v3.26.1
Revenue and segment reporting
12 Months Ended
Dec. 31, 2025
Revenue and segment reporting  
Revenue and segment reporting

23.Revenue and segment reporting

During the year ended December 31, 2024, the Group operated in a single business segment which was development of digital asset platform and provision of digital asset service and solutions. Upon the consummation of the merger as discussed in Note 5.1 to the consolidated financial statements, the Group operates in two operating segments for the year ended December 31, 2025:

(i) Digital Assets Services and Solutions — development of digital asset platform and provision of digital asset service and solutions.

(ii) Online Advertising and SaaS Solutions — provision of online advertising services and provision of digitalized operational solutions.

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23.Revenue and segment reporting (Continued)

The CODM allocates resources to and assess the performance of each operating segment using information about the segment’s revenue and operating profit/(loss). The CODM regularly reviews the Company’s revenue, cost and gross profit/loss derived from each revenue stream and is also provided with information of segment expenses.

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(a)Revenue

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For the years ended December 31,

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  ​ ​ ​

2023

  ​ ​ ​

2024

  ​ ​ ​

2025

Digital Assets Services and Solutions

​

​

​

​

​

​

Wealth management solutions

​

1,617

​

6,194

​

34,909

Execution solutions

 

138

 

320

 

11,243

Payment solutions

 

979

 

961

 

4,086

​

 

2,734

 

7,475

 

50,238

Online Advertising and SaaS Solutions

​

​

​

​

​

​

Sales agent

​

—

​

—

​

1,261

Cost-plus

​

—

​

—

​

1,497

Specified actions

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—

​

—

​

6,509

SaaS products and services

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—

​

—

​

6,584

​

​

—

​

—

​

15,851

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​

​

​

​

​

​

Total segment revenues

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2,734

​

7,475

​

66,089

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​

​

​

​

​

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Timing of revenue recognition:

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​

​

​

​

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- At a point in time

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1,161

​

1,311

​

26,906

- Over time

​

1,573

​

6,164

​

39,183

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​

2,734

​

7,475

​

66,089

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The following table breaks down revenue by geographic location of the Group’s revenue. The geographical location is based on the geographical location where customers are located.

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For the years ended December 31,

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  ​ ​ ​

2023

  ​ ​ ​

2024

  ​ ​ ​

2025

Asia

​

988

​

1,562

​

20,848

North America

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1,338

​

3,946

​

20,915

Africa

 

303

 

1,848

 

24,212

Europe

 

98

 

87

 

13

Others

 

7

 

32

 

101

​

 

2,734

 

7,475

 

66,089

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23.Revenue and segment reporting (Continued)

(b)Reconciliation of (loss)/profit before income tax

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For the years ended December 31,

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  ​ ​ ​

2023

  ​ ​ ​

2024

  ​ ​ ​

2025

Segment operating (loss)/profit:

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​

​

​

​

​

- Digital Assets Services and Solutions

 

(3,644)

 

(5,306)

 

4,380

- Online Advertising and SaaS Solutions

 

—

 

—

 

3,010

- Other segment *

 

—

 

—

 

(4,795)

​

 

(3,644)

 

(5,306)

 

2,595

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​

​

​

​

​

​

Finance (costs)/income, net

 

(145)

 

104

 

548

Other (loss)/gains, net

 

(9,747)

 

(18,071)

 

505

Share of losses from an equity investee

 

—

 

—

 

(50)

(Loss)/profit from continuing operations before income tax credit

 

(13,536)

 

(23,273)

 

3,598

*

Other segment refers to head office and group services

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(c)Other profit or loss disclosures

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Share of 

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Depreciation

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​

​

​

​

​

​

losses from

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and 

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Finance 

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Income tax 

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an equity 

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  ​ ​ ​

amortization

  ​ ​ ​

income

  ​ ​ ​

Finance costs

  ​ ​ ​

credit

  ​ ​ ​

investee

Year ended December 31, 2023

 

  ​

 

  ​

 

  ​

 

  ​

 

  ​

Digital Assets Services and Solutions

 

(740)

 

—

 

(145)

 

—

 

—

Online Advertising and SaaS Solutions

 

—

 

—

 

—

 

—

 

—

​

 

(740)

 

—

 

(145)

 

—

 

—

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31, 2024

 

  ​

 

  ​

 

  ​

 

  ​

 

  ​

Digital Assets Services and Solutions

 

(379)

 

150

 

(46)

 

—

 

—

Online Advertising and SaaS Solutions

 

—

 

—

 

—

 

—

 

—

​

 

(379)

 

150

 

(46)

 

—

 

—

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​

​

​

​

​

​

​

​

​

​

Year ended December 31, 2025

 

  ​

 

  ​

 

  ​

 

  ​

 

  ​

Digital Assets Services and Solutions

 

(406)

 

131

 

(22)

 

7

 

—

Online Advertising and SaaS Solutions

 

(1,045)

 

297

 

(49)

 

1,060

 

—

Other segment *

 

—

 

191

 

—

 

—

 

(50)

​

 

(1,451)

 

619

 

(71)

 

1,067

 

(50)

*Other segment refers to head office and group services

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23.Revenue and segment reporting (Continued)

(d)Segment assets and liabilities

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For the years ended December 31,

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  ​ ​ ​

2023

  ​ ​ ​

2024

  ​ ​ ​

2025

Segment assets

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​

​

​

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​

Digital Assets Services and Solution

 

36,851

 

129,834

 

167,574

Online Advertising and SaaS Solutions

 

—

 

—

 

75,267

Total segment assets

 

36,851

 

129,834

 

242,841

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​

​

​

​

​

​

Intersegment eliminations

 

—

 

—

 

(6,087)

Discontinued operations

 

—

 

—

 

17

Unallocated items

 

—

 

—

 

19,608

Total assets as per the statement of financial position

 

36,851

 

129,834

 

256,379

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Additions to non-current assets

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​

​

​

​

​

Digital Assets Services and Solution

​

—

​

800

​

420

Online Advertising and SaaS Solutions

​

—

​

—

​

42,570

​

​

—

​

800

​

42,990

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Segment liabilities

 

  ​

 

  ​

 

  ​

Digital Assets Services and Solution

 

41,399

 

100,049

 

132,379

Online Advertising and SaaS Solutions

 

—

 

—

 

17,996

Total segment liabilities

 

41,399

 

100,049

 

150,375

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Intersegment eliminations

 

—

 

—

 

(6,085)

Discontinued operations

 

—

 

—

 

1,277

Unallocated items

 

—

 

—

 

500

Total liabilities as per the statement of financial position

 

41,399

 

100,049

 

146,067

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