olivLaw · US equity research
AIRWA INC. YYAI
Services-Computer Programming, Data Processing, Etc. · SIC 7370 · Vertical: Services-Computer Programming, Data Processing, Etc. (SIC 7370)
AIRWA INC. combines enterprise AI services, licensing of a matchmaking technology and digital advertising, and recently added an international consumer-goods trading business. The company grew in fiscal 2026 but posted a net loss and increasingly relies on share issuance for funding. Revenue for fiscal 2026 was 25.8 million USD, up from 12.8 million USD the prior year.
At the close of 03 Nov 2026, AIRWA INC. (YYAI) stock was 0.81 USD (+10.10% on the day), with market capitalisation 3.7 m USD, beta 1.00, 52-week range 0.67–1,320.00 USD. Latest reported quarter (Q1 2027): revenue of 21.2 m USD (+608.1% YoY), net income of -507.2 k USD (−140.2% YoY), diluted EPS -9.63 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)
- 31.4
- weak (30–45)
- Bollinger (20, 2)
- 0.65 – 0.77
- above the upper band · %B 1.29 · band width 17.2%
- SMA 50 / 200
- 0.78 / 362.50
- mixed trend
- MACD (12, 26, 9)
- -0.88 / -1.30
- 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 | −21.4% | −2.0% | −19.4 pp | — |
| 3 months | −66.3% | −2.2% | −64.1 pp | — |
| 6 months | −99.9% | +4.3% | −104.1 pp | — |
| Year to date | −99.9% | +10.6% | −110.4 pp | — |
| 1 year | −99.9% | +10.5% | −110.4 pp | −22.5% |
| 3 years | −100.0% | +73.7% | −173.7 pp | −8.7% |
| 5 years | −100.0% | +61.7% | −161.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2027 · 31 Jul 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.3 m | 3.3 m | 3.0 m | 3.0 m | 3.0 m | 7.0 m | 12.8 m | 21.2 m |
| Cost of revenue | 744.2 k | 744.2 k | 744.2 k | 744.2 k | 744.2 k | 6.6 m | 14.4 m | 15.6 m |
| Gross profit | 2.5 m | 2.5 m | 2.3 m | 2.3 m | 2.3 m | 391.3 k | -1.6 m | 5.6 m |
| Operating income | 2.3 m | 530.3 k | 1.3 m | 1.5 m | 54.7 k | -1.6 m | -6.1 m | -296.8 k |
| Depreciation & amortisation | 744.2 k ≈ | 744.2 k ≈ | 744.2 k | 744.2 k | 744.2 k ≈ | 744.2 k ≈ | — | — |
| Interest expense | 3.2 k | — | — | — | — | — | — | 52.0 k |
| Pre-tax income | -1.4 m | — | — | — | — | — | — | — |
| Income tax | 471.6 k | 373.9 k | 761.0 k | 249.2 k | 277.3 k | 82.4 k | -1.7 m | 160.9 k |
| Net income | -1.4 m | -411.2 k | 10.4 k | 1.3 m | -221.8 k ≈ | -1.6 m | -17.0 m | -507.2 k |
| Diluted EPS | 6.43 | -1.41 | — | 3,464.10 | -0.05 | -0.05 | — | -9.63 |
| Operating cash flow | 779.4 k ≈ | -133.8 k ≈ | -423.7 k | -1.1 m | -30.8 m ≈ | 35.7 m ≈ | -24.7 m | 27.7 m |
≈ 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 | 2019 | 2020 | 2021 | ⚠ 2022 | 2023 | ⚠ 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 686.2 k | 10.8 m | 16.1 m | 9.9 m | 5.2 m | 12.8 m | 25.8 m |
| Revenue YoY | −100.0% | unavailable | +1,474.5% | — | −38.4% | — | +146.7% | +101.3% |
| Net income | -28.3 k | -9.2 m | -18.6 m | -51.8 m | -71.2 m | 2.6 m | 3.5 m | -17.6 m |
| Net income YoY | unavailable | unavailable | unavailable | — | unavailable | — | +33.0% | −603.0% |
| Diluted EPS | unavailable | unavailable | -6.96 | -13.46 | -5,084.58 | -32.44 | 10,842.51 | -752.73 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | — | unavailable | — | unavailable | −106.9% |
| net % | unavailable | -1,344.8% | -172.1% | -321.5% | -717.1% | 50.5% | 27.2% | -68.0% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
The series breaks before 2022, 2024: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 30 Apr 2026
- Cash
- 12.8 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 170.6 m USD
- Total assets
- 210.4 m USD
- Debt / equity
- unavailable
- Current ratio
- 3.09x
- ROE
- -17.8%
- ROA
- -14.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 10.8 m | 16.1 m | 9.9 m | 5.2 m | 12.8 m | 25.8 m | SEC (XBRL)· 21 Sept 2026verified |
| Cost of revenue | 7.7 m | 11.9 m | 7.1 m | 1.2 m | 3.0 m | 22.5 m | SEC (XBRL)· 21 Sept 2026verified |
| Gross profit | 3.1 m | 4.2 m | 2.8 m | 4.0 m | 9.8 m | 3.3 m | SEC (XBRL)· 21 Sept 2026verified |
| Research & development | 339.4 k | 736.1 k | 65.2 k | — | — | — | SEC (XBRL)· 14 Sept 2023verified |
| Operating income | -3.7 m | -46.7 m | -22.0 m | 3.9 m | 6.6 m | -6.1 m | SEC (XBRL)· 21 Sept 2026verified |
| Depreciation & amortisation | 2.7 k | 43.5 k | 11.6 m | 1.2 m | 3.0 m | — | SEC (XBRL)· 13 Aug 2025verified |
| EBITDA | -3.7 m ≈ | -46.7 m ≈ | -10.4 m ≈ | 5.0 m ≈ | 9.6 m ≈ | — | SEC (XBRL)· 13 Aug 2025derived |
| Interest expense | — | 105.3 k | — | — | — | — | SEC (XBRL)· 17 May 2023verified |
| Pre-tax income | -18.6 m | -46.5 m | -25.3 m | 3.9 m | 6.6 m | -18.6 m | SEC (XBRL)· 21 Sept 2026verified |
| Income tax | — | — | — | 1.2 m | 2.0 m | -1.1 m | SEC (XBRL)· 21 Sept 2026verified |
| Net income | -18.6 m | -51.8 m | -71.2 m | 2.6 m | 3.5 m | -17.6 m | SEC (XBRL)· 21 Sept 2026verified |
| Diluted EPS | -6.96 | -13.46 | -5,084.58 | -32.44 | 10,842.51 | -752.73 | SEC (XBRL)· 21 Sept 2026verified |
| Weighted average diluted shares | — | 3.8 m | 14.0 k | 11.6 m | 322 | 23.3 k | SEC (XBRL)· 21 Sept 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 928.8 k | 665.0 k | 202.1 k | 39.4 k | 54.7 k | 12.8 m | SEC (XBRL)· 21 Sept 2026verified |
| Receivables | 762.5 k | 1.0 m | 399.7 k | 4.9 m | 15.4 m | 18.0 m | SEC (XBRL)· 21 Sept 2026verified |
| Inventories | 3.7 m | 7.9 m | 3.2 m | 1.6 m | — | — | SEC (XBRL)· 25 Jul 2024verified |
| Current assets | 5.6 m | 12.8 m | 5.0 m | 9.7 m | 22.4 m | 59.5 m | SEC (XBRL)· 21 Sept 2026verified |
| Property, plant & equipment, net | — | 47.4 k | 14.8 k | — | — | 1.3 m | SEC (XBRL)· 21 Sept 2026verified |
| Goodwill | — | 6.8 m | — | — | — | 58.3 m | SEC (XBRL)· 21 Sept 2026verified |
| Intangibles (excl. goodwill) | 112.9 k | 4.8 m | 101.3 k | 13.5 m | 10.5 m | 91.3 m | SEC (XBRL)· 21 Sept 2026verified |
| Total assets | 5.7 m | 74.9 m | 7.1 m | 23.2 m | 32.9 m | 210.4 m | SEC (XBRL)· 21 Sept 2026verified |
| Accounts payable | 1.0 m | 5.3 m | 5.5 m | 50.1 k | — | 5.0 m | SEC (XBRL)· 21 Sept 2026verified |
| Current liabilities | 24.1 m | 39.0 m | 23.8 m | 1.4 m | 6.5 m | 19.2 m | SEC (XBRL)· 21 Sept 2026verified |
| Total liabilities | 24.1 m | 42.4 m | 25.7 m | 1.4 m | 6.5 m | 39.8 m | SEC (XBRL)· 21 Sept 2026verified |
| Equity | -18.5 m † | 32.5 m † | 2.9 m | 21.7 m | 26.4 m | 170.6 m | SEC (XBRL)· 21 Sept 2026verified |
| Shares outstanding at year end | — | — | 13.5 m | — | — | — | unverified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
- 2024
- —
- 2025
- —
- 2026
- —
unverified
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -4.5 m | -12.4 m | -6.4 m | 39.4 k | -379.4 k | -20.9 m | SEC (XBRL)· 21 Sept 2026verified |
| Investing cash flow | -30.0 k | -1.6 m | — | -16.5 m | — | -164.1 m | SEC (XBRL)· 21 Sept 2026verified |
| Financing cash flow | 5.4 m | 13.7 m | 5.8 m | -2.4 m | 394.8 k | 197.7 m | SEC (XBRL)· 21 Sept 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 51.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 3.7 m USD
Key indicators
Coverage and freshness
Score by group
51% · 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/Salesunavailable · 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)
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: 51.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 15.3% | 0 (on a fixed band) | 21% |
| EBIT margin · Quality | -18.0% | 25 (vs peers) | 17% |
| FCF margin · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 37.5% | 100 (on a fixed band) | 33% |
| Revenue growth (YoY) · Growth | 101.3% | 100 (vs peers) | 17% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 13% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/2 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality11/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation· partialunavailable · 0/2 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
AiRWA INC. (YYAI). Latest full fiscal year: 2026; data up to 2026-07-31.
Figures computed from the financial statements: revenue 25.8 m USD in 2026; YoY growth 101.3%; net margin -43.9%; ROE -19.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 51.1% 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
- Revenue CAGR 3Y: 37.5%
- Revenue growth (YoY): 101.3%
What contradicts it
- Gross margin: 15.3%
- EBIT margin: -18.0%
- Current ratio: 0.6x
Not assessed (insufficient data or a ratio without meaning): FCF margin, Net debt / EBITDA, EV/Sales, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Services-Computer Programming, Data Processing, Etc. (SIC 7370) · 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 | |
|---|---|---|---|---|---|---|
| GOOGLAlphabet Inc. | 3,442.7 bn | 14.6 | 44.3% | 50.0% | +15.1% | −13% / +111% |
| APPAppLovin Corporation | 82.3 bn | 18.9 | 203.7% | 64.6% | +70.0% | −59% / +555% |
| FLUTFlutter Entertainment plc | 14.5 bn | — | -9.1% | -5.0% | +16.6% | −60% / −47% |
| DOCNDigitalOcean Holdings, Inc. | 10.7 bn | 303.0 | 5.1% | 3.1% | +15.5% | +103% / +206% |
| SNAPSnap Inc | 9.6 bn | — | -15.6% | -4.9% | +10.6% | −27% / −60% |
| MTCHMatch Group, Inc. | 8.8 bn | 13.1 | — | 20.7% | +0.2% | +16% / +19% |
| NIQNIQ Global Intelligence plc | 5.9 bn | — | -65.3% | -8.0% | +5.7% | +27% / unavailable |
| SIFYSify Technologies Ltd | 5.6 bn | — | -4.1% | -2.0% | +9.0% | +15% / +47% |
| WIXWix.com Ltd. | 4.1 bn | 84.9 | — | 2.5% | +13.2% | −22% / −26% |
| DVDoubleVerify Holdings, Inc. | 2.1 bn | 34.0 | 5.8% | 8.2% | +13.9% | +28% / −59% |
| BZKanzhun Limited | 1.7 bn | 40.8 | 16.0% | 33.1% | +17.3% | −23% / +4% |
| WBWeibo Corporation | 1.5 bn | 3.7 | 12.1% | 25.6% | +0.1% | −37% / −38% |
| HSTMHealthstream Inc | 926.0 m | 44.3 | 6.0% | 6.6% | +4.3% | +26% / +27% |
| NXDRNextdoor Holdings, Inc | 888.5 m | — | -7.2% | -11.1% | +4.2% | unavailable / unavailable |
| CEVACeva, Inc. | 823.2 m | — | -3.6% | -9.5% | +2.5% | +35% / +34% |
| BMBLBumble Inc. | 716.4 m | — | -94.7% | -58.0% | −9.9% | +68% / −57% |
| RXTRackspace Technology, Inc. | 684.3 m | — | — | -5.9% | −1.9% | +153% / +113% |
| HUYAHUYA Inc. | 450.5 m | — | -1.9% | -1.7% | +11.6% | −30% / −41% |
| BLNDBlend Labs, Inc. | 274.4 m | — | — | -3.3% | +6.8% | −63% / −9% |
| HCATHealth Catalyst, Inc. | 108.4 m | — | -118.1% | -90.6% | +1.5% | −52% / −80% |
| JFJ & Friends Holdings Ltd | 70.6 m | — | — | -82.9% | −66.8% | 0% / −15% |
| GOAIEva Live Inc | 32.4 m | — | -58.5% | -39.3% | +82.6% | unavailable / unavailable |
| HOLOMicroCloud Hologram Inc. | 28.4 m | — | -2.3% | -12.4% | +38.6% | −65% / −100% |
| TEADTeads Holding Co. | 24.6 m | — | -196.2% | -43.3% | +46.1% | −65% / −93% |
| IPDNProfessional Diversity Network, Inc. | 22.8 m | — | -95.7% | -143.9% | −2.7% | −18% / −92% |
1- and 3-year price returns: for YYAI 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
AIRWA INC. combines enterprise AI services, licensing of a matchmaking technology and digital advertising, and recently added an international consumer-goods trading business. The company grew in fiscal 2026 but posted a net loss and increasingly relies on share issuance for funding. Revenue for fiscal 2026 was 25.8 million USD, up from 12.8 million USD the prior year 1.
SWOT
Strengths
- The company offers end-to-end AI solutions with an advantage in specialised industries and holds contractual relationships with major advertising platforms.
- Technology licences bring fixed payments, which give a relative predictability of revenue.
- Diversification across several business lines and geographic markets reduces dependence on a single revenue source.
Weaknesses
- The company reported a net loss in fiscal 2026 and an operating loss, as costs grew faster than revenue.
- Most funding came from share issuance, and the at-the-market programme cannot currently be used because of reporting delays.
- Licensing clients terminated their contracts, which reduced revenue and left part of the technology capacity unused.
Opportunities
- If demand for customised AI keeps growing, Rafael AI could attract new clients in its target industries.
- Best Life's expansion into Western markets could add a new revenue channel in consumer-goods trade.
- Asian markets, where the matchmaking industry is growing, could provide replacement licensing clients.
Threats
- The company is not currently compliant with its reporting obligations, and its Nasdaq listing could be affected if compliance is not regained.
- AI and data regulations could raise costs or limit how clients can be served.
- Pressure from advertising platforms and clients could reduce intermediary margins further.
Risks
- Late reporting and delisting riskhigh
The delay in filing the annual report led to a Nasdaq notice; compliance could be regained but there is no assurance.
- Dependence on share-based fundinghigh
ATM sales are suspended until at least October 2027, which could limit the ability to pay for acquisitions and cover losses.
- Client data security and confidentialityhigh
Training models on sensitive client data creates risks of leakage, contract breach and penalties.
- Client concentration and contract terminationsmedium
The loss of major licensing clients showed how exposed the company is to decisions by a small number of partners.
- Acquisition integrationmedium
Integrating Rafael AI and Best Life delayed financial consolidation, and the earn-out payments depend on reaching revenue targets.
Investment thesis
What would need to be true (bull case)
- If the enterprise AI services market grows as estimated, the company could benefit from the Rafael AI acquisition and new contracts in specialised industries.
- The advertising business brought significant revenue in its first year, and expanding the partner network could strengthen that figure.
- The Best Life acquisition could open a new revenue source if its revenue targets and international expansion materialise.
What would break the thesis
- The company reported a net loss and an operating loss, with costs growing faster than revenue, which could continue if margins stay weak.
- Funding relies largely on share issuance, and reporting restrictions have made this channel unavailable for a period.
- The dating app market is declining in mature economies and licensing clients have already left, which could weigh on future revenue.
What to watch
- Regaining compliance with Nasdaq listing requirementsQ1 2027
- Payment of the Best Life balance and earn-out amounts2027
- New licensing contracts to replace lost clientsnext 10-K
- Gross margin trend in AI services and advertisingnext 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
AIRWA INC. runs three lines of business. Through Rafael AI, acquired in January 2026, it provides end-to-end 'data-to-AI' services for industries such as healthcare, industrial manufacturing and autonomous driving 1. Through YYEM it holds matchmaking patents licensed to partners outside North America and also provides performance advertising services on Google, TikTok and Meta 1. In July 2026 it acquired 97% of Best Life, a consumer-goods distribution and e-commerce business, after the fiscal year end 2.
Revenue rose in fiscal 2026 because of the Rafael AI acquisition and the launch of the advertising business, while licensing revenue fell after licensees terminated their contracts 1. Cost of revenue grew much faster than revenue, so gross profit declined and the company reported an operating loss 1.
Financing is as important as operations. Most funding came from share sales under the at-the-market programme, and after the fiscal year end the company sold shares to pay for the Best Life acquisition 12.
Segments
AI services (Rafael AI)
Rafael AI provides customised 'data-to-AI' solutions built on client data, structured around five interconnected modules. It recorded 6.6 million USD of revenue from this line in the final quarter of fiscal 2026 1. Its main clients are software and IT services companies that serve end customers in specialised industries 1.
Technology licensing (YYEM)
YYEM licenses matchmaking patents to local partners. Royalties were 7.3 million USD in fiscal 2026 1. All three main licensees terminated their agreements in the second half of 2025, citing challenges in the online dating industry, and the company is seeking replacement customers 1.
Digital advertising
Performance advertising services across Google, TikTok and Meta generated 12.0 million USD in fiscal 2026. This was the company's largest revenue source that year, although intermediary margins are typically very thin 1.
Market context
Gartner estimates worldwide AI services spending at 586 billion USD in 2026, growing at a compound annual rate of 30% to 759 billion USD in 2027 1. The online dating market faces pressure, and a basket of leading dating app stocks lost 38% of its value since 2021, while markets in Asia have grown significantly 1.
Digital advertising through intermediaries is large but highly competitive, with pressured pricing and very thin margins. International consumer-goods trade is global and competitive too, and Best Life is extending its activity from Asia to the UK, the US, Canada and New Zealand 12.
Trends
- Rising demand for customised AItailwind
Enterprises increasingly train models on their own data, which could support demand for end-to-end services like those of Rafael AI if adoption keeps growing 1.
- Dating app fatigueheadwind
Declining paying users and slowing growth in dating apps have directly hit technology licensing, and clients have terminated their contracts 1.
- Margin pressure in advertisingheadwind
Digital advertising intermediaries are squeezed by platforms and clients, which could further reduce the profitability of the company's advertising business 1.
- Growth of cross-border e-commercemixed
The international trade market is large and expanding, and Best Life's move into Western markets could open new sales channels, though it also brings regulatory and logistics risks 12.
Competitive position
In AI services the company competes with general AI providers but argues its industry-specialised offering is an advantage. In matchmaking licensing, large US players such as Match Group dominate mature markets, while AIRWA focuses on less developed markets 1. In advertising and trade, competition is fragmented and based on price and reliability 1.
- Match GroupMTCH
Dominant US dating-app company, cited in the source as the reference for a mature market.
- BumbleBMBL
Dating app named alongside Match Group in the analysis of the industry's share price decline.
- General AI service providers
Firms offering generic AI services, from which AIRWA differentiates itself with industry-specific solutions.
- Digital advertising intermediaries
Firms buying ad inventory on Google, TikTok and Meta, in the same space as the company's advertising services.
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 report (amendment)14 Oct 2026Financial statements and exhibits
- Quarterly report22 Sept 2026
- Annual report21 Sept 2026
- Current report28 Aug 2026Delisting notice · Regulation FD disclosure · Financial statements and exhibits
- Current report19 Aug 2026Amendments to articles or bylaws · Regulation FD disclosure · Financial statements and exhibits
- Current report30 Jul 2026Acquisition or disposition of assets · Regulation FD disclosure · Financial statements and exhibits
- Current report27 Jul 2026Material agreement · Acquisition or disposition of assets · Regulation FD disclosure · Financial statements and exhibits
- Current report16 Jul 2026Departure or appointment of officers · Financial statements and exhibits
- Current report08 Jun 2026Departure or appointment of officers
- Current report19 May 2026Amendments to articles or bylaws · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-04-30 · SEC / AIRWA INC. · 21 Sept 2026
- [2] Form 10-Q, quarter ended 2026-07-31 · SEC / AIRWA INC. · 22 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.