HashKey (3887) H1 2026 earnings summary

Executive summary

• Revenue grew 20.6% year-over-year to HK$342.5 million, driven by transaction facilitation services despite a 30.4% contraction in global crypto market capitalization and a 33.1% drop in Bitcoin price.

• Gross profit increased 12.5% year-over-year to HK$207.5 million, with gross margin at 60.6%, up 9.6 percentage points sequentially from the previous half but down 4.4 points year-over-year.

• Adjusted loss (Non-IFRS) narrowed by 21.0% year-over-year to HK$314.8 million, reflecting improved operational efficiency and cost control, though statutory loss widened to HK$695.2 million.

• The Group advanced its dual-engine strategy: building an Asian digital asset trading hub and a clearing/settlement network, with expansion in Hong Kong, Middle East, and plans for Singapore.

• No interim dividend declared for the period.

Financial highlights

• Revenue: HK$342.5 million (up 20.6% YoY).

• Gross profit: HK$207.5 million (up 12.5% YoY); gross margin: 60.6% (down from 65.0% YoY, but up from 51.0% sequentially).

• Adjusted loss (Non-IFRS): HK$314.8 million (down from HK$398.3 million YoY).

• Loss for the period: HK$695.2 million (up from HK$506.7 million YoY), mainly due to increased share-based payments.

• Cash and cash equivalents: HK$2,048.4 million as of June 30, 2026 (down 27.0% from year-end 2025).

Outlook and guidance

• The Group expects continued growth in tokenisation and on-chain financial services, with trillions of dollars in traditional assets anticipated to be tokenised over the next five years.

• Strategic focus remains on expanding regulated trading, clearing, and settlement infrastructure across Asia, including the proposed acquisition of APEX in Singapore and regulatory approval for derivatives trading in MENA.

• Ongoing investment in AI and Web3 integration to enhance operational efficiency and product innovation.