Huineng Technology Corporation reported its financial results for the six months ending May 31, 2025, revealing a significant decline in revenue and an increase in net losses compared to the same period in the previous fiscal year. The company generated revenue of $4.6 million, a decrease of 66% from $13.5 million in the prior year. The net loss for the six-month period was $21 million, compared to a loss of $7.3 million in the same period of 2024. The company's gross profit remained at $4.6 million, as there were no costs of revenue reported.
The financial statements indicate substantial changes in the company's balance sheet. Total assets decreased to $18.1 million as of May 31, 2025, down from $21.1 million at the end of November 2024. Current liabilities also saw a significant reduction, dropping from $30.7 million to $10 million, primarily due to the elimination of amounts due to a shareholder and a decrease in accrued liabilities. Shareholders' equity improved to $8.1 million from a deficit of $9.6 million, largely due to the issuance of 39 million shares in early 2025.
Strategically, Huineng Technology underwent a corporate name change from Aceztech Corporation to Huineng Technology Corporation in February 2025, alongside a new stock symbol change from "ACZT" to "HNIT." The company also dissolved its wholly owned subsidiary, Aceztech Sdn. Bhd., in April 2025, which is reflected in the deconsolidation of the subsidiary's financials. The leadership transitioned with the resignation of the previous CEO and the appointment of Guoxiang Ao as the new CEO.
Operationally, the company has focused on providing website-related services in Malaysia and Hong Kong. However, specific metrics regarding customer counts, user statistics, or product adoption rates were not disclosed in the filing. The company reported a weighted average of 26.9 million common shares outstanding for the six months ended May 31, 2025, reflecting the impact of the recent share issuance.
Looking ahead, Huineng Technology's management has not provided specific forward-looking statements regarding revenue or operational targets. However, the company aims to stabilize its financial position following the recent restructuring and to enhance its service offerings in the digital space. The management's focus will likely be on improving operational efficiency and exploring new market opportunities to drive future growth.
About Huineng Technology Corp
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