hmvod Limited reported a strong turnaround for the year ended 31 March 2026, moving from a HK$14.88 million loss in FY2025 to a HK$12.69 million profit attributable to shareholders. Group net profit totalled HK$13.61 million (FY2025: HK$15.22 million loss), lifting basic earnings per share to HK9.81 cents from a loss of HK11.49 cents a year earlier.
Revenue fell 27.8% to HK$12.69 million, reflecting lower subscriptions for the Group’s sole operating segment—over-the-top (OTT) multimedia services. Subcontractor costs declined 44.7% to HK$7.26 million, partially offsetting the top-line contraction. The key profit driver, however, was HK$14.73 million of debt waivers and a HK$4.72 million reversal of litigation provisions, which together accounted for more than 140% of pre-tax earnings.
Total operating and administrative expenses inched up 13.9% to HK$5.26 million, while staff costs slid 9.7% to HK$6.00 million. Finance costs dropped 69.7% to HK$0.63 million after partial debt repayments and restructuring.
Balance-sheet pressure remains significant. As at 31 March 2026, hmvod’s current liabilities exceeded current assets by HK$45.43 million and total liabilities surpassed total assets by HK$56.46 million. Borrowings stood at HK$18.04 million, including HK$4.26 million already overdue and HK$2.48 million maturing within 12 months, against cash and cash equivalents of HK$4.63 million.
The Group resolved two major legal disputes during the year, settling with bondholder Ms. Yu Yining for HK$6.87 million and withdrawing a winding-up petition filed by creditor Grand Harbour Limited following a staged repayment totalling HK$6.28 million.
Auditor Baker Tilly Hong Kong Limited issued a disclaimer of opinion, citing insufficient evidence to support management’s cash-flow forecasts and the appropriateness of preparing the accounts on a going-concern basis given the Group’s net liabilities, overdue borrowings and reliance on debt restructuring or new financing.
hmvod continues to focus on expanding its OTT subscriber base—reported at roughly 33,000 direct and 70,000 via telecom partners—and is diversifying into event management while planning the production of over 50 short dramas. The Board did not recommend a dividend for FY2026.