Rhino Bitcoin Inc., formerly known as Phoenix Plus Corp., reported a revenue of $478,159 for the fiscal year ending July 31, 2025, a decrease from $1,232,326 in the previous year. This decline in revenue is attributed to the completion of several major solar installation projects in the prior fiscal year, which had previously contributed significantly to the company's income. The cost of revenue also decreased to $411,361 from $1,284,930, resulting in a gross profit of $66,798, compared to a gross loss of $52,604 in the previous year. Despite this improvement in gross profit, the company recorded a net loss of $458,364, slightly higher than the net loss of $437,781 reported for the year ending July 31, 2024.
The company underwent significant changes during the reporting period, most notably the reverse acquisition of Rhino Digital on August 19, 2025. This acquisition marked a strategic shift for the company, transitioning its focus from solar power consultancy to Bitcoin financial services. Following the acquisition, Rhino Digital became the company's primary operating entity, and Lyle Hauser was appointed as the new CEO, replacing former CEO Lee Chong Chow. The company also changed its name to Rhino Bitcoin Inc. to reflect its new business direction.
Operationally, Rhino Digital aims to provide a comprehensive suite of Bitcoin financial services, including account funding, trading, custody services, and remittances. The company has established partnerships with financial and digital asset infrastructure providers, such as Cybrid Inc. and Fireblocks, to enhance its service offerings. As of the end of July 2025, the company had one full-time employee and four independent contractors, indicating a lean operational structure as it transitions into its new business model.
Looking ahead, Rhino Bitcoin Inc. plans to expand its service offerings, with new products such as retirement accounts and Bitcoin-collateralized loans expected to launch in late 2025. The company anticipates incurring approximately $3.5 million in general and administrative expenses over the next twelve months to support its growth strategy. However, the company has expressed concerns regarding its liquidity, noting that it will require additional financing to continue operations and achieve profitability. The management's ability to secure funding will be critical to the company's future success, as it navigates the competitive landscape of Bitcoin financial services.
About Phoenix Plus Corp.
Phoenix Plus Corp. is a Nevada-based company specializing in renewable energy, primarily providing solar power system design, installation, consultancy, and turnkey solutions. Through its subsidiaries in Malaysia and Hong Kong, it markets solar products, including amorphous thin film panels, and offers engineering, procurement, construction, and maintenance services. The company targets residential, commercial, and industrial markets, emphasizing sustainable energy development and leveraging its expertise in green energy technologies.
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