Smart Digital Group Limited Ordinary Shares

Smart Digital Group Limited (SDM) reported a net loss of $37.8 million for fiscal year 2025, driven by significant share-based compensation expenses of $35.0 million. Revenue was $37.2 million with a gross profit of $3.7 million, resulting in a gross margin of 9.9%. Operating loss was $37.9 million due to total operating expenses of $41.7 million, which included $6.3 million in general and administrative expenses. The company's balance sheet shows total assets of $14.6 million, with current assets of $11.8 million including $10.6 million in accounts receivable. Cash flow from operations was negative $5.6 million, but financing activities provided $5.8 million primarily from IPO proceeds of $6.9 million. The company ended the year with $251,000 in cash and cash equivalents.

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