Baiya International Group Inc. Announces Fiscal Year 2025 Financial Results

News provided by

Apr 30, 2026, 16:28 ET

SHENZHEN, China, April 30, 2026 /PRNewswire/ -- Baiya International Group Inc. ("Baiya" or the "Company") (Nasdaq: BIYA), a human resource ("HR") technology company utilizing its cloud-based internet platform to provide one-stop crowdsourcing recruitment and SaaS-enabled HR solutions, today announced its financial results for the fiscal year ended December 31, 2025.

Ms. Siyu Yang, Chief Executive Officer of Baiya, commented, "We are pleased to report strong revenue growth for fiscal year 2025, with net revenues increasing by 28.6% to $16.5 million. This performance was driven by continued expansion in our core project outsourcing services, which increased by 9.4%, and exceptional growth in entrusted recruitment services, which increased by 2,515.2%. We also benefited from contributions from new customers and newly introduced services, while further strengthening our presence in the logistics and express delivery sectors. Gross profit grew by 35.1% to $1.9 million, reflecting increased contributions across our service lines, while we increased spending on business expansion and corporate-related initiatives."

Ms. Yang continued, "As we move forward, we intend to continue to refine our service capabilities and deepen our presence in high-growth sectors such as logistics and express delivery, while advancing our platform-driven approach to better capture opportunities in the evolving employment landscape. In parallel, we are expanding our strategic horizon through new initiatives which reflect our efforts to build a more dynamic and structured capital framework. We believe these initiatives, together with our growing client base and disciplined execution, will position us well to drive sustainable growth and deliver long-term value to our shareholders."

Fiscal Year 2025 Financial Summary

Net revenues were $16.5 million in fiscal year 2025, an increase of 28.6% from $12.8 million in fiscal year 2024.
Gross profit was $1.9 million in fiscal year 2025, an increase of 35.1% from $1.4 million in fiscal year 2024.
Net loss attributable to Baiya was $9.5 million in fiscal year 2025, compared to $8,750 in fiscal year 2024.
Basic and diluted net loss per common share were $5.04 in fiscal year 2025, compared to $0.02 in fiscal year 2024.

Fiscal Year 2025 Financial Results

Net Revenues

Net revenues were $16.5 million in fiscal year 2025, an increase of 28.6% from $12.8 million in fiscal year 2024.

Revenue from entrusted recruitment service was $1.1 million in fiscal year 2025, an increase of 2,515.2% from $0.04 million in fiscal year 2024. The increase was primarily driven by growth in entrusted recruitment service revenue from new customers, including a $0.3 million contribution from Dongguan Santong Human Resources Management Co., Ltd., $0.2 million from Dongguan Great Wall Development Technology Co., Ltd., $0.2 million from Gansu Detian Human Resources Co., Ltd., $0.2 million from Suzhou Tengyu Outsourcing Services Co., Ltd. and $0.2 million from Dongguan Zhaofeng Human Resources Co., Ltd.
Revenue from project outsourcing service was $14.0 million in fiscal year 2025, an increase of 9.4% from $12.8 million in fiscal year 2024. The increase was primarily due to the outsourcing revenues from the Company's major customers, $0.7 million increased from Songjia Precision Technology (Dongguan) Co., Ltd. $0.6 million increased from China Postal Express & Logistics Co., Ltd — Sihui City Branch, $0.2 million increase from Guangdong Dingsheng Human Resources Co., Ltd and $1.8 million increase from Zhaoqing Runzhongyi Logistics Services Co., Ltd., which was partly offset by $1.6 million decreased from Zhongshan Branch of China Postal Group Limited and $0.4 million decrease from Dongguan Jiefeng Information Technology Co., Ltd.
Revenue from research and development technical services was $1.4 million in fiscal year 2025. The Company did not generate any revenue from research and development technical services in fiscal year 2024.
Revenue from other services was $0.1 million in fiscal year 2025, an increase of 1,706.2% from $3,050 in fiscal year 2024. During fiscal year 2025, the revenue generated from other services mainly represents consulting services revenue of $55,089.

Cost of Revenues
Total cost of revenue was $14.6 million in fiscal year 2025, an increase of 27.8% from $11.4 million in fiscal year 2024.

Gross Profit
Gross profit was $1.9 million in fiscal year 2025, an increase of 35.1% from $1.4 million in fiscal year 2024. The increase was mainly due to the $0.3 million increase in gross profit from project outsourcing service, $69,693 increase in gross profit from entrusted recruitment service, $64,301 increase in gross profit from research and development technical services and $26,860 increase in gross profit from other services.

Operating Expenses
Total operating expenses were $11.5 million in fiscal year 2025, an increase of 754.6% from $1.3 million in fiscal year 2024. The change was mainly due to an increase of $9.4 million in general and administrative expenses and an increase of $0.8 million in selling expenses, which were partly offset by a decrease of $11,088 in research and development expenses.

Selling expenses were $1.0 million in fiscal year 2025, an increase of 364.2% from $0.2 million in fiscal year 2024. The increase was primarily due to the $0.7 million increase in advertising and promotion expense and $0.1 million increase in meal and entertainment expense.
General and administrative expenses were $10.3 million in fiscal year 2025, an increase of 1,051.9% from $0.9 million in fiscal year 2024. The increase in general and administrative expenses were mainly due to increased stock compensation expenses by $4.3 million, increased consulting and professional service fees by $4.7 million, increased payroll expense by $0.3 million and increased other expenses by $0.1 million.
Research and development expenses were $0.23 million in fiscal year 2025, a decrease of 4.7% from $0.24 million in fiscal year 2024.

Net Loss Attributable to Baiya
Net loss attributable to Baiya was $9.5 million in fiscal year 2025, compared to $8,750 in fiscal year 2024. The increase in net loss in 2025 mainly resulted from increased operating expenses by $10.1 million, which was partly offset by increased other income by $0.1 million and increased gross profit by $0.5 million in fiscal year 2025.

Basic and Diluted Net Loss per Common Share
Basic and diluted net loss per common share were $5.04 in fiscal year 2025, compared to $0.02 in fiscal year 2024.

Financial Condition
As of December 31, 2025, the Company had cash of $0.7 million, compared to $1.7 million as of December 31, 2024.

Net cash used in operating activities in fiscal year 2025 was $7.4 million, compared to net cash provided by operating activities of $1.6 million in fiscal year 2024.

Net cash used in investing activities in fiscal year 2025 was $17.2 million, primarily reflected short-term loans extended to third parties in December 2025 which were non-interest-bearing for the first six months of their term and are subject to supplemental agreements and repayment plans entered into in April 2026, as further described in the Company's Annual Report on Form 20-F. The Company did not generate any cash flows in investing activities in fiscal year 2024.

Net cash provided by financing activities in fiscal year 2025 was $25.0 million, compared to $0.08 million in fiscal year 2024.

About Baiya International Group Inc.

Baiya has evolved from a job matching service provider into a cloud-based internet platform to provide one-stop crowdsourcing recruitment and SaaS-enabled HR solutions on the Gongwuyuan Platform to supplement its offline job matching services and started to position itself as a SaaS-enabled HR technology company by introducing its Gongwuyuan Platform in the flexible employment marketplace. Baiya has been and will continue to strategically develop and improve the Gongwuyuan Platform with product features that work together with its traditional offline service model to improve the job matching and HR related services in the flexible employment marketplace. For more information, please visit the Company's website: https://www.baiyainc.com/investors-overview.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in this press release are "forward-looking statements" as defined under the federal securities laws, including, but not limited to, statements concerning plans, growth initiatives, objectives, goals, strategies, future events or expected performance, and underlying assumptions and other statements that are other than statements of historical facts. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including, without limitation, risks related to the Company's operations in China, its contractual arrangements with its variable interest entity, evolving regulatory developments, liquidity and capital resources, repayment of loan receivables from third parties, remediation of material weaknesses in internal control over financial reporting, and the Company's ability to execute its business and strategic initiatives. Forward-looking statements can be identified by terms such as "believe", "plan", "expect", "intend", "should", "seek", "estimate", "will", "aim" and "anticipate", or other similar expressions in this press release. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to carefully review the Company's annual report on Form 20-F, including the section captioned "Item 3.D. Risk Factors" and the Company's other filings with the United States Securities and Exchange Commission ("SEC").

For further information, please contact:

Baiya International Group Inc.
Investor Relations Department
Phone: +86 0769-88785888
Email: [email protected]

Investor Relations Inquiries:

Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: [email protected]

BAIYA INTERNATIONAL GROUP INC.
CONSOLIDATED BALANCE SHEETS
(Expressed in U.S. Dollars, except for the number of shares)

	As of December 31, 2025		As of December 31, 2024

ASSETS

CURRENT ASSETS
Cash	$	688,941	$	1,668,291
Accounts receivable, net		1,669,511		1,648,073
Due from related parties		424,121		40,549
Deferred IPO costs		-		889,160
Prepaid expenses and other current assets		5,915,194		177,325
Loan receivable from third parties, current		17,653,965		-

Total current assets		26,351,732		4,423,398

NON-CURRENT ASSETS
Restricted cash, non-current		1,430,000		-
Property and equipment, net		7,071		1,872
Right-of-use asset, net		42,745		49,356
Loan receivable from third parties, non-current		-		443,787
Other non-current assets		-		33,017

Total noncurrent assets		1,479,816		528,032

TOTAL ASSETS	$	27,831,548	$	4,951,430

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
Accounts payable	$	2,002,141	$	1,662,594
Loan payable to third parties		107,250		164,399
Advance from customers		30,975		29,675
Accrued liabilities and other payables		2,261,771		2,057,865
Taxes payable		106,023		146,239
Due to related parties		212,100		170,855
Lease liabilities		36,382		8,422
Bank loan payables, current		-		117,345

Total current liabilities		4,756,642		4,357,394

NON-CURRENT LIABILITIES
Lease liabilities		6,363		43,972

Total non-current liabilities		6,363		43,972

TOTAL LIABILITIES		4,763,005		4,401,366

COMMITMENTS AND CONTINGENCIES

STOCKHOLDER'S EQUITY
Preferred shares, par value $0.0025, 100,000,000 shares authorized, nil shares issued and outstanding as of December 31, 2025 and 2024, respectively		-		-
Class A Common shares, par value $0.0025, 1,600,000,000 shares authorized, 1,185,835 and 400,051 shares issued and outstanding as of December 31, 2025 and 2024, respectively		2,964		1,000
Class B Common shares, par value $0.0001, 100,000,000 shares authorized, 3,600,000 and nil shares issued and outstanding as of December 31, 2025 and 2024, respectively		360		-
Additional paid-in capital		33,706,703		1,796,285
Statutory Reserve		458,832		380,901
Accumulated other comprehensive loss		(147,070)		(221,139)
Accumulated deficit		(11,066,628)		(1,456,778)

Total Company shareholders' equity		22,955,161		500,269

Non-controlling interest		113,382		49,795

Total shareholders' equity		23,068,543		550,064

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	27,831,548	$	4,951,430

BAIYA INTERNATIONAL GROUP INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Expressed in U.S. Dollars, except for the number of shares)

	For the Years Ended December 31,
	2025		2024		2023

Net revenues	$	16,477,041	$	12,809,211	$	11,574,877

Cost of revenues		14,576,205		11,401,940		10,772,530

Gross profit		1,900,836		1,407,271		802,347

Operating expenses
Selling expenses		996,439		214,672		127,214
General and administrative expenses		10,253,273		890,089		1,093,703
Research and development expenses		227,062		238,150		300,519

Total operating expenses		11,476,774		1,342,911		1,521,436

(Loss) income from operations		(9,575,938)		64,360		(719,089)

Other income (expenses)
Interest income (expense), net		3,349		(31,510)		(24,030)
Government subsidy income		-		5,823		33,654
Other income (expenses), net		111,615		(3,456)		(321,112)

Other income (expenses), net		114,964		(29,143)		(311,488)

Income (loss) before income tax		(9,460,974)		35,217		(1,030,577)

Less: income tax expense		19,050		28,530		32,239

Net (loss) income		(9,480,024)		6,687		(1,062,816)

Less: net income (loss) attributable to non-controlling interests		51,895		15,437		(45,739)

Net loss attributable to common shareholders of Baiya International Group Inc.	$	(9,531,919)	$	(8,750)	$	(1,017,077)

Comprehensive income (loss)
Net income (loss)		(9,480,024)		6,687		(1,062,816)
Other comprehensive income (loss)
Foreign currency translation gain (loss)		85,760		(71,274)		(46,538)
Total other comprehensive income (loss)		85,760		(71,274)		(46,538)
Total comprehensive loss		(9,394,264)		(64,587)		(1,109,354)
Less: comprehensive income (loss) attributable to noncontrolling interest		63,586		11,874		(48,095)
Comprehensive loss attributable to common shareholders of Baiya International Group Inc.	$	(9,457,850)	$	(76,461)	$	(1,061,259)

Net loss per common share
Basic and diluted *	$	(5.04)	$	(0.02)	$	(2.66)

Weighted average number of common shares outstanding
Basic and diluted *		1,892,759		400,000		400,000

* retroactively reflect 1-for-25 reverse stock split effective on December 29, 2025

BAIYA INTERNATIONAL GROUP INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in U.S. Dollars, except for the number of shares)

	For the Years Ended December 31,
	2025		2024		2023

CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss)/income	$	(9,480,024)	$	6,687	$	(1,062,816)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation expense		407		443		799
Allowances for credit losses		126,038		(43,859)		121,899
Gain on disposal of subsidiaries		12,453		-		-
Amortization of operating lease right-of-use assets		41,193		11,693		139,592
Changes in deferred income tax		-		-		5,818
Stock compensation expense		6,101,716		-		-
Changes in operating assets and liabilities:
Accounts receivable, net		49,363		1,972,340		(1,331,193)
Advance to suppliers, net		-		-		40,371
Due from related parties		-		894,107		(900,702)
Prepaid expenses and other current assets		(4,622,841)		126,918		(138,659)
Accounts payable		259,478		(1,112,598)		1,117,916
Accrued liabilities and other payables		166,327		(165,046)		175,063
Taxes payable		(45,243)		(105,398)		33,247
Lease liability		(44,278)		(1,530)		(2,448)

Net cash (used in) provided by operating activities		(7,435,411)		1,583,757		(1,801,113)

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of fixed assets		(5,524)		-		-
Loan to third party		(17,185,430)		-		-

Net cash used in investing activities		(17,190,954)		-		-

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from loans - bank		-		55,434		-
Due to related parties		(349,143)		938,382		(416,209)
Repayments to loans - bank		(119,145)		(638,745)		(31,224)
Repayment to third party loan		(62,595)		(278,083)		-
Advance to third party loan		-		-		(60,716)
Net proceeds from issuance of common stock		25,541,955		-		-

Net cash provided by (used in) financing activities		25,011,072		76,988		(508,149)

EFFECT OF EXCHANGE RATE CHANGES ON CASH		65,943		(24,427)		(62,935)

NET INCREASE (DECREASE) IN CASH AND RESTRICTED CASH		450,650		1,636,318		(2,372,197)

CASH AND RESTRICTED CASH, BEGINNING OF YEAR		1,668,291		31,973		2,404,170

CASH AND RESTRICTED CASH, END OF YEAR	$	2,118,941	$	1,668,291	$	31,973
	$	-
Supplemental disclosure information of cash flow:
Cash paid for income tax	$	-	$	4,543	$	15,090
Cash paid for interest	$	5,907	$	36,724	$	63,042

Supplemental non-cash information:
Right of use assets obtained in exchange for operating lease liability	$	78,801	$	3,038	$	4,985
Due from related party offset with due to related party upon execution of debt offset agreement	$	-	$	1,812,949	$	-
Shares issued as prepayment for acquisition of subsidiary	$	1,173,920	$	-	$	-