SHENZHEN, China, May 1, 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. |
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|
CONSOLIDATED BALANCE SHEETS |
||||||||
|
(Expressed in U.S. Dollars, except for the number of shares) |
||||||||
|
As of |
As of |
|||||||
|
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 |
– |
– |
||||||
|
Class A Common shares, par value $0.0025, 1,600,000,000 shares |
2,964 |
1,000 |
||||||
|
Class B Common shares, par value $0.0001, 100,000,000 shares authorized, |
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 |
$ |
(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 |
63,586 |
11,874 |
(48,095) |
|||||||||
|
Comprehensive loss attributable to common shareholders of Baiya |
$ |
(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 |
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|
BAIYA INTERNATIONAL GROUP INC. |
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|
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: |
||||||||||||
|
Depreciation expense |
407 |
443 |
799 |
|||||||||
|
Allowances for credit losses |
126,038 |
(43,859) |
121,899 |
|||||||||
|
Gain on disposal of subsidiaries |
12,453 |
– |
– |
|||||||||
|
Amortization of operating lease right-of-use assets |
41,193 |
11,693 |
139,592 |
|||||||||
|
Changes in deferred income tax |
– |
– |
5,818 |
|||||||||
|
Stock compensation expense |
6,101,716 |
– |
– |
|||||||||
|
Changes in operating assets and liabilities: |
||||||||||||
|
Accounts receivable, net |
49,363 |
1,972,340 |
(1,331,193) |
|||||||||
|
Advance to suppliers, net |
– |
– |
40,371 |
|||||||||
|
Due from related parties |
– |
894,107 |
(900,702) |
|||||||||
|
Prepaid expenses and other current assets |
(4,622,841) |
126,918 |
(138,659) |
|||||||||
|
Accounts payable |
259,478 |
(1,112,598) |
1,117,916 |
|||||||||
|
Accrued liabilities and other payables |
166,327 |
(165,046) |
175,063 |
|||||||||
|
Taxes payable |
(45,243) |
(105,398) |
33,247 |
|||||||||
|
Lease liability |
(44,278) |
(1,530) |
(2,448) |
|||||||||
|
Net cash (used in) provided by operating activities |
(7,435,411) |
1,583,757 |
(1,801,113) |
|||||||||
|
CASH FLOWS FROM INVESTING ACTIVITIES |
||||||||||||
|
Purchase of fixed assets |
(5,524) |
– |
– |
|||||||||
|
Loan to third party |
(17,185,430) |
– |
– |
|||||||||
|
Net cash used in investing activities |
(17,190,954) |
– |
– |
|||||||||
|
CASH FLOWS FROM FINANCING ACTIVITIES |
||||||||||||
|
Proceeds from loans – bank |
– |
55,434 |
– |
|||||||||
|
Due to related parties |
(349,143) |
938,382 |
(416,209) |
|||||||||
|
Repayments to loans – bank |
(119,145) |
(638,745) |
(31,224) |
|||||||||
|
Repayment to third party loan |
(62,595) |
(278,083) |
– |
|||||||||
|
Advance to third party loan |
– |
– |
(60,716) |
|||||||||
|
Net proceeds from issuance of common stock |
25,541,955 |
– |
– |
|||||||||
|
Net cash provided by (used in) financing activities |
25,011,072 |
76,988 |
(508,149) |
|||||||||
|
EFFECT OF EXCHANGE RATE CHANGES ON CASH |
65,943 |
(24,427) |
(62,935) |
|||||||||
|
NET INCREASE (DECREASE) IN CASH AND RESTRICTED |
450,650 |
1,636,318 |
(2,372,197) |
|||||||||
|
CASH AND RESTRICTED CASH, BEGINNING OF YEAR |
1,668,291 |
31,973 |
2,404,170 |
|||||||||
|
CASH AND RESTRICTED CASH, END OF YEAR |
$ |
2,118,941 |
$ |
1,668,291 |
$ |
31,973 |
||||||
|
$ |
– |
|||||||||||
|
Supplemental disclosure information of cash flow: |
||||||||||||
|
Cash paid for income tax |
$ |
– |
$ |
4,543 |
$ |
15,090 |
||||||
|
Cash paid for interest |
$ |
5,907 |
$ |
36,724 |
$ |
63,042 |
||||||
|
Supplemental non-cash information: |
||||||||||||
|
Right of use assets obtained in exchange for operating lease liability |
$ |
78,801 |
$ |
3,038 |
$ |
4,985 |
||||||
|
Due from related party offset with due to related party upon execution of |
$ |
– |
$ |
1,812,949 |
$ |
– |
||||||
|
Shares issued as prepayment for acquisition of subsidiary |
$ |
1,173,920 |
$ |
– |
$ |
– |
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