olivLaw · US equity research
OFA Group OFAL
Services-Engineering Services · SIC 8711 · Vertical: Services-Engineering Services (SIC 8711)
OFA Group, through its Hong Kong operating subsidiary, provides architectural, design and fit-out services for commercial and residential buildings on a project-based model. The company has recently extended its activity toward AI tools and real-world asset tokenization, a shift that could change its profile in the coming period, while revenue remains modest at $716,885 in fiscal 2026.
At the close of 04 Nov 2026, OFA Group (OFAL) stock was 0.29 USD (+13.70% on the day), with market capitalisation 7.6 m USD, beta 1.23, 52-week range 0.25–9.92 USD. Latest reported quarter (Q1 2027): revenue of 14.9 k USD, net income of -1.9 m 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)
- 36.2
- weak (30–45)
- Bollinger (20, 2)
- 0.22 – 0.47
- in the lower half of the band · %B 0.28 · band width 74.5%
- SMA 50 / 200
- 0.50 / 2.90
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.07 / -0.08
- 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 | −37.5% | −2.0% | −35.5 pp | — |
| 3 months | −63.7% | −2.2% | −61.6 pp | — |
| 6 months | −96.3% | +4.3% | −100.5 pp | — |
| Year to date | −95.6% | +10.6% | −106.1 pp | — |
| 1 year | −97.1% | +10.5% | −107.5 pp | −0.4% |
| 3 years | unavailable | +73.7% | unavailable | +133.3% |
| 5 years | unavailable | +61.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2027 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '25 | Q1 '27 |
|---|---|---|
| Revenue | 19.0 k | 14.9 k |
| Cost of revenue | 12.7 k | 4.0 k |
| Gross profit | 6.3 k | 10.9 k |
| Operating income | -1.7 m | -1.9 m |
| Depreciation & amortisation | 40 | 924.6 k |
| Interest expense | 3.5 k | 3.2 k |
| Pre-tax income | -1.7 m | -1.9 m |
| Income tax | — | 4 |
| Net income | -1.7 m | -1.9 m |
| Operating cash flow | -12.6 m | -1.3 m |
| Capex | 1.4 k | 3.3 k |
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 | 1.1 m | 530.6 k | 202.0 k | 716.9 k |
| Revenue YoY | unavailable | −51.7% | −61.9% | +254.9% |
| Net income | 174.3 k | -93.2 k | -714.7 k | -8.0 m |
| Net income YoY | unavailable | −153.5% | unavailable | unavailable |
| Diluted EPS | 0.02 | -0.01 | -0.08 | unavailable |
| Diluted EPS YoY | unavailable | −150.0% | unavailable | unavailable |
| net % | 15.9% | -17.6% | -353.8% | -1,119.1% |
| Free cash flow | unavailable | unavailable | unavailable | -4.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 2.7 m USD
- Financial debt
- 470.2 k USD
- Net debt
- -2.2 m USD
- Equity
- 11.0 m USD
- Total assets
- 21.6 m USD
- Debt / equity
- 0.04x
- Current ratio
- 0.49x
- ROE
- unavailable
- ROA
- -73.0%
- FCF margin
- -664.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 1.1 m | 530.6 k | 202.0 k | 716.9 k | SEC (XBRL)· 14 Jul 2026verified |
| Cost of revenue | 750.7 k | 355.7 k | 113.4 k | 553.0 k | SEC (XBRL)· 14 Jul 2026verified |
| Gross profit | 348.5 k | 174.9 k | 88.6 k | 163.8 k | SEC (XBRL)· 14 Jul 2026verified |
| SG&A | — | — | 370.0 k | 1.4 m | SEC (XBRL)· 14 Jul 2026verified |
| Operating income | 162.0 k | -87.3 k | -687.2 k | -8.0 m | SEC (XBRL)· 14 Jul 2026verified |
| Depreciation & amortisation | — | — | — | 1.6 m | SEC (XBRL)· 14 Jul 2026verified |
| EBITDA | — | — | — | -6.4 m ≈ | SEC (XBRL)· 14 Jul 2026derived |
| Interest expense | — | 7.1 k | 48.5 k | 13.7 k | SEC (XBRL)· 14 Jul 2026verified |
| Pre-tax income | 174.3 k | -93.2 k | -714.7 k | -8.0 m | SEC (XBRL)· 14 Jul 2026verified |
| Income tax | — | — | — | 66 | SEC (XBRL)· 14 Jul 2026verified |
| Net income | 174.3 k | -93.2 k | -714.7 k | -8.0 m | SEC (XBRL)· 14 Jul 2026verified |
| Diluted EPS | 0.02 | -0.01 | -0.08 | — | SEC (XBRL)· 31 Jul 2025verified |
| Weighted average diluted shares | 7.7 m | 7.7 m | 8.7 m | — | SEC (XBRL)· 31 Jul 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | — | 268.2 k | 32.0 k | 2.7 m | SEC (XBRL)· 14 Jul 2026verified |
| Receivables | — | — | 7.5 k | 3.7 k | SEC (XBRL)· 14 Jul 2026verified |
| Current assets | — | 313.6 k | 313.9 k | 3.9 m | SEC (XBRL)· 14 Jul 2026verified |
| Property, plant & equipment, net | — | — | — | 897.0 k | SEC (XBRL)· 14 Jul 2026verified |
| Intangibles (excl. goodwill) | — | — | — | 16.1 m | SEC (XBRL)· 14 Jul 2026verified |
| Total assets | — | 353.9 k | 367.9 k | 21.6 m | SEC (XBRL)· 14 Jul 2026verified |
| Accounts payable | — | 15.0 k | — | 516.0 k | SEC (XBRL)· 14 Jul 2026verified |
| Short-term debt | — | 18.6 k | 378 | 22.2 k | SEC (XBRL)· 14 Jul 2026verified |
| Long-term debt | — | 453.8 k | 473.2 k | 448.1 k | SEC (XBRL)· 14 Jul 2026verified |
| Current liabilities | — | 158.5 k | 220.7 k | 8.0 m | SEC (XBRL)· 14 Jul 2026verified |
| Total liabilities | — | 622.1 k | 693.9 k | 8.9 m | SEC (XBRL)· 14 Jul 2026verified |
| Equity | -174.5 k † | -268.2 k † | -326.0 k † | 11.0 m † | SEC (XBRL)· 14 Jul 2026verified |
| Shares outstanding at year end | — | — | 9.6 m | — | SEC (XBRL)· 31 Jul 2025verified |
† 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 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -184.7 k | -239.1 k | -256.2 k | -4.2 m | SEC (XBRL)· 14 Jul 2026verified |
| Capex | — | — | — | 591.2 k | SEC (XBRL)· 14 Jul 2026verified |
| Free cash flow | — | — | — | -4.8 m ≈ | SEC (XBRL)· 14 Jul 2026derived |
| Investing cash flow | — | — | — | -12.7 m | SEC (XBRL)· 14 Jul 2026verified |
| Financing cash flow | — | 472.5 k | -1.5 k | 19.6 m | SEC (XBRL)· 14 Jul 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: 7.6 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 | -1,119.1% | 0 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -13.3% | 0 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -584.2x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 0.4x | 0 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -62.5% | 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 sheet0/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial0/100 · 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
OFA Group (OFAL). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 716.9 k USD in 2026; YoY growth 254.9%; net margin -1,119.1%; ROE -68.9%.
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: -1,119.1%
- Revenue CAGR 3Y: -13.3%
- Interest coverage: -584.2x
- Current ratio: 0.4x
- FCF yield: -62.5%
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-Engineering Services (SIC 8711) · 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 | |
|---|---|---|---|---|---|---|
| TTEKTetra Tech Inc | 10.5 bn | 24.7 | 24.3% | 8.6% | +4.7% | +18% / +29% |
| ACMAecom | 8.8 bn | 31.3 | 12.3% | 1.9% | +0.2% | −34% / −23% |
| VSECVse Corporation | 4.6 bn | 59.9 | 3.8% | 5.5% | +41.5% | −9% / +171% |
| WLDNWilldan Group, Inc. | 1.1 bn | 17.4 | 21.2% | 8.8% | unavailable | −26% / +271% |
| MGMistras Group, Inc. | 644.7 m | 32.1 | 8.8% | 2.8% | −0.8% | +69% / +206% |
| JLHLJulong Holding Ltd | 152.3 m | 39.4 | 37.5% | 10,226.0% | unavailable | +76% / unavailable |
| ACFNAcorn Energy, Inc. | 40.4 m | 26.3 | 19.7% | 16.1% | +4.5% | +8% / +133% |
| OFALOFA Group | 7.6 m | — | -68.9% | -1,119.1% | +254.9% | −97% / unavailable |
| STNStantec Inc. | — | — | 15.5% | 5.9% | +8.6% | −18% / +6% |
1- and 3-year price returns: for OFAL 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
OFA Group, through its Hong Kong operating subsidiary, provides architectural, design and fit-out services for commercial and residential buildings on a project-based model. The company has recently extended its activity toward AI tools and real-world asset tokenization, a shift that could change its profile in the coming period, while revenue remains modest at $716,885 in fiscal 2026 1.
SWOT
Strengths
- Long-standing membership of the Hong Kong Institute of Architects and an established client network in the local market.
- Full service range from concept and design through to fit-out, delivered within an integrated structure.
- Access to an AI design tool under a perpetual licence with time-limited exclusivity in certain regions.
Weaknesses
- Revenue is small and highly concentrated in a few projects, which makes financial results volatile.
- The company has recorded significant net losses and an accumulated deficit, without demonstrated profitability.
- It does not own the core intellectual property of the QikBIM platform, and much of its payment obligation remains outstanding.
Opportunities
- A move to subscriptions for AI tools could diversify revenue away from one-off projects.
- Expansion into the Greater Bay Area and international markets could reduce reliance on the Hong Kong market.
- Tokenization services could produce technology fee revenue if partner projects reach the implementation stage.
Threats
- A contractor developing similar technology after exclusivity expires could erode the competitive advantage.
- Regulation of digital assets and securities could limit or delay tokenization projects.
- Volatility of the PPDF tokens could affect the value of assets received and the company's financial stability.
Risks
- Dependence on QikBIM platform developmenthigh
If the contractor fails to deliver satisfactory results or delays, the company may not recover its investment and could incur additional costs.
- Revenue recognition from tokenizationhigh
The tokenization contracts have not yet generated revenue, and the value of the tokens received cannot be reliably measured, which could cause large fluctuations in future results.
- Revenue concentrationmedium
A significant part of revenue came from a single commercial project, so quarterly results could vary considerably.
- Compliance with U.S. issuer status and Nasdaq rulesmedium
The move to domestic issuer status and Nasdaq requirements entail stricter reporting obligations and an uncertain position on the minimum bid price requirement.
- Dependence on key staff and AI supplierslow
Loss of key personnel or interruption of third-party AI services could disrupt projects and client deliveries.
Investment thesis
What would need to be true (bull case)
- If the QikBIM platform reaches commercial use, the company could convert part of its project-based services into a more predictable subscription model.
- A resumption of construction activity and rising demand for commercial projects could support a recovery in design and fit-out revenue.
- If tokenization projects move into implementation, the company could recognize significant revenue from fees already contracted.
What would break the thesis
- Revenue is small, net losses are large and the accumulated deficit is growing, which could limit the company's ability to fund its commitments.
- Revenue recognition from tokenization remains uncertain, and the value of the assets received could be lower than the nominal contract figures.
- If QikBIM development is delayed or competitors launch similar solutions, the company's competitive edge could disappear.
What to watch
- Quarterly results and the evolution of design and fit-out revenueQ3 2026
- Payments to the QikBIM contractor and delivery status of the development phases2026
- Revenue recognition from tokenization contracts and valuation of PPDF tokensfiscal 2027
- Outcome of the Nasdaq minimum bid price compliance process2026
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
Through its wholly owned subsidiary Office for Fine Architecture Limited, the company provides full architectural services, including conceptual design, detailed drawings and fit-out works, with a network of over one hundred clients in Hong Kong 1. The core activity remains a traditional project-based model, supplemented by visualization tools and a development partnership for the QikBIM platform. The company moved from foreign private issuer status to a domestic U.S. filer from April 1, 2026 1.
The corporate structure was reorganized in 2024, when a Cayman Islands company became the group holding entity. In 2025 and 2026 several subsidiaries were formed, including OFA Financial, Office for Fine Architecture, Inc. in California, OFA Asset Management and Hearth Labs, covering advisory services, U.S. architectural work and digital-asset infrastructure 1.
The company also highlights a concentration risk: a significant part of fiscal 2026 revenue came from a single major commercial project completed in March 2026, while payment obligations to the QikBIM developer remain substantial 1.
Segments
Design and fit-out
This is the main revenue source, at $609,486 or 85.02% of fiscal 2026 revenue, compared with $97,440 in the prior year 1. The growth came largely from single commercial contracts, which makes revenue sensitive to project timing.
Applications and project management
Revenue from applications and project management reached $107,399 in fiscal 2026, broadly stable against the prior year and equal to 14.98% of the total 1.
Market context
The company operates in the architectural and fit-out services market in Hong Kong, where competition is intense and entry barriers for services that need little upfront capital are low 1. Demand depends on public and private spending, and the business has traditionally lagged the wider economy in recoveries 1. The market the company points to for AI tools and tokenization of real-world assets is still at an early stage.
In the near term, the project backlog at March 31, 2026 comprised 7 projects with a total contract amount of $584,110, of which $548,692 of revenue was expected to be recognized in fiscal 2027 1. The quarter ended June 30, 2026 showed revenue of only $14,879, down from the prior-year quarter 2.
Trends
- AI and BIM digitalizationmixed
Together with a contractor the company is developing the OFA QikBIM platform, which could automate parts of the architectural design process, and a move from project fees to subscriptions could raise recurring revenue if development succeeds 1.
- Real-world asset tokenizationmixed
Interest in tokenizing property projects could generate technology fee income, but its recognition depends on execution and on the existence of an active market for the tokens received 12.
- Recovery in construction activitytailwind
The company expects construction activity to resume and investor sentiment to recover, which would support design and fit-out revenue, though client demand has remained volatile 1.
- Economic and political uncertaintyheadwind
Uncertain economic conditions could reduce client budgets and lengthen contract negotiations, putting pressure on project volumes in Hong Kong 1.
Competitive position
Competition includes regional, national and international architecture and engineering firms, some with greater financial resources and others specialized in niches 1. Clients weigh qualifications, experience, reputation, technology and price, and the sources reviewed do not identify competitors listed on U.S. exchanges.
In tokenization and AI tools the company is in a new area, depending on third-party AI platforms and technology partners, which could limit its competitive edge if other providers develop similar solutions 1.
- Regional architecture and fit-out firms in Hong Kong
Local competitors with market knowledge and industry relationships, not named in the sources reviewed.
- International architecture and engineering firms
Larger firms with greater financial resources and diversified portfolios that could compete for complex commercial projects.
- Niche design specialists
Smaller firms focused on precise domains that can offer specialized expertise on certain project types.
- Property tokenization and digital-asset platform providers
Companies offering similar infrastructure for property tokenization, an area where the company is still at an early stage.
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
- Current report29 Oct 2026Material agreement · Item 3.02 · Item 3.03 · Financial statements and exhibits
- Current report09 Oct 2026Shareholder vote · Financial statements and exhibits
- Current report05 Oct 2026Departure or appointment of officers · Financial statements and exhibits
- Proxy statement25 Sept 2026
- Quarterly report14 Aug 2026
- Current report13 Aug 2026Departure or appointment of officers
- Current report27 Jul 2026Regulation FD disclosure · Financial statements and exhibits
- Annual report14 Jul 2026
- Current report23 Jun 2026Item 3.02
- Current report12 Jun 2026Delisting notice · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-03-31 · SEC / OFA Group · 14 Jul 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / OFA Group · 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.