Aether Holdings, Inc.
For the period ended Mar 31, 2026. Filed May 15, 2026.
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.
Mar 31, 2026 · Filed May 15, 2026
ATHR$2.36-2.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-12-31; filed 2026-02-17.
0001493152-26-007146
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-15.
0001493152-26-023858
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 113 previous paragraphs and 146 current paragraphs.
65 unchanged; 38 reworded; 33 added; 10 removed; 0 previous and 10 current paragraphs rearranged.
Tables are not compared: 11 previous and 13 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 (33)
Current report
Formation of AetherHub Joint Venture
Current report
On March 25, 2026, our subsidiary Aether Labs, Inc. (“Aether Labs”) and OorTech Inc. (“Oort”) formed Aether DataHub, LLC, a Delaware limited liability company (“AetherHub”), as a joint venture to develop and commercialize the “AetherHub Platform,” a white-labeled deployment of Oort’s proprietary DataHub technology, for use exclusively in the field of financial media and financial education data labeling and annotation services (the “Field”). AetherHub was established pursuant to three executed agreements: (i) a Limited Liability Company Operating Agreement, (ii) a Technology License and Services Agreement (the “Technology Agreement”), and (iii) an IP Option Agreement, each dated March 25, 2026 (or March 23, 2026 in the case of the Technology Agreement). AetherHub’s business model is based on third-party customers providing their own datasets for labeling and processing. Our company has no obligation to contribute any of our proprietary datasets to AetherHub.
Current report
Membership interests in AetherHub are held 70% by Aether and 30% by Oort. Aether’s contribution consists of commercialization leadership, go-to-market strategy, the “AetherHub” brand and related resources, and initial working capital as approved by the AetherHub’s board of managers. Oort’s contribution consists of the DataHub technology and related documentation, at least two dedicated software developers, and ongoing support and maintenance services. No cash license or development fees are payable to Oort; Oort’s equity interest constitutes its sole consideration. AetherHub is governed by a three-manager board, with Aether designating two managers (including the Chair) and Oort designating one, giving Aether effective operational and strategic control of AetherHub. Profits, losses, and distributions are allocated pro rata in accordance with each member’s percentage interest.
Current report
Pursuant to the Technology Agreement, Oort granted AetherHub a worldwide, royalty-free, exclusive license (within the Field) to use and operate the DataHub Platform. Oort is prohibited during the term from providing its DataHub platform or any substantially similar technology to third parties for use in the Field and must refer any Field-related commercial opportunities to AetherHub. Oort has committed to deliver an initial launch-ready version of the AetherHub Platform within 120 days of March 23, 2026. Intellectual property developed specifically for the AetherHub Platform is assigned to AetherHub; general-purpose platform enhancements remain owned by Oort subject to a perpetual royalty-free license to AetherHub within the Field. Each party’s aggregate liability under the Technology Agreement is capped at $5,000,000, subject to customary exceptions.
Current report
AetherHub had no transactions during the three months ended March 31, 2026, and AetherHub did not have a material impact on the Company’s consolidated financial position or results of operations for the period then ended. However, the related accounting implications were insignificant to the Company’s condensed unaudited consolidated financial statements for the period ended March 31, 2026.
Current report
SentimenTracker
Current report
The Company has developed an internally generated software platform, SentimenTracker, an analytics tool designed to process and analyze financial and market data to generate actionable insights. In February 2026, SentimenTracker completed the application development stage and was placed into service for its intended use. The platform was commercially launched and deployed within the Company’s production environment.
Current report
The software’s core functionality, system architecture, data ingestion pipelines, sentiment analysis models, integrations, and infrastructure were fully developed and tested. Accordingly, capitalization of development costs ceased upon completion of the application development stage, and subsequent costs are expensed as incurred.
Current report
Paid Subscribers for SentimenTrader decreased by 181, or 7.68%, from 2,357 for the six months ended March 31, 2025 to 2,176 for the six months ended March 31, 2026. The number of Paid Subscribers decreased by 165, or 7.08 %, from 2,331 for the three months ended March 31, 2025, to 2,166 for the three months ended March 31, 2026.
Current report
ARPU for SentimenTrader increased by $12, or 4.07%, to $307 for the six months ended March 31, 2026, as compared to $295 for the six months ended March 31, 2025.
Current report
ARPU for SentimenTrader increased by $6, or 4.08%, to $153 for the three months ended March 31, 2026, as compared to $147 for the three months ended March 31, 2025.
Current report
ARPU for SentimenTracker was not significant for the three and six months ended March 31, 2026. No comparable ARPU existed for the three and six months ended March 31, 2025, as the platform was not yet operational during that period.
Current report
Total revenue decreased by $5,865, or 1.72%, from $341,906 for the three months ended March 31, 2025 to $336,041 for the three months ended March 31, 2026.
Current report
For Six Months Ended March 31, 2026 and 2025
Current report
Our revenue decreased by $21,704, or 3.12%, from $696,549 for the six months ended March 31, 2025, to $674,845 for the six months ended March 31, 2026 due to a decrease in the number of Paid Subscribers.
Current report
Cost of sales mainly include the hosting costs for the SentimenTrader platform, Bloomberg access for the analysts’ use in research, and the analyst salaries. Cost of sales decreased by $85,970, or 39.59%, from $217,174 for the six months ended March 31, 2025, to $131,204 for the six months ended March 31, 2026 due to a decrease in analyst salaries.
Current report
Gross profit increased by $64,266, or 13.41%, from $479,375 for the six months ended March 31, 2025 to $543,641 for the six months ended March 31, 2026. The increase in gross profit was mainly due to the decrease in cost of sales, as discussed above.
Current report
We had a loss before income taxes of $2,326,201 and $712,380 for the six months ended March 31, 2026 and 2025, respectively. The loss was primarily attributable to the increase in selling expenses, research and development expenses and general and administrative expenses.
Current report
Net loss and comprehensive loss
Current report
Gross profit margin increased from 67.94% for the three months ended March 31, 2025, to 80.72% for the three months ended March 31, 2026. The increase in gross profit margin was primarily due to decrease in cost of sales.
Current report
Selling and marketing expenses
Current report
General and administrative expenses
Current report
Research and development expenses
Current report
Loss before income tax
Current report
Provision for income taxes
Current report
For the Six months ended March 31, 2026 and 2025
Current report
Liquidity, Capital Resources and Going Concern
Current report
SentimenTracker
Current report
In February 2026, the Company launched its internally developed software platform, SentimenTracker, upon completion of the application development stage and readiness for intended use. As of that date, the Company had capitalized $118,016 of development costs related to the platform.
Current report
Note Purchase Agreement with Streeterville Capital, LLC
Current report
On May 13, 2026, the Company entered into a Note Purchase Agreement with Streeterville Capital, LLC (the “Investor”), pursuant to which the Company issued a Secured Promissory Note in the original principal amount of $3,240,000, including an original issue discount of $240,000. The purchase price for the Note was $3,000,000 and, after deducting a $30,000 transaction expense amount payable to the Investor, net proceeds to the Company were approximately $2,970,000, which the Company intends to use for working capital and general corporate purposes. The Note bears interest at 8% per annum, compounding daily based on a 360-day year of twelve 30-day months, and matures eighteen (18) months after the date the purchase price is delivered to the Company (the “Purchase Price Date”). The Note is secured by a first-position lien on substantially all of the Company’s assets and intellectual property, subject to permitted liens, and is guaranteed by the Company’s subsidiaries that are party to the related guaranty. No warrants were issued in connection with this transaction.
Current report
Beginning on the six-month anniversary of the Purchase Price Date, the Investor has the right, exercisable in its sole discretion, to redeem up to $250,000 per calendar month in cash, and may redeem additional amounts based on the trading price and volume of the Company’s common stock upon the occurrence of a Limited Redemption Event, each payable within three trading days of notice. These redemption rights may result in recurring cash payment obligations if and to the extent the Investor delivers redemption notices beginning on the six-month anniversary of the Purchase Price Date, which would be November 13, 2026 if the Purchase Price Date is May 13, 2026, and the Company must maintain sufficient liquidity to satisfy such notices as they arise. If the Note remains outstanding on the six-month anniversary of the Purchase Price Date, a one-time monitoring fee will be automatically added to the outstanding balance, calculated as the outstanding balance on that date divided by 0.85 less such outstanding balance. If calculated based solely on the initial principal amount of $3,240,000 and assuming no payments, accrued unpaid interest or other adjustments to the outstanding balance, the fee would be approximately $571,765. The Company may prepay the Note in full at any time at 110% of the then-outstanding balance.
Current report
The Note and Note Purchase Agreement impose material restrictions on the Company’s financing flexibility, including, subject to specified exceptions, restrictions on additional indebtedness, liens, and subsidiary equity transfers and issuances, subsidiary indebtedness, and variable-price or resettable securities issuances without the Investor’s prior written consent. The Note also contains trigger event provisions pursuant to which the Investor may increase the outstanding balance by up to 15% per major trigger event or 5% per minor trigger event (capped at three occurrences each), with most uncured trigger events becoming events of default after a five-trading-day cure period, and certain insolvency, bankruptcy, receivership and similar trigger events becoming automatic events of default, in each case subject to acceleration of the outstanding balance and default interest of 15% per annum. The occurrence of any such event could have a material adverse effect on the Company’s liquidity and financial condition.
Removed paragraphs (10)
Previous report
Coinstack Acquisition
Previous report
On December 22, 2025, pursuant to the Asset Purchase Offer Agreement dated December 10, 2025, by and between AEM, Hive Global, Inc., Ryan Allis, and Mike Gavela (the “Purchase Agreement”), we completed the acquisition of substantially all assets associated with the Hive Global, Inc.’s Coinstack newsletter business (“Coinstack”), including a subscriber list and related data, domain names and websites, all intellectual property possessed by Coinstack, sponsor and advertiser pipeline assets, social media and online community accounts, and books and records for a cash purchase price of $350,000. In connection with the transaction and as a condition to close the acquisition, we additionally issued an aggregate of $150,000 worth of our common stock to the founders of Coinstack, Ryan Allis and Mike Gavela, for certain transition services to be rendered. We believe that the acquisition of Coinstack will contribute positively to AEM’s growth strategy by increasing audience scale, enhancing engagement metrics, and providing additional opportunities for commercial partnerships across our media network. See the sections below entitled “Item 2. Unregistered Sales of Equity Securities and Use of Proceeds – Sales of Unregistered Securities” and “Item 5 – Other Information – Coinstack Acquisition” for more information regarding the acquisition and share issuance.
Previous report
Resignation of Chief Strategy Officer
Previous report
On February 13, 2026, Mr. David Chi Ching Ho resigned from his position as Chief Strategy Officer of the Company with immediate effect.
Previous report
The number of new free subscribers for SentimenTrader increased by 100, or 37.31 %, from 268 for the three months ended December 31, 2024, to 368 for the three months ended December 31, 2025. The increase in number of free subscribers to our SentimenTrader platform could be attributed to the increased brand awareness driven by the recent advertising and marketing campaigns.
Previous report
Paid subscribers for SentimenTrader decreased by 198, or 8.31%, from 2,383 for the three months ended December 31, 2024 to 2,185 for the three months ended December 31, 2025.
Previous report
ARPU for SentimenTrader increased by $5, or 3.36%, to $154 for the three months ended December 31, 2025, as compared to $149 for the three months ended December 31, 2024.
Previous report
Revenue
Previous report
Revenue
Previous report
Liquidity and Capital Resources
Reworded paragraphs (38)
Previous wording
The following discussion and analysis of our financial condition and results of operations should be read together with our unaudited condensed consolidated financial statements and the related notes appearing elsewhere in this Report. In addition to unaudited condensed consolidated financial statements, the following discussions and other parts of this Report contain forward-looking statements that reflect our plans, objectives, expectations, intentions, and beliefs, which involve risks, uncertainties and assumptions. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in the sections titled “Cautionary Note on Forward-Looking Statements” and “Risk Factors” included elsewhere in this Report.
Current wording
The following discussion and analysis of our financial condition and results of operations should be read together with our unaudited condensed financial statements and the related notes appearing elsewhere in this Report. In addition to unaudited condensed financial statements, the following discussions and other parts of this Report contain forward-looking statements that reflect our plans, objectives, expectations, intentions, and beliefs, which involve risks, uncertainties and assumptions. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in the sections titled “Cautionary Note on Forward-Looking Statements” and “Risk Factors” included elsewhere in this Report.
Previous wording
Beginning in April 2025, we began a new initiative to expand our newsletter business through the incorporation of our wholly-owned subsidiary, Alpha Edge Media, Inc. (“AEM”). The newsletters published by AEM target both institutional and retail investors, focusing on topics such as macroeconomic trends, market insights, and market psychology, while broadening our overall coverage of securities, markets and exchanges. We believe the expansion of our newsletter business will complement the newsletters currently published through our SentimenTrader platform and enable us to continue to build brand authority, expand recurring engagement with our Users, generate new User engagement with SentimenTrader, and open up new revenue streams through potential advertisements, sponsorships, and premium content.
Current wording
Beginning in April 2025, we began a new initiative to expand our newsletter business through the incorporation of our wholly-owned subsidiary, Alpha Edge Media, Inc. (“AEM”). The newsletters published by AEM target both institutional and retail investors, focusing on topics such as macroeconomic trends, market insights, and market psychology, while broadening our overall coverage of securities, markets and exchanges. We believe the expansion of our newsletter business will complement the newsletters currently published through our SentimenTrader platform and enable us to continue to build brand authority, expand recurring engagement with our Users, generate new User engagement with SentimenTrader, and open new revenue streams through potential advertisements, sponsorships, and premium content.
Previous wording
We continue to focus on achieving our mission of establishing ourselves as a preeminent fintech information company dedicated to the development of smart platforms tailored to empower the investing community with actionable strategic insights. To this end, in addition to our establishing AEM to further develop our newsletter business and expand the securities, markets, and exchanges we currently cover, we are also actively exploring research and development initiatives to focus on advancing proprietary analytics and AI-driven models, as well as the possibility of growth through acquisition of complementary tools and technologies that would enhance our platform’s capabilities and value to Users.
Current wording
We continue to focus on achieving our mission of establishing ourselves as a preeminent fintech information company dedicated to the acquisition and development of smart platforms tailored to empower the investing community with actionable strategic insights. To this end, in addition to our establishing AEM to further develop our newsletter business and expand the securities, markets, and exchanges we currently cover, we are also actively exploring research and development initiatives to focus on advancing proprietary analytics and AI-driven models, as well as the possibility of growth through acquisition of complementary tools and technologies that would enhance our platform’s capabilities and value to Users. Furthermore, in 2025 and 2026, we made acquisitions of online financial newsletters and related intellectual property (including subscriber lists) to add to our portfolio of titles.
Previous wording
As previously reported in our Annual Report, our management is currently engaged in a dispute with Mr. David Mandel, a former member of our board of directors. On July 18, 2025, our board of directors received an email notification from Mr. Mandel wherein he alleged that he was promised the position of Chief Executive Officer of the Company with associated compensation of an annual salary of $220,000 and seven percent (7%) of the outstanding common stock of the Company, subject to a vesting schedule over a three-year period. Our management firmly denies these allegations, rejects the premise that any agreement related to the subject matter of the allegations was ever entered into, and does not believe that any related legal claim, if brought, would hold merit or be valid. See the section entitled “Risk Factors - Our management is currently in a dispute with one of our former directors If he were to bring legal action against us, and we were to receive an adverse ruling, it could materially and adversely affect our reputation, dilute our shareholders’ equity interests in the Company, and adversely affect our stock price.” contained in our Annual Report for a discussion of the risks associated with the dispute.
Current wording
As previously reported in our Annual Report, since July 18, 2025, our management has been engaged in a dispute with Mr. David Mandel, a former member of our board of directors. On March 19, 2026, Mr. Mandel filed a lawsuit against the Company and Mr. Nicolas Lin, our Chief Executive Officer and Chairman. See “Part II – Other Information - Item 1 – Legal Proceedings” below for more information and the section entitled “Risk Factors - Our management is currently in a dispute with one of our former directors If he were to bring legal action against us, and we were to receive an adverse ruling, it could materially and adversely affect our reputation, dilute our shareholders’ equity interests in the Company, and adversely affect our stock price” contained in our Annual Report for a discussion of the risks associated with the dispute.
Previous wording
The following table presents the revenue, cost of sales, gross margin and the net cash provided by or used in operating activities for the three months ended December 31, 2025 and 2024.
Current wording
The following table presents the revenue, cost of sales, gross margin and the net cash provided by or used in operating activities for the six months ended March 31, 2026 and 2025.
Previous wording
Our existing Userbase presents a significant opportunity for further sales expansion through increased usage of our platform and adoption of additional product offerings. We are highly focused on gaining a better understanding of the needs and growth plans of our existing Users. This deeper relationship with our Users will help us identify opportunities to educate our customer base on ways to utilize the platform more effectively for their individual use cases, as well as provide a feedback loop to inform our product roadmap. We are focusing our sales and support teams to prevent user churn by ensuring that our products and services can provide a high level of value. Our goal is to continue to increase our revenue from existing users through the introduction of new products and features tailored to our customer base in addition to expanded user outreach focused on larger Users and specific use cases.
Current wording
Our existing Userbase presents a significant opportunity for further sales expansion through increased usage of our platform and adoption of additional product offerings. We are highly focused on gaining a better understanding of the needs and growth plans of our existing Users. This deeper relationship with our Users will help us identify opportunities to educate our customer base on ways to utilize the platform more effectively for their individual use cases, as well as provide a feedback loop to inform our product roadmap. We are focusing on our sales and support teams to prevent user churn by ensuring that our products and services can provide a high level of value. Our goal is to continue to increase our revenue from existing users through the introduction of new products and features tailored to our customer base in addition to expanded user outreach focused on larger Users and specific use cases.
Previous wording
We believe there is a substantial opportunity to further expand our Userbase to attract more businesses that can scale on our platform. We are investing in strategies that we believe will attract enterprise users, including new marketing and partnership initiatives that further optimize our self-service revenue funnel and help users expand their usage.
Current wording
We believe there is a substantial opportunity to further expand our Userbase to attract more businesses that can scale on our platform. We are investing in strategies that we believe will attract enterprise users, including new marketing and partnership initiatives that further optimize our self-service revenue funnel and help users expand their usage. We are also acquiring online newsletters (including, since our IPO, Whale Tales, Altcoin Investing, 21Bitcoin.xyz, Coinstack and Publicview.ai) as a means of growing our subscriber base.
Previous wording
We have a history of and will continue to invest significantly, in, delivering innovative products, features and functionality targeted at our core Userbase. The market opportunity for our core services of providing proprietary research analytics, data, and tools for equity traders through a flagship platform continues to expand and we are making targeted investments to expand this revenue. Beyond the SentimenTrader platform, we continue to see large growth opportunities in U.S. markets and, accordingly, we have expanded our portfolio of products and offerings over the last few years. In addition, we may pursue both strategic partnerships and acquisitions that we believe will be complementary to our business, accelerate User acquisition, increase usage of our platform and/or expand our product offerings in our core markets. Our results of operations may fluctuate as we make these investments to drive usage and take advantage of our market opportunity.
Current wording
We have a history of and will continue to invest significantly in delivering innovative products, features and functionality targeted at our core Userbase. The market opportunity for our core services of providing proprietary research analytics, data, and tools for equity traders through a flagship platform continues to expand and we are making targeted investments to expand this revenue. Beyond the SentimenTrader and SentimenTracker platforms, we continue to see large growth opportunities in U.S. markets and, accordingly, we have expanded our portfolio of products and offerings over the last few years, including through acquisitions in 2025 and 2026. In addition, we may pursue both strategic collaborations such as AetherHub and additional acquisitions that we believe will be complementary to our business, accelerate User acquisition, increase usage of our platform and/or expand our product offerings in our core markets. Our results of operations may fluctuate as we make these investments to drive usage and take advantage of our market opportunity.
Previous wording
Research and development expenditures for the period primarily consisted of fees charged by third-party service providers. Management expects research and development work on XYZ Terminal to continue in subsequent periods, with commercialization targeted following the completion of the initial feature set.
Current wording
Research and development expenditures for the period primarily consisted of fees charged by third-party service providers. Management expects research and development work on XYZ Terminal and SentimenTracker to continue in subsequent periods, with commercialization targeted following the completion of the initial feature set.
Previous wording
As of December 31, 2025, Alpha Edge Media had a negligible number of paid subscribers and did not have any subscribers during the three months ended December 31, 2024. Subscriber activity commenced beginning August 14, 2025.
Current wording
As of March 31, 2026, Alpha Edge Media had a negligible number of paid subscribers. Subscriber activity commenced on August 14, 2025. Accordingly, there were no subscribers for the six months ended March 31, 2025
Previous wording
“Free subscribers” are defined as Users who subscribe to our free investment publications using a valid email address and remain directly opted in, excluding paid subscribers who also receive free subscription. These free subscriptions often feature daily publications with commentary on the stock market, investment ideas, and other specialized topics. Our free publications include advertisements and editorial support for our current marketing campaigns. Through these publications, free subscribers become acquainted with our editors and analysts, explore our products and services, and discover how we could help them become better investors.
Current wording
“Free Subscribers” are defined as Users who subscribe to our free investment publications using a valid email address and remain directly opted in, excluding Paid Subscribers (as defined below) who also receive free subscription materials. These free subscriptions often feature daily publications with commentary on the stock market, investment ideas, and other specialized topics. Our free publications include advertisements and editorial support for our current marketing campaigns. Through these publications, Free Subscribers become acquainted with our editors and analysts, explore our products and services, and discover how we could help them become better investors.
Previous wording
For the three months ended December 31, 2025 and 2024
Current wording
The number of new Free Subscribers for SentimenTrader increased by 59, or 9.95%, from 593 for the six months ended March 31, 2025 to 652 for the six months ended March 31, 2026. The number of new Free Subscribers decreased by 41, or 12.62 %, from 325 for the three months ended March 31, 2025, to 284 for the three months ended March 31, 2026. The decrease in Free Subscribers reflects reduced customer acquisition and increased attrition.
Previous wording
The number of free subscribers for Alpha Edge Media as of December 31, 2025, was 417,277. Alpha Edge Media did not have operations as of December 31, 2024.
Current wording
The number of Free Subscribers for Alpha Edge Media as of March 31, 2026, was 392,964. Alpha Edge Media did not have operations as of March 31, 2025.
Previous wording
“Paid subscribers” are defined as the number of monthly average users with paid subscriptions during the period or year. We view the number of paid subscribers at the end of a given period as a key indicator of the attractiveness of our products and services, as well as the efficacy of our marketing in converting free subscribers to paid subscribers and generating direct-to-paid paid subscribers. We grow our paid subscriber base through performance marketing directly to prospective and existing users across a variety of media, channels, and platforms. Management anticipates the conversion rate will increase when the business becomes more mature in the future.
Current wording
“Paid Subscribers” are defined as the number of monthly average users with paid subscriptions during the period or year. We view the number of Paid Subscribers at the end of a given period as a key indicator of the attractiveness of our products and services, as well as the efficacy of our marketing in converting Free Subscribers to Paid Subscribers and generating direct-to-paid Paid Subscribers. We intend to grow our Paid Subscriber base through performance marketing directly to prospective and existing users across a variety of media, channels, and platforms. Management anticipates the conversion rate will increase when the business becomes more mature in the future.
Previous wording
The average conversion rate from free subscribers to paid subscribers on our SentimenTrader platform was approximately 32.07% and 25.61% for the three months ended December 31, 2025 and 2024, respectively. The higher conversion rates for the three months ended December 31, 2025, was attributable to a promotional campaign.
Current wording
The average conversion rate from Free Subscribers to Paid Subscribers on our SentimenTrader platform was approximately 26.48% and 23% for the six months ended March 31, 2026 and 2025, respectively. The average conversion rate from Free Subscribers to Paid Subscribers on our SentimenTrader platform was approximately 20.89% and 20.90% for the three months ended March 31, 2026 and 2025, respectively. The higher conversion rates for the six months ended March 31, 2026, were attributable to a promotional campaign.
Previous wording
The average conversion rate from free subscribers to paid subscribers of AEM was negligible for the three months ended December 31, 2025. AEM did not have operations as of December 31, 2024.
Current wording
The average conversion rate from Free Subscribers to Paid Subscribers of AEM was negligible for the six months ended March 31, 2026. AEM did not have operations as of March 31, 2025.
Previous wording
The ARPU is calculated based on the revenue divided by the number of monthly average paid subscribers over that three-month period. We believe ARPU is a key indicator of how successful we are in attracting users to higher-value content. We believe that our high ARPU is indicative of the trust we build with our users and of the value they see in our products and services.
Current wording
The ARPU is calculated based on the total revenue divided by the number of monthly average Paid Subscribers over that period or year. We believe ARPU is a key indicator of how successful we are in attracting Users to higher-value content. We believe that our high ARPU is indicative of the trust we build with our Users and of the value they see in our products and services.
Previous wording
Total revenue decreased marginally by $15,839, or 4.47%, from $354,643 for the three months ended December 31, 2024 to $338,804 for the three months ended December 31, 2025.
Current wording
Total revenue decreased marginally by $21,704, or 3.12%, from $696,549 for the six months ended March 31, 2025, to $674,845 for the six months ended March 31, 2026.
Previous wording
We are actively incorporating new features and improvements into SentimenTrader to enhance User experience and increase conversion rates. This includes introducing advanced analytical tools, expanding data sources, and refining our platform’s design to improve accessibility and ease of use. Additionally, we are exploring targeted marketing strategies to attract new paid subscribers while retaining existing ones. Through these efforts, we believe we will be able to enhance user engagement and improve both subscriber growth and conversion rates in the coming periods.
Current wording
We are actively incorporating new features and improvements into SentimenTrader to enhance User experience and increase conversion rates. This includes introducing advanced analytical tools, expanding data sources, and refining our platform’s design to improve accessibility and ease of use. Additionally, we are exploring targeted marketing strategies to attract new Paid Subscribers while retaining existing ones. Through these efforts, we are confident in our ability to enhance User engagement and improve both subscriber growth and conversion rates in the coming periods.
Previous wording
Gross profit margin increased from 80.40% for the three months ended December 31, 2024 to 69.67% for the three months ended December 31, 2025. The increase in gross profit margin was primarily attributable to the combined impact of the decrease in subscription revenue and decrease in cost of sales.
Current wording
Gross profit margin increased from 68.82% for the six months ended March 31, 2025, to 80.56% for the six months ended March 31, 2026. The increase in gross profit margin was primarily attributable to the combined impact of the decrease in subscription revenue and decrease in cost of sales.
Previous wording
Our revenue decreased by $15,839, or 4.47%, from $354,643 for the three months ended December 31, 2024, to $338,804 for the three months ended December 31, 2025 due to a decrease in the number of paid subscribers.
Current wording
Our revenue decreased by $5,865, or 1.72%, from $341,906 for the three months ended March 31, 2025, to $336,041 for the three months ended March 31, 2026 due to a decrease in the number of Paid Subscribers.
Previous wording
Cost of sales mainly includes the hosting costs for the Sentiment Trader platform, Bloomberg access for the analysts to research tools, and the analyst salaries. Cost of sales decreased by $41,138, or 38.25%, from $107,558 for the three months ended December 31, 2024, to $66,420 for the three months ended December 31, 2025 due to decrease in analyst salaries.
Current wording
Cost of sales mainly includes the hosting costs for the SentimenTrader platform, Bloomberg access for the analysts to research tools, and the analyst salaries. Cost of sales decreased by $44,832, or 40.90%, from $109,616 for the three months ended March 31, 2025, to $64,784 for the three months ended March 31, 2026, attributable to the decrease in analyst salaries.
Previous wording
Gross profit increased by $25,299, or 10.24%, from $247,085 for the three months ended December 31, 2024, to $272,384 for the three months ended December 31, 2025. The increase in gross profit was mainly due to the decrease in cost of sales, as discussed above.
Current wording
Gross profit increased by $38,967, or 16.78%, from $232,290 for the three months ended March 31, 2025, to $271,257 for the three months ended March 31, 2026. The increase in gross profit was mainly due to the decrease in in cost of sales, as discussed above.
Previous wording
Our selling and marketing costs primarily consist of expenses related to advertising and marketing consultants. These costs increased by $174,527 or 791.69%, from $22,045 for the three months ended December 31, 2024, to $196,572 for the three months ended December 31, 2025, representing 58.02% and 6.22% of our revenue for the three months ended December 31, 2025 and 2024 respectively. The increase was mainly driven by higher advertising and marketing expenses incurred in the current period compared to three months ended December 31, 2024.
Current wording
Our selling and marketing costs primarily consist of expenses related to advertising and marketing consultants. These costs increased by $132,364 or 233.77%, from $56,622 for the three months ended March 31, 2025, to $188,986 for the three months ended March 31, 2026, representing 56.24% and 16.56% of our revenue for the three months ended March 31, 2026 and 2025, respectively. The increase was mainly driven by higher advertising and marketing expenses incurred in the current period compared to three months ended March 31, 2025.
Previous wording
Our general and administrative expenses primarily include salaries and benefits, legal and professional fees, insurance expense, office expenses, travel and entertainment expenses. Our general and administrative expenses represented 397.71% and 143.81% of our revenue for the three months ended December 31, 2025 and 2024, respectively. General and administrative expenses increased by $837,415, or 164.19%, from $510,029 for the three months ended December 31, 2024, to $1,347,444 for the three months ended December 31, 2025. The increase was mainly due to the increase in legal fees, consulting fees and insurance expense and membership and subscription charges.
Current wording
Our general and administrative expenses primarily include salaries and benefits, legal and professional fees, insurance expenses, office expenses, travel and entertainment expenses, utility expenses, depreciation expenses and amortization expenses. Our general and administrative expenses represented 314.40% and 165.50% of our revenue for the three months ended March 31, 2026 and 2025, respectively. General and administrative expenses increased by $490,663, or 86.71%, from $565,849 for the three months ended March 31, 2025, to $1,056,512 for the three months ended March 31, 2026. The increase was mainly due to the increase in legal fees, consulting fees, insurance expense, amortization expense, depreciation expense and membership and subscription charges.
Previous wording
Our research and development expenses primarily consist of costs incurred in the development of artificial intelligence and machine learning tools for our platform. These expenses increased by $57,947, or 100%, from $0 for the three months ended December 31, 2024 to $57,947 for the three months ended December 31, 2025. Research and development expenses represented approximately 17.1% and 0% of our revenue for the respective periods.
Current wording
Our research and development expenses primarily consist of costs incurred in the development of artificial intelligence and machine learning tools for our platform. These expenses incurred amounted to $73,172 for the three months ended March 31, 2026 and there were no expenses for the three months ended March 31, 2025. Research and development expenses represented approximately 21.77% and 0% of our revenue for the respective periods.
Previous wording
We had a loss before income taxes of $1,297,237 and $284,989 for the three months ended December 31, 2025 and 2024, respectively. The loss was primarily attributable to the increase in selling expense and general and administrative expenses
Current wording
We had a loss before income taxes of $1,028,964 and $390,181 for the three months ended March 31, 2026 and 2025, respectively. The loss was primarily attributable to the increase in selling expenses, research and development expenses and general and administrative expenses.
Previous wording
We had a net comprehensive loss of $1,297,237 and $284,989 for the three months ended December 31, 2025 and 2024, respectively. The loss was primarily attributable to the increase in selling expenses and general and administrative expenses. The discussion regarding the increase in selling expenses and general and administrative expenses are discussed in the sections above.
Current wording
We had a net comprehensive loss of $1,028,964 and $390,181 for the three months ended March 31, 2026 and 2025, respectively. The loss was primarily attributable to the increase in selling expenses, research and development expenses and general and administrative expenses. The discussion regarding the increase in selling expenses, research and development expenses and general and administrative expenses are discussed in the sections above.
Previous wording
Net cash used in operating activities was $1,008,063 for the three months ended December 31, 2025, as compared to net cash used in operating activities of $258,016 for the three months ended December 31, 2024. The increase in net cash used in operating activities was mainly attributable to the following factors:
Current wording
Net cash used in operating activities was $1,927,242 for the six months ended March 31, 2026, as compared to net cash used in operating activities of $361,771 for the six months ended March 31, 2025. The increase in net cash used in operating activities was mainly attributable to the following factors:
Previous wording
Net cash used in investing activities was $1,611,427 for the three months ended December 31, 2025 and $0 for the three months ended December 31, 2024.
Current wording
Net cash used in investing activities was $1,682,970 for the six months ended March 31, 2026 and $0 for March 31, 2025.
Previous wording
The increase in net cash used in investing activities for the three months December 31, 2025 was primarily due to purchase of property and equipment of $1,168,598, payment for intangible assets for $385,050 and advance for development cost for XYZ Terminal & Sentimentracker of $57,779 for the three-month ended December 31, 2025, compared to no such amount for the three months ended December 31, 2024.
Current wording
The increase in net cash used in investing activities for the six months ended March 31, 2026 was primarily due to purchase of property and equipment of $1,168,598, payment for intangible assets for $417,167, and advances for the development of XYZ Terminal, Tradrithm & Alphid AI of $97,205 which are capitalized as Internally developed software WIP for the six months ended March 31, 2026, compared to no such amount for the six months ended March 31, 2025.
Previous wording
Net cash provided by financing activities was $0 for the three months ended December 31, 2025 as compared to $93,904 for the three months ended December 31, 2024.
Current wording
Net cash used in financing activities was $0 for the six months ended March 31, 2026 as compared to $2,789 for the six months ended March 31, 2025.
Previous wording
As of December 31, 2025, our current assets were $2,150,336 which includes cash of $1,798,679 and prepaid expenses of $351,657. Our current liabilities were $637,092 which includes trade payables and accrued liabilities of $271,630, amounts due to related parties of $5,170, and contract liabilities of $360,292. The resulting positive working capital was $1,513,244. No dividends were declared and paid to the shareholders for the three-month period ended December 31, 2025.
Current wording
As of March 31, 2026, our current assets were $1,083,201 which includes cash of $807,957, accounts receivable and other receivables of $12,931 and prepaid expenses of $262,313. Our current liabilities were $640,758 which includes accounts payables and accrued liabilities of $250,650, amounts due to related parties of $5,172, and contract liabilities of $384,936. The resulting positive working capital was $442,443. No dividends were declared and paid to the shareholders for the six months period ended March 31, 2026.
Previous wording
As of September 30, 2025, our current assets totaled $4,783,242, which included cash of $4,418,169 and prepaid expenses of $ 365,073. Our current liabilities amounted to $519,078, which consisted of trade payables and accrued liabilities of $123,257, amounts due to related parties of $37,193, and contract liabilities of $358,628. This resulted in positive working capital of $4,264,164. No dividends were declared or paid to shareholders for the year ended September 30, 2025.
Current wording
As of September 30, 2025, our current assets totaled $4,783,242, which included cash of $4,418,169 and prepaid expenses of $365,073. Our current liabilities amounted to $519,078, which consisted of accounts payable and accrued liabilities of $123,257, amounts due to related parties of $37,193, and contract liabilities of $358,628. This resulted in positive working capital of $4,264,164. No dividends were declared or paid to shareholders for the six months ended March 31, 2025.
Previous wording
Our available cash resources currently consist of the net proceeds from our April 2025 IPO and cash generated from our business. The Company completed its initial public offering on April 11, 2025 and the closing of the underwriters’ over-allotment option on April 16, 2025, which collectively generated aggregate gross proceeds of approximately $8,901,000 (before underwriting discounts and offering expenses), the Company continues to incur operating losses and expects to require additional capital to fund operations and execute its business plan. These conditions raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date these condensed financial statements are issued.
Current wording
Our available cash resources currently consist of the net proceeds from our April 2025 IPO and cash generated from our business. We completed our IPO on April 11, 2025 and the closing of the underwriters’ over-allotment option on April 16, 2025, which collectively generated aggregate gross proceeds of approximately $8,901,000 (before underwriting discounts and offering expenses). We continue to incur operating losses and expect to require additional capital in the near term to fund operations and execute our business plan. These conditions raise substantial doubt about our ability to continue as a going concern within one year after the date these condensed financial statements are issued.
Previous wording
Management intends to fund operating costs over the next twelve months primarily through the use of remaining IPO proceeds and, if necessary, through additional financing from public or private offerings of equity or debt securities. However, there can be no assurance that such financing will be available on acceptable terms, or at all. Accordingly, management has concluded that substantial doubt about the Company’s ability to continue as a going concern has not been alleviated. The accompanying condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Current wording
Management intends to fund operating costs over the next twelve months primarily through the use of remaining IPO proceeds and, most likely, through additional financing from public or private offerings of equity or debt securities. However, there can be no assurance that such financing will be available on acceptable terms, or at all. Accordingly, management has concluded that substantial doubt about our ability to continue as a going concern has not been alleviated. The accompanying condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Previous wording
During the three months ended December 31, 2025 we paid $ 1,168,598 towards purchase of property and $ 385,050 towards acquisition of intangible assets.
Current wording
During the six months ended March 31, 2026 we paid $1,168,598 towards purchase of property and $417,167 towards acquisition of intangible assets.
Previous wording
We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources for the three months ended December 31, 2025 and 2024.
Current wording
We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources for the three and six months ended March 31, 2026 and 2025.
Rearranged current paragraphs (10)
Current report — wording carried from elsewhere
The following table summarizes the results of unaudited condensed consolidated statements of operations and comprehensive loss for the six months ended March 31, 2026 and 2025 in U.S. dollars and provides information regarding the dollar and percentage increase or (decrease) during such periods. The operating results in any historical period are not necessarily indicative of the results that may be expected for any future period.
Current report — wording carried from elsewhere
Our selling and marketing costs primarily consist of expenses related to advertising and marketing consultants. These costs increased by $306,891 or 390.11%, from $78,667 for the six months ended March 31, 2025, to $385,558 for the six months ended March 31, 2026, representing 57.13% and 11.29% of our total revenue for the six months ended March 31, 2026 and 2025, respectively. The increase was mainly driven by higher advertising and marketing expenses incurred in the current period compared to the six months ended March 31, 2025.
Current report — wording carried from elsewhere
Our general and administrative expenses primarily include salaries and benefits, legal and professional fees, insurance expenses, office expenses, travel and entertainment expenses, utility expenses, depreciation expenses and amortization expenses. Our general and administrative expenses represented 356.22% and 159.80% of our revenue for the six months ended March 31, 2026 and 2025, respectively. General and administrative expenses increased by $1,290,868, or 115.97%, from $1,113,088 for the six months ended March 31, 2025, to $2,403,956 for the six months ended March 31, 2026. The increase was mainly due to the increase in legal fees, consulting fees, insurance expense, amortization expense, depreciation expense and membership and subscription charges.
Current report — wording carried from elsewhere
Our research and development expenses primarily consist of costs incurred in the development of artificial intelligence and machine learning tools for our platform. The expenses incurred amounted to $131,119 for the six months ended March 31, 2026, and there were no expenses for the six months ended March 31, 2025. Research and development expenses represented approximately 19.43% and 0% of our revenue for the respective periods.
Current report — wording carried from elsewhere
We had no provision for income taxes for the six months ended March 31, 2026, as we had no assessable profits for the period.
Current report — wording carried from elsewhere
We had a net comprehensive loss of $2,326,201 and $712,380 for the six months ended March 31, 2026 and 2025, respectively. The loss was primarily attributable to the increase in selling expenses, research and development expenses and general and administrative expenses. The discussion regarding the increase in selling expenses, research and development expenses and general and administrative expenses are discussed in the sections above.
Current report — wording carried from elsewhere
We are actively incorporating new features and improvements into SentimenTrader to enhance User experience and increase conversion rates. This includes introducing advanced analytical tools, expanding data sources, and refining our platform’s design to improve accessibility and ease of use. Additionally, we are exploring targeted marketing strategies to attract new paid subscribers while retaining existing ones. Through these efforts, we are confident in our ability to enhance User engagement and improve both subscriber growth and conversion rates in the coming periods.
Current report — wording carried from elsewhere
Gross profit and Costs of Sales
Current report — wording carried from elsewhere
Our cost and gross profit are as follows:
Current report — wording carried from elsewhere
The increase in research and development expenses was driven by continued investment in enhancing our AI-driven capabilities and platform functionality. We expect research and development expenses to increase in future periods as we remain committed to expanding our AI-related features to deliver enhanced functionality and value to our users.