Compound annual growth (5y)
unavailable
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Jun 2026

Revenue
2.1 m USD
+90.3% YoY
Net income
-1.6 m USD
unavailable YoY
Diluted EPS
-0.70
unavailable YoY
net / operating
-78.1% / -73.0%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue490.0 k196.0 k478.1 k1.1 m1.1 m1.5 m931.9 k2.1 m
Cost of revenue—180.0 k436.6 k1.1 m1.1 m1.4 m910.1 k2.0 m
Gross profit—16.0 k41.5 k-16.1 k14.3 k74.1 k21.8 k93.4 k
SG&A180.2 k470.6 k1.4 m1.5 m988.7 k560.0 k813.7 k1.6 m
Operating income-180.2 k-458.1 k-1.4 m-1.6 m-974.4 k-485.9 k-791.9 k-1.5 m
Interest expense1.4 k1.3 k——————
Pre-tax income-172.3 k-457.7 k-3.5 m-1.5 m-1.3 m-28.6 k-1.1 m-1.6 m
Income tax0———————
Net income-287.2 k-603.7 k-3.6 m-1.5 m-1.3 m-28.6 k-1.1 m-1.6 m
Diluted EPS-0.14 ≈-5.21-19.86-144.00-0.06 ≈-0.01-0.13-0.70
Operating cash flow-660.2 k-2.1 m-1.0 m ≈-594.8 k ≈-1.0 m-5.0 m-2.9 m ≈-3.7 m ≈
Capex134.8 k26.9 k—————-3 ≈

≈ 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 year2022202320242025
Revenue4.5 m799.7 k885.5 k2.8 m
Revenue YoYunavailable−82.2%+10.7%+221.4%
Net income-1.0 m-3.9 m-3.2 m-7.1 m
Net income YoYunavailableunavailableunavailableunavailable
Diluted EPS-0.06-2.15-1.59-1.31
Diluted EPS YoYunavailableunavailableunavailableunavailable
net %-22.4%-487.1%-362.9%-248.7%
Free cash flow-2.4 m-1.5 m-6.1 munavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 30 Sept 2025

Cash
10.1 m USD
Financial debt
50.0 k USD
Net debt
-10.1 m USD
Equity
15.2 m USD
Total assets
16.0 m USD
Debt / equity
0.00x
Current ratio
29.49x
ROE
-78.8%
ROA
-70.2%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
799.7 k
2024
885.5 k
2025
2.8 m

SEC (XBRL)· 15 Dec 2025verified

Cost of revenue
2023
—
2024
—
2025
2.8 m

SEC (XBRL)· 15 Dec 2025verified

Gross profit
2023
—
2024
—
2025
55.8 k

SEC (XBRL)· 15 Dec 2025verified

SG&A
2023
2.2 m
2024
844.8 k
2025
4.4 m

SEC (XBRL)· 15 Dec 2025verified

Operating income
2023
-4.0 m
2024
-844.8 k
2025
-4.4 m

SEC (XBRL)· 15 Dec 2025verified

Interest expense
2023
72.1 k
2024
6.8 k
2025
—

SEC (XBRL)· 09 Dec 2024verified

Pre-tax income
2023
-4.0 m
2024
-606.9 k
2025
-6.8 m

SEC (XBRL)· 15 Dec 2025verified

Income tax
2023
—
2024
800
2025
800

SEC (XBRL)· 15 Dec 2025verified

Net income
2023
-3.9 m
2024
-3.2 m
2025
-7.1 m

SEC (XBRL)· 15 Dec 2025verified

Diluted EPS
2023
-2.15
2024
-1.59
2025
-1.31

SEC (XBRL)· 15 Dec 2025verified

Weighted average diluted shares
2023
1.8 m
2024
2.0 m
2025
5.4 m

SEC (XBRL)· 15 Dec 2025verified

Balance sheet · USD

Cash
2023
4.9 k
2024
1.1 m
2025
10.1 m

SEC (XBRL)· 15 Dec 2025verified

Receivables
2023
70.4 k
2024
—
2025
—

SEC (XBRL)· 16 Feb 2024verified

Inventories
2023
394.3 k
2024
333.1 k
2025
2.1 m

SEC (XBRL)· 15 Dec 2025verified

Current assets
2023
1.2 m
2024
4.2 m
2025
13.8 m

SEC (XBRL)· 15 Dec 2025verified

Property, plant & equipment, net
2023
869.6 k
2024
1.3 m
2025
—

SEC (XBRL)· 09 Dec 2024verified

Total assets
2023
2.5 m
2024
4.2 m
2025
16.0 m

SEC (XBRL)· 15 Dec 2025verified

Accounts payable
2023
—
2024
271.5 k
2025
—

SEC (XBRL)· 14 Feb 2025verified

Short-term debt
2023
790.0 k
2024
50.0 k
2025
50.0 k

SEC (XBRL)· 15 Dec 2025verified

Current liabilities
2023
4.1 m
2024
1.4 m
2025
468.1 k

SEC (XBRL)· 15 Dec 2025verified

Total liabilities
2023
4.5 m
2024
1.4 m
2025
838.7 k

SEC (XBRL)· 15 Dec 2025verified

Equity
2023
-1.9 m
2024
2.8 m
2025
15.2 m

SEC (XBRL)· 15 Dec 2025verified

Cash flow · USD

Operating cash flow
2023
-1.2 m
2024
-5.5 m
2025
-4.7 m

SEC (XBRL)· 15 Dec 2025verified

Capex
2023
244.9 k
2024
559.6 k
2025
—

SEC (XBRL)· 09 Dec 2024verified

Free cash flow
2023
-1.5 m ≈
2024
-6.1 m ≈
2025
—

SEC (XBRL)· 15 Dec 2025derived

Investing cash flow
2023
-244.9 k
2024
-547.1 k
2025
-3.3 m

SEC (XBRL)· 15 Dec 2025verified

Financing cash flow
2023
1.4 m
2024
7.1 m
2025
17.1 m

SEC (XBRL)· 15 Dec 2025verified

Computed indicators

Growth

Revenue growth (YoY)
221.4%
computed by olivLawFY 2025
Revenue CAGR 3Y
-14.2%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
3.7%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
unavailable
input data missing
EBIT margin
-67.9%
computed by olivLawTTM to 30 Jun 2026
Net margin
-72.7%
computed by olivLawTTM to 30 Jun 2026
FCF margin
unavailable
input data missing

Returns

ROE
-7.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-12.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
-24.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROCE
-6.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-33.2 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.0x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
137.2x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
127.1x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
83.9x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-12.7 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
62 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
207 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
8.7 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
-24.5 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-26.2%
computed by olivLawTTM to 30 Jun 2026
P/B
0.2x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
1.6x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
insufficient data
EV/Sales
-4.4x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 29.2% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

3.44 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 8.7 m USD

Key indicators

Market capitalisation
8.7 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
0.2x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-7.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-72.7%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
221.4%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

27/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 18 Aug 2026
Source: SEC (XBRL)published 18 Aug 2026
verified 490derived 33

Score by group

29% · 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 · the input exists, but its latest figure is far older than the latest reported period: not used
  • Peers: EV/EBITDAunavailable · input data missing
  • 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

Multiple comparisons use the SIC vertical: Retail-Retail Stores, NEC (SIC 5990)

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: 4 of at least 6; score weight coverage: 29.2% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Quality-24.2%10 (vs peers)36%
Net margin · Quality-72.7%11 (vs peers)21%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-14.2%0 (on a fixed band)29%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet137.2x100 (on a fixed band)14%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality10/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partialunavailable · 0/3 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

INNO HOLDINGS INC. (INHD). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 2.8 m USD in 2025; YoY growth 221.4%; net margin -72.7%; ROE -7.2%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 29.2% 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

  • Current ratio: 137.2x

What contradicts it

  • ROIC: -24.2%
  • Net margin: -72.7%
  • Revenue CAGR 3Y: -14.2%

Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Retail-Retail Stores, NEC (SIC 5990) · same industry (4-digit SIC) · compared with 18 companies

Multiples and returns vs the median

P/E
—
vertical median 17.1x
EV/EBITDA
—
vertical median 14.7x
P/S
1.6x
vertical median 0.2x
above median (+593.4%)
P/B
0.2x
vertical median 1.4x
below median (−88.5%)
ROE
-7.2%
vertical median -3.2%
below median
Net margin
-72.7%
vertical median -0.8%
below median
EBIT margin
-67.9%
vertical median -1.5%
below median
Revenue YoY
221.4%
vertical median -0.3%
above median
Net debt/EBITDA
—
vertical median 1.2x
Dividend yield
—
vertical median 4.8%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
ULTAUlta Beauty, Inc.28.2 bn24.146.1%9.3%+9.7%+23% / +55%
BBWIBath & Body Works, Inc.4.7 bn6.1—10.8%−0.2%+35% / −28%
SBHSally Beauty Holdings, Inc.1.8 bn10.023.5%5.2%−0.4%+21% / +99%
YJYunji Inc.1.3 bn—-13.5%-42.0%−20.8%−27% / −62%
TITNTitan Machinery Inc.530.0 m—-9.7%-2.5%−10.2%+22% / −1%
SGUStar Group, L.P.429.8 m4.9—4.6%+1.0%+9% / +2%
NAASNaaS Technology Inc.223.8 m——-454.5%−38.9%−44% / −100%
NEGGNewegg Commerce, Inc.207.4 m—-3.7%-0.3%+16.9%−87% / −61%
RENTRent the Runway, Inc.83.1 m0.2—11.8%+7.7%−49% / −77%
BARKBark, Inc.75.2 m—-36.7%-8.4%−18.5%−42% / −49%
TKLFTokyo Lifestyle Co., Ltd.58.0 m68.51.7%0.2%+77.6%−48% / −82%
BQBoqii Holding Limited10.5 m—-2.8%-1.2%−5.7%−79% / −98%
INHDInno Holdings Inc.8.7 m—-7.2%-72.7%+221.4%−99% / unavailable
RCTRedCloud Holdings plc2.3 m——-95.3%+4.3%−98% / unavailable
LESLLeslie’s, Inc.955.3 k——-21.2%−6.6%unavailable / unavailable
JDJD.com, Inc.—30.110.2%1.8%+17.9%−7% / +1%
HITIHigh Tide Inc.——-44.0%-8.5%+13.7%+8% / +85%
WOOFPetco Health & Wellness Company, Inc.—31.12.6%0.5%−2.5%−2% / +4%
FLWS1 800 Flowers Com Inc——-65.4%-9.0%−10.8%−17% / −68%

1- and 3-year price returns: for INHD 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.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
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
What moves the 3-year price the most

    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.

    Possibly outdated: the newest document it read is from 15 Dec 2025; since then the company filed 10-Q (18 Aug 2026), 10-Q (01 May 2026), 10-Q (03 Feb 2026).

    In brief

    INNO HOLDINGS INC. resells pre-owned smartphones and tablets to wholesalers in Southeast Asia, the Middle East, and Europe from a base in Hong Kong. After exiting its cold-formed-steel business, the company now relies entirely on recycled electronics, while its net loss widened to 7.01 million USD in fiscal 2025 1.

    SWOT

    Strengths

    • A high quality standard for like-new devices, which the company says keeps customer return rates very low 1.
    • A logistics position in Hong Kong, a duty-free port with access to many regions of the world 1.
    • Fresh capital raised over the past year through private placements and issuance programs strengthened the balance sheet 1.

    Weaknesses

    • A limited operating history in the new business after exiting steel framing 1.
    • Extreme concentration of revenue in a few customers and purchases in a few suppliers 1.
    • A large net loss and rapidly rising administrative costs, driven mainly by stock compensation and professional fees 1.

    Opportunities

    • Growth in demand for recycled devices in Southeast Asia and the Middle East, if management's expectations hold 1.
    • Development of the B2B platform and the Web3 partnership could diversify revenue sources 1.
    • Acquisitions of competitors or distributors could widen testing capabilities and geographic reach 1.

    Threats

    • Dependence on Hong Kong radio dealer licenses that must be renewed periodically 1.
    • A fragmented market with intense competition and pressure on margins 1.
    • Significant dilution of shareholders from repeated share issuances 1.

    Risks

    • Customer concentrationhigh

      Two customers generated most of fiscal 2025 revenue, so a reduction in orders from either could materially affect cash flow 1.

    • Supplier concentrationhigh

      All supply comes from a very small number of suppliers, and a disruption could halt inventory and sales 1.

    • Dilution from financinghigh

      Repeated share issuances, including through the at-the-market program, could reduce value for existing shareholders 1.

    • Concentration in Hong Kongmedium

      Operations are concentrated in one jurisdiction exposed to geopolitical tensions, regulatory change, and trade policy shifts 1.

    • Uncertain growth strategiesmedium

      The Web3 partnership and B2B platform are at an early stage and may not deliver the expected results 1.

    Investment thesis

    What would need to be true (bull case)

    • If demand for recycled devices in Southeast Asia grows as management expects, the company could scale sales quickly through planned offices 1.
    • A high product standard and fast order response could support customer loyalty and share gains in a fragmented market 1.
    • Recently raised capital could fund diversification into new product categories and strategic acquisitions 1.

    What would break the thesis

    • Extreme concentration among customers and suppliers could cause sudden revenue losses if one relationship ends 1.
    • A large net loss and rising administrative costs could persist if revenue does not grow fast enough 1.
    • Repeated share issuances could erode the value of existing shareholders and signal reliance on external financing 1.

    What to watch

    • Revenue trend and customer concentrationNext 10-K
    • Launch of the B2B platform and completion of the Web3 partnership2026
    • Renewal of Hong Kong radio dealer licensesQ1 2026
    • Use of at-the-market proceeds and level of dilutionNext quarterly report

    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.

    Possibly outdated: the newest document it read is from 15 Dec 2025; since then the company filed 10-Q (18 Aug 2026), 10-Q (01 May 2026), 10-Q (03 Feb 2026).

    The business

    INNO HOLDINGS INC. operates through two Hong Kong subsidiaries, Lear Group Limited and Baymax High Technology Co., Limited, acquired in October and December 2024. The company buys pre-owned consumer electronics, mainly iPhone and iPad models, and sells them to wholesalers who resell to customers in Southeast Asia, the Middle East, Europe, and other regions 1. It discontinued its former cold-formed-steel business in the second quarter of 2025, so fiscal 2025 revenue comes entirely from the new activity 1.

    The business model rests on buying like-new devices, dynamically managing inventory to price trends, and using an internal pricing algorithm. Hong Kong's duty-free port status supports fast receipt and dispatch of goods 1.

    Management plans to diversify into laptops and accessories, open offices in Singapore, Malaysia, and Dubai, and build a B2B marketplace. Plans also include acquisitions for integration and a non-binding MoU with a Web3 technology provider 1.

    Segments

    Recycled consumer electronics

    The only revenue-generating segment in fiscal 2025, accounting for 100% of revenue from recycled iPhones 1.

    B2B platform and regional expansion

    A segment still in development with no reported revenue, targeting expansion in Southeast Asia and the Middle East and digital sales to business buyers 1.

    Market context

    The Hong Kong recycled electronics wholesale market is competitive and fragmented, with approximately 1000 wholesalers sourcing, grading, refurbishing, and reselling pre-owned devices 1. Management points to robust growth in Southeast Asia and the Middle East, though this is its own expectation 1.

    Concentration is high: two customers produced 77% of revenue, and two suppliers accounted for all purchases in fiscal 2025 1.

    Trends

    • Demand for pre-owned devices in Southeast Asiatailwind

      Management expects regional market growth, which could support the planned offices in Singapore, Malaysia, and Dubai if demand materializes 1.

    • Annual smartphone launch cyclesmixed

      Yearly product launches and promotional events such as Black Friday create moderate seasonality that can affect inventory and working capital 1.

    • Web3 and blockchain technologiesmixed

      A Web3 partnership could open new B2B services, but the technology is at an early stage and adoption remains uncertain 1.

    • Reliance on equity-based financingheadwind

      The company raised capital through private placements, standby equity agreements, and an at-the-market program, which supported liquidity but could cause significant dilution for existing shareholders 1.

    Competitive position

    The main competitors named are Guang Yi Co. Ltd., Brightway Trading Co., and CommNet Telecom Limited, all active in international trade of recycled or returned phones 1. The market is fragmented, so price and service competition remains intense 1.

    The company cites its like-new quality standard, fast order response, pricing algorithm, and Hong Kong location as advantages, but the filing provides no comparative market share data 1.

    • Guang Yi Co. Ltd.

      Founded in 2020, trades phones in various grades and runs a global buy-back network through a B2C channel 1.

    • Brightway Trading Co.

      Active since 2013 in the segment of customer-returned phones, sourcing from Europe, the UK, and the US 1.

    • CommNet Telecom Limited

      Hong Kong recycler active since 2004, with suppliers mainly in the US and UK 1.

    • Other Hong Kong wholesalers

      The large number of market participants means other operators compete, though the filing does not identify them individually 1.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    • Current report31 Aug 2026
      Departure or appointment of officers · Financial statements and exhibits
    • Quarterly report18 Aug 2026
    • Current report31 Jul 2026
      Regulation FD disclosure · Financial statements and exhibits
    • Current report13 Jul 2026
      Other events · Financial statements and exhibits
    • Current report08 Jul 2026
      Other events · Financial statements and exhibits
    • Current report12 Jun 2026
      Other events · Financial statements and exhibits
    • Current report10 Jun 2026
      Material agreement · Regulation FD disclosure · Financial statements and exhibits
    • Current report20 May 2026
      Material agreement · Regulation FD disclosure · Other events · Financial statements and exhibits
    • Current report04 May 2026
      Amendments to articles or bylaws · Regulation FD disclosure · Financial statements and exhibits
    • Quarterly report01 May 2026

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-09-30 · SEC / INNO HOLDINGS INC. · 15 Dec 2025

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.