Ms. Siyu Yang, Chief Executive Officer of Baiya, commented, "We are pleased to report strong revenue growth for fiscal year 2025, with net revenues increasing by 28.6% to $16.5 million. This performance was driven by continued expansion in our core project outsourcing services, which increased by 9.4%, and exceptional growth in entrusted recruitment services, which increased by 2,515.2%. We also benefited from contributions from new customers and newly introduced services, while further strengthening our presence in the logistics and express delivery sectors. Gross profit grew by 35.1% to $1.9 million, reflecting increased contributions across our service lines, while we increased spending on business expansion and corporate-related initiatives."
Ms. Yang continued, "As we move forward, we intend to continue to refine our service capabilities and deepen our presence in high-growth sectors such as logistics and express delivery, while advancing our platform-driven approach to better capture opportunities in the evolving employment landscape. In parallel, we are expanding our strategic horizon through new initiatives which reflect our efforts to build a more dynamic and structured capital framework. We believe these initiatives, together with our growing client base and disciplined execution, will position us well to drive sustainable growth and deliver long-term value to our shareholders."
Fiscal Year 2025 Financial Summary
Net revenues were $16.5 million in fiscal year 2025, an increase of 28.6% from $12.8 million in fiscal year 2024.
Gross profit was $1.9 million in fiscal year 2025, an increase of 35.1% from $1.4 million in fiscal year 2024.
Net loss attributable to Baiya was $9.5 million in fiscal year 2025, compared to $8,750 in fiscal year 2024.
Basic and diluted net loss per common share were $5.04 in fiscal year 2025, compared to $0.02 in fiscal year 2024.
Fiscal Year 2025 Financial Results
Net Revenues
Net revenues were $16.5 million in fiscal year 2025, an increase of 28.6% from $12.8 million in fiscal year 2024.
Revenue from entrusted recruitment service was $1.1 million in fiscal year 2025, an increase of 2,515.2% from $0.04 million in fiscal year 2024. The increase was primarily driven by growth in entrusted recruitment service revenue from new customers, including a $0.3 million contribution from Dongguan Santong Human Resources Management Co., Ltd., $0.2 million from Dongguan Great Wall Development Technology Co., Ltd., $0.2 million from Gansu Detian Human Resources Co., Ltd., $0.2 million from Suzhou Tengyu Outsourcing Services Co., Ltd. and $0.2 million from Dongguan Zhaofeng Human Resources Co., Ltd.
Revenue from project outsourcing service was $14.0 million in fiscal year 2025, an increase of 9.4% from $12.8 million in fiscal year 2024. The increase was primarily due to the outsourcing revenues from the Company's major customers, $0.7 million increased from Songjia Precision Technology (Dongguan) Co., Ltd. $0.6 million increased from China Postal Express & Logistics Co., Ltd, Sihui City Branch, $0.2 million increase from Guangdong Dingsheng Human Resources Co., Ltd and $1.8 million increase from Zhaoqing Runzhongyi Logistics Services Co., Ltd., which was partly offset by $1.6 million decreased from Zhongshan Branch of China Postal Group Limited and $0.4 million decrease from Dongguan Jiefeng Information Technology Co., Ltd.
Revenue from research and development technical services was $1.4 million in fiscal year 2025. The Company did not generate any revenue from research and development technical services in fiscal year 2024.
Revenue from other services was $0.1 million in fiscal year 2025, an increase of 1,706.2% from $3,050 in fiscal year 2024. During fiscal year 2025, the revenue generated from other services mainly represents consulting services revenue of $55,089.
Cost of RevenuesTotal cost of revenue was $14.6 million in fiscal year 2025, an increase of 27.8% from $11.4 million in fiscal year 2024.
Gross ProfitGross profit was $1.9 million in fiscal year 2025, an increase of 35.1% from $1.4 million in fiscal year 2024. The increase was mainly due to the $0.3 million increase in gross profit from project outsourcing service, $69,693 increase in gross profit from entrusted recruitment service, $64,301 increase in gross profit from research and development technical services and $26,860 increase in gross profit from other services.
Operating ExpensesTotal operating expenses were $11.5 million in fiscal year 2025, an increase of 754.6% from $1.3 million in fiscal year 2024. The change was mainly due to an increase of $9.4 million in general and administrative expenses and an increase of $0.8 million in selling expenses, which were partly offset by a decrease of $11,088 in research and development expenses.
Selling expenses were $1.0 million in fiscal year 2025, an increase of 364.2% from $0.2 million in fiscal year 2024. The increase was primarily due to the $0.7 million increase in advertising and promotion expense and $0.1 million increase in meal and entertainment expense.
General and administrative expenses were $10.3 million in fiscal year 2025, an increase of 1,051.9% from $0.9 million in fiscal year 2024. The increase in general and administrative expenses were mainly due to increased stock compensation expenses by $4.3 million, increased consulting and professional service fees by $4.7 million, increased payroll expense by $0.3 million and increased other expenses by $0.1 million.
Research and development expenses were $0.23 million in fiscal year 2025, a decrease of 4.7% from $0.24 million in fiscal year 2024.
Net Loss Attributable to BaiyaNet loss attributable to Baiya was $9.5 million in fiscal year 2025, compared to $8,750 in fiscal year 2024. The increase in net loss in 2025 mainly resulted from increased operating expenses by $10.1 million, which was partly offset by increased other income by $0.1 million and increased gross profit by $0.5 million in fiscal year 2025.
Basic and Diluted Net Loss per Common ShareBasic and diluted net loss per common share were $5.04 in fiscal year 2025, compared to $0.02 in fiscal year 2024.
Financial ConditionAs of December 31, 2025, the Company had cash of $0.7 million, compared to $1.7 million as of December 31, 2024.
Net cash used in operating activities in fiscal year 2025 was $7.4 million, compared to net cash provided by operating activities of $1.6 million in fiscal year 2024.
Net cash used in investing activities in fiscal year 2025 was $17.2 million, primarily reflected short-term loans extended to third parties in December 2025 which were non-interest-bearing for the first six months of their term and are subject to supplemental agreements and repayment plans entered into in April 2026, as further described in the Company's Annual Report on Form 20-F. The Company did not generate any cash flows in investing activities in fiscal year 2024.
Net cash provided by financing activities in fiscal year 2025 was $25.0 million, compared to $0.08 million in fiscal year 2024.
About Baiya International Group Inc.
Baiya has evolved from a job matching service provider into a cloud-based internet platform to provide one-stop crowdsourcing recruitment and SaaS-enabled HR solutions on the Gongwuyuan Platform to supplement its offline job matching services and started to position itself as a SaaS-enabled HR technology company by introducing its Gongwuyuan Platform in the flexible employment marketplace. Baiya has been and will continue to strategically develop and improve the Gongwuyuan Platform with product features that work together with its traditional offline service model to improve the job matching and HR related services in the flexible employment marketplace. For more information, please visit the Company's website: https://www.baiyainc.com/investors-overview.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this press release are "forward-looking statements" as defined under the federal securities laws, including, but not limited to, statements concerning plans, growth initiatives, objectives, goals, strategies, future events or expected performance, and underlying assumptions and other statements that are other than statements of historical facts. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including, without limitation, risks related to the Company's operations in China, its contractual arrangements with its variable interest entity, evolving regulatory developments, liquidity and capital resources, repayment of loan receivables from third parties, remediation of material weaknesses in internal control over financial reporting, and the Company's ability to execute its business and strategic initiatives. Forward-looking statements can be identified by terms such as "believe", "plan", "expect", "intend", "should", "seek", "estimate", "will", "aim" and "anticipate", or other similar expressions in this press release. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to carefully review the Company's annual report on Form 20-F, including the section captioned "Item 3.D. Risk Factors" and the Company's other filings with the United States Securities and Exchange Commission ("SEC").
For further information, please contact:
Baiya International Group Inc.Investor Relations DepartmentPhone: +86 0769-88785888Email: [email protected]
Investor Relations Inquiries:
Ascent Investor Relations LLCTina XiaoPhone: +1-646-932-7242Email: [email protected]
BAIYA INTERNATIONAL GROUP INC.
CONSOLIDATED BALANCE SHEETS
(Expressed in U.S. Dollars, except for the number of shares)
As ofDecember 31, 2025
As ofDecember 31, 2024
ASSETS
CURRENT ASSETS
Cash
$
688,941
$
1,668,291
Accounts receivable, net
1,669,511
1,648,073
Due from related parties
424,121
40,549
Deferred IPO costs
-
889,160
Prepaid expenses and other current assets
5,915,194
177,325
Loan receivable from third parties, current
17,653,965
-
Total current assets
26,351,732
4,423,398
NON-CURRENT ASSETS
Restricted cash, non-current
1,430,000
-
Property and equipment, net
7,071
1,872
Right-of-use asset, net
42,745
49,356
Loan receivable from third parties, non-current
-
443,787
Other non-current assets
-
33,017
Total noncurrent assets
1,479,816
528,032
TOTAL ASSETS
$
27,831,548
$
4,951,430
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable
$
2,002,141
$
1,662,594
Loan payable to third parties
107,250
164,399
Advance from customers
30,975
29,675
Accrued liabilities and other payables
2,261,771
2,057,865
Taxes payable
106,023
146,239
Due to related parties
212,100
170,855
Lease liabilities
36,382
8,422
Bank loan payables, current
-
117,345
Total current liabilities
4,756,642
4,357,394
NON-CURRENT LIABILITIES
Lease liabilities
6,363
43,972
Total non-current liabilities
6,363
43,972
TOTAL LIABILITIES
4,763,005
4,401,366
COMMITMENTS AND CONTINGENCIES
STOCKHOLDER'S EQUITY
