Moon Inc. reports growth, diversifies into crypto despite pre-tax loss

Moon Inc. reported revenue of HK$106.1m for the six months ended September 30, 2025, a 7.65% increase from HK$98.5m in the corresponding period of 2024. Gross profit also saw a significant rise of 23.2%, reaching HK$22.8m, up from HK$18.5m in 2024, driven by enhanced product offerings and growing customer demand. Administrative expenses increased to HK$16.0m from HK$6.4m in 2024 due to acquisition and expansion-related costs.

The company incurred a loss of HK$196.2m before taxation, primarily due to the initial recognition of option components embedded in convertible notes. However, a fair value gain of HK$293.5m on financial assets resulted in a total comprehensive income of HK$97.2m. As of September 30, 2025, Moon Inc. held approximately 28.88 units of Bitcoin with a fair value of HK$25.6m, reflecting its strategic diversification into cryptocurrency as a treasury asset.

The group completed investments in DV8 Public Company Limited and Bitplanet Co., Ltd., expanding its presence in Thailand and Korea. Net current assets decreased to HK$64.9m from HK$80.1m, and the current ratio decreased to 5.2 times from 9.3 times as of March 31, 2025. Share capital increased from HK$4,000,000 to HK$4,750,000 following the conversion of convertible notes.