New Momentum Corporation Reports $33.7 Million Net Loss for Six Months Ending June 30, 2025

New Momentum Corporation has reported its financial results for the six months ending June 30, 2025, revealing a net loss of $33.7 million, a decrease from the $37.6 million loss recorded during the same period in 2024. The company did not generate any revenue during the current fiscal period, compared to a modest revenue of $6,000 in the prior year. Operating expenses for the first half of 2025 totaled $36.9 million, down from $61.2 million in the previous year, primarily due to reduced general and administrative costs and legal fees.

The company's balance sheet as of June 30, 2025, shows total assets of $28.98 million, a significant increase from $11.70 million at the end of 2024. This growth is attributed to a rise in deposits, prepayments, and other receivables, which increased from $3.89 million to $21.15 million. However, total liabilities also rose, reaching $779.3 million, up from $733.7 million, largely due to increased accounts payable and amounts due to directors and shareholders. As a result, shareholders' deficit widened to $750.3 million from $721.9 million.

In terms of operational developments, New Momentum Corporation continues to focus on its core business of providing a "Book Now, Pay Later" flight booking service through its smartphone application. The company operates in a competitive market, serving over 500 airlines worldwide. Despite the lack of revenue, the company is actively pursuing additional financing to support its operations and future expansion plans. The management has indicated that the continuation of the company as a going concern is dependent on the financial support from its shareholders.

The company has maintained a consistent employee headcount of approximately 825.9 million shares outstanding, reflecting stability in its workforce despite ongoing financial challenges. The management has noted that the economic environment and market conditions could significantly impact future performance, and they are exploring strategic options to enhance product adoption and market share.

Looking ahead, New Momentum Corporation remains cautious about its financial outlook. The management has acknowledged the uncertainty surrounding its ability to secure sufficient funds for operations and expansion. The company is committed to improving its financial position and is focused on enhancing customer engagement and operational efficiency as it navigates the challenges of the current economic landscape.