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KPIsSections28
| Revenue — GREEN | HK$222.0M |
|---|---|
| Gross margin — GREEN | 7.0% |
| Net income — GREEN | -HK$153.1M |
| Net margin — GREEN | -68.9% |
| Operating margin — RED | -49.0% |
Red flags4 red1 orange
Liquidity5
RED
Negative operating cash flow
operating_cf_burnThe company is burning cash from operations — sustainability depends on financing.
RED
Net margin -68.9%
net_margin_sharply_negativeNet income margin below -5% — profitability materially negative vs revenue.
RED
Cash conversion (CFO/Rev) -33.9%
cash_conversion_weakCFO/Revenue below 0 — operating model not generating cash despite revenue.
ORANGE
Current ratio 0.96
current_ratio_lowCurrent assets are below current liabilities — short-term liquidity pressure.
RED
Cash runway ~0.1 years
cash_runway_lowAt current burn rate, cash covers less than 2 years — may require near-term financing.
Income Statement
| Metric | Value | Flag |
|---|---|---|
| Revenue | HK$222.0M | GREEN |
| Gross Margin | 7.0% | GREEN |
| Operating Margin | -49.0% | RED |
| Net Margin | -68.9% | GREEN |
| Net Income | -HK$153.1M | GREEN |
| EPS (diluted) | $-2.49 | GREEN |
Balance Sheet
| Metric | Value | Flag |
|---|---|---|
| Cash | HK$8.6M | GREEN |
| Broad Liquidity | HK$8.6M | GREEN |
| Current Ratio | 0.96 | GREEN |
| Total Assets | HK$649.7M | GREEN |
| Total Equity | HK$75.1M | GREEN |
Cash Flow
| Metric | Value | Flag |
|---|---|---|
| Operating CF | -HK$75.2M | GREEN |
| Cash Conversion (CFO/Rev) | -0.34 | GREEN |
| Free Cash Flow | -HK$77.8M | GREEN |
Sections in this filing
Key Information / Risk Factors
ITEM 3. KEY INFORMATION Corporate History and Structure We conduct our operations in Hong Kong through our operating subsidiaries incorporated under the laws of Hong Kong. Our Cayman Islands holding company, Reitar Logtech Holdings Limited, does not conduct business except for its holding of the operating subsidiaries in Hong Kong. As one of the first movers into the PLT solution industry in Hong Kong, we have been operating in the logistics solution market since 2015 and two of our co-founders and directors have been working in this sector for over 20 years. With the growth of our business and in order to facilitate international capital raising, we underwent an offshore reorganization in the second half of 2022. Reitar Logtech Holdings Limited was incorporated in the Cayman Islands with limited liability as our offshore holding company in September 2022. In November 2022, our Company acquired 100% equity interest in Reitar Logtech Engineering Limited and Reitar Capital Partners Limited, BVI companies that own 100% equity interest, respectively, in Kamui Development Group Limited and Reitar Logtech Group Limited, which are Hong Kong companies that hold our Hong Kong operating subsidiaries. This acquisition was deemed a recapitalization of the Company and Reitar Logtech Engineering Limited under common control and, as a result, the results of operations of Kamui Development Group Limited as of and for the three years ended March 31, 2023, 2024 and 2025 have been reflected in our consolidated financial statements. The results of operations of Reitar Logtech Group Limited are presented separately elsewhere in this annual report but not included in our consolidated financial statements because our Company’s acquisition of its parent company, Reitar Capital Partners Limited, occurred after March 31, 2022 and there was no common control between the two companies. Our Corporate Structure We do not have a VIE structure. Reitar Logtech Holdings Limited owns 100% equity interest of Reitar Logtech Engineering Limited and Reitar Capital Partners Limited, which in turn, indirectly own our operating subsidiaries in Hong Kong. The chart below illustrates our corporate structure of major subsidiaries as of the date of this annual report. Field: Page; Sequence: 6; Options: NewSection; Value: 1 Field: Sequence; Type: Arabic; Name: PageNo 1 Field: /Sequence Field: /Page Trans