GSIW

MKT CAP:$6B

Garden Stage Limited Ordinary Shares

Market Cap

$6B

Financial Services·Financial - Capital Markets·🇰🇾 Cayman Islands·NASDAQ

Financials·Financial·🇰🇾·NASDAQ

Stock Price

$24.73-$1.59 (-6.02%)

Apr 17, 2026

Company Details

Garden Stage Limited, through its subsidiaries, provides securities dealing and brokerage, underwriting and placing, and other financial services in Hong Kong. It also offers asset management services comprising discretionary account manage...

CEO

Sze Chan

IPO Date

Dec 1, 2023

Website

www.iwinsec.com

Key Metrics TTM

Revenue

$11M

+72.7% YoY

Net Income

-$8M

EPS (Diluted)

-$0.03

Free Cash Flow

-$10M

Revenue / Share

$0.05

Gross Margin

37.0%

Operating Margin

-96.1%

Net Margin

-69.8%

FCF Margin

-89.5%

P/S

595.5x

P/E

—

Earnings Reports

Q2 2026

Sep 29, 2025

$3M+3670.7%EPS -$0.03

FY 2025

Jul 31, 2025

$5M+296.0%EPS -$0.02

Q4 2025

Jul 31, 2025

$5MEPS -$0.00

Q2 2025

Jan 24, 2025

$90.2KEPS -$0.00

FY 2024

Jul 31, 2024

$1M+228.2%EPS -$0.02

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$3M	-$75.9K	-$192.6K
Q4 21	$3M	-$75.9K	-$192.6K
Q2 22	$148.1K	$92.0K	-$32.8K
Q4 22	$148.1K	$92.0K	-$32.8K
Q4 23	$2M	$2M	$355.1K
Q2 25	$90.2K	$43.6K	-$418.1K
Q4 25	$5M	$211.6K	-$4M
Q2 26	$3M	$2M	-$6M

Valuation

Quarter	P/S	P/E
Q2 21	—	—
Q4 21	—	—
Q2 22	—	—
Q4 22	1028.3x	—
Q4 23	1205.0x	51845.1x
Q2 25	2628.6x	—
Q4 25	849.4x	—
Q2 26	595.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	$5M	$5M
Q4 21	$5M	$5M
Q2 22	-$444.5K	-$445.7K
Q4 22	-$444.5K	-$445.7K
Q4 23	-$6M	-$6M
Q2 25	-$103.7K	-$131.6K
Q4 25	-$339.0K	-$339.4K
Q2 26	-$3M	-$3M

Capital Expenditures

Quarter	CapEx
Q2 21	$1.6K
Q4 21	$1.6K
Q2 22	$1.2K
Q4 22	$1.2K
Q4 23	$22
Q2 25	$27.9K
Q4 25	$399
Q2 26	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 23	-30.8%	-46.1%
Q2 25	-97.0%	-84.1%
Q4 25	+3486.2%	+4994.9%
Q2 26	+2195.9%	+5365.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$0	0.0%
Q4 21	$0	0.0%
Q2 22	$0	0.0%
Q4 22	$0	0.0%
Q4 23	$0	0.0%
Q2 25	$0	0.0%
Q4 25	$0	0.0%
Q2 26	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q2 21	$98.6K	$48.6K	—
Q4 21	$98.6K	$48.6K	—
Q2 22	$186.2K	$79.1K	—
Q4 22	$186.2K	$79.1K	—
Q4 23	$319.5K	$1M	—
Q2 25	—	—	$461.7K

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 21	$2M	$0	$2M
Q2 22	$1M	$0	$1M
Q4 22	$1M	$0	$1M
Q4 23	$828.7K	$0	$828.7K
Q2 24	$802.7K	$0	$802.7K
Q4 24	$3M	$0	$3M
Q2 25	$1M	$0	$1M
Q4 25	$624.6K	$0	$624.6K
Q2 26	$19M	$0	$19M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	210M	—	—
Q4 21	210M	0.0%	—
Q2 22	214M	+1.7%	—
Q4 22	214M	0.0%	—
Q4 23	161M	-24.8%	-23.5%
Q2 25	219M	+36.2%	+4.2%
Q4 25	219M	0.0%	+2.5%
Q2 26	219M	0.0%	+2.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	—	—
Q4 21	—	—
Q2 22	—	—
Q4 22	—	—
Q4 23	—	—
Q2 25	$5.3K	17
Q4 25	$312.5K	17
Q2 26	$200.1K	17

Revenue / Employee