SHENZHEN, China, April 30, 2026 /PRNewswire/ -- Baiya International Group Inc. ("Baiya" or the "Company") (Nasdaq: BIYA), a human resource ("HR") technology company utilizing its cloud-based internet platform to provide one-stop crowdsourcing recruitment and SaaS-enabled HR solutions, today announced its financial results for the fiscal year ended December 31, 2025.
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 Revenues
Total 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 Profit
Gross 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 Expenses
Total 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 Baiya
Net 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 Share
Basic and diluted net loss per common share were $5.04 in fiscal year 2025, compared to $0.02 in fiscal year 2024.
Financial Condition
As 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 Department
Phone: +86 0769-88785888
Email: info@biyainc.com
Investor Relations Inquiries:
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
BAIYA INTERNATIONAL GROUP INC.
CONSOLIDATED BALANCE SHEETS
(Expressed in U.S. Dollars, except for the number of shares)
As of As of
December 31, December 31,
2025 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
Preferred shares, par value
$0.0025, 100,000,000 shares
authorized, nil shares issued
and outstanding as of December 31,
2025 and 2024, respectively - -
Class A Common shares, par value
$0.0025, 1,600,000,000 shares
authorized, 1,185,835 and
400,051 shares issued and
outstanding as of December 31,
2025 and 2024, respectively 2,964 1,000
Class B Common shares, par value
$0.0001, 100,000,000 shares
authorized, 3,600,000 and nil
shares issued and outstanding as of
December 31, 2025 and 2024,
respectively 360 -
Additional paid-in capital 33,706,703 1,796,285
Statutory Reserve 458,832 380,901
Accumulated other comprehensive loss (147,070) (221,139)
Accumulated deficit (11,066,628) (1,456,778)
------------ -----------
Total Company shareholders' equity 22,955,161 500,269
Non-controlling interest 113,382 49,795
------------ -----------
Total shareholders' equity 23,068,543 550,064
------------ -----------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $ 27,831,548 $ 4,951,430
============ ===========
BAIYA INTERNATIONAL GROUP INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Expressed in U.S. Dollars, except for the number of shares)
For the Years Ended December 31,
---------------------------------------
2025 2024 2023
------------ ----------- ------------
Net revenues $ 16,477,041 $12,809,211 $ 11,574,877
Cost of revenues 14,576,205 11,401,940 10,772,530
----------- ---------- -----------
Gross profit 1,900,836 1,407,271 802,347
Operating expenses
Selling expenses 996,439 214,672 127,214
General and
administrative
expenses 10,253,273 890,089 1,093,703
Research and
development
expenses 227,062 238,150 300,519
----------- ---------- -----------
Total operating
expenses 11,476,774 1,342,911 1,521,436
----------- ---------- -----------
(Loss) income from
operations (9,575,938) 64,360 (719,089)
Other income
(expenses)
Interest income
(expense), net 3,349 (31,510) (24,030)
Government subsidy
income - 5,823 33,654
Other income
(expenses), net 111,615 (3,456) (321,112)
----------- ---------- -----------
Other income
(expenses), net 114,964 (29,143) (311,488)
----------- ---------- -----------
Income (loss)
before income tax (9,460,974) 35,217 (1,030,577)
Less: income tax
expense 19,050 28,530 32,239
----------- ---------- -----------
Net (loss) income (9,480,024) 6,687 (1,062,816)
Less: net income
(loss)
attributable to
non-controlling
interests 51,895 15,437 (45,739)
----------- ---------- -----------
Net loss
attributable to
common
shareholders of
Baiya
International
Group Inc. $(9,531,919) $ (8,750) $(1,017,077)
=========== ========== ===========
Comprehensive
income (loss)
Net income (loss) (9,480,024) 6,687 (1,062,816)
Other
comprehensive
income (loss)
Foreign currency
translation gain
(loss) 85,760 (71,274) (46,538)
----------- ---------- -----------
Total other
comprehensive
income (loss) 85,760 (71,274) (46,538)
----------- ---------- -----------
Total comprehensive
loss (9,394,264) (64,587) (1,109,354)
Less: comprehensive
income (loss)
attributable to
noncontrolling
interest 63,586 11,874 (48,095)
----------- ---------- -----------
Comprehensive loss
attributable to
common
shareholders
of Baiya
International
Group Inc. $(9,457,850) $ (76,461) $(1,061,259)
=========== ========== ===========
Net loss per
common share
Basic and diluted * $ (5.04) $ (0.02) $ (2.66)
=========== ========== ===========
Weighted average
number of common
shares
outstanding
Basic and diluted * 1,892,759 400,000 400,000
=========== ========== ===========
* retroactively reflect 1-for-25 reverse stock split
effective on December 29, 2025
BAIYA INTERNATIONAL GROUP INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in U.S. Dollars, except for the number of shares)
For the Years Ended December 31,
-----------------------------------------
2025 2024 2023
------------- ------------ ------------
CASH FLOWS FROM
OPERATING
ACTIVITIES
Net (loss)/income $ (9,480,024) $ 6,687 $(1,062,816)
Adjustments to
reconcile net loss
to net cash provided
by (used in)
operating
activities:
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