MIMI · Axonex AI Group Limited

Mint Incorporation Limited's unaudited interim results for the six months ended September 30, 2025, reveal significant deterioration in profitability. Total revenues declined 26.2% to US$988,398 from US$1,339,496 in the prior year period, primarily due to a 98.1% drop in design only services to US$10,241, outweighing a 21.8% increase in design and fit out services to US$978,157 from more projects. Cost of revenues rose to US$945,300 from US$876,886, driven by higher subcontracting costs for milling, painting, electrical works, and materials purchases tied to increased project volume and non-residential fit-outs. This led to gross profit collapsing 90.7% to US$43,098, with margin shrinking to 4.4% from 34.5%, reflecting the mix shift away from higher-margin design only services and cost pressures. Operating expenses ballooned to US$8,754,530 from US$300,845, dominated by US$7,820,000 in share-based compensation within selling and marketing, plus elevated general and administrative costs from amortization, depreciation, and professional fees, resulting in an operating loss of US$8,711,432 versus prior income of US$161,765. Net loss reached US$8,582,742 or $(0.35) per share, compared to US$131,911 net income or $0.01 per share previously. Balance sheet shows total assets at US$6.6M versus US$7.6M at March 31, 2025, with cash at US$4.1M and equity at US$5.0M after accumulated losses of US$8.9M; shares increased via Class A issuance. No forward guidance provided. Investors should note the one-time share-based compensation impact but monitor revenue mix and cost controls amid business shifts.