ADBT — Q1 FY2027 (June 2026 quarter) Financial Report Analysis
Q1 · Fiscal year 2026 · Published by Pham Hop
Advasa's revenue rose 23.3% to $6.9M, but 99.96% was software maintenance, its EWA app earned $3K, receivables jumped to $7.44M and cash fell to $1.5M.
- Revenue
- $6.9M
- +23.3% YoY
- Net income
- $3.5M
- +1.6% YoY
- Diluted EPS
- $0.01
- 0.0% YoY
- Operating margin
- 76.5%
This period vs a year ago
- Same period last year
- This period
Year-ago figures (≈) are worked out from the growth rate the company reported. Each row has its own scale.
Revenue up 23%, but almost all of it came from one line of software maintenance work, and cash fell from $12.1M to $1.5M
Advasa Holdings is a Tokyo-based company that began trading on Nasdaq on August 25, 2026 through a direct listing: existing shares started trading, and no new shares were sold, so the company raised no money. It is a Delaware holding company that owns 96.6% of Advasa Co., Ltd. in Japan. That subsidiary runs FUKUPE, an earned wage access (EWA) app. EWA lets employees draw wages they have already earned before payday, for a small fee per withdrawal. Advasa's fiscal year ends March 31, so the quarter to June 30, 2026 covered here is the first quarter of fiscal 2027. This is its first quarterly report as a public company.
The headline figures look strong: revenue rose 23.3% to $6.90 million, and profit from operations was $5.28 million, an operating margin of 76.5%. Operating margin is the share of revenue left after the costs of running the business, before interest and tax. The breakdown tells a different story. The EWA app, which is the business the company describes to investors, earned $3,000 this quarter. $6.896 million, 99.96% of revenue, was "software maintenance." Management attributes the increase to "larger maintenance orders received during the current period." Most of that revenue had not been collected by quarter-end, and operating cash flow was negative.
At a glance
- $6.90M revenue, +23.3%: almost all of it came from software maintenance ($6.90M, +55.7%). That growth replaced a $1.16M subscription contract that was not renewed. The FUKUPE EWA app made $3K, the same as a year ago.
- -$3.98M operating cash flow vs $3.65M net income: receivables went from zero to $7.44M in three months, more than the entire quarter's revenue. One customer accounts for more than 10% of revenue and more than 10% of receivables.
- $1.51M cash at June 30, down from $12.10M at March 31: the drop came from the negative operating cash flow plus a $6.27M early repayment of convertible bonds. Listing did not bring in any new money.
Key figures
| Metric |
|---|