HashKey Holdings Limited reported full-year 2025 revenue of HK$ 723.09 million, broadly unchanged from 2024, while narrowing its net loss by 8.80% to HK$ 1.08 billion. Gross profit fell 23.30% to HK$ 408.47 million as cost of revenue rose 67.20%, compressing gross margin to 56.5% (2024: 73.9%). The non-IFRS adjusted loss widened to HK$ 736.64 million, mainly reflecting a HK$ 95.30 million fair-value loss on digital assets versus a HK$ 31.20 million gain a year earlier.

Segment performance • Transaction facilitation services remained the core revenue driver at HK$ 522.80 million (72.3% of total, +1.0% YoY), but margin declined to 41.0% from 65.4% due to higher liquidity costs and a HK$ 11.93 million loss on digital-asset revaluation. • On-chain services revenue contracted 33.30% to HK$ 83.21 million, mirroring lower staking yields and a reduction in average assets under staking to HK$ 22.40 billion. Segment margin stayed high at 92.6%. • Asset management services grew 49.80% to HK$ 117.09 million, supported by carried interest recognition and AUM expansion to HK$ 7.20 billion; margin held at 99.8%.

Operational metrics • Total trading volume reached HK$ 590.80 billion; Hong Kong operations contributed HK$ 530.00 billion, up 72.3% year on year and 89.6% of group volume. • Assets on platform increased 60.5% to HK$ 18.40 billion, peaking above HK$ 20 billion during the year. • Omnibus account flow surged to HK$ 86.40 billion (FY 2024: HK$ 11.70 billion). • Average assets under staking were HK$ 22.40 billion, and tokenised real-world assets (RWA) on HashKey Chain reached HK$ 2.00 billion across 11 products.

Balance-sheet highlights • Cash and cash equivalents rose to HK$ 2.81 billion (+814.80% YoY) following the company’s December 2025 Hong Kong IPO. • Total assets stood at HK$ 4.18 billion, against liabilities of HK$ 1.33 billion, moving the group to positive equity of HK$ 2.85 billion (2024: HK$ 1.05 billion deficit). • The gearing ratio declined to 31.9% from 165.2%, and the group had no interest-bearing bank debt at year-end.

Strategic and regulatory developments • Completed Hong Kong IPO on 17 December 2025, enhancing capital resources. • Secured a Virtual Asset Service Provider licence in Dubai; surrendered Irish VASP registration as MiCA took effect. • Launched Hong Kong’s first tokenised money-market ETFs and advanced RWA initiatives, alongside joining the Agent Payment Protocol alliance to integrate Web3 and AI capabilities. • Earned “FinTech Platform Provider of the Year (Cryptocurrency)” from Bloomberg Businessweek and was listed among Forbes’ “Most Trustworthy Crypto Exchanges” for a second year.

Outlook Management highlighted three structural shifts—onshore migration of trading, growth of tokenised assets, and increased on-chain financial activity—and plans to: 1) broaden exchange products to include perpetual contracts, margin financing and stable-coin services; 2) expand HashKey Chain and RWA tokenisation offerings; 3) diversify asset-management strategies; 4) deepen pan-Asian exchange alliances while embedding AI across operations for efficiency.

The board did not recommend a dividend for FY 2025.