olivLaw · US equity research
HWH International Inc. ESYN
Wholesale-Drugs, Proprietaries & Druggists' Sundries · SIC 5122 · Vertical: Wholesale-Drugs, Proprietaries & Druggists' Sundries (SIC 5122)
HWH International is a small company that operates, in essence, a single café in Singapore and is developing the Hapi Marketplace e-commerce platform and the Hapi Wealth Builder education program. Revenue fell sharply in 2025 after several cafés were closed, and the company relies on funding from its majority shareholder, which raises questions about continuity of operations.
At the close of 04 Nov 2026, HWH International Inc. (ESYN) stock was 1.50 USD (−9.09% on the day), with market capitalisation 11.6 m USD, beta 0.34, 52-week range 0.92–2.68 USD. Latest reported quarter (Q2 2026): revenue of 64.2 k USD (−79.3% YoY), net income of 212.0 k USD (+154.2% YoY), diluted EPS 0.03 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)
- 34.3
- weak (30–45)
- Bollinger (20, 2)
- 1.50 – 2.16
- in the lower half of the band · %B 0.00 · band width 36.4%
- SMA 50 / 200
- 2.01 / 1.53
- mixed trend
- MACD (12, 26, 9)
- -0.12 / -0.10
- MACD below 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 | −29.2% | −1.1% | −28.1 pp | — |
| 3 months | +3.4% | −0.5% | +3.9 pp | — |
| 6 months | +41.5% | +4.4% | +37.1 pp | — |
| Year to date | +0.7% | +12.3% | −11.6 pp | — |
| 1 year | −17.1% | +13.5% | −30.7 pp | +8.1% |
| 3 years | −97.2% | +76.4% | −173.6 pp | +46.5% |
| 5 years | unavailable | +63.7% | unavailable | — |
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 | 345.5 k | 287.1 k | 295.2 k | 310.4 k | 206.8 k | 54.6 k | 64.2 k | 64.2 k |
| Cost of revenue | 185.7 k | 173.3 k | 147.6 k | 266.3 k | 83.2 k | 14.9 k | 16.9 k | 43.8 k |
| Gross profit | 159.9 k | 113.8 k | 147.6 k | 44.1 k | 123.6 k | 39.7 k | 47.3 k | 20.4 k |
| Depreciation & amortisation | 15.3 k | 2.6 k | 3.3 k | 3.4 k | 16.2 k | -3.4 k | 2.1 k | 2.0 k |
| Interest expense | 18.5 k | 16.8 k | 50.1 k | 29.5 k | 32.1 k | -59.5 k | 9.1 k | 2.3 k |
| Pre-tax income | -537.1 k | -488.5 k | -531.2 k | 76.0 k | -295.1 k | -1.9 m | -626.8 k | 210.7 k |
| Income tax | — | — | 42.9 k | 0 ≈ | 4.5 k | 0 | — | — |
| Net income | -548.5 k | -476.7 k | -565.1 k | 83.4 k | -291.0 k | -1.9 m | -626.2 k | 212.0 k |
| Diluted EPS | — | — | -0.09 | 0.01 | — | — | -0.08 | 0.03 |
| Operating cash flow | -275.0 k ≈ | -415.2 k | -555.3 k | 26.9 k ≈ | -199.9 k ≈ | -1.0 m | -192.5 k | 478.0 k ≈ |
| Capex | 2.1 k ≈ | 291 | — | — | 18.0 k ≈ | 87 | 766 | -2 ≈ |
| Share repurchases | 0 ≈ | 1 | — | — | — | — | — | — |
≈ 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 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | unavailable | unavailable | 1.3 m | 866.9 k |
| Revenue YoY | unavailable | unavailable | unavailable | −30.8% |
| Net income | 113.5 k | 548.9 k | -2.7 m | -2.6 m |
| Net income YoY | unavailable | +383.4% | −601.0% | unavailable |
| Diluted EPS | unavailable | unavailable | -0.76 | -0.40 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | -219.4% | -303.4% |
| Free cash flow | unavailable | unavailable | -1.8 m | -1.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.1 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 2.7 m USD
- Total assets
- 4.6 m USD
- Debt / equity
- unavailable
- Current ratio
- 2.32x
- ROE
- -94.6%
- ROA
- -47.9%
- FCF margin
- -204.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | — | — | 1.3 m | 866.9 k | SEC (XBRL)· 26 Mar 2026verified |
| Cost of revenue | — | — | 651.7 k | 407.2 k | SEC (XBRL)· 26 Mar 2026verified |
| Gross profit | — | — | 601.9 k | 459.7 k | SEC (XBRL)· 26 Mar 2026verified |
| Depreciation & amortisation | — | — | 48.2 k | 19.5 k | SEC (XBRL)· 26 Mar 2026verified |
| Interest expense | — | — | 72.1 k | 52.2 k | SEC (XBRL)· 26 Mar 2026verified |
| Pre-tax income | 300.5 k | 971.1 k | -2.8 m | -2.6 m | SEC (XBRL)· 26 Mar 2026verified |
| Income tax | 186.9 k | 422.2 k | — | 47.5 k | SEC (XBRL)· 26 Mar 2026verified |
| Net income | 113.5 k | 548.9 k | -2.7 m | -2.6 m | SEC (XBRL)· 26 Mar 2026verified |
| Diluted EPS | — | — | -0.76 | -0.40 | SEC (XBRL)· 26 Mar 2026verified |
| Weighted average diluted shares | — | — | 3.6 m | 6.6 m | SEC (XBRL)· 26 Mar 2026verified |
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 1.2 m | — | 4.3 m | 2.1 m | SEC (XBRL)· 26 Mar 2026verified |
| Inventories | — | — | 1.6 k | 1.1 k | SEC (XBRL)· 26 Mar 2026verified |
| Current assets | 1.2 m | 703.2 k | 5.5 m | 3.0 m | SEC (XBRL)· 26 Mar 2026verified |
| Property, plant & equipment, net | — | — | 33.6 k | 19.2 k | SEC (XBRL)· 26 Mar 2026verified |
| Goodwill | — | — | 0 | 116.6 k | SEC (XBRL)· 26 Mar 2026verified |
| Total assets | 89.3 m | 22.0 m | 6.4 m | 4.6 m | SEC (XBRL)· 26 Mar 2026verified |
| Accounts payable | 376.5 k | 632.3 k | 483.4 k | 305.0 k | SEC (XBRL)· 26 Mar 2026verified |
| Current liabilities | 376.5 k | 837.6 k | 3.3 m | 1.3 m | SEC (XBRL)· 26 Mar 2026verified |
| Total liabilities | 3.4 m | 3.9 m | — | — | SEC (XBRL)· 28 Feb 2024verified |
| Equity | -2.0 m † | -2.4 m † | 2.9 m | 2.7 m | SEC (XBRL)· 26 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -514.1 k | -1.5 m | -1.8 m | -1.8 m | SEC (XBRL)· 26 Mar 2026verified |
| Capex | — | — | 30.4 k | 19.5 k | SEC (XBRL)· 26 Mar 2026verified |
| Free cash flow | — | — | -1.8 m ≈ | -1.8 m ≈ | SEC (XBRL)· 26 Mar 2026derived |
| Investing cash flow | -87.1 m | 69.1 m | 20.5 m | -1.2 m | SEC (XBRL)· 26 Mar 2026verified |
| Financing cash flow | 88.8 m | -68.1 m | -15.6 m | 934.7 k | SEC (XBRL)· 26 Mar 2026verified |
| Share repurchases | — | 68.4 m | 21.1 m | — | SEC (XBRL)· 31 Mar 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: 3 of at least 6
- score weight coverage: 18.8% 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: 11.6 m USD
Key indicators
Coverage and freshness
Score by group
19% · 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: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -680.0% | 13 (vs peers) | 33% |
| 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 | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.8x | 85 (on a fixed band) | 22% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -8.2% | 0 (on a fixed band) | 44% |
| 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 sheet· partial85/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial13/100 · 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
HWH INTERNATIONAL INC. (ESYN). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 866.9 k USD in 2025; YoY growth -30.8%; net margin -680.0%; ROE -88.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% 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: 1.8x
What contradicts it
- Net margin: -680.0%
- FCF yield: -8.2%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Wholesale-Drugs, Proprietaries & Druggists' Sundries (SIC 5122) · same industry (4-digit SIC) · compared with 8 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 | |
|---|---|---|---|---|---|---|
| MCKMcKESSON CORPORATION | 123.5 bn | 27.5 | — | 1.1% | +12.4% | +21% / +127% |
| CORCencora, Inc. | 67.6 bn | 26.3 | 104.3% | 0.8% | +9.3% | −4% / +74% |
| CAHCardinal Health, Inc. | 60.9 bn | 36.2 | — | 0.7% | +14.2% | +23% / +145% |
| HLFHerbalife Ltd. | 1.6 bn | 9.1 | — | 3.4% | +0.9% | +20% / +19% |
| NUSNu Skin Enterprises, Inc. | 242.9 m | — | -32.5% | -15.7% | −14.3% | −50% / −71% |
| COSMCosmos Health Inc. | 33.0 m | — | -104.0% | -33.1% | +19.9% | −49% / −69% |
| HKPDCellyan Biotechnology Co., Ltd | 30.2 m | — | -0.6% | -0.1% | +21.7% | +87% / unavailable |
| ESYNHwh International Inc. | 11.6 m | — | -88.9% | -680.0% | −30.8% | −17% / −97% |
| MEDSDataMeds AI, Inc. | 4.6 m | — | — | -1,100.3% | +28.7% | −95% / unavailable |
1- and 3-year price returns: for ESYN 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
HWH International is a small company that operates, in essence, a single café in Singapore and is developing the Hapi Marketplace e-commerce platform and the Hapi Wealth Builder education program. Revenue fell sharply in 2025 after several cafés were closed, and the company relies on funding from its majority shareholder, which raises questions about continuity of operations.
SWOT
Strengths
- Financial support from the majority shareholder, which has committed to provide additional funding and not demand repayment within a set period, gives the company some operational stability.
- The in-person café model and the digital platform could support each other, both for attracting customers and for selling affiliates' products.
- The cost structure is lean, with few staff and some services provided by the shareholder at no direct cost.
Weaknesses
- Revenue is concentrated in a single café and has fallen considerably, which makes the company vulnerable to any local problem.
- The company shows a working capital deficit and repeated net losses, and the documents flag substantial doubt about its ability to continue operations.
- Dependence on a majority shareholder for funding and staff limits the company's independence in decision-making.
Opportunities
- A successful launch of Hapi Marketplace in several countries could open new revenue sources and reduce reliance on cafés.
- The Hapi Wealth education programs could attract participants interested in financial education if the regional rollout takes place in 2026.
- Acquisitions of complementary businesses, if they can be financed, could widen the range of services offered to customers.
Threats
- If funding from the majority shareholder changes, the company could be forced to reduce activity or scale back its expansion plans.
- Competition in online commerce and the café industry could worsen the company's position, given the scale of much larger competitors.
- Regulatory changes for financial education and for importing products could delay or burden the planned launches.
Risks
- Continuity of operationshigh
The documents show substantial doubt about the company's ability to continue operating without additional capital or more stable revenue.
- Dependence on the majority shareholderhigh
Funding and staff come largely from the majority shareholder, which could change financing terms or the company's strategy.
- Geographic concentrationmedium
Almost all revenue in the first half of 2026 came from Singapore, so a local problem could affect the entire revenue flow.
- Delayed launchesmedium
Hapi Marketplace and the education programs depend on licences, payment systems and partners, and delays could postpone expected revenue.
- Nasdaq listing requirementslow
The company received notices in the past regarding market value and share price, and the risk of failing listing requirements remains relevant.
Investment thesis
What would need to be true (bull case)
- If the Hapi Marketplace platform is launched successfully in several countries, the company could diversify its revenue sources and reduce dependence on a single café.
- Steady support from the majority shareholder could keep operations running during the transition until the new businesses gain traction.
- The integrated model of café, community and education could build a loyal customer base if the education programs are launched successfully.
What would break the thesis
- Revenue has fallen in recent years and in the first half of 2026, and the closure of several cafés shows difficulty in sustaining a profitable business model.
- The documents flag substantial doubt about continuity of operations, which could force the company to reduce activity or accept harsher financing terms.
- Dependence on a single shareholder and a single market makes the company vulnerable, and the new projects do not yet have demonstrated revenue.
What to watch
- Revenue trend of the Singapore café and resumption of quarterly reportingQ3 2026
- Timing of the actual launch of Hapi Marketplace in the United States and expansion into South Korea and Hong Kong2026
- Progress of the Hapi Wealth program and partner collaborations in the targeted regions2026
- Terms of extension or refinancing of the shareholder credit line, maturing in April 2026next 10-K
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
HWH International Inc. was originally incorporated in Delaware in October 2021 under the name Alset Capital Acquisition Corp. and changed its name to HWH International after completing the business combination in January 2024. The company reorganised into Nevada in November 2025, with no impact on its consolidated financial position. Its core activity remains food and beverage, which accounted for approximately 100% of revenue in 2025, and it describes itself as an early-stage company with a small number of employees.
The company plans to extend its model through Hapi Marketplace, a business-to-consumer platform launched in November 2024 with over forty-seven product categories, which it intends to expand gradually into South Korea, Hong Kong and other Asian markets. The launch depends on logistical matters such as payment systems, licences, bank set-up and import licences, and as of June 30, 2026 the project had not yet been launched.
The third component is Hapi Wealth Builder and the Hapi Wealth program, focused on education in equity investment and wealth-building strategies, with a rollout targeted in selected regions later in 2026. Management justified closing several cafés by citing unsustainable revenue and presented the sale of 70% of Alset F&B One as part of refocusing resources on other F&B ventures with greater growth potential.
Segments
Food and beverage (Hapi Café)
This is the only segment generating revenue. Revenue was 866,926 USD in 2025 compared with 1,253,577 USD in 2024, and in the second quarter of 2026 it was only 64,200 USD, against 310,391 USD in the same period of 2025, following the closure of cafés in Korea and other locations.
Hapi Marketplace platform
The business-to-consumer platform is still in development, with no revenue reported in the documents. The company sees it as a channel for widening its customer base and increasing the amounts customers spend on its affiliates' products.
Hapi Wealth Builder and Hapi Wealth
The education programs are in the phase of producing digital content and collaborating with partners. The rollout targeted in selected regions in 2026 does not yet generate reported revenue.
Market context
The company operates in the café and food market in Singapore and South Korea, where Hapi Cafés are designed as in-person social experiences. Management believes that after the pandemic people seek physical communities, and this could support the model, although recent performance has been weak, with revenue falling from 1,253,577 USD in 2024 to 866,926 USD in 2025.
Hapi Marketplace and the education programs target consumers interested in wellness, elderly care, auto accessories and financial education, a segment where competition is broad. The documents reviewed do not provide the size of this market or the company's market share.
Trends
- Closure of unprofitable cafésmixed
Concentrating on a few locations and withdrawing from markets with weak revenue could reduce short-term losses, but it also shrinks the existing revenue base, which fell considerably in 2025 and the first half of 2026.
- Digital expansion of Hapi Marketplacetailwind
If the launch in the United States and expansion across Asia proceed, the platform could open new revenue sources from online sales, although the project depends on completing logistical and regulatory steps.
- Dependence on shareholder fundingheadwind
Credit lines and debt conversions from the majority shareholder have supported operations, but they can limit the company's autonomy and influence the terms of future financing.
- Demand for in-person communitiesmixed
Demand for physical and community experiences after the pandemic could support cafés and education programs with a meeting component, if these events can be sustained economically.
Competitive position
The documents reviewed do not identify direct competitors or compare the company's market share with other players. Competitive risk is described in general terms, referring to much larger competitors without naming any companies.
The company states it aims to compete through its member community, membership discounts and cross-selling among companies in its group, advantages that depend however on its ability to attract skilled personnel and control expenses.
- Large online retail and general retail companies
The documents mention in general terms much larger competitors, without naming them.
- Cafés and food chains in Singapore and South Korea
Local competition in the café segment is not detailed in the sources reviewed, and the company closed several locations because of weak performance.
- Financial education platforms and investment programs
The Hapi Wealth program competes with providers of courses and coaching, not named in the document.
- Suppliers of wellness products and elderly care
The product categories on Hapi Marketplace face competitors in online commerce, referred to generically in the documents.
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.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Proxy statement27 Oct 2026
- Current report18 Sept 2026Amendments to articles or bylaws · Financial statements and exhibits
- Current report11 Sept 2026Material agreement · Other events · Financial statements and exhibits
- Current report01 Sept 2026Departure or appointment of officers · Other events · Financial statements and exhibits
- Current report10 Aug 2026Material agreement · Item 3.02 · Item 5.01 · Departure or appointment of officers · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report29 Jul 2026Other events
- Current report09 Jun 2026Material agreement · Item 3.02 · Financial statements and exhibits
- Current report29 May 2026Delisting notice
- Current report27 May 2026Material agreement · Item 3.02 · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / HWH International Inc. · 26 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / HWH International Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.