olivLaw · US equity research
Axonex AI Group Ltd MIMI
Services-Business Services, NEC · SIC 7389 · Vertical: Services-Business Services, NEC (SIC 7389)
Axonex AI Group is a Hong Kong-based group that grew out of a traditional interior design and fit-out business and, since September 2025, has been repositioning toward artificial intelligence, robotics and smart facility management. The shift is still at an early stage: revenue fell to 2.3 million USD in fiscal 2026 and the net loss widened to 10.3 million USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 22 Oct 2026, Axonex AI Group Ltd (MIMI) stock was 1.13 USD (+2.75% on the day), with 52-week range 0.51–6.15 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)
- 37.7
- weak (30–45)
- Bollinger (20, 2)
- 0.27 – 2.84
- in the lower half of the band · %B 0.34 · band width 165.6%
- SMA 50 / 200
- 2.48 / unavailable
- MACD (12, 26, 9)
- -0.43 / -0.46
- 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 | −44.2% | −1.1% | −43.1 pp | — |
| 3 months | −79.2% | −0.5% | −78.7 pp | — |
| 6 months | unavailable | +4.4% | unavailable | — |
| Year to date | unavailable | +12.3% | unavailable | — |
| 1 year | unavailable | +13.5% | unavailable | −3.2% |
| 3 years | unavailable | +76.4% | unavailable | +1.1% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
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 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Revenue | 2.4 m | 4.1 m | 3.1 m | unavailable |
| Revenue YoY | unavailable | +67.4% | −25.3% | unavailable |
| Net income | 819.4 k | 783.4 k | -1.5 m | -10.3 m |
| Net income YoY | unavailable | −4.4% | −286.5% | unavailable |
| Diluted EPS | 0.04 | 0.37 | -0.68 | -4.15 |
| Diluted EPS YoY | unavailable | +825.0% | −283.8% | unavailable |
| net % | 33.6% | 19.2% | -47.9% | unavailable |
| Free cash flow | 717.4 k | 748.2 k | -3.3 m | -1.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 964.1 k USD
- Financial debt
- 2.0 m USD
- Net debt
- 1.1 m USD
- Equity
- 3.3 m USD
- Total assets
- 5.4 m USD
- Debt / equity
- 0.62x
- Current ratio
- 1.89x
- ROE
- -227.1%
- ROA
- -159.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 2.4 m | 4.1 m | 3.1 m | — | SEC (XBRL)· 30 Jul 2025verified |
| Cost of revenue | 1.4 m | 2.8 m | 2.5 m | — | SEC (XBRL)· 30 Jul 2025verified |
| Gross profit | 1.3 m | 1.6 m | 726.2 k | 250.0 k | SEC (XBRL)· 14 Aug 2026verified |
| Research & development | — | — | — | 131.0 k | SEC (XBRL)· 14 Aug 2026verified |
| Operating income | 925.1 k | 890.8 k | -1.6 m | -10.3 m | SEC (XBRL)· 14 Aug 2026verified |
| Interest expense | — | — | 34.3 k | 29.4 k | SEC (XBRL)· 14 Aug 2026verified |
| Pre-tax income | 949.6 k | 912.4 k | -1.6 m | -10.3 m | SEC (XBRL)· 14 Aug 2026verified |
| Income tax | 130.2 k | 128.9 k | -174.6 k | 4.9 k | SEC (XBRL)· 14 Aug 2026verified |
| Net income | 819.4 k | 783.4 k | -1.5 m | -10.3 m | SEC (XBRL)· 14 Aug 2026verified |
| Diluted EPS | 0.04 | 0.37 | -0.68 | -4.15 | SEC (XBRL)· 14 Aug 2026verified |
| Weighted average diluted shares | 21.0 m | 2.1 m | 2.1 m | 2.5 m | SEC (XBRL)· 14 Aug 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 292.9 k | 317.3 k | 4.5 m | 964.1 k | SEC (XBRL)· 14 Aug 2026verified |
| Receivables | — | 854.2 k | 654.2 k | 362.6 k | SEC (XBRL)· 14 Aug 2026verified |
| Current assets | — | 2.1 m | 6.9 m | 2.3 m | SEC (XBRL)· 14 Aug 2026verified |
| Property, plant & equipment, net | — | 8.6 k | 10.5 k | 233.1 k | SEC (XBRL)· 14 Aug 2026verified |
| Total assets | — | 2.1 m | 7.6 m | 5.4 m | SEC (XBRL)· 14 Aug 2026verified |
| Accounts payable | — | 363.4 k | 345.6 k | 481.1 k | SEC (XBRL)· 14 Aug 2026verified |
| Short-term debt | — | — | 1.1 m | 954.9 k | SEC (XBRL)· 14 Aug 2026verified |
| Long-term debt | — | — | 1.2 m | 1.1 m | SEC (XBRL)· 14 Aug 2026verified |
| Current liabilities | — | 913.7 k | 722.5 k | 1.2 m | SEC (XBRL)· 14 Aug 2026verified |
| Total liabilities | — | 913.7 k | 1.8 m | 2.1 m | SEC (XBRL)· 14 Aug 2026verified |
| Equity | 409.1 k | 1.2 m | 5.8 m | 3.3 m | SEC (XBRL)· 14 Aug 2026verified |
| Shares outstanding at year end | — | — | 18.0 m | — | SEC (XBRL)· 30 Jul 2025verified |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 722.5 k | 756.5 k | -3.3 m | -858.4 k | SEC (XBRL)· 14 Aug 2026verified |
| Capex | 5.1 k | 8.2 k | 7.2 k | 205.1 k | SEC (XBRL)· 14 Aug 2026verified |
| Free cash flow | 717.4 k ≈ | 748.2 k ≈ | -3.3 m ≈ | -1.1 m ≈ | SEC (XBRL)· 14 Aug 2026derived |
| Investing cash flow | -5.1 k | -8.2 k | -135.5 k | -2.6 m | SEC (XBRL)· 14 Aug 2026verified |
| Financing cash flow | -516.7 k | -724.8 k | 7.6 m | -103.8 k | SEC (XBRL)· 14 Aug 2026verified |
| Dividends paid | 548.4 k | — | — | — | SEC (XBRL)· 30 Jul 2025verified |
≈ 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: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
22 Oct 2026Source: olivLaw, closing series
Market cap: unavailable
The price is older than the freshness threshold; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
27% · 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 · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
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: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -219.4% | 0 (vs peers) | 38% |
| Net margin · Quality | -338.2% | 0 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -351.3x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 1.9x | 91 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| 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 sheet36/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality0/100 · 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
Mint Inc Ltd (MIMI). Latest full fiscal year: 2025; data up to 2026-03-31.
Figures computed from the financial statements: revenue 3.1 m USD in 2025; YoY growth -25.3%; net margin -338.2%; ROE -227.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% 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: 1.9x
What contradicts it
- ROIC: -219.4%
- Net margin: -338.2%
- Interest coverage: -351.3x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Services-Business Services, NEC (SIC 7389) · same industry (4-digit SIC) · compared with 39 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 | |
|---|---|---|---|---|---|---|
| UBERUber Technologies, Inc. | 142.7 bn | 41.3 | 12.4% | 6.1% | +18.3% | −20% / +24% |
| MELIMercadoLibre, Inc. | 88.2 bn | 47.3 | 27.5% | 5.3% | +39.1% | −16% / +7% |
| EBAYeBay Inc. | 54.9 bn | 27.2 | 46.6% | 16.9% | +7.9% | +51% / +205% |
| PYPLPayPal Holdings, Inc. | 50.0 bn | 11.5 | 23.8% | 13.8% | +4.3% | −4% / +4% |
| MSCIMsci Inc. | 48.2 bn | 35.7 | — | 40.3% | +9.7% | +20% / +29% |
| FISVFiserv, Inc. | 33.0 bn | — | -17.0% | -18.9% | +3.6% | +1% / −52% |
| CPAYCorpay, Inc | 27.5 bn | 25.4 | 30.5% | 22.7% | +13.9% | +42% / +74% |
| GPNGlobal Payments Inc. | 25.4 bn | — | -4.1% | -9.1% | −0.4% | +27% / −17% |
| BRBroadridge Financial Solutions, Inc. | 21.4 bn | 20.9 | 40.2% | 13.9% | +8.5% | −17% / −2% |
| RBARB Global, Inc | 17.6 bn | 39.9 | 8.8% | 10.0% | +7.2% | −3% / +49% |
| FISFidelity National Information Services, Inc. | 15.3 bn | 4.4 | 23.0% | 26.8% | +5.4% | −55% / −49% |
| FICOFair Isaac Corp | 15.1 bn | 20.3 | — | 34.1% | +15.9% | −61% / −36% |
| AKAMAkamai Technologies, Inc | 12.3 bn | 30.9 | 8.9% | 9.5% | +5.4% | −4% / −26% |
| ETSYEtsy, Inc | 8.3 bn | 11.4 | — | 32.8% | +2.7% | +77% / +27% |
| RELYRemitly Global, Inc. | 5.8 bn | 16.4 | 35.9% | 19.1% | +29.4% | +100% / +26% |
| SEZLSezzle Inc. | 4.6 bn | 30.0 | 88.9% | 30.4% | +66.1% | +121% / +8,110% |
| TICTIC Solutions, Inc. | 2.3 bn | — | -7.1% | -5.6% | unavailable | +10% / unavailable |
| ACVACopart Inc | 1.8 bn | — | -15.1% | -7.9% | +19.2% | +16% / −21% |
| LQDTLiquidity Services, Inc | 1.5 bn | 45.8 | 15.0% | 6.8% | +31.2% | +56% / +144% |
| QNSTQuinStreet, Inc. | 1.1 bn | 13.8 | 28.6% | 6.3% | +18.3% | +38% / +54% |
| CTEVClaritev Corporation | 367.3 m | — | — | -28.5% | +3.7% | −60% / −58% |
| FVRRFiverr International Ltd. | 314.4 m | 15.6 | 5.4% | 4.9% | +10.1% | −58% / −67% |
| POWWOutdoor Holding Company | 278.4 m | 70.8 | 2.8% | 12.1% | +3.5% | +30% / +18% |
| ZHZhihu Inc. | 159.4 m | — | -5.0% | -7.1% | −20.3% | −27% / −38% |
| RGPResources Connection, Inc. | 93.7 m | — | -25.1% | -10.7% | −18.0% | −44% / −80% |
1- and 3-year price returns: for MIMI 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
Scenarios are not available. input data missing
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 14 Aug 2026; since then the company filed 6-K (20 Oct 2026), 6-K (15 Oct 2026), 6-K (13 Oct 2026), 6-K (09 Oct 2026), 6-K (07 Oct 2026), 6-K (15 Sept 2026).
In brief
Axonex AI Group is a Hong Kong-based group that grew out of a traditional interior design and fit-out business and, since September 2025, has been repositioning toward artificial intelligence, robotics and smart facility management. The shift is still at an early stage: revenue fell to 2.3 million USD in fiscal 2026 and the net loss widened to 10.3 million USD 1.
SWOT
Strengths
- The group has a design and fit-out business with institutional clients and prestigious projects in Hong Kong, and several years of operating experience 1.
- The structure of partnerships with robotics companies could allow access to technology without funding everything alone 1.
- The company regained compliance with Nasdaq's minimum bid price requirement through a reverse stock split 1.
Weaknesses
Opportunities
- If robotics and facility management projects reach commercial production, they could diversify the group's revenue 1.
- The proposed acquisition of a Singapore company active in industrial automation could expand the portfolio if a definitive agreement is signed 1.
- Regional expansion across Asia-Pacific could open new public and private sector clients 1.
Risks
- Lack of continuity in the transition strategyhigh
The group has rapidly changed its profile and formed or discontinued several entities, which could make future performance difficult to assess 1.
- Funding through dilutionhigh
Private placements at low prices per share could reduce the stake of existing shareholders and limit the capacity to fund operating losses 1.
- Nasdaq listing compliancemedium
The company received a deficiency notice on its minimum bid price and used a reverse stock split to comply, and the issue could return if the share price falls again 1.
- Execution risk on fixed-price contractsmedium
Design and fit-out contracts are fixed price, so cost overruns could reduce margins or trigger client penalties 1.
- Joint venture structures and controlmedium
Minority stakes in several joint ventures could limit the group's influence over strategic decisions and revenue flows 1.
Investment thesis
What would need to be true (bull case)
- If the robotics and AI segment moves beyond its early stage and produces recurring contracts, the group could reduce its dependence on the Hong Kong property market 1.
- Partnerships with robotics companies and the proposed automation acquisition could accelerate product launches without bearing all costs alone 1.
- If private placement funding continues, the group could have time to build a revenue base in its new segments 1.
What would break the thesis
- Falling revenue and a widening net loss could indicate that the traditional business is not yet offsetting the costs of the transition 1.
- Reliance on low-priced private placements could lead to repeated dilution and pressure on existing shareholders 1.
- Several projects have been discontinued or left unfinished, including a joint venture that never began operations, which could signal fragile strategic execution 1.
What to watch
- Development of robotics and AI revenue compared with the design revenue baseQ1 2027
- Any new private placements and their pricing terms2027
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 14 Aug 2026; since then the company filed 6-K (20 Oct 2026), 6-K (15 Oct 2026), 6-K (13 Oct 2026), 6-K (09 Oct 2026), 6-K (07 Oct 2026), 6-K (15 Sept 2026).
The business
The group runs two principal lines of business in Hong Kong and Singapore: interior design and fit-out services for commercial and residential clients, delivered mainly through Matter International Limited, and artificial intelligence, robotics and technology solutions. The company is a holding entity incorporated in the British Virgin Islands and relies on operating subsidiaries and several joint ventures, including Axonex Robotics, Rice JV and YAS Robotics 1.
The design and fit-out business works on a project basis with no long-term contracts, and pricing and timing are negotiated for each job. Revenue is predominantly from Hong Kong, and design and fit-out services still made up most of revenue in fiscal 2026 1.
The robotics and AI segment is at an early stage with a limited operating history. The company has said these lines may not grow at the rate it anticipates and that historical results are not necessarily indicative of future performance 1.
Segments
Robotics and AI
The segment includes newly formed subsidiaries such as Axonex Intelligence and partnerships with robotics companies, including Axonex Robotics, Rice JV and YAS Robotics. Robotic product sales first appeared in fiscal 2026 at about 384 thousand USD, and the segment contributed roughly 16.78% of total revenue 1.
Market context
Demand for interior design depends on the Hong Kong economy, the property market and spending in retail and offices. An economic slowdown or lower investment in expansions and renovations could reduce demand for the group's services 1.
The company describes the Asia-Pacific robotics and AI market as expanding and targets smart facility management for enterprises, property operators, shopping centers and government agencies. The source does not quantify the size of this market 1.
Trends
- Weak Hong Kong property marketheadwind
Land supply restrictions and a decline in newly completed buildings could limit fit-out projects and reduce revenue in the traditional segment 1.
- Demand for automation and smart facility managementtailwind
Combining robotics, IoT and AI in building management could open new revenue streams if the group converts partnerships into commercial contracts 1.
- Reliance on private placementsmixed
The July and August 2026 private placements each raised 2 million USD for working capital. If external funding becomes scarcer, expansion could slow 1.
- Robotics joint venturesmixed
Partnerships with AIMO, Rice Robotics and YAS Digital can speed up product development but reduce the group's direct control over assets and revenue 1.
Competitive position
The source does not identify competitors for each business line. In design, competition takes place through project offers and quotations against other providers, and clients typically compare design ideas and prices 1.
In robotics and AI, the group positions itself through partnerships with companies in Hong Kong and Singapore rather than through declared direct competition. The source does not list US-listed competitors 1.
- Rice Robotics Holdings Limited
Joint venture partner in Rice JV, which focuses on AI companion robots 1.
- YAS Digital Group Limited
Majority shareholder of YAS Robotics, active in robotics and AI insurance products, according to the source 1.
- Synergy Technology Group Limited
Initial partner in the Axonex Automation project, which the parties later agreed to discontinue, according to the source 1.
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.
Sources
- [1] Form 20-F, fiscal year ended 2026-03-31 · SEC / Axonex AI Group Ltd · 14 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.