Akso Health Group (AHG) FY2026 Earnings: Revenue $14M (-6.4%)
AHG — FY2026 (Year to March 2026) Financial Report Analysis
Full Year · Fiscal year 2026 · Published by Pham Hop
Akso's revenue slipped 6.4% to $13.8M, all from car-insurance referrals at a near-zero gross margin; the loss narrowed to $18.7M as write-downs shrank, but year-end cash was $0.17M after a $175.7M vendor advance the company says was refunded in June 2026.
Revenue
$14M
-6.4% YoY
Net income
-$19M
-86.2% YoY
Diluted EPS
$-0.01
This period vs a year ago
Same period last year
This period
Revenue▼-6.4%
≈$15M
$14M
Year-ago figures (≈) are worked out from the growth rate the company reported. Each row has its own scale.
A $175.7 million cash round-trip and a second write-down define Akso's year
Akso Health Group (Nasdaq: AHG) is a Cayman Islands holding company that operates in China and files with the SEC as a foreign private issuer: one annual report (Form 20-F) plus a half-year update, with no quarterly reports. Its fiscal year ends on March 31, so "fiscal 2026" means April 2025 through March 2026. Figures are reported in US dollars, although the company says essentially all of its revenue, costs and cash are in Chinese yuan (RMB).
Despite the name, almost none of the money Akso earned this year came from healthcare. All $13.8 million of revenue came from a "marketing promotion" business that refers car owners to insurance brokers, earning a fixed fee per referral. Revenue fell 6.4%, and the company made essentially no money on it before overhead (a gross loss of $11,315). The net loss attributable to shareholders narrowed to $18.7 million from $135.0 million, but that is mostly because this year's write-down of the online-hospital business it bought in 2024 was smaller ($16.7 million) than last year's ($162.4 million).
The larger event is on the balance sheet. In April–May 2025 the company paid $175.7 million — nearly all of its cash — as advances to five software vendors to build systems for its internet-hospital business. It ended the fiscal year with $0.17 million of cash, then cancelled all five contracts in June 2026 and says the full $175.7 million was refunded that month.
At a glance
$13.8 million revenue, −6.4%: 100% came from car-insurance referral fees; medical-device sales went from $0.4 million to zero.
$170,572 cash at March 31, 2026, down from $176.2 million: the money had gone out as $175.7 million of vendor advances. The company says all of it came back in June 2026, after the year closed.
Auditor flags "substantial doubt" about going concern: the newly appointed auditor's report includes this warning, while management's own note says it has enough cash for the next 12 months because of the refund.
Results for fiscal 2026 (year ended March 31, 2026)
Metric
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FY2026
FY2025
YoY Change
Net revenues
$13.83M
$14.78M
−6.4%
– Marketing promotion (insurance referrals)
$13.84M
$14.37M
−3.7%
– Medical device sales
$0
$0.42M
−100%
Gross profit
−$0.01M
−$0.28M
Loss narrowed
Gross margin
−0.1%
−1.9%
+1.8 pts
General & administrative expenses
$3.99M
$3.64M
+9.5%
Impairment of goodwill and intangibles
$16.70M
$162.38M
−89.7%
Operating loss
−$20.70M
−$166.30M
Loss narrowed 87.6%
Net loss attributable to shareholders
−$18.67M
−$134.98M
Loss narrowed 86.2%
Diluted loss per ordinary share (as reported)
−$0.01
−$0.16
Loss narrowed
Loss per ADS (3 shares; our calculation)
≈ −$0.03
≈ −$0.47
Loss narrowed
Operating cash flow
−$12.79M
+$1.18M
Swung to outflow
Cash and cash equivalents (year-end)
$0.17M
$176.23M
−99.9%
Class A shares outstanding (year-end)
2,562.1M
1,647.6M
+55.5%
Gross margin is the share of revenue left after paying the direct cost of providing the service. Here it is roughly zero: the referral business spent $13.84 million to generate $13.83 million of net revenue. The filing says the small improvement came from a better "conversion rate."
What the business actually does now
The 20-F describes Akso's plans in healthcare: online hospitals, chain pharmacies and medical devices. The revenue does not reflect that. The company got into car-insurance referrals through Tianjin Wangyi Cloud, which it bought in two steps in 2024 for $75 million per 50% stake, $150 million in total. The target was sold as an online-hospital and clinic operator. Akso's own description of the referral business is that it passes "potential car users' information to insurance broker agencies" and is paid per referral, whether or not the driver buys a policy.
The business is highly concentrated:
One vendor supplied 100% of what the company bought for the referral business.
Three customers made up 31.9%, 20.6% and 10.5% of revenue, together 63%.
Two customers owed 78.0% and 16.7% of year-end receivables.
The medical-device line (defibrillators and laryngoscopes sold in China through Qingdao Akso) had no sales this year, which the company attributes to lower demand.
The Tianjin Wangyi acquisition has now been almost entirely written off
A write-down (impairment) records that an asset is worth less than the balance sheet said. Across two years, Akso has written down $179.1 million related to Tianjin Wangyi, more than the $150 million it paid:
FY2025: $121.1 million on acquired patents (fully written off) plus $41.4 million of goodwill. Goodwill is the premium paid over the value of identifiable assets.
FY2026: $5.6 million on the internet-hospital license (fully written off) plus $11.1 million of goodwill, which brings goodwill to zero.
At March 31, 2026, intangible assets were $58,319 and goodwill was nil. The company gives three reasons: the vendor contracts collapsed, "emerging policy tightening signals" around internet hospitals, and deep cuts to the unit. It says it halved office space and cut "almost 90%" of the internet-hospital staff. The goodwill discussion also says its assumptions reflect "what it believes were accounting improprieties, incomplete disclosures and misrepresentations at Tianjin Wangyi" before the acquisition. The filing does not say whether Akso is pursuing any claim against the sellers.
What the headline numbers hide
Most of the smaller loss is a smaller write-down, not a better business. Excluding impairments, the operating loss was about $4.0 million, compared with about $3.9 million the year before. The day-to-day business lost about the same amount. G&A rose 9.5%, which the filing attributes to more amortization, higher staff costs and a larger bad-debt provision.
A tax benefit shrank the loss further. The company booked a $2.0 million income-tax benefit this year and $30.8 million last year. These are non-cash gains from reversing deferred tax liabilities created when the acquired intangibles were recorded. They go away as those intangibles are written off; the deferred tax liability is now zero.
Cash conversion was poor. Operating cash flow was −$12.8 million, against a net loss of $18.7 million that was mostly non-cash write-downs. Most of the cash outflow came from working capital. Advance payments received from customers (contract liabilities) fell $5.8 million to $4.4 million, and prepayments to suppliers rose $5.4 million to $12.2 million.
The $175.7 million advance. The advances were paid in April–May 2025 and booked as "advances for capital expenditures" (Note 9). At year-end they were 93% of total assets of $189.6 million. The filing says none of the five vendors was a related party. It says they told the company in late February 2026 that "global supply chain disruptions" meant they could not deliver within the agreed cost, and that the contracts were ended and the money refunded in June 2026. The filing describes the refund in several places. Readers should note that it happened after the balance-sheet date, so year-end cash was $0.17 million, and that the 20-F provides no post-refund balance sheet.
Other lending of company cash. In FY2025 Akso lent $35.5 million to four unrelated companies for one year at 1% interest. The last $11.9 million was collected this year. It also made new third-party loans of $2.9 million in FY2026. Separately, it owes $2.0 million to its controlling shareholder, Webao Limited. That loan is unsecured, interest-free and repayable on demand.
Shareholders were diluted heavily. On September 8, 2025, warrants from the March 2024 and November 2024 offerings were exercised on a cashless basis. This added 914.5 million new Class A shares (155.8 million plus 758.7 million) and brought no cash in. Class A shares outstanding rose 55.5%, and the weighted-average share count rose 153%. That is one reason the per-share loss fell faster than the total loss.
Auditor change and going concern. On May 12, 2026, the audit committee dismissed OneStop Assurance PAC (Singapore) and appointed CHI-LLTC (Perak, Malaysia), which audited FY2026. For the prior year, OneStop had issued an adverse opinion on internal controls and a going-concern paragraph, and the 20-F reports no disagreements with it. CHI-LLTC gave a clean opinion on the FY2026 statements, but its report says the losses, the $217.6 million accumulated deficit and the operating cash outflow "raise substantial doubt about the Company's ability to continue as a going concern." Management says the prior-year control weaknesses have been fixed, and CHI-LLTC gave an unqualified opinion on internal controls.
Governance. Webao Limited holds Class B shares with 20 votes each. The company follows Cayman Islands home-country practice in place of some Nasdaq governance rules, as foreign private issuers may.
Takeaway: Akso's operating business is a $13.8 million car-insurance referral operation that roughly breaks even before overhead. Whether the company is worth anything depends almost entirely on its cash. That cash was $0.17 million at year-end and, by management's account, went back up by $175.7 million in June 2026. The new auditor still flagged substantial doubt about going concern. The next half-year report is the first balance sheet that should show the refunded cash.
Outlook
Management gives no revenue or earnings guidance. The 20-F says future internet-hospital acquisitions "will be pursued at judicious timing based on real-time policy and market dynamics." It also restates a longer-term plan to buy independent pharmacies and run them as a chain, "subject to favorable market and regulatory conditions." The company says its cash, including the refund, will cover its needs for the next 12 months.
Our read: the referral business shrank 3.7% and earns almost nothing before overhead, and around $4 million a year of G&A sits on top of it. Nothing in the filing points to operating profit soon. With the Tianjin Wangyi assets written off, the main value on the books is the refunded cash, roughly $180 million of equity, or about $0.21 per ADS by our calculation. So the most important thing to check in the next filing is cash. The half-year report for April–September 2026 should show the balance sheet after the refund, and it will show whether that money stays in the bank or goes into new advances, loans or acquisitions.
Source: Akso Health Group Form 20-F for the fiscal year ended March 31, 2026, filed July 23, 2026. Per-ADS figures, book value per ADS and the operating loss excluding impairments are our calculations from the reported numbers.