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TREASURE GLOBAL INC

For the period ended Jun 30, 2026. Filed Oct 13, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2026 · Filed Oct 13, 2026

TGL$0.18-0.4%Stored close · as of Nov 6, 2026
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended June 30,2026

Or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number:001-41476

Treasure Global Inc

(Exact name of registrant as specified in its charter)

Delaware36-4965082
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

276 5 th Avenue, Suite 704 #739,

New York, New York 10001

+6012 643 7688

(Address, including zip code, of registrant’s principal executive offices and telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each ClassTrading SymbolName of each exchange on which registered
Common Stock, par value $0.00001 per shareTGLThe Nasdaq Stock Market LLC

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes:☐ No:☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes:☐ No:☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes:☒ No:☐

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company, in Rule 12b-2 of the Exchange Act.

Large accelerated filer☐Accelerated filer☐
Non-accelerated filer☒Smaller reporting company☒
Emerging Growth Company☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act). Yes:☐ No:☒

The aggregate market value of the Registrant’s common stock, held by non-affiliates of the Registrant as of December 31, 2025 (which is the last business day of Registrant’s most recently completed second fiscal quarter) based upon the reported closing price of $6.13 on The Nasdaq Capital Market on that date, was approximately $10.1 million.

The number of shares outstanding of the Registrant’s common stock, par value $0.00001 per share, on October 13, 2026 was 5,159,897 shares.

Table of Contents

Page
PART I1
Item 1.Business1
Item 1A.Risk Factors19
Item 1B.Unresolved Staff Comments36
Item 1C.Cybersecurity36
Item 2.Properties37
Item 3.Legal Proceedings37
Item 4.Mine Safety Disclosures37
PART II38
Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities38
Item 6.[Reserved]39
Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations40
Item 7A.Quantitative and Qualitative Disclosures About Market Risk54
Item 8.Financial Statements and Supplementary Data54
Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure55
Item 9A.Controls and Procedures55
Item 9B.Other Information56
Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections56
PART III57
Item 10.Directors, Executive Officers and Corporate Governance57
Item 11.Executive Compensation62
Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters63
Item 13.Certain Relationships and Related Transactions, and Director Independence64
Item 14.Principal Accounting Fees and Services64
PART IV66
Item 15.Exhibits, Financial Statement Schedules66

i

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Annual Report on Form 10-K (this “Annual Report”) contains “forward-looking statements.” Forward-looking statements reflect the current view about future events. When used in this Annual Report, the words “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “plan,” or the negative of these terms and similar expressions, as they relate to us or our management, identify forward-looking statements. Such statements, include, but are not limited to, statements contained in this Annual Report relating to our business strategy, our future operating results and liquidity and capital resources outlook. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward - looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. They are neither statements of historical fact nor guarantees of assurance of future performance. We caution you therefore against relying on any of these forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation:

●Our ability to effectively operate our business segments;
●Our ability to manage our research, development, expansion, growth and operating expenses;
●Our ability to evaluate and measure our business, prospects and performance metrics;
●Our ability to compete, directly and indirectly, and succeed in a highly competitive and evolving industry;
●Our ability to respond and adapt to changes in technology and customer behavior;
●Our ability to protect our intellectual property and to develop, maintain and enhance a strong brand; and;
●Other factors (including the risks contained in the section of this Annual Report entitled “Risk Factors”) relating to our industry, our operations and results of operations.

Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended or planned.

Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

PRESENTATION OF INFORMATION

Except as otherwise indicated by the context, references in this Annual Report to the “Company,” “TGL,” the “registrant,” “we,” “our,” or “us” in this Annual Report mean Treasure Global Inc. and its subsidiaries, which include the collective operations of Treasure Global Inc and its consolidated subsidiaries.

This Annual Report includes our audited consolidated financial statements as of and for the fiscal years ended June 30, 2026 and 2025. These financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). All financial information in this Annual Report is presented in U.S. dollars, unless otherwise indicated, and should be read in conjunction with our audited consolidated financial statements and the notes thereto included in this Annual Report.

ii

SUMMARY OF RISK FACTORS

Our business is subject to a number of risks. You should be aware of these risks before making an investment decision. These risks are discussed more fully inItem 1A: Risk Factorsin this Annual Report. These risks include, among others, that:

●There is substantial doubt about our ability to continue as a going concern;
●We have a limited operating history in an evolving industry, which makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful;
●If we fail to raise capital when needed it will have a material adverse effect on the Company’s business, financial condition and results of operations;
●None of our material contracts are long term and if not renewed could have a material adverse effect on our business;
●We rely on email, internet search engines and application marketplaces to drive traffic to our ZCITY platform, certain providers of which offer products and services that compete directly with our products. If links to our applications and website are not displayed prominently, traffic to our ZCITY platform could decline and our business would be adversely affected;
●The ecommerce market is highly competitive and if the Company does not have sufficient resources to maintain research and development, marketing, sales and client support efforts on a competitive basis our business could be adversely affected;
●If we are unable to expand our systems or develop or acquire technologies to accommodate increased volume or an increased variety of operating systems, networks and devices broadly used in the marketplace our ZCITY platform could be impaired;
●As we increase our reliance on cloud-based applications and platforms to operate and deliver our products and services, any disruption or interference with these platforms could adversely affect our financial condition and results of operations;
●The Company’s failure to successfully market its ZCITY platform could result in adverse financial consequences;
●The Company may not be able to successfully develop and promote new products or services which could result in adverse financial consequences;
●A decline in the demand for goods and services of the merchants included in the ZCITY platform could result in adverse financial consequences;
●The effective operation of the Company’s ZCITY platform is dependent on technical infrastructure and certain third-party service providers;
●There is no assurance that the Company will be profitable;
●Illegal use of our ZCITY platform could result in adverse consequences to the Company;
●Malaysia is experiencing substantial inflationary pressures which may prompt the governments to take action to control the growth of the economy and inflation that could lead to a significant decrease in our profitability;
●The economy of Malaysia in general might not grow as quickly as expected, which could adversely affect our revenues and business prospects;
●Fluctuations in exchange rates in the Malaysian Ringgit could adversely affect our business and the value of our securities;

iii

●Regulation of gift cards or “E-vouchers” could have adverse consequences on our business;
●Litigation is costly and time consuming and could have a material adverse effect our business, results or operations and reputation;
●Our financial statements have been prepared on a going-concern basis and our continued operations are in doubt;
●We face potential liability and expense for legal claims based on the content on our Platform;
●Our intellectual property rights may be inadequate to protect us against protect us others claiming violations of their proprietary rights and the cost of enforcement could be significant;
●Third parties may assert that our employees or consultants have wrongfully used or disclosed confidential information or misappropriated trade secrets;
●Our failure to maintain effective internal controls over financial reporting could have an adverse impact on us;
●We are an “emerging growth company” under the JOBS Act and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our common stock less attractive to investors;
●The elimination of personal liability against our directors and officers under Delaware law and the existence of indemnification rights held by our directors, officers and employees may result in substantial expenses;
●We have not paid dividends in the past and do not expect to pay dividends in the future, and any return on investment may be limited to the value of our stock;
●We experienced a limited cybersecurity incident in May 2025; cybersecurity events could recur and adversely affect us;
●A limited number of customers and counterparties account for a meaningful portion of our revenues, receivables and prepayments; if any major customer reduces or delays orders, or if prepayments are not realized as planned, our results of operations and liquidity could be adversely affected.

iv

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