Garden Stage Limited reported a significant decline in financial performance for FY2024, with revenue dropping 56.8% YoY to $1.4 million. The company's net loss widened to $4.6 million, compared to a $0.2 million loss in FY2023. Revenue composition included advisory fees (29.9%), brokerage commissions (28.3%), underwriting/placement services (10.8%), and introducing/referral fees (18.8%).Operating expenses increased substantially to $6.0 million, primarily driven by higher compensation costs of $3.3 million and increased travel/business development expenses of $1.6 million. The company completed its NASDAQ IPO on December 1, 2023, raising gross proceeds of $11.5 million through the issuance of 2.5 million shares at $4.00 per share, plus an additional 375,000 shares from the over-allotment option.The company maintains strong regulatory compliance with excess capital requirements, holding $1.64 million for I Win Securities and $72.5K for I Win Asset Management. Strategic initiatives focus on enhancing IT infrastructure, strengthening research capabilities, and expanding asset management services. Management has identified material weaknesses in internal controls and is working to address these issues while maintaining its focus on the Hong Kong market.

Garden Stage Limited reported a significant decline in financial performance for FY2024, with revenue dropping 56.8% YoY to $1.4 million. The company's net loss widened to $4.6 million, compared to a $0.2 million loss in FY2023. Revenue composition included advisory fees (29.9%), brokerage commissions (28.3%), underwriting/placement services (10.8%), and introducing/referral fees (18.8%).Operating expenses increased substantially to $6.0 million, primarily driven by higher compensation costs of $3.3 million and increased travel/business development expenses of $1.6 million. The company completed its NASDAQ IPO on December 1, 2023, raising gross proceeds of $11.5 million through the issuance of 2.5 million shares at $4.00 per share, plus an additional 375,000 shares from the over-allotment option.The company maintains strong regulatory compliance with excess capital requirements, holding $1.64 million for I Win Securities and $72.5K for I Win Asset Management. Strategic initiatives focus on enhancing IT infrastructure, strengthening research capabilities, and expanding asset management services. Management has identified material weaknesses in internal controls and is working to address these issues while maintaining its focus on the Hong Kong market.