H1 (Interim) · Fiscal year 2026 · Published by Pham Hop
Antelope Enterprise's revenue fell 38.6% to $29.9M in the six months to March 31, 2026 as its livestreaming e-commerce unit lost clients, while subsidies narrowed the loss under a going-concern warning and heavy post-period dilution.
Revenue
$30M
-38.6% YoY
Net income
-$3.3M
Diluted EPS
$-0.89
This period vs a year ago
Same period last year
This period
Revenue▼-38.6%
≈$49M
$30M
Year-ago figures (≈) are worked out from the growth rate the company reported. Each row has its own scale.
Overview
Antelope Enterprise Holdings (AEHL) used to be China Ceramics, a tile maker. It sold that business in 2023 and now earns almost all of its revenue from livestreaming e-commerce services in China. The company matches consumer brands with livestream hosts and influencers through a software platform run by Hainan Kylin, a subsidiary it owns 51% of. It also has a small IT consulting unit, a natural gas power project that has produced no revenue yet, and a small Bitcoin holding. AEHL files as a foreign private issuer under IFRS and reports in US dollars. In 2025 it moved its fiscal year-end from December to September, so this report covers the first half of fiscal 2026: the six months to March 31, 2026. The figures are unaudited and were filed on Form 6-K on June 30, 2026.
Revenue fell 38.6% to $29.9 million because the company moved customer acquisition from one subsidiary to another and lost clients in the process. The net loss attributable to shareholders narrowed to $3.3 million from $4.1 million, but most of that improvement came from government subsidies and a one-off write-back of payables, not from the business itself. The filing includes a going-concern warning. Since the period ended, the share count has risen roughly 79-fold, after adjusting for two reverse splits.
At a glance
Revenue $29.9M, down 38.6%. Livestreaming revenue fell 39.4%. The company served about 133 clients, 44 fewer than a year earlier, and its top five clients produced $18.8M, or about 63% of revenue.
Gross margin 4.3%. The business passes almost all of its revenue through to the hosts and agencies it hires. Of the $29.9M in sales, only $1.3M was left after those direct costs.
$1.8M in cash against a $20.5M interest-free loan to an outside company. The largest asset on the balance sheet is a loan to Anhui Zhongjun that no longer earns interest, while the company says there is "substantial doubt" about its ability to continue as a going concern.
Results
Metric
H1 FY2026 (6 mo. to Mar 31, 2026)
H1 FY2025 (6 mo. to Mar 31, 2025)
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YoY Change
Revenue
$29.9M
$48.7M
-38.6%
Livestreaming e-commerce revenue
$29.4M
$48.5M
-39.4%
Consulting revenue
$0.47M
$0.27M
+73.2%
Gross profit
$1.28M
$1.24M
+3.8%
Gross margin
4.3%
2.5%
+1.8 pts
Other income (mostly subsidies and a payables write-back)
$2.07M
$1.22M
+69.5%
Net loss for the period (all owners)
-$2.59M
-$3.79M
loss narrowed 31.7%
Net loss attributable to AEHL shareholders
-$3.33M
-$4.13M
loss narrowed 19.4%
Loss per share, basic and diluted (after 1-for-6 split)
-$0.89
-$1.69
loss narrowed 47.3%
Operating cash flow
-$0.62M
-$5.43M
outflow down $4.8M
Cash at period end
$1.78M
$0.34M
—
Loss per share reflects the 1-for-6 reverse split of March 5, 2026. It does not reflect the later 1-for-16 split of August 2026. On today's share basis, the H1 figure would be about -$14.24.
Where the revenue went
Livestreaming revenue fell $19.1M. Management says this happened because it chose to "centralize its E-commerce traffic acquisition of users under Anhui Kylin entity in order to improve group management efficiency," and that "this business movement of shifting users to the Company's another subsidiary resulted in the loss of certain customers." Hainan Kylin is "preparing to relaunch the business" to win those customers back. The filing does not say when that will happen or how much revenue it might bring.
Margins in this business are very thin. In livestreaming, cost of sales was $28.5M against $29.4M of revenue, a gross margin of 2.85% (gross margin is the share of sales left after the direct cost of delivering the service). That is up from 2.12% a year earlier. Management attributes the improvement to "slowly increasing our customer prices... since beginning of 2026," after cutting prices in 2025 to keep customers. The consulting unit has much higher margins, about 84%, but it produced only $0.47M of revenue, so it barely affects the total.
The segment table explains why shareholders are still losing money. The livestreaming segment earned $1.27M, and consulting earned $0.15M. Corporate and other costs lost $4.0M. Because AEHL owns only 51% of Hainan Kylin, $0.74M of the profit belonged to the minority owners. The remaining shareholders bore a $3.3M loss.
What the headline numbers hide
Most of the smaller loss came from non-operating items. Other income was $2.07M. Of that, $1.30M came from government subsidies and $0.69M from a "write-back of payable," meaning a liability the company no longer expects to pay. The MD&A calls the $0.69M "loan forgiveness" instead. Without the other income line, the pre-tax loss would have been about $4.65M, compared with $5.0M a year earlier. Put differently, gross profit minus selling, administrative and other expenses was -$4.37M, or -14.6% of revenue, compared with -8.8% a year earlier. On that measure, the core business lost more money per dollar of sales.
Stock-based pay more than tripled. Share-based compensation was $2.69M, up from $0.76M. That is 60% of administrative expenses and more than the entire net loss for the period. It does not use cash, but it is paid in new shares, which adds to dilution.
Cash burn improved mainly because the company delayed payments. Operating cash outflow fell to $0.62M from $5.43M. Before working-capital changes, operating cash flow was +$0.84M, and that figure adds back the $2.69M of stock pay. Accrued liabilities and other payables added $1.38M of cash, which reflects bills not yet paid. Other receivables and prepayments used $1.89M, and the company lent another $0.64M to its loan borrower.
Most of the balance sheet is loans to outside companies that pay no interest. A $20.5M loan to Anhui Zhongjun Enterprise Management is more than half of total assets ($40.2M). The notes describe it as a loan to a third party. In September 2025 the company waived its right to interest and moved full repayment to December 31, 2030, yet the loan is still classified as a current asset. There is also a $5.3M note receivable from New Stonehenge Limited, the buyer of the ceramics business in 2023 for $8.5M. Interest on that note was also waived, and the repayment deadline is April 28, 2027. No allowance for credit losses was recorded on either balance. If the Anhui Zhongjun loan is set aside, current assets are about $9.5M against current liabilities of $8.6M.
Related parties are funding day-to-day operations. Amounts owed to related parties rose to $1.18M from $0.39M. The money came from Baiya International Group ($0.83M), which is controlled by a major shareholder, and from the CEO's father ($0.35M). The notes describe both as "fund transfer in to support daily operation." These advances are interest-free and payable on demand.
The filing contradicts itself on liquidity. The MD&A says working capital "is sufficient for our present requirements." The same document also states that recurring losses and negative operating cash flow "raise substantial doubt about the Company's ability to continue as a going concern," and that survival depends on raising more capital.
Loss per share improved mostly because there were more shares. The weighted average share count rose 52.7%, so loss per share improved by 47% while the loss in dollars improved by only 19%.
Dilution since the period ended
The half-year figures are already out of date on share count. Here is what the company has filed since March 31, 2026:
Date
Event
Mar 5, 2026
1-for-6 reverse split (4,535,443 shares outstanding at Mar 31, up 36.7% in six months from note conversions and stock pay)
Apr 2026
12,000,000 new shares sold at $0.207 for $2.48M
May 26, 2026
$3.0M convertible note to Stratosphere Capital, convertible into up to 4.8M shares
Aug 7, 2026
1-for-16 reverse split: 20,947,145 shares became about 1,309,197
Sep 3, 2026
Private placement of 15,000,000 shares at $1.266 plus 15,000,000 warrants exercisable at $0.50, $18.99M aggregate price
Sep 15, 2026
Prospectus for a $6.0M convertible note, convertible into up to 12,000,000 shares; 16,409,359 shares outstanding as of Sep 14
After adjusting for both splits, shares outstanding went from about 207,000 at September 30, 2025 to 16.4 million a year later, roughly 79 times as many. Up to 27 million more shares could be issued through the new warrants and the convertible note. The September warrants can be exercised at $0.50, well below the $1.266 purchase price. If the placement proceeds are received in full, they are large relative to the $1.8M of cash at March 31 and ease the going-concern pressure in the near term. They also mean that anyone who held shares a year ago now owns a very small fraction of the company.
The company also regained Nasdaq filing compliance in March 2026, after a January 2026 notice for filing its June 2025 interim report late.
Takeaway: AEHL's core business shrank by almost 40% and keeps only about 4 cents of gross profit per dollar of sales. The smaller loss came from subsidies and a one-off write-back, not from the business. The main risk is not the income statement: $25.8M of the company's $40.2M in assets are interest-free loans to outside companies, repayable in 2027 and 2030, while it pays its bills with related-party advances and new shares issued at an extraordinary pace.
Outlook
The company gives no revenue or earnings guidance. What it says: Hainan Kylin is preparing a relaunch to win back lost customers, prices have been rising slowly since early 2026, a job-listing feature on its SaaS platform is built but waiting on clearer Chinese rules on data security, income tax and labor, and the natural gas power business has "not generate[d] any revenue yet."
Our read is cautious. A client base that fell from about 177 to about 133 and a 63% revenue share from five clients leave little room for error. At 2–3% gross margin, even full recovery of the lost revenue would add only a few hundred thousand dollars of gross profit, far less than corporate costs of about $4M per half. Operating results matter less to the outlook than whether the $20.5M Anhui Zhongjun loan and the $5.3M New Stonehenge note are actually repaid (the latter is due by April 2027), and how much more stock is issued through the September warrants and convertible notes.
Next scheduled filing: the annual report on Form 20-F for the fiscal year ending September 30, 2026. Last year's transition-period 20-F was filed on January 29, 2026, which suggests the next one will arrive around late January 2027. It will be the first audited look at the full fiscal year.