Full-Year Revenue Growth of 867.9% Year-over-Year
Achieved Net Income Turnaround in Fiscal Year 2025
HONG KONG, March 20, 2026 /PRNewswire/ -- FiEE, Inc. $(FIEE)$ ("FiEE" or the "Company"), a technology company integrating IoT, connectivity and AI to redefine brand management solutions in the digital era, today announced its financial results for the fourth quarter and full-year ended December 31, 2025.
Operational and Financial Highlights for the Year Ended December 31, 2025
-- Revenue increased 867.9% year-over-year to approximately $6.2 million.
The increase in revenue primarily reflects the Company's strategic
transition from legacy hardware operations to SaaS solutions, with a new
business model focusing on integrating AI and big data into content
creation and brand management. Notably, during March 2025, we
successfully secured our first customer orders and generated initial
sales, marking a critical milestone in the strategic pivot. Our target
clients are individuals or entities seeking to grow their online presence
as influencers or content creators.
-- Gross profit increased 2,483.0% year-over-year to approximately $5.4
million. Gross margin improved significantly to 86.4%, as compared to
32.4% in the prior year.
-- Net income was approximately $1.1 million, representing a turnaround from
a net loss of $4.2 million in the prior year.
-- Net cash provided by operating activities was approximately $3.6 million
during the year ended December 31, 2025.
-- During 2025, the Company onboarded approximately 800 customers. The newly
onboarded customers in 2025 led to SaaS -- MCN digital service fees
totaling $6.8 million, of which $5.3 million was recognized as revenue in
2025.
-- The Company introduced customized software services in July 2025. As of
December 31, 2025, we have secured contracts totaling $1.2 million for
customized software services, a portion of which was recognized as
revenue in 2025 based on the progress of completion. As of December 31,
2025, we successfully signed contracts with 13 customers for these
customized software services, with related accounts receivable amounting
to $0.6 million.
-- Through the acquisition of Houren-Geiju Kabushikikaisha, a Japanese
technology company specializing in digital authentication services for
art collections, in November 2025, we added the ability to provide
digital authentication services. As of December 31, 2025, digital
authentication services generated $0.3 million in revenue, serving one
corporate client and 38 individual clients. This service leverages AI and
blockchain technology to provide authentication, certification, and
display services for artworks and collectibles, further diversifying our
revenue streams.
Operational and Financial Highlights for the Fourth Quarter Ended December 31, 2025
-- Revenue was approximately $4.2 million, compared to $1.9 million for the
three months ended September 30, 2025. The increase was primarily driven
by the full launch of our new business operations following the strategic
transformation.
-- Gross profit was approximately $3.7 million, compared to $1.6 million for
the three months ended September 30, 2025.
-- Net income was approximately $2.3 million, compared to a net loss of $0.3
million for the three months ended September 30, 2025.
Rafael Li, Chief Executive Officer of FiEE, commented, "We are pleased to report a strong fourth-quarter and full-year 2025 performance, with full-year revenues rising 867.9% year-over-year to approximately $6.2 million, supported by our changing strategic focus from hardware operations to SaaS solutions. Despite receiving our first customer orders in March 2025, we were able to onboard 800 customers in the span of 10 months, while significantly boosting our gross margin by 54.0 percentage points to 86.4%. As a result, FiEE expects its profit turnaround in 2025 to lay a solid foundation for sustainable performance."
Mr. Li further mentioned, "Looking ahead, we plan to remain committed to investing in R&D to expand our service offerings, enhance customer experience, and deliver greater brand value across the digital content landscape. In addition to organic growth, we also plan to keep a keen eye on other external opportunities, in an attempt to further accelerate business growth and create greater value for our stockholders."
Financial Results for the Year Ended December 31, 2025
Revenue was approximately $6.2 million, compared to approximately $0.6 million in the same period of fiscal year 2024.
Revenues Year Ended December 31, %
--------------------------------- ------------------------- ---------
2025 2024 change
--------------------------------- ------------- --------- ---------
$ $ YoY
--------------------------------- ------------- --------- ---------
Product sales
Cable modems & gateways $ - $ 638,804 (100.0) %
Other networking products - 1,089 (100.0) %
SaaS -- MCN digital services 5,275,761 - N/A
Software services 588,811 - N/A
Digital authentication services 329,044 - N/A
------------- --------- ---------
Total $ 6,193,616 $ 639,893 867.9 %
============= ========= =========
Gross profit was approximately $5.4 million, compared to approximately $0.2 million in the same period of 2024.
Gross margin was 86.4%, compared to 32.4% in the same period of 2024.
Operating expenses were approximately $3.8 million, representing a decrease of 14.4% from $4.4 million in the same period of 2024.
-- Selling and marketing expenses were approximately $0.4 million,
representing an increase of 531.7% from $0.07 million in the prior year,
primarily due to the Company's business transformation. In 2024, the
Company was in a transition period with reduced legacy operations,
resulting in low sales support costs. In 2025, with the full launch of
new business operations, the Company increased marketing activities and
investments to promote its digital content services, software development
services, and digital authentication services.
-- General and administrative expenses were approximately $3.3 million,
representing an increase of 61.8% from $2.1 million in the prior year.
The increase was primarily due to the reallocation of our business
operation from hardware-focused to software-focused and cost reduction
efforts in 2024, which significantly reduced expenses associated with
personnel, administrative support, and related infrastructure. The
warrant issuance to Mr. David Lazar, a former director and officer of the
Company, accounted for approximately $1.0 million in warrant expenses in
the third quarter of 2025, representing over 84.3% of the total increase
in general and administrative expenses in 2025.
-- Research and development expenses were approximately $0.05 million,
representing a decrease of 58.1% from $0.1 million in the prior year. The
research and development expenses incurred in 2025 were primarily related
to software subscriptions and support costs. The research and development
expenses may fluctuate depending on the timing and number of development
activities, and could vary significantly as a percentage of revenues,
depending on actual revenues achieved in any given year.
Operating income was approximately $1.6 million, as compared to a loss of $4.2 million in the prior year.
Net income was approximately $1.1 million, representing a turnaround from a loss of $4.2 million in the prior year.
Diluted earnings per common share was $0.10, as compared to a loss of $1.34 in the prior year.
As of December 31, 2025, total cash was $3.1 million, as compared to $0.03 million as of December 31, 2024.
About FiEE, Inc.
FiEE, Inc. (NASDAQ:FIEE), formerly Minim, Inc., was founded in 1977. It has a historical track record of delivering comprehensive WiFi/Software as a Service platform in the market. After years of development, it made the strategic decision to transition to a Software First Model in 2024 to expand its technology portfolio and revenue streams. In 2025, FiEE, Inc. rebranded itself as a technology company leveraging its expertise in IoT, connectivity, and AI to explore new business prospects and extend its global footprint.
FiEE, Inc.'s services are structured into four key categories: Cloud-Managed Connectivity (WiFi) Platform, IoT Hardware Sales & Licensing, SAAS Solutions, and Professional To-C and To-B Services & Support. Notably, FiEE, Inc. has introduced its innovative Software as a Service solutions, which integrate its AI and data analytics capabilities into content creation and brand management. This initiative has led to the nurturing of a robust pool of KOLs on major social media platforms worldwide, assisting them in developing, managing, and optimizing their digital presence across global platforms. FiEE, Inc.'s services include customized graphics and posts, short videos, and editorial calendars tailored to align with brand objectives.
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