Earnings

TOP Loan Interest Becomes Most of Third-Quarter Revenue

The Tip Desk · November 12, 2026 · 3 min read

Interest from the loan book was $1.39 million, or 62.7% of the $2.2 million in revenue for the three months ended September 30, 2026.

TOP Financial Group (TOP), an online provider of securities and futures trading services founded in Hong Kong, reported revenue of $2.2 million for the three months ended September 30, 2026, up from $1.5 million a year earlier.

The company generated net income of $0.3 million in the quarter, versus $0.1 million a year earlier. Sequentially, revenue recovered to $2.2 million after $1.1 million in the three months ended June 30, 2026, a period in which the company posted a net loss of $0.1 million.

Interest income from the loan business was $1.39 million, or 62.7% of revenue, compared with $0.24 million, or 15.5%, a year earlier. Winrich, a licensed money lender in Hong Kong, disburses loans for a fixed period and charges interest; the company recognizes that income on a straight-line basis over the loan period.

Futures brokerage commissions fell to $138,687, or 6.3% of revenue, from $630,497, or 41.1%, a year earlier. Trading gains were $66,091, or 2.9% of revenue, versus $331,608, or 21.5%. Other service revenues were $318,903, or 14.4% of revenue, compared with $115,508, or 7.5%. Trading solution service revenues were zero, versus $110,000, or 7.2%, a year earlier.

In August 2026 the board approved a strategic initiative to expand artificial intelligence across the core financial business, and the company launched AI services that same month, selling access to models via APIs for investment research automation, KYC onboarding, compliance processing, quantitative strategy execution and on-chain fund-flow tracking. AI services contributed $222,111, or 10.1% of revenue, for the three months ended September 30, 2026; there was no AI-services revenue a year earlier. Virtual asset commissions were $27,922, or 1.3% of revenue, versus none a year earlier.

Total registered customers increased to 2,371 as of September 30, 2026, from 711 as of March 31, 2026. In the six months ended September 30, 2026, the company had 1,193 revenue-generating accounts, including 53 futures, 1,140 securities and zero trading-solution accounts, versus 196 total accounts in the six months ended September 30, 2025. Top five customers accounted for 53% of total revenues for the three months ended September 30, 2026, versus 47% a year earlier. Customers are mainly sourced by referral through shareholders’ networks of high-net-worth individuals; the company said it has not incurred significant spending on marketing.

The private placement closed on July 9, 2026, issuing 42,886,244 Class A ordinary shares after a 5-for-1 consolidation and warrants to purchase up to 85,772,489 shares, with gross proceeds of $80 million; net proceeds were approximately $80.0 million. On July 20, 2026 the company issued 72,106,886 Class A ordinary shares upon exercise of amended warrants, and a 1-for-5 share consolidation became effective August 3, 2026.

The company said it is preparing the launch of CFD products and services in 2027 and is in progress of establishing trust services and investor relations and marketing services. It intends to offer corporation and fund consultancy and plans to offer asset management. It said it expects to create a scalable ecosystem for financial services and generate higher revenues and net income from delivering AI services.