Linkhome Holdings Inc.
For the period ended Sep 30, 2025. Filed Nov 13, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 13, 2025
LHAI$0.91-3.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-12.
0001213900-25-075008
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-13.
0001213900-25-110060
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 173 previous paragraphs and 186 current paragraphs.
106 unchanged; 56 reworded; 24 added; 9 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 23 previous and 23 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (24)
Current report
This prospectus includes forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties, and assumptions about us that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue,” or the negative of such terms or other similar expressions. Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described in our other Securities and Exchange Commission (“SEC”) filings. References to “we”, “us”, “our,” or the “Company” are to Linkhome Holdings Inc. and its subsidiary, except where the context requires otherwise.
Current report
For the three months ended September 30, 2024, the Company purchased a property in cash for $1,425,930 from Haiyan Ma, which included $1,420,000 paid to Haiyan Ma as the total consideration and $5,930 in title charges, escrow charges, and other related costs. The Company subsequently sold the property to Na Li for $1,670,000.
Current report
For the three months ended September 30, 2025, the Company paid $45,000 to Na Li for real estate agency commission services.
Current report
For the three months ended September 30, 2024, the Company provided real estate agency services to Haiyan Ma, assisting with the sale of two properties and the purchase of one property, for which the Company earned a total of $62,550 in real estate agency commission.
Current report
For the three months ended September 30, 2024, the Company provided real estate agency services to Zhen Qin and Na Li, assisting with the purchase of a property, for which the Company earned $50,000 in real estate agency commission.
Current report
Commission Payouts
Current report
For the three months ended September 30, 2025, the Company paid Na Li commission payouts of $45,000 for real estate transactions she conducted on behalf of the Company, which were recorded in cost of revenues.
Current report
For the three months ended September 30, 2024, the Company paid Zhen Qin commission payouts of $45,000 for real estate transactions he conducted on behalf of the Company, which were recorded in cost of revenues.
Current report
For the Nine Months Ended September 30, 2025 and 2024
Current report
For the nine months ended September 30, 2024, the Company purchased a property in cash for $1,425,930 from Haiyan Ma, which included $1,420,000 paid to Haiyan Ma as the total consideration and $5,930 in title charges, escrow charges, and other related costs. The Company subsequently sold the property to Na Li for $1,670,000.
Current report
For the nine months ended September 30, 2024, the Company provided real estate agency services to Haiyan Ma, assisting with the sale of two properties and the purchase of one property, for which the Company earned a total of $62,650 in real estate agency commission.
Current report
For the nine months ended September 30, 2024, the Company provided real estate agency services to Zhen Qin and Na Li, assisting with the purchase of a property, for which the Company earned $50,000 in real estate agency commission.
Current report
Commission Payouts
Current report
For the nine months ended September 30, 2025, the Company paid Na Li commission payouts of $45,000 for real estate transactions she conducted on behalf of the Company, which were recorded in cost of revenues.
Current report
For the nine months ended September 30, 2024, the Company paid Zhen Qin commission payouts of $45,000 for real estate transactions he conducted on behalf of the Company, which were recorded in cost of revenues.
Current report
Rental commissions amounted to $18,930 for the three months ended September 30, 2025, compared to $0 for the same period in 2024, as the Company did not generate any rental commission revenue in the prior year. This revenue stream first appeared in the third quarter of 2025, primarily resulting from the Company’s expansion into rental transaction services. For the three months ended September 30, 2025 balance was comprised of gross commission of $26,742, partially offset by rebates of $7,812, representing 29.21% of the gross commission.
Current report
Selling expenses primarily consisted of staging, advertising, and marketing costs. Selling expenses for the three months ended September 30, 2025 and 2024 were $614 and $9,576, respectively, representing an decrease of $8,962, or 93.59%. The decrease was mainly because advertising and marketing efforts in the third quarter of 2025 were consistent with those in the second quarter, while the third quarter of 2024 included higher promotional spending to attract more clients.
Current report
Income tax expenses for the three months ended September 30, 2025 and 2024 were $9,038 and $117,777, respectively, representing a decrease of $108,739 or 92.33%.This decrease was primarily attributable to lower income before income taxes in the current period.
Current report
Comparison of the Nine Months Ended September 30, 2025and 2024
Current report
Comparison of the Nine Months Ended September 30, 2025and 2024
Current report
Rental commissions amounted to $18,930 for the nine months ended September 30, 2025, compared to $0 for the same period in 2024, as the Company did not generate any rental commission revenue in the prior year. This revenue stream first appeared in the third quarter of 2025, primarily resulting from the Company’s expansion into rental transaction services. For the nine months ended September 30, 2025 balance was comprised of gross commission of $26,742, partially offset by rebates of $7,812, representing 29.21% of the gross commission.
Current report
Comparison of the Nine Months Ended September 30, 2025 and 2024
Current report
The following table summarized our general and administrative expenses for the nine months ended September 30, 2025 and 2024:
Current report
Income tax expenses for the nine months ended September 30, 2025 and 2024 were $46,928 and $ 167,905, respectively, representing a decrease of $120,977 or 74.75%. This decrease was primarily attributable to lower income before income taxes in the current period.
Removed paragraphs (9)
Previous report
For the Six Months Ended June 30, 2025 and 2024
Previous report
For the six months ended June 30, 2024, the Company acquired a property for $ 2,884,882 in cash from an unrelated party, holding title in its name, and subsequently sold the property to Haiyan Ma for $ 2,940,544.
Previous report
For the six months ended June 30, 2024, the Company provided home renovation services to Na Li on one home renovation project, for which the Company earned home renovation service revenue of $4,000 and incurred renovation costs of $1,300.
Previous report
Income tax expenses for the three months ended June 30, 2025 and 2024 were $6,446 and $ 17,780, respectively, representing a decrease of $11,334 or 63.75%. This decrease was primarily due to a lower effective tax rate in 2025.
Previous report
Comparison of the Six Months Ended June 30, 2025and 2024
Previous report
Comparison of the Six Months Ended June 30, 2025and 2024
Previous report
Comparison of the Six Months Ended June 30, 2025 and 2024
Previous report
The following table summarized our general and administrative expenses for the six months ended June 30, 2025 and 2024:
Previous report
Income tax expenses for the six months ended June 30, 2025 and 2024 were $37,890 and $50,128, respectively, representing a decrease of $12,238 or 24.41%. This decrease was primarily due to a lower effective tax rate in 2025.
Reworded paragraphs (56)
Previous wording
This management’s discussion and analysis of financial condition and results of operations contains forward-looking statements that involve risks and uncertainties. See “Special Note Regarding Forward-Looking Statements” for a discussion of the uncertainties, risks and assumptions associated with those statements. You should read the following discussion in conjunction with “Selected Historical Financial and Other Data” and our audited consolidated financial statements and related notes which are included elsewhere in this Quarterly Report on Form 10-Q. Our actual results may differ materially from those discussed in the forward-looking statements as a result of various factors, including, but not limited to, those described under “Risk Factors” and included in other portions of this Quarterly Report on Form 10-Q.
Current wording
This management’s discussion and analysis of financial condition and results of operations contains forward-looking statements that involve risks and uncertainties. See “Special Note Regarding Forward-Looking Statements” for a discussion of the uncertainties, risks and assumptions associated with those statements. You should read the following discussion in conjunction with “Selected Historical Financial and Other Data” and our audited consolidated financial statements and related notes which are included elsewhere in this prospectus. Our actual results may differ materially from those discussed in the forward-looking statements as a result of various factors, including, but not limited to, those described under “Risk Factors” and included in other portions of this prospectus.
Previous wording
For the three months ended June 30, 2024, the Company provided home renovation services to Na Li on one home renovation project, for which the Company earned home renovation service revenue of $4,000 and incurred renovation costs of $1,300.
Current wording
For the three months ended September 30, 2024, the Company provided home renovation services to Na Li on a home renovation project, for which the Company earned $40,500 in home renovation service revenue and incurred $37,945 in renovation costs.
Previous wording
For the three months ended June 30, 2024, the Company purchased two properties in cash for $1,969,220 under the Company’s name, and subsequently sold them to Haiyan Ma for $2,016,000.
Current wording
For the nine months ended September 30, 2024, the Company purchased three properties in cash for $2,884,882 under the Company’s name, and subsequently sold them to Haiyan Ma for $2,940,544.
Previous wording
For the six months ended June 30, 2025, the Company provided real estate agency services to Na Li, assisting with the sale of a property. The Company earned $126,000 in real estate agency commission from Na Li but paid a referral fee of $28,440 to Haiyan Ma for introducing the buyer, resulting in net revenue of $97,560 recognized on a net basis.
Current wording
For the nine months ended September 30, 2025, the Company provided real estate agency services to Na Li, assisting with the sale of a property. The Company earned $126,000 in real estate agency commission from Na Li but paid a referral fee of $28,440 to Haiyan Ma for introducing the buyer, resulting in net revenue of $97,560 recognized on a net basis. In addition, the Company paid $45,000 to Na Li for real estate agency commission services.
Previous wording
For the three months ended June 30, 2024, the Company provided real estate agency services to two minority shareholders, assisting one shareholder in selling the property and the other shareholder in purchasing the property, for which the Company earned real estate agency commission of $15,550 in total.
Current wording
For the nine months ended September 30, 2024, the Company provided real estate agency services to two minority shareholders, assisting one shareholder in selling the property and the other shareholder in purchasing the property, for which the Company earned real estate agency commission of $15,550 in total.
Previous wording
For the three months ended June 30, 2024, the Company provided home renovation services to Haiyan Ma on three home renovation projects, for which the Company earned home renovation service revenue of $53,112 and incurred renovation costs of $43,332.
Current wording
For the nine months ended September 30, 2024, the Company provided home renovation services to Haiyan Ma on three home renovation projects, for which the Company earned $53,012 in home renovation service revenue and incurred $43,332 in renovation costs.
Previous wording
For the six months ended June 30, 2024, the Company provided home renovation services to Haiyan Ma on three home renovation projects, for which the Company earned home renovation service revenue of $53,112 and incurred renovation costs of $43,332.
Current wording
For the nine months ended September 30, 2024, the Company provided home renovation services to Na Li on two home renovation projects, for which the Company earned $44,500 in home renovation service revenue and incurred $39,245 in renovation costs.
Previous wording
On May 1, 2024, Zhen Qin lent $530,000 to the Company to support its operational needs. As of June 30, 2025, the Company had partially repaid the loan to Zhen Qin, leaving an outstanding balance of $139,347. As of December 31, 2024, the Company had repaid $475,000 to Zhen Qin, leaving an outstanding balance of $55,000.
Current wording
On May 1, 2024, Zhen Qin lent $530,000 to the Company to support its operational needs. As of September 30, 2025, the Company had partially repaid the loan to Zhen Qin, leaving an outstanding balance of $629. As of December 31, 2024, the Company had repaid $475,000 to Zhen Qin, leaving an outstanding balance of $55,000.
Previous wording
Revenue from property purchases and sales through our Cash Offer program accounted for 97.51% and 90.81% of net revenues for the three months ended June 30, 2025 and 2024, respectively. Our revenue from this program increased by $2,664,100, or 132.15%, from $2,016,000 for the three months ended June 30, 2024, to $4,680,100 for the three months ended June 30, 2025. This significant increase was due to the expansion of our Cash Offer program, which commenced in late 2023. For the three months ended June 30, 2025 and 2024, we purchased and sold seven and two properties, respectively, through the Cash Offer program, with average transaction prices of $0.67 million and $0.97 million, respectively.
Current wording
Revenue from property purchases and sales through our Cash Offer program accounted for 95.85% and 81.15% of net revenues for the three months ended September 30, 2025 and 2024, respectively. Our revenue from this program increased by $3,513,272, or 210.38%, from $1,670,000 for the three months ended September 30, 2024, to $5,183,272 for the three months ended September 30, 2025. This significant increase was due to the expansion of our Cash Offer program, which commenced in late 2023. For the three months ended September 30, 2025 and 2024, we purchased and sold 5 and 1 properties, respectively, through the Cash Offer program, with average transaction prices of $1.07 million and $1.67 million, respectively.
Previous wording
Real estate service revenue accounted for 2.49% and 9.19% of net revenues for the three months ended June 30, 2025 and 2024, respectively. Our real estate service revenue decreased by $84,465, or 41.42%, from $203,921 for the three months ended June 30, 2024, to $119,456 for the three months ended June 30, 2025. This decrease was primarily driven by a drop in Property management service revenue, real estate agency commission and home renovation service revenue.
Current wording
Real estate service revenue accounted for 4.15% and 18.85% of net revenues for the three months ended September 30, 2025 and 2024, respectively. Our real estate service revenue decreased by $163,530, or 42.15%, from $387,935 for the three months ended September 30, 2024, to $224,405 for the three months ended September 30, 2025. This decrease was primarily driven by a drop in Property management service revenue, real estate agency commission and home renovation service revenue.
Previous wording
Real estate agency commission decreased by $ 59,940, or 70.93%, from $ 84,509 for the three months ended June 30, 2024, to $ 24,569 for the three months ended June 30, 2025. This decrease was primarily driven by a 69.33% drop in gross commission, which drop from $127,134 for the three months ended June 30, 2024, to $38,993 for the same period in 2025. Rebates also decreased by 66.16%, from $42,625 for the three months ended June 30, 2024, to $14,423 for the three months ended June 30, 2025. Also, total transaction volume decreased by 57.26%, primarily due to a 66.67% decrease in the number of real estate transactions, partially offset by a 28.21% increase in the average transaction price. For the three months ended June 30, 2025, we achieved a total transaction volume of $2,069,500 by completing two real estate transactions at an average transaction price of $1.03 million, while we achieved a total transaction volume of $4,842,426 by completing six real estate transactions at an average transaction price of $0.81 million for the same period in 2024. The overall decrease in gross commission was primarily driven by a significant decline in the number of transactions and total transaction volume, despite a slight increase in average transaction price.
Current wording
Real estate agency commission decreased by $100,741, or 33.60%, from $ 229,789 for the three months ended September 30, 2024, to $199,048 for the three months ended September 30, 2025. This decrease was primarily driven by a 32.86% drop in gross commission, which drop from $359,065 for the three months ended September 30, 2024, to $241,087 for the same period in 2025. Rebates decreased by 29.08%, from $59,276 for the three months ended September 30, 2024, to $42,040 for the three months ended September 30, 2025. Also, total transaction volume decreased by 47.60%, primarily due to a 53.33% decrease in the number of real estate transactions, partially offset by a 12.28% increase in the average transaction price. For the three months ended September 30, 2025, we achieved a total transaction volume of $9,622,354 by completing 7 real estate transactions at an average transaction price of $1.37 million, while we achieved a total transaction volume of $18,363,474 by completing 15 real estate transactions at an average transaction price of $1.22 million for the same period in 2024. The overall decrease in gross commission was primarily driven by a significant decline in the number of transactions and total transaction volume, despite a slight increase in average transaction price.
Previous wording
Revenue from home renovation service decreased by $44,609, or 37.99%, from $ 117,426 for the three months ended June 30, 2024, to $ 72,817 for the three months ended June 30, 2025. This decrease was primarily driven by a lower number of completed home renovation projects in 2025. For the three months ended June 30, 2025 and 2024, we completed two and five home renovation projects respectively.
Current wording
Revenue from home renovation service decreased by $84,100, or 100.00%, from $ 84,100 for the three months ended September 30, 2024, to $ 0 for the three months ended September 30, 2025. This decrease was primarily driven by a lower number of completed home renovation projects in 2025. For the three months ended September 30, 2025 and 2024, we completed 0 and 5 home renovation projects respectively.
Previous wording
Revenue from mortgage referral service increased by $20,303 from $0 for the three months ended June 30, 2024, to $20,303 for the three months ended June 30, 2025. This increase was primarily driven by a higher number of mortgage loans secured during the period. We assisted clients in securing three mortgage loans for the three months ended June 30, 2025, compared to zero mortgage loan for the same period in 2024.
Current wording
Revenue from mortgage referral service increased by $3,500 from $0 for the three months ended September 30, 2024, to $3,500 for the three months ended September 30, 2025. This increase was primarily driven by a higher number of mortgage loans secured during the period. For the three months ended September 30, 2025 and 2024, we did not assist any clients in securing mortgage loans.
Previous wording
Revenue from property management service decreased by $219, or 11.03%, from $1,986 for the three months ended June 30, 2024, to $1,767 for the three months ended June 30, 2025. This decrease was primarily due to lower tenant placement service revenue, as we did not complete any tenant placements for the three months ended June 30, 2025, compared to two tenant placements for the same period in 2024. Additionally, ongoing property management service revenue remained limited, as this service commenced in the third quarter of 2024. For the three months ended June 30, 2025, we managed three properties under ongoing property management service, while no properties were managed for the same period in 2024.
Current wording
Revenue from property management service decreased by $1,119, or 27.66%, from $4,046 for the three months ended September 30, 2024, to $2,927 for the three months ended September 30, 2025. This decrease was primarily due to lower tenant placement service revenue, as we did not complete any tenant placements for the three months ended September 30, 2025, compared to 2 tenant placements for the same period in 2024. Additionally, ongoing property management service revenue remained limited, as this service commenced in the third quarter of 2024. For the three months ended September 30, 2025, we managed 3 properties under ongoing property management service, while 2 properties were managed for the same period in 2024.
Previous wording
Cost of property purchases and sales through Cash Offer increased by $2,658,570, or 135.01%, from $ 1,969,220 for the three months ended June 30, 2024, to $ 4,627,790 for the three months ended June 30, 2025. This increase was primarily driven by a higher volume of transactions during the three months ended June 30, 2025, compared to the same period in 2024.
Current wording
Cost of property purchases and sales through Cash Offer increased by $3,730,301, or 261.62%, from $ 1,425,829 for the three months ended September 30, 2024, to $5,156,130 for the three months ended September 30, 2025. This increase was primarily driven by a higher volume of transactions during the three months ended September 30, 2025, compared to the same period in 2024.
Previous wording
Cost of real estate services was $71,809 for the six months ended June 30, 2025, compared to $95,801 for the six months ended June 30, 2024. This decrease was primarily driven by lower number of completed home renovation projects in 2025.
Current wording
Cost of real estate services was $45,450 for the three months ended September 30, 2025, compared to $127,478 for the three months ended September 30, 2024. This decrease was primarily driven by lower number of completed home renovation projects and a significant decline in the number of transactions from real estate agency commission services in 2025.
Previous wording
Net revenues for the three months ended June 30, 2025 and 2024 were $4,799,556 and $2,219,921, respectively, representing an increase of $2,579,635, or 116.20%. This increase was primarily driven by a $2,664,100 increase in revenue from property purchases,partially offset by a decrease of $84,465 in real estate service revenue.
Current wording
Net revenues for the three months ended September 30, 2025 and 2024 were $5,407,677 sand $2,057,935, respectively, representing an increase of $3,349,742, or 162.77%. This increase was primarily driven by a $3,513,272 increase in revenue from property purchases, partially offset by a decrease of $163,530 in real estate service revenue.
Previous wording
Cost of revenues for the three months ended June 30, 2025 and 2024 was $4,690,014 and $2,065,021, respectively, representing an increase of $2,624,993, or 127.12%. This increase was primarily driven by higher costs associated with increased revenue from property purchases and sales through Cash Offer.
Current wording
Cost of revenues for the three months ended September 30, 2025 and 2024 was $5,201,580 and $1,553,307, respectively, representing an increase of $3,648,273, or 234.87%. This increase was primarily driven by higher costs associated with increased revenue from property purchases and sales through Cash Offer.
Previous wording
Gross profit for the three months ended June 30, 2025 and 2024 was $109,542 and $154,900, respectively, representing a decrease of $45,358, or 29.28%. The blended gross margin was 2.28% for the three months ended June 30, 2025, compared to 6.98% for the same period in 2024.
Current wording
Gross profit for the three months ended September 30, 2025 and 2024 was $206,097 and $504,628, respectively, representing a decrease of $298,531, or 59.16%. The blended gross margin was 3.84% for the three months ended September 30, 2025, compared to 24.52% for the same period in 2024.
Previous wording
Gross profit from property purchases and sales through Cash Offer, as a percentage of revenue from property purchases and sales through Cash Offer, was 1.12% for the three months ended June 30, 2025, compared to 2.32% for the same period in 2024. We expect that our Cash Offer program may continue to adversely affect our gross margin in the short term but will provide significant long-term growth opportunities by allowing us to differentiate ourselves in a highly competitive real estate market, attract more clients, and increase market share.
Current wording
Gross profit from property purchases and sales through Cash Offer, as a percentage of revenue from property purchases and sales through Cash Offer, was 0.52% for the three months ended September 30, 2025, compared to 14.62% for the same period in 2024. We expect that our Cash Offer program may continue to adversely affect our gross margin in the short term but will provide significant long-term growth opportunities by allowing us to differentiate ourselves in a highly competitive real estate market, attract more clients, and increase market share.
Previous wording
Gross profit from real estate services, as a percentage of real estate service revenue, was 47.91% for the three months ended June 30, 2025, compared to 53.02% for the same period in 2024. This decrease was primarily due to a drop in real estate agency service and home renovation service in 2025.
Current wording
Gross profit from real estate services, as a percentage of real estate service revenue, was 99.75% for the three months ended September 30, 2025, compared to 67.14% for the same period in 2024. This decrease was primarily due to a drop in real estate agency service and home renovation service in 2025.
Previous wording
General and administrative expenses for the six months ended June 30, 2025 and 2024 were $209,567 and $237,942, respectively, representing a decrease of $28,375, or 11.93%. This decrease was primarily due to a reduction in legal and accounting expenses of $68,708, partially offset by increases in depreciation expense of $52, payroll expense of $17,467, payroll tax expense of $1,377, rent expense of $1,194, and other G&A expenses of $20,243. Legal and accounting expenses decreased primarily due to a lower volume of advisory services utilized during the period. Payroll and payroll tax expenses increased primarily due to the hiring of new employees. Rent expense increased primarily due to a scheduled rent adjustment under the office lease, effective from September 2024.
Current wording
General and administrative expenses for the three months ended September 30, 2025 and 2024 were $196,059 and $93,185, respectively, representing an increase of $102,874, or 110.40%. This increase was primarily due to a rise in increases in depreciation expense of $6127, payroll expense of $10,214, payroll tax expense of $909, rent expense of $33,358, other G&A expenses of $27,025, and legal and accounting expenses of $25,241. Legal and accounting expenses increased primarily due to a higher volume of advisory services utilized during the period. Payroll and payroll tax expenses increased primarily due to the hiring of new employees. Rent expense increased mainly due to the rent adjustment effective from September 2024 and new lease agreements that commenced in the third quarter of 2025.
Previous wording
Other income was $7,590 for the three months ended June 30, 2025, compared to other expense of $963 for the three months ended June 30, 2024. For the three months ended June 30, 2025, other income primarily consisted of unrealized gain on trading securities of $11,007 and other income, net of $1, partially offset by realized loss on trading securities of $2,651, interest expense of $647, and bank fees of $120. For the three months ended June 30, 2024, other expenses primarily consisted of interest expense of $770 and bank fees of $193.
Current wording
Other expense was $691 for the three months ended September 30, 2025, compared to other income of $19 for the three months ended September 30, 2024. For the three months ended September 30, 2025, other income primarily consisted of interest expense of $616, and bank fees of $75. For the three months ended September 30, 2024, o other income consisted primarily of credit card rebates of $958 and bank rewards of $87, partially offset by interest expense of $741 and bank fees of $285.
Previous wording
Net income for the three months ended June 30, 2025 and 2024 was $14,418 and $50,888, respectively, representing a decrease of $36,470, or 71.67%. This decrease was primarily attributable to lower gross profit and higher operating expenses
Current wording
Net income for the three months ended September 30, 2025 and 2024 was $(305) and $284,109, respectively, representing a decrease of $284,414, or 100.11%. This decrease was primarily attributable to lower gross profit and higher operating expenses
Previous wording
Revenue from property purchases and sales through our Cash Offer program accounted for 96.68% and 87.42% of net revenues for the six months ended June 30, 2025 and 2024, respectively. Our revenue from this program increased by $7,219,446, or 245.51%, from $ 2,940,544 for the six months ended June 30, 2024, to $10,159,990 for the six months ended June 30, 2025. This significant increase was due to the expansion of our Cash Offer program, which commenced in late 2023. For the six months ended June 30, 2025 and 2024, we purchased and sold 13 and 3 properties, respectively, through the Cash Offer program, with average transaction prices of $0.78 million and $0.95 million, respectively.
Current wording
Revenue from property purchases and sales through our Cash Offer program accounted for 96.40% and 85.04% of net revenues for the nine months ended September 30, 2025 and 2024, respectively. Our revenue from this program increased by $10,732,718, or 232.79%, from $4,610,544 for the nine months ended September 30, 2024, to $15,343,262 for the nine months ended September 30, 2025. This significant increase was due to the expansion of our Cash Offer program, which commenced in late 2023. For the nine months ended September 30, 2025 and 2024, we purchased and sold 18 and 4 properties, respectively, through the Cash Offer program, with average transaction prices of $0.86 million and $1.13 million, respectively.
Previous wording
Real estate service revenue accounted for 3.32% and 12.58% of net revenues for the six months ended June 30, 2025 and 2024, respectively. Our real estate service revenue decreased by $74,313, or 17.56%, from $423,305 for the six months ended June 30, 2024, to $ 348,992 for the six months ended June 30, 2025. This decrease was primarily driven by drop in Property management service revenue, real estate agency commission and home renovation service revenue.
Current wording
Real estate service revenue accounted for 3.60% and 14.96% of net revenues for the nine months ended September 30, 2025 and 2024, respectively. Our real estate service revenue decreased by $237,843, or 29.32%, from $811,240 for the nine months ended September 30, 2024, to $573,397 for the nine months ended September 30, 2025. This decrease was primarily driven by drop in real estate agency commission and home renovation service revenue.
Previous wording
Real estate agency commission decreased by $55,805, or 19.12%, from $ 291,891 for the six months ended June 30, 2024, to $236,086 for the six months ended June 30, 2025. This decrease was primarily driven by a 19.46% drop in gross commission, which drop from $ 372,471 for the six months ended June 30, 2024, to $ 299,993 for the same period in 2025, partially offset by higher rebates. Rebates decreased by 20.69%, from $80,580 for the six months ended June 30, 2024, to $63,906 for the six months ended June 30, 2025. Also, total transaction volume decreased by 45.89%, primarily due to a 47.37% decrease in the number of real estate transactions and a 2.82% increase in the average transaction price. For the six months ended June 30, 2025, we achieved a total transaction volume of $ 9,163,291 by completing 10 real estate transactions at an average transaction price of $0.92 million, while we achieved a total transaction volume of $ 16,933,255 by completing 19 real estate transactions at an average transaction price of $0.89 million for the same period in 2024. The overall decrease in gross commission was primarily driven by a significant decline in the number of transactions and total transaction volume, despite a slight increase in average transaction price.
Current wording
Real estate agency commission decreased by $156,546, or 26.46%, from $ 591,680 for the nine months ended September 30, 2024, to $435,134 for the nine months ended September 30, 2025. This decrease was primarily driven by a 26.04% drop in gross commission, which drop from $ 731,536 for the nine months ended September 30, 2024, to $ 541,080 for the same period in 2025. Rebates decreased by 24.25%, from $139,856 for the nine months ended September 30, 2024, to $105,946 for the nine months ended September 30, 2025. Also, total transaction volume decreased by 46.78%, primarily due to a 50.00% decrease in the number of real estate transactions and a 6.44% increase in the average transaction price. For the nine months ended September 30, 2025, we achieved a total transaction volume of $ 18,785,645 by completing 17 real estate transactions at an average transaction price of $1.11 million, while we achieved a total transaction volume of $ 35,296,729 by completing 34 real estate transactions at an average transaction price of $1.04 million for the same period in 2024. The overall decrease in gross commission was primarily driven by a significant decline in the number of transactions and total transaction volume, despite a slight increase in average transaction price.
Previous wording
Revenue from home renovation service decreased by $ 36,857, or 30.81%, from $ 119,626 for the six months ended June 30, 2024, to $ 82,769 for the six months ended June 30, 2025. This decrease was primarily driven by a lower number of completed home renovation projects in 2025. For the six months ended June 30, 2025 and 2024, we completed three and six home renovation projects respectively.
Current wording
Revenue from home renovation service decreased by $120,957, or 59.37%, from $ 203,726 for the nine months ended September 30, 2024, to $ 82,769 for the nine months ended September 30, 2025. This decrease was primarily driven by a lower number of completed home renovation projects in 2025. For the nine months ended September 30, 2025 and 2024, we completed 3 and 11 home renovation projects respectively.
Previous wording
Revenue from mortgage referral service increased by $22,553, or 556.85%, from $4,050 for the six months ended June 30, 2024, to $26,603 for the six months ended June 30, 2025. This increase was primarily driven by a higher number of mortgage loans secured during the period. We assisted clients in securing six mortgage loans for the six months ended June 30, 2025, compared to one mortgage loan for the same period in 2024.
Current wording
Revenue from mortgage referral service increased by $26,053, or 643.27%, from $4,050 for the nine months ended September 30, 2024, to $30,103 for the nine months ended September 30, 2025. This increase was primarily driven by a higher number of mortgage loans secured during the period. We assisted clients in securing 6 mortgage loans for the nine months ended September 30, 2025, compared to 1 mortgage loan for the same period in 2024.
Previous wording
Revenue from property management service decreased by $ 4,204, or 54.33%, from $ 7,738 for the six months ended June 30, 2024, to $ 3,534 for the six months ended June 30, 2025. This decrease was primarily due to lower tenant placement service revenue, as we did not complete any tenant placements for the six months ended June 30, 2025, compared to six tenant placements for the same period in 2024. Additionally, ongoing property management service revenue remained limited, as this service commenced in the third quarter of 2024. For the six months ended June 30, 2025, we managed three properties under ongoing property management service, while no properties were managed for the same period in 2024.
Current wording
Revenue from property management service decreased by $5,323, or 45.17%, from $ 11,784 for the nine months ended September 30, 2024, to $ 6,461 for the nine months ended September 30, 2025. This decrease was primarily due to lower tenant placement service revenue, as we did not complete any tenant placements for the nine months ended September 30, 2025, compared to 7 tenant placements for the same period in 2024. Additionally, ongoing property management service revenue remained limited, as this service commenced in the third quarter of 2024. For the nine months ended September 30, 2025, we managed 6 properties under ongoing property management service, while 2 properties were managed for the same period in 2024.
Previous wording
Cost of property purchases and sales through Cash Offer increased by $7,180,832, or 248.91%, from $ 2,884,882 for the six months ended June 30, 2024, to $ 10,065,714 for the six months ended June 30, 2025. This increase was primarily driven by a higher volume of transactions during the six months ended June 30, 2025, compared to the same period in 2024.
Current wording
Cost of property purchases and sales through Cash Offer increased by $10,911,134, or 253.12%, from $ 4,310,711 for the nine months ended September 30, 2024, to $ 15,221,845 for the nine months ended September 30, 2025. This increase was primarily driven by a higher volume of transactions during the nine months ended September 30, 2025, compared to the same period in 2024.
Previous wording
Cost of real estate services was $62,224 for the three months ended June 30, 2025, compared to $95,801 for the three months ended June 30, 2024. This decrease was primarily driven by lower number of completed home renovation projects in 2025.
Current wording
Cost of real estate services was $117,258 for the nine months ended September 30, 2025, compared to $223,279 for the nine months ended September 30, 2024. This decrease was primarily driven by lower number of completed home renovation projects in 2025.
Previous wording
The following table summarized our consolidated results of operations for the six months ended June 30, 2025 and 2024:
Current wording
The following table summarized our consolidated results of operations for the nine months ended September 30, 2025 and 2024:
Previous wording
Net revenues for the six months ended June 30, 2025 and 2024 were $ 10,508,982 and $ 3,363,849, respectively, representing an increase of $ 7,145,133, or 212.41%. This increase was primarily driven by a $ 7,219,446 increase in revenue from property purchases, partially offset by decreases of $74,313 in real estate service revenue.
Current wording
Net revenues for the nine months ended September 30, 2025 and 2024 were $15,916,659 and $5,421,784, respectively, representing an increase of $10,494,875, or 193.57%. This increase was primarily driven by a $10,732,718 increase in revenue from property purchases, partially offset by decreases of $237,843 in real estate service revenue.
Previous wording
Cost of revenues for the six months ended June 30, 2025 and 2024 was $10,137,523 and $ 2,980,683, respectively, representing an increase of $ 7,156,840, or 240.11%. This increase was primarily driven by higher costs associated with increased revenue from property purchases and sales through Cash Offer.
Current wording
Cost of revenues for the nine months ended September 30, 2025 and 2024 was $15,294,103 and $4,533,990, respectively, representing an increase of $ 10,760,113, or 237.32%. This increase was primarily driven by higher costs associated with increased revenue from property purchases and sales through Cash Offer.
Previous wording
Gross profit for the six months ended June 30, 2025 and 2024 was $371,459 and $383,166, respectively, representing a decrease of $11,707, or 3.06%. The blended gross margin was 3.53% for the six months ended June 30, 2025, compared to11.39% for the same period in 2024.
Current wording
Gross profit for the nine months ended September 30, 2025 and 2024 was $557,556 and $887,794, respectively, representing a decrease of $310,238, or 34.94%. The blended gross margin was 3.63% for the nine months ended September 30, 2025, compared to 16.37% for the same period in 2024.
Previous wording
Gross profit from property purchases and sales through Cash Offer, as a percentage of revenue from property purchases and sales through Cash Offer, was 0.93% for the six months ended June 30, 2025, compared to 1.89% for the same period in 2024. We expect that our Cash Offer program may continue to adversely affect our gross margin in the short term but will provide significant long-term growth opportunities by allowing us to differentiate ourselves in a highly competitive real estate market, attract more clients, and increase market share.
Current wording
Gross profit from property purchases and sales through Cash Offer, as a percentage of revenue from property purchases and sales through Cash Offer, was 0.79% for the nine months ended September 30, 2025, compared to 6.5% for the same period in 2024. We expect that our Cash Offer program may continue to adversely affect our gross margin in the short term but will provide significant long-term growth opportunities by allowing us to differentiate ourselves in a highly competitive real estate market, attract more clients, and increase market share.
Previous wording
Gross profit from real estate services, as a percentage of real estate service revenue, was 79.42% for the six months ended June 30, 2025, compared to 77.37 % for the same period in 2024. This decrease was primarily due to a lower number of completed home renovation projects in 2025.
Current wording
Gross profit from real estate services, as a percentage of real estate service revenue, was 86.32% for the nine months ended September 30, 2025, compared to 72.48 % for the same period in 2024. This increase was primarily due to a higher average transaction price in 2025 and an increase in properties under ongoing property management service.
Previous wording
Selling expenses primarily consisted of staging, advertising, and marketing costs. Selling expenses for the three months ended June 30, 2025 and 2024 were $7,455 and $1,760, respectively, representing an increase of $5,695, or 323.58%. This increase was primarily driven by higher advertising and marketing expenditures aimed at attracting more clients and listings, as well as enhancing brand awareness.
Current wording
Selling expenses primarily consisted of staging, advertising, and marketing costs. Selling expenses for the nine months ended September 30, 2025 and 2024 were $25,410 and $12,236, respectively, representing an increase of $13,174, or 107.67%. This increase was primarily driven by higher advertising and marketing expenditures aimed at attracting more clients and listings, as well as enhancing brand awareness.
Previous wording
General and administrative expenses for the three months ended June 30, 2025 and 2024 were $88,813 and $83,509, respectively, representing an increase of $5,304, or 6.35%. This increase was primarily due to a rise in increases in depreciation expense of $65, payroll expense of $11,842, payroll tax expense of $1,221, rent expense of $664, and other G&A expenses of $13,966, partially offset by legal and accounting expenses of $22,454. Legal and accounting expenses decreased primarily due to a lower volume of advisory services utilized during the period. Payroll and payroll tax expenses increased primarily due to the hiring of new employees. Rent expense increased primarily due to a scheduled rent adjustment under the office lease, effective from September 2024.
Current wording
General and administrative expenses for the nine months ended September 30, 2025 and 2024 were $405,626 and $331,127, respectively, representing an increase of $74,499, or 22.50%. This increase was primarily due to a raise in depreciation expense of $6,179, payroll expense of $27,681, payroll tax expense of $2,286, rent expense of $34,552, and other G&A expenses of $47,268, partially offset by reduction in legal and accounting expenses of $43,467. Legal and accounting expenses decreased primarily due to a lower volume of advisory services utilized during the period. Payroll and payroll tax expenses increased primarily due to the hiring of new employees. Rent expense increased mainly due to the rent adjustment effective from September 2024 and new lease agreements that commenced in the third quarter of 2025.
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Previous report — wording carried elsewhere
For the six months ended June 30, 2024, the Company provided real estate agency services to two shareholders with less than 1% ownership, assisting one shareholder in selling the property and the other shareholder in purchasing the property, for which the Company earned real estate agency commission of $15,550 in total.
Previous report — wording carried elsewhere
Selling expenses primarily consisted of staging, advertising, and marketing costs. Selling expenses for the six months ended June 30, 2025 and 2024 were $24,796 and $2,660, respectively, representing an increase of $22,136, or 832.18%. This increase was primarily driven by higher advertising and marketing expenditures aimed at attracting more clients and listings, as well as enhancing brand awareness.